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Wall Street rose despite Euro zone concerns

09-14-2011 08:53 BJT

NEW YORK, Sept. 13 (Xinhua) -- The U.S. stocks rose on Tuesday even though investors still concerned euro zone crisis.

The news that China might buy Italian bonds helped encourage investors on Monday, however it was denied by an Italian official on Tuesday.

Political leaders of Greece, Germany and France will hold a conference call on Wednesday to discuss Greek debt problems after the country might fail to meet its austerity target due to economic recession.

On the economic front, the U.S. Labor Department said that U.S. import prices fell 0.4 percent in Aug. as a result of lower fuel, food and industrial material costs, according to the Labor Department.

Meanwhile, the small businesses optimism index fell 1.8 points to 88.1 in Aug., according to the National Federation of Independent Business, as small business participants were gloomy about future business gains.

CBOE VIX index, the fear index in the market, declined 4.35 percent to 36.91 on Tuesday.

As for shares, Alec Young, international equity strategist of S& P Equity Research told Xinhua that amidst the significant uncertainty engulfing the Financials sector, strong relative performances from defensive, counter-cyclical sectors like Consumer Staples and Health Care stand out sharply.

"In Europe, these two sectors are down only 4.8 percent and 2. 0 percent year-to-date, respectively. Similarly, in the broader developed international asset class, Consumer Staples and Health Care are both down only 2.9 percent and sport the lowest betas among the ten GICS sectors,"said Young.

The Dow Jones industrial average gained 44.73 points, or 0.40 percent, to 11,105.85. The Standard & Poor' s 500 jumped 10.60 points, or 0.91 percent, to 1,172.87. The Nasdaq Composite Index rallied 37.06 points, or 1.49 percent, to 2,532.15.

The U.S. dollar traded mixed against major currencies in late New York trading on Tuesday as investors concerned about euro zone debt crisis and mixed economic data added on uncertainty.

As for oil, light, sweet crude for Oct. delivery jumped 2.02 dollars, or 2.29 percent to settle at 90.21 dollars a barrel on the New York Mercantile Exchange.

In London, Brent crude for Oct. delivery fell 36 cents, or 0.32 percent to close at 111.89 dollars a barrel.

 

Editor:Zhang Rui |Source: Xinhua

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