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New York, technology stocks pulling the market higher

Posted on: December 13, 2008

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Despite the U.S. Senate to reject the rescue vehicle programs have a negative impact on the market, but technology shares, led by the three major New York stock market index up 12 all.

As the U.S. Senate voted down the night of 11 government and the House of Representatives reached in the automotive industry rescue plan, the New York stock market opened lower in the morning jump, the Dow Jones index and the Standard & Poor’s decline of more than 2%. Ford and General Motors Corp. shares fell 20% and 30% respectively.

In order to prevent the auto industry crisis had led to unemployment, the White House this morning on the 12th that is under consideration 700,000,000,000 U.S. dollars from the financial rescue plan to extract some of the funds for the automotive industry for assistance. Therefore, a rebound in the stock market in New York.

The day of mixed economic data. The U.S. Department of Commerce report showed that gasoline prices have fallen substantially due to sales of motor vehicles and landslides, the United States in November retail chain fell 1.8 percent, which is the indicator of the 5th consecutive months of decline.

Reuters and the University of Michigan released a survey report revealed that in December U.S. consumer confidence improved. December’s consumer confidence index increased to 59.1, up from November’s 55.3. Despite the November-related index hit a 28-year low, but the index is expected to grow beyond the market.

Technology stocks are driving up the stock market’s main driving force, including Google, Yahoo, Apple, major technology stocks are showing up in varying degrees, and the Nasdaq composite index opened the day lower after high all the way.

To the day when the stock market closed, the Dow Jones industrial average index rose 64.59 points to close at 8629.68 points, or 0.75 percent. Standard & Poor’s 500 index rose 6.14 points to close at 879.73 points, or 0.70 percent. The Nasdaq index rose 32.84 points to close at 1540.72 points, or 2.18 percent.

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1 Response to "New York, technology stocks pulling the market higher"

I think we could be in for a short-term bottom in the markets. If the holiday shopping season is decent, the markets will rally. Plus the new administration is going to pass some vast new legislature that will create market enthusiasm.

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