Go Finance Reporting in NEW YORK - an optimistic projection of income from the Bank of America and began to decline in oil prices, lifted Wall Street out of the danger zone in trading Tuesday. It became a sign for the short-term market survival.
S & P 500 Index jumped back above the trend line for six months after closing just below that level on Monday. Resilience of this level as a sign of strength, but traders still tested vigilance.
Similarly, the Nasdaq composite index rallied monitored for an average of 50 days in which to move and indicated an uptrend, although trading volume was lackluster.
Reported by Reuters on Wednesday (03/09/2011), the average Dow Jones Industrial rose 124.58 points, or 1.03 percent to 12214.61. The broader Standard & Poor's 500 (SPX.) edged up 11.69 points, or 0.89 percent, to 1321.82. And the Nasdaq Composite Index rose 20.14 points, or 0.73 percent, to 2765.77 position.
"The fact that the market has been taken up so well in the face of one of the sharp spines that increase in crude oil prices this year is proof that there is a fundamental strength," said global technical strategy at Auerbach Grayson in New York, Richard Ross.
For your information, Bank of America Corp. shares jumped 4.7 percent to $ 14, 69 after it was announced the projected profit before tax of approximately $ 40 billion per year for the long term. This figure is higher than some investors expected.
As for financial stocks took the lead in trading on Wall Street that some investors benefited, with the S & P financial index (GSPF) jumped to 2.2 percent.
In addition, oil prices recorded backwards, where the price of Brent crude oil fell almost two percent to USD113, 06 per barrel after Kuwait oil minister said OPEC in discussions to boost production. (GoFinance)
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