Stocks on Wall Street have risen broadly as a strong services sector report boosted investor optimism ahead of earnings season and Friday's jobs report.The Institute for Supply Management said the services sector expanded at a better-than-expected pace in
Stocks on Wall Street have risen broadly as a strong services sector report boosted investor optimism ahead of earnings season and Friday's jobs report.
The Institute for Supply Management said the services sector expanded at a better-than-expected pace in September.
The Dow Jones Industrial Average closed up 193.45 points, or 1.8%, at 10,944.72, a five-month high.
Boeing fueled the Dow's gains, rising 3.8%, while Bank of America rose 3.3% and DuPont 3.2%.
American Express was the only Dow component in the red as investors digested the company's decision to fight the Justice Department's civil antitrust suit. Shares fell 2.1%.
The technology-heavy Nasdaq Composite closed 2.1% higher at 2399.83, as did the S&P 500 index, which has surged to 1160.75 above a key resistance level. All 10 of its sectors traded in positive territory, led by the materials, industrials and financial sectors.
Other markets: Europe up, Asia steady
European stocks closed sharply higher as investors shrugged off recent worries about debt-riddled euro-zone countries, including a statement by Moody's that it may downgrade Ireland's credit rating.
The Stoxx Europe 600 index gained 1.3% to 261.18, snapping a six-session losing streak. The UK's FTSE 100 firmed 1.4% to 5635.76, its highest close since April 26.
Germany's DAX added 1.3% to 6215.83 and France's CAC-40 jumped 2.2% to 3731.93, also ending six-session losing runs.
Japanese stocks rebounded after the Bank of Japan surprised markets with a rate cut and said it would expand its monetary-easing programme by purchasing more assets.
The Nikkei Stock Average was the best performer among the region's major stock benchmarks. It ended 1.5% higher at 9518.76 after the interest rate to a range between zero and 0.1% from 0.1% previously.
The rest of the region barely moved, with most major markets moving less than 1% higher or lower. In Sydney, the Reserve Bank of Australia's decision to leave its cash rate target unchanged at 4.5% took markets by surprise.
The S&P/ASX 200 fell 0.4% to 4606.89 and Taiwan's Taiex lost 0.6% to 8200.43. China markets remained closed for a holiday.
Commodities: Oil, gold up
Crude futures rose as Japan's interest rates cut weakened confidence in currencies and gave a boost to physical assets, including oil.
Light, sweet crude oil for November delivery were up $US1.14, or 1.4%, to $US82.61 a barrel in New York. Brent crude oil on the ICE futures exchange traded 78USc, or 0.9%, higher at $US84.28 a barrel.
Gold futures topped $US1340 an ounce, posting their highest-ever price as investors fled paper currencies.
The most-actively traded gold contract, for December delivery, was up $US22.10, or 1.7%, at $US1338.90 an ounce in New York. It hit an intraday peak of $US1341.70, the highest ever price for a most-actively traded contract.
The lightly traded front-month contract for October delivery was up $23.40 at $US1338.80. It had traded as high as $US1340.
Currencies: Dollar down, euro up
The US dollar fell sharply against the euro and dropped below levels against the yen not seen since the recent intervention.
The dollar fell below the ¥83 mark and the euro reached its highest mark since February, extending its gains to an intraday high past $US1.3850.
The dollar fell to near an all-time low against the Swiss franc and a two-month low against the sterling.
The euro was at $US1.3827 from $US1.3689 late on Monday. The dollar was at ¥83.28 from ¥83.42, while the euro was at ¥115.15 from ¥114.20. The UK pound was at $US1.5998 from $US1.5833. The dollar was at 0.9669 Swiss franc from 0.9721 franc.
