Stocks Soar On Japanese Interest Rate Cut, Rise In ISM Index
New York, NY, United States (AHN) – U.S. stocks soared on Tuesday with the Dow Jones Industrial Average nearing the 11,000 mark after Japan cut its key lending rates and the Institute of Supply Management’s index on non-manufacturing businesses rose 53.2 percent in September.
The Dow jumped 201 points or 2 percent to 10,952 with heavy equipment maker Caterpillar Inc., aircraft manufacturer Boeing, chemical maker DuPont and Bank of America as the top gainers. The last time the index broke the 11,000 mark was in May 5.
The Standard & Poor’s 500 index added 22 points or 1.9 percent to close at 1,159 led by Harley Davidson. The tech-heavy Nasdaq Composite index rose 50 points or 2.1 percent to finish at 2,394.
Crude oil futures closed at a five-month high with November delivery rising $1.35 or 1.7 percent to $83 per barrel.
Gold futures for December delivery hit a new record high of $1,340 an ounce, up $23.50.
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