Wall Street Extends Gains to Four Days; Gold Hits Eleven-Month High
Stocks on Wall Street extended their rally to four days after positive job data was reported and the European Central Bank's Mario Draghi made announcements that their bond-buying program is ready and that he still stands behind the euro. After his speech the euro hit a two-week high against the dollar. Also on Thursday oil prices rallied after worrying strikes in Syria and a fire at a refinery in Texas. The S&P 500 rose 1.4% and was positive for the fourth session, the Dow Jones average rose 0.63% and Nasdaq was up 0.32%. In metals trading, gold reached an eleven-month high of $1,794.40.After the first Presidential debate last night, energy companies such as Peabody Energy Corp (BTU) and Alpha Natural Resources (ANR) advanced. Many retail stores reported monthly sales with the Gap (GPS) seeing sales rise 6%.
Word on the Street
- August unemployment rates reported as lower than 2011 in most metro areas.
- Metals end up with gold at an eleven-month high on hopes of a Spanish bailout.
- Informatica Corp (INFA) drops 26% on Thursday - the most in three months.
- ECB's Mario Draghi announces the new bond-buying system is ready to activate.
- Oil prices are up on Syria security worries and a refinery fire in the US.
- McDonald's (MCD) may be planning to enter the bagged-coffee market soon.
- Small businesses in the US are experiencing a hiring freeze in September according to the NFIB.
- Facebook (FB) hits a major milestone by reaching one billion viewers.
- A best-selling author explains how to lead your people and not just run the company.
Published on Oct 4, 2012By InvestorGuide Staff