Open

Coming up

Don't miss

Replay


LATEST SHOWS

IN THE PAPERS

'Requiem for a recorder'

Read more

DEBATE

Pakistan's Political Turmoil: Can Imran Khan's PTI Party Depose the Government?

Read more

DEBATE

Pakistan's Political Turmoil: Can Imran Khan's PTI Party Depose the Government? (part 2)

Read more

DEBATE

Racism, riots and police violence: USA under scrutiny

Read more

IN THE PAPERS

"The pen is mightier than the sword"

Read more

FOCUS

Israel's minorities and military service

Read more

BUSINESS DAILY

Russia targets McDonald's over tensions with West

Read more

AFRICA NEWS

Ebola: Liberian authorities admit 17 patients are missing

Read more

MEDIAWATCH

'New York Post' slammed for publishing Foley execution images

Read more

  • US forces tried to rescue slain reporter from IS captors

    Read more

  • Special report: Supplying Ukraine’s soldiers on the front line

    Read more

  • Israeli air strike kills three top Hamas commanders

    Read more

  • Interactive: Relive the Liberation of Paris in WWII

    Read more

  • Former Femen activist detained after fighting veiled woman

    Read more

  • Former Irish PM Albert Reynolds dies at 81

    Read more

  • Tensions high in Yemen as Shiite rebel deadline looms

    Read more

  • Thailand coup leader Prayuth Chan-ocha voted prime minister

    Read more

  • Deadly street battles hit Ukrainian rebel stronghold

    Read more

  • US attorney general visits Missouri town after fatal shooting

    Read more

  • French village rallies behind besieged elderly British couple

    Read more

  • Brazil’s Silva launches bid after Campos plane crash death

    Read more

  • Netanyahu compares Hamas to IS, Gaza offensive to continue

    Read more

  • Brutal IS beheading video sparks social media pushback

    Read more

  • France’s ex-PM Juppé sets up presidential clash with Sarkozy

    Read more

Business

Wall Street shares hit 13-month highs as world stocks rally

Text by News Wires

Latest update : 2009-11-16

The major US stock indexes closed at 13-month highs Monday, boosted by strong US retail sales and an upbeat market sentiment in Asia.

AFP - Wall Street shares extended their rally Monday, hitting fresh 2009 highs as strong US retail sales and upbeat economic news from Asia helped reinforce sentiment that an economy recovery is on track.
  
The Dow Jones Industrial Average jumped 136.49 points (1.33 percent) to 10,406.96 in closing trades, a new 13-month high for blue chips.
  
Also hitting fresh yearly highs, the tech-heavy Nasdaq composite advanced 29.97 points (1.38 percent) to 2,197.85 and the Standard & Poor's 500 broad-market index added 15.82 points (1.45 percent) to a provisional close of 1,109.30.
  

Market action came after the US government said retail sales jumped 1.4 percent in October, well ahead of expectations, even though a large portion was from the volatile auto sector.
  
Patrick O'Hare at Briefing.com said the overall report was mixed but still shows growth in a segment that accounts for the lion's share of US gross domestic product, or economic activity.
  
He expected personal consumption to be "on a positive track as far as fourth quarter GDP is concerned."
  
Analysts said market sentiment was also boosted by positive economic news from Asia.
  
Leaders of the Asia-Pacific Economic Cooperation (APEC) forum, who together steer more than half the global economy, said after a weekend summit in Singapore that they would maintain hefty stimulus spending "until a durable economic recovery has clearly taken hold."
  
Japan announced Monday its best economic growth in more than two years during the latest quarter, boosting hopes the global economy is getting back on its feet after the worst recession in decades.
 

Date created : 2009-11-16

COMMENT(S)