Go Finance Reporting in NEW YORK - Wall Street ended a hit attenuation for three days in a row thanks to the reversal of commodity prices and strong financial performance from Dell.
Its rebound this market managed to lift the S & P that were previously dropped by two percent due to economic data below expectations.
"We saw this only briefly. But is sustainable? It is a multi-million-dollar question," said managing director David Stifel Nicolaus Capital Markets Lutz was quoted as saying by Reuters in Baltimore.
Earlier, the stock market slipped in line with the sharp decline in commodity prices which has encouraged investors divert their funds into other assets. Some investors believe the correction will continue, but the rise in the index fund managers are interested in buying shares at this low price position.
U.S. crude futures rose more than three percent, back above USD100 per barrel as a result of that crude oil inventories fell abruptly. Chevron Corp. rose 2.4 percent to USD102, 86, and is lifting the Dow stocks rose. Dell shares jumped 5.4 percent to USD16, 75 after reporting earnings that exceeded expectations.
At the close of trading on Wednesday (05/18/2011) local time, the Dow Jones industrial rose 80.60 points, or 0.65 percent to 12560.18. The broader Standard & Poor's 500 index rose 11.70 points, or 0.88 percent, to 1340.68. And the Nasdaq Composite Index grew 31.79 points, or 1.14 percent to 2815. (GoFinance)
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