Wall Street stocks drifted higher Wednesday
Wall Street stocks drifted higher Wednesday on cautious market optimism that global economic recovery was on track.
The Dow Jones Industrial Average rose 21.24 points (0.2 percent) to 10,585.62 in initial trades after posting modest gains a day earlier on the one-year anniversary of the start of the market’s rebound from its lows last year.
The Nasdaq composite added 7.31 points (0.31 percent) to 2,347.99 while the broad-market Standard & Poor’s 500 index climbed 3.19 points (0.28 percent) to 1,143.63.
Analysts expect the market to maintain an uptrend as the economy recovers from a deep recession.
“Fundamentally, we have an improving economy going for the market… We believe the market will work higher but probably in a stair-step fashion unless we get some really good economic news,” said Wells Fargo Advisors chief market strategist Al Goldman.
“But, we remain in a bull market and bull markets surprise on the upside as this one has done during the recent pullback and subsequent rally back,” he said.
Briefing.com’s analyst Patrick O’Hare said financials, retailers, and small-capitalized stocks continued to lead in trading, while energy companies lagged behind despite general strength in crude oil prices.
“The market is testing the highs of the bull market run over the past year,” he said.
Wall Street marked the anniversary of the stock market’s 12-year low set on March 9, 2009, amid the financial crisis stemming from a home mortgage meltdown.
Since then, the blue-chip Dow index has rallied more than 60 percent.
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- Last Modified: March 10, 2010
- Filed Under: Latest News, MARKETS, NATION, WORLD
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