Xinhua has reported that the Wall Street surged on Monday as hurricane Irene was not as bad as previously estimated.
There was finally some positive news from the eurozone — Greek stocks jumped nearly 14 percent after Greece’s second- and third-largest lenders created the country’s largest bank.
From in.finance.yahoo.com:
On economic front, the US Commerce Department said Monday that consumer spending rose by 0.8 percent in the previous month, the largest amount in five months.
Meanwhile, personal incomes increased 0.3 percent in July, weakest growth in seven months but still higher than expected.
Meanwhile, according to the National Association of Realtors Monday, pending home sales declined 1.3 percent in July after a 2. 4 percent jump the prior month. Investors believed that the reading suggested house market was still weak despite low financing costs and low prices.
On company’s front, Bank of America (BOA) Corp. rose 8.12 percent, leading the market with its peer’s financial shares.
The US largest bank announced Monday that it will sell about 13.1 billion common shares of China Construction Bank Corporation (CCB) to generate about $8.3 billion of cash.
The Dow Jones industrial average gained 254.71 points, or 2.26 percent, to 11,539.25. The S&P’s 500 jumped 33.28 points, or 2.83 percent, to 1,210.08. The Nasdaq Composite Index surged 82.26 points, or 3.32 percent, to 2,562.11.
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Shoot, who would have tohught that it was that easy?