An unexpected uptick in American and Chinese manufacturing output sent U.S. stocks soaring on Wednesday.
At the close of Wednesday’s trading, the Dow Jones industrial average – which tracks America’s thirty largest companies – had climbed 254.75 points to close at 10,269.47 (a 2.5 percent increase). Meanwhile the NASDAQ climbed 62.81 points to close at 2,176.84 (a 2.9 percent jump).
Last week the Dow slipped below 10,000 as investors fretted over gloomy data from the housing market.
While the news was good on the manufacturing front, early job indicators for August were decidedly less than optimistic. Payroll processing firm ADP projected that private sector American employers shed 10,000 jobs last month. Analysts were expecting to see an increase of 17,000 jobs.
The U.S. Department of Labor will release its official unemployment rate on Friday.
By eggaday September 1, 2010 at 9:01 pm
and the M1 supply is…….___________________________.????