Thursday, December 2, 2010

Wall Street Jumps On Upbeat Economic Data, Dow Jones Industrial Average Surged

. Thursday, December 2, 2010

US stocks jumped on Wednesday as upbeat economic data lifted investor sentiment ahead of Friday's crucial non-farm payrolls report.

The Dow Jones Industrial Average surged 249.76 points, or 2.27%, to finish at 11,255.78. The S&P 500 rallied 19.47 points, or 1.64%, to close at 1,206.07. The Nasdaq Composite jumped 51.20 points, or 2.05%, to 2,549.43.

ADP survey on Wednesday reported that a total of 93,000 private-sector employers added 43,000 jobs in November. Economists expected ADP to report that employers in the private sector added 58,000 jobs to their payrolls last month.

The Institute of Supply Management said Wednesday that its index of manufacturing activity fell slightly in November to 56.6 from 56.9 in November.

A release by the Commerce Department showed that construction spending rose 0.7% to $802.32 billion in October, matching the September gain. Economists had expected construction spending to drop 0.5% in October.

In its latest beige book report, the Federal Reserve said that the economy continued to improve during the period from early/mid-October to mid-November. "Manufacturing activity continued to expand in almost all Districts, with relatively strong growth seen in metal fabrication and the automotive industries," the Fed stated.

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