Wednesday Dow up 100 points, constituting an 11 percent increase since beginning of September

NEW YORK (AP) — Surging prices for metals, oil and other commodities lifted stock prices on Wednesday, especially industrial and materials companies.
Strong corporate earnings reports from JPMorgan Chase & Co., Intel Corp. and railroad operator CSX Corp. also gave investors more reasons to be assured about the economy.
Gold touched another record and oil rose about 2 percent. Freeport-McMoRan Copper & Gold Inc. and Newmont Mining Corp. were among the biggest winners.
The Dow Jones industrial average rose more than 120 points in afternoon trading.
“In an improving (global) economy, everyone is going to consume more,” said Christian Wagner, CEO of Longview Capital Management. “You need the basic materials.”
Wagner said growth should remain strong in emerging markets helping keep demand high for commodities like aluminum and other metals.
The earnings reports all contained nuggets of hopeful news on the broader economy.
“They were assuring,” said Andrew Ross, partner at First New York Securities. “But they weren’t inspiring, or disrupting.”
Those results allowed the market to continue the upward trajectory it has taken in recent weeks, Ross said. The Dow is up 3.3 percent in October and has jumped more than 11 percent since the beginning of September.

Leave a Reply

Your email address will not be published. Required fields are marked *

Before you post, please complete the prompt below.

(Not a trick question) What color is the pink house?