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U.S. stocks soar on strong economic data, strengthening euro

12-02-2010 15:50 BJT

NEW YORK, Dec. 1 (Xinhua) -- U.S. stocks recovered strongly Wednesday on strong economic data from U.S., China and strengthening euro.

The rally was broad-based after a series of reports giving a sign of global economy growth.

U.S. monthly data from payroll processing firm ADP showed an unexpectedly gain of 93,000 private sector jobs in November. It marked the biggest gain in three years and came in much higher than the 58,000 gain expected by analysts.

In a separate report, the Institute for Supply Management said its index of national factory activity was 56.6 in November, well above the 50 level which indicates expansion.

According to the China Federation of Logistics and Purchasing ( CFLP), the Purchasing Managers Index (PMI), a gauge of business activity, rose to 55.2 percent last month from 54.7 in October, marking an increase for the fourth consecutive month.

Adding to the cheer, it is reported that the U.S. promised to commit more money to International Monetary Fund in helping out debt-burdened Europe, which caused euro to grow against dollar. The Europe debt woes were lifted from the market.

The Dow Jones industrial average rallied 249.76 points, or 2.27 percent, to 11,255.78. The Standard & Poor's 500 index jumped 19. 47 points, or 1.64 percent, to 1,206.07 and the Nasdaq was up 51. 20 points, or 2.05 percent, to 2,549.43.

Editor:Du Xiaodan |Source: Xinhua

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