Economy
CLOSING BELL: September 11th: DJIA: 13,323.36 | UP 69.07 | +0.52%
OIL: $97.17, UP 0.63, +0.65%
GOLD: $1,734.90, UP 3.10, +0.18%
GASOLINE (US Avg): $3.843, UP .015
Dow climbs to highest since 2007, Fed optimism builds
Wanfeng Zhou, Reuters – The Dow industrials closed at the highest level in nearly five years on Tuesday in a lightly traded session before key decisions in Germany and the United States that could give markets a further boost.
Energy, industrial and financial firms led the advance. Contributing to gains by the Dow industrials, shares of International Business Machines Corp (IBM.N) rose 1.15 percent to $203.27. Heavy equipment manufacturer Caterpillar (CAT.N) added 1.72 percent to $88.60.
Equities have rallied in recent weeks on hopes for monetary stimulus by central banks. The Federal Reserve could announce Thursday additional steps to support low interest rates. On Wednesday, Germany’s highest court will decide on the legality of the euro zone’s new bailout fund.
The Nasdaq erased most of its gains in the afternoon as shares of Apple (AAPL.O) dropped in heavy volume. The stock slipped 0.32 percent to $660.59.
Economists forecast a 60 percent chance the U.S. central bank will announce another round of quantitative easing at the end of its two-day meeting. Disappointing U.S. August jobs data released last Friday bolstered that view.
Read the rest of this article at Reuters here.
The Common Good publishes a financial market wrap-up every weekday after markets close, available here.
