Wall St ends higher on economic optimism

NEW YORK: Wall Street shares jumped Monday as investor sentiment turned upbeat that key US economic data this week would show signs of recovery from the prolonged recession.The Dow Jones Industrial Average climbed 90.99 points (1.08 per cent) to end at 8,529.38 after ending Friday lower for the second straight week.

The tech-heavy Nasdaq gained 5.84 points (0.32 per cent) to 1,844.06 and the broad-market Standard & Poor’s 500 rose 8.33 points (0.91 per cent) to 927.23.Stocks were “led by strong gains in energy stocks as crude oil prices are moving solidly higher on geopolitical concerns, and helped by economic optimism in Europe following an upbeat economic confidence report,” analysts at Charles Schwab & Co said in a note to clients.

Oil prices jumped Monday on tensions in crude producing Nigeria and China’s reported plans to rapidly increase its strategic crude oil reserves.New York’s main futures contract, light sweet crude for August, cross the key US$70 level to end at US$71.49.Monday’s economic calendar was empty but investors faced a plethora of data in the holiday-shortened week, with the market closed Friday for the July 4 Independence Day celebration.

Among the key reports will be June consumer confidence on Tuesday, automobile sales on Wednesday and the unemployment report, a bellwether on economic momentum, on Thursday.“End-of-quarter window dressing by portfolio managers may be lifting the market, which historically does well in days leading up to the Fourth of July holiday,” said Scott Marcouiller, market strategist at Wells Fargo Advisors. -- AFP