U.S. stocks gain for third day on recovery hopes

15:14, September 11, 2010      

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The U.S. stocks extended its rally to the third straight day on Friday as investors started to believe the economic recovery was not as weak as they had feared.

The recent rally in Wall Street was fueled by a string of upbeat economic reports which showed the recovery in the United States seemed better than expected.

A government report released on Friday showed wholesale inventories surged by the largest amount in two years, raising hopes that consumer spending might be soon picking up.

According to the Commerce Department, inventories jumped 1.3 percent in July, more than three times of the 0.4-percent increase analysts had anticipated, showing that wholesalers are still confident in the recovery.

The Dow Jones industrial average gained 29.82 points, or 0.29 percent, to 10,445.06. The Standard &Poor's 500 index rose 4.29 points, or 0.39 percent, to 1,108.47 and the Nasdaq was up 2.63 points, or 0.12 percent, to 2,238.83.

Source: Xinhua


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