25°Stock market kicks off September with strong gains
Sep 01
2010
Stocks jumped Wednesday after surprisingly strong growth in U.S. and Chinese manufacturing allayed some of the worries that had been building over the global economy in recent weeks.
The new reports snapped a string of disappointing economic data that sent stocks slumping in August. The Standard & Poor's 500 Index, the benchmark most widely used by professional investors, lost 4.7 percent in the month, its worst performance for the month since 2001.
The Dow Jones industrial average jumped nearly 250 points on the first day of September. Broader indexes also rose more than 2 percent. With investors pouring into stocks, Treasury prices fell and interest rates rose.
The Institute for Supply Management said manufacturing activity in the U.S. rose in August, in contrast to regional reports from recent weeks that pointed to a slowdown in growth. Economists had expected a decline.
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05:25 AM
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