Friday's early afternoon trade: market gains on dollar bets
May 23, 2009
0 Comments
US stocks advanced on Friday on hopes that a weaker dollar would increase multinationals' profitability while Moody's reassuring comments eased some concerns about the US credit rating.
Shares of McDonald's Corp gave the Dow its biggest boost.
Shares of energy companies such as Chevron Corp also helped the broader market on bets that overseas demand would support energy prices.
The Dow Jones industrial average was up 51.70 points, or 0.62 percent, at 8,343.83.
The Standard & Poor's 500 Index was up 4.59 points, or 0.52 percent, at 892.92.
The Nasdaq Composite Index was up 7.83 points, or 0.46 percent, at 1,703.08.A weaker dollar makes some US assets more appealing to some investors, and multinationals benefit when they convert overseas earnings into dollars.
McDonald's, up 3.3 percent at $57.59, topped the Dow's list of major advancers.
Chevron rose 0.4 percent to $64.71, while Exxon Mobil Corp shot up 1 percent to $69.13.
Copyright Reuters, 2009
From The Print
China Wholesale
|
|||||||
|---|---|---|---|---|---|---|---|
248.1
BR Text Link Ads
