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US markets rally, Dow hits 8,000

03 April 2009 08:14 (UTC +04:00)

Baku - APA-Economics. Investors dove into stocks Thursday, extending a rally that gave the Dow Jones industrial average its best four weeks since 1933.
Stocks rose across the board in heavy trading following an accounting rule change that will help banks pare their losses and after commitments from world leaders to toughen regulatory oversight of financial institutions.
The Dow broke through 8,000 for the first time since Feb. 9 but ended slightly below that level ahead of the government’s employment report Friday that could easily upset the market if it comes in below forecasts â€” or send prices rocketing higher if it’s better than expected.
The Dow is now up 20.4 percent over the last month, its biggest percentage gain in a four-week period since the spring of 1933. Bits of good news about the economy in recent weeks, including better-than expected-numbers on housing and manufacturing, have given investors more reasons to buy.
The Dow gained 216.48, or 2.8 percent, to close at 7,978.08, after earlier rising as much as 314 points.
Broader market indicators also rose sharply. The Standard & Poor’s 500 index gained 23.30, or 2.9 percent, to 834.38. The Nasdaq composite index rose 51.03, or 3.3 percent, to 1,602.63.
Among the biggest advancers in the financial industry Thursday were Wells Fargo & Co., which jumped 85 cents, or 5.9 percent, to $15.33, and Goldman Sachs Group Inc., which rose $3.93, or 3.6 percent, to $114.22. Regional banks also rose sharply.
Oil prices benefited from the better-than-expected economic news. Light, sweet crude jumped $4.25 to settle at $52.64 a barrel on the New York Mercantile Exchange.
Overseas markets also logged big gains. Japan’s Nikkei stock average rose 4.4 percent, while Hong Kong’s Hang Seng index jumped 7.4 percent. In Europe, Britain’s FTSE 100 rose 4.3 percent, Germany’s DAX index rose 6.1 percent, and France’s CAC-40 rose 5.4 percent. Source: Associated Press