Wall Street rallies on positive economic data

09:02, June 11, 2010      

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Wall Street surged, with all the major indexes rising more than 2 percent, on Thursday as positive economic data boosted market sentiment.

Major indexes got a strong lift after a report showed China's export and import both climbed more than 48 percent in May, reassuring investors about the rising momentum of global economy in face of European debt crises.

Meanwhile, strong economic reports from Japan and Australia also helped to boosted market sentiment.

The U.S. Commerce Department said the number of people filing for mew jobless benefits fell by 3,000 to 456,000 in the week ended June 5. That's the third straight drop, but still fell short of market expectations.

At the same time, the tally of laid-off workers continuing to claim jobless benefits fell to 4.5 million. That's the largest decline in almost a year.

In a monthly budget report, the U.S. Treasury Department said Thursday that the deficit in May totaled 135.9 billion dollars. That's down 28.3 percent from May 2009.

Energy stocks soared on Thursday as shares of BP rose more than 12 percent despite dividend debate still swirled.

The Dow Jones industrial average rallied 273.43, or 2.76 percent, to 10,172.68. The Standard & Poor's 500 index gained 31. 15, or 2.95 percent, to 1,086.84 while the Nasdaq was up 59.86, or 2.77 percent, to 2,218.71.



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