New York, Feb 2 (DPA) US stocks climbed by the most in nearly a month Monday, fuelled by upbeat economic news and gains in commodity producers.
Manufacturing sector gains in the US and Europe offered hope that a broad economic rebound was underway. In the US, the Institute for Supply Management said its factory index climbed the most in more than five years.
Wall Street stocks in January battled through their worst month in nearly a year amid concerns that China would restrain credit growth and fears that Greece would default on government debt, while US President Barack Obama proposed a clampdown on banking practices.
Obama on Monday released details of a $3.8-trillion budget for the 2011 fiscal year, proposing $100 billion in new jobs measures. The White House predicted economic output would grow 3 percent this year but anticipated the jobless rate would only drop
slightly to remain at 9.8 by the end of 2010.
The Dow Jones Industrial Average jumped 118.2 points, or 1.17 percent, closing at 10,185.53. The broader Standard & Poor’s 500 Index surged 15.32 points, or 1.43 percent, to 1,089.19. The technology- heavy Nasdaq Composite Index climbed 23.85 points, or 1.11 percent, to 2,171.2.
The US currency dropped against the euro to 71.79 euro cents from 72.13 euro cents Friday. The dollar gained against the Japanese currency to 90.62 yen from 90.29 yen the previous day.
