US stocks up as global economy shows signs of recovery
New York, Jan 12 - US stocks rose Monday as traders were hopeful the global economy is on the path to recovery and companies were optimistic of bringing in increased earnings.
The Dow Jones Industrial Average added 48.80 points, or 0.43 percent, to 10,6663.99. The broader Standard & Poor's 500 Index rose two points, or 0.17 percent, to 1,146.98. But the technology-heavy Nasdaq Composite Index slipped by 4.76 points, or 0.21 percent, to 2,312.41.
"Theres economic momentum, and theres earnings momentum," James Paulsen of Wells Capital Management told Bloomberg news. "If sales start to show some pick-up, then you've got the full profit engine back in force again."
On currency markets, the US dollar fell to 68.88 euro cents from 69.4 Friday and slipped to 92.08 yen from 92.66 in the previous day of trading. (dpa)