New York, Dec 22 (DPA) US stocks experienced modest gains Monday amid further signs the economy is recovering from the worst downturn in decades as the holiday shopping season hit full stride.
The Dow Jones Industrial Average added 85.25 points, or 0.83 percent, to 10,414.14. The Standard and Poor’s 500 Index gained 11.58 points, or 1.05 percent, to 1,114.05, while the Nasdaq Composite Index picked up 25.97 points, or 1.17 percent, to 2,237.66.
“The economy is improving and shoppers are out there, which signals confidence in that improvement,” Stefanie Yeager, a fund manager at State College, Pennsylvania-based Vantage Investment Advisors LLC, told Bloomberg news.
“People are really seeing that things are turning around. Christmas isn’t turning out to be the black mark that people thought it might be earlier in the year,” Yeager added.
The dollar continued to rise after reaching a three-month high last week, climbing to 70 euro cents from 69.74 Friday. Against the yen, the dollar reached 91.16 from 90.495 yen Friday.
