US stocks surge on first trading day of 2010

US stocks surge on first trading day of 2010New York, Jan 5 - US stocks posted strong gains on the first trading day of 2010 after some positive manufacturing figures fuelled optimism about the prospects for the US economy in the coming year.

The factory index from the US Institute for Supply Management climbed to its highest level in three years. Higher oil prices also pushed up stocks of commodities producers.

The Dow Jones Industrial Average jumped 155.91 points, or 1.5 percent, to 10,583.96. The broader Standard & Poor's 500 Index surged 17.89 points, or 1.6 percent, to 1,132.99. The technology-heavy Nasdaq Composite Index leapt 39.27 points, or 1.73 percent, to 2,308.42.

The gains were the result of some of the heaviest trading in weeks as institutional investors returned to work from the year-end holidays.

The US currency fell to 69.39 euro cents from 69.84 euro cents on Thursday. The dollar dropped to 92.52 Japanese yen from 92.95 yen. (dpa)