Latest News:  


Wall Street rallies on upbeat economic data, Dow sets new record


08:20, May 29, 2013

NEW YORK, May 28 (Xinhua) -- U.S. stocks rose on Tuesday after a long holiday weekend, with the Dow Jones Industrial Average closing at another record high, buoyed by upbeat economic data from the world's largest economy and a general rally in global markets.

The blue-chip Dow surged 106.29 points, or 0.69 percent, to end at 15,409.39 points. It moved up 218 points at most before retreating in later trading session.

The broader Standard & Poor's 500-stock index rose 10.46 points, or 0.63 percent, to 1,660.06 points. The Nasdaq Composite Index climbed 29.75 points, or 0.86 percent, to 3,488.89 points.

The main stock indices opened sharply higher on robust housing data. U.S. home prices in March posted their highest annual gain since 2006, according to a report released Tuesday by S&P Dow Jones Indices. The S&P/Case-Shiller 20-City Composite for March rose 10.9 percent year on year, with all 20 cities posting positive growth year on year.

The market was also bolstered by a strong Conference Board Consumer Confidence Index, which jumped to 76.2 in May from the revised-up figure of 69.0 in the prior month. The May reading marked the highest level since February 2008, a report showed Tuesday.

A rebounding in stock markets outside the United States also added to the positive market sentiment, as top officials from both the Bank of Japan and the European Central Bank reiterated that their easing policies would remain in place.

However, there were still concerns about the U.S. Federal Reserve's possible tapering of its bond buying program in next few policymaking meetings, which triggered some sort of selling after a strong rally. Wall Street snapped a four-week gaining steak last week amid worries that the Fed may reduce stimulus in advance. Markets were closed Monday for Memorial Day.

In corporate news, shares of Valeant Pharmaceuticals International Inc. surged 8.68 percent to 91.80 U.S. dollars a share after the company announced Monday it would acquire Bausch & Lomb Holdings Inc. for 8.7 billion dollars.

Tiffany & Co. shares gained 3.95 percent to 79.22 dollars a share after the luxury jeweler reported better-than-expected earnings in the first quarter of the year.

We Recommend:

Intelligent & beautiful Asian business women

19-year-old self-made multimillionaire

55th Housing Fair held in E China's Jiangsu

Top 10 instant noodles of all time

Eye-catching models highlight house fair

'Lipstick effect' hits China as economy slows

10 million-yuan bra shines in North China

Top 10 most competitive cities in China in 2013

Hot atmosphere at Int'l Brand Underwear Fair

Email|Print|Comments(Editor:WangLili、Chen Lidan)

Leave your comment0 comments

  1. Name


Selections for you

  1. Amphibious armored brigade in training

  2. Close view of Chinese female snipers

  3. 'Sea of Hands' event held in Sydney

  4. Children visit patrol boats during open day

  5. White angels in Chongqing

  6. Dalian mounted police should be unsaddled

  7. China Final of World Super Model Contest 2013

  8. Funny group photos of college graduates

  9. Migrant workers see slower wage rise

  10. Ladies in finance industries

Most Popular


  1. Mutual trust essential for China-U.S. relations
  2. Turning-on-red rule is dangerous for pedestrians
  3. Boy's graffiti signals lack of values at home
  4. Sino-Indian diplomatic miracle embarrasses Japan
  5. U.S. dollar could weaken most Asian currencies
  6. Apple's tax dodge smacks of abuse
  7. Chinese premier's Swiss tour fruitful, influential
  8. China-Switzerland FTA to benefit both sides
  9. What China-Switzerland FTA brings about?

What’s happening in China

White angels in Chongqing South West Hospital

  1. Nanjing citizen fulfills piano-making dream
  2. Qingdao's landmark pier damaged in storm surge
  3. Six killed in shed fire in central China
  4. Gov't-led tour makes Mecca dreams come true
  5. Gas station workers sacked over patient's death