Easing of Europe debt crisis lifts U.S. stock markets

Calcutta News.Net
Wednesday 8th September, 2010

U.S. stocks, particularly tech-related issues, rose Wednesday.

The advance came as a relief to traders after Tuesday's falls. The U.S. dollar fell as concerns about Europe and its debt crisis eased.

“This is a market dominated by short-term concerns,” David Kelly, who oversees $445 billion as chief market strategist for JPMorgan Funds in New York told Bloomberg. “It’s not a long-term, logical, fundamental market. We’re seeing a knee-jerk reaction after yesterday’s selloff. The talk of a double dip recession in 2010 is a little bit like Hurricane Earl, none of that actually showed Earl hitting land, but you never know.”

At the close of trading Wednesday the Dow Jones Industrials were up 46.32 points or 0.45% at 10,387.01.

The Nasdaq Composite was up 19.98 points or 0.91% at 2,228.87.

The Standard and Poor's 500 was up 7.04 points or 0.65% at 1,098.88.

The U.S. dollar was lower around the New York close Wednesday. The euro rose to 1.2714, while the yen advanced to 83.90.

The British pound was sharply higher at 1.5465. The Swiss franc firmed to 1.0118. The Australian dollar was higher at .9170. The Canadian dollar was higher at 1.0373.

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