Go Finance Reporting NEW YORK - Stocks on Wall Street ended reached the highest level on Thursday because of support from investors against the shares of retailers (retail). This encourages sales of chain stores, so lift market confidence.
Like the Morgan Stanley retail index rose 2.8 percent, which is also driven by companies such as Sears Holdings Corp. (SHLD.O) which rose nearly eight per cent, and shop Ross Inc. (ROST.O) increased six percent.
Reported by Reuters on Friday (02/04/2011), the average Dow Jones Industrial (DJI.) rose 20.29 points, or 0.17 percent, to 12062.26. The broader Standard & Poor's 500 (SPX.) rose 3.07 points, or 0.24 percent to 1307.10. While the Nasdaq Composite Index (IXIC) edged up 4.32 points, or 0.16 percent to 2753.88.
Sales of the title company in the United States (U.S.) rose 4.8 percent in January. Along with increased activity in the service sector that is claimed to lower the unemployment rate where this figure is much stronger than expected so as to make the economy rebound.
"Strength in the retail sector is probably the feature that stands out today. You generally have to think profit-taking, market konsolidatif after several days of the employment report tomorrow," said an analyst at MF Global in Chicago, Nick Kalivas.
Known, the market had been under pressure most of the day as some investors said the price of their shares has been extended after making a fortune, while the dollar was stronger in the natural resource sector.
Kalivas said material and energy sector recorded profit-taking, while retail stocks have lagged the rally since early this year on concerns about consumer spending power. Data showed the U.S. service sector grew in January by the fastest pace since August 2005. (GoFinance)
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