New York, NY (AP) - Stocks are closing sharply higher after a batch
of economic reports offered hope that the U.S. economy is
Incomes rose last month and consumer spending climbed for a
fifth month. That raised hopes that shoppers will hit the malls in
droves the day after Thanksgiving, the start of the holiday
At the same time, fewer people claimed unemployment benefits
last week, a sign that the labor market is recovering.
The Dow Jones industrial average rose 151, or 1.4 percent, to
close at 11,187 Wednesday.
The S&P 500 gained 17, or 1.5 percent, to 1,198. The Nasdaq rose
48, or 1.9 percent, to 2,543.
Rising shares outpaced falling ones by four to one on the New
York Stock Exchange. Volume was 828 million shares.
(Copyright 2010 by The Associated Press. All Rights Reserved.)