U.S. stocks rallied, extending the market’s best monthly gain since 1974, on better-than-estimated earnings at Best Buy Co. and ConAgra Foods Inc. and prospects for lower labor costs at General Motors Corp. Treasury one-month bill rates turned negative for the first time since December.
The Standard & Poor’s 500 Index added 2.3 percent to 832.86, up 13 percent in March. The Dow Jones Industrial Average added 174.75 points, or 2.3 percent, to a six-week high of 7,924.56. The Nasdaq Composite rallied 3.8 percent, erasing its loss for the year. Stocks extended gains as an auction of seven- year Treasuries eased concern that demand for government debt is dwindling.
Stocks added to an advance yesterday triggered by government data showing unexpected growth in durable-good orders and new-home sales. Those reports tempered reaction to Commerce Department data today that said the economy shrank last quarter at a 6.3 percent annual pace, more than previously estimated while less than the average forecast in a Bloomberg survey.
(Bloomberg.com)
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2 Responses
Yeshuas HaShem k’heref ayin. The koach of tefillah proves itself once again. Hodu Lo barchu Sh’mo! Klall Yisroel has davenned much these past few months. It has clearly paid off.
So does this mean that Obama has saved the world?
[if not, just don’t blame him when markets fall]