Stocks on Wall Street traded in a narrow range as investors focused on speculation the US Federal Reserve could adopt further economic stimulus measures.The Dow Jones Industrial Average closed 45.34 points or 0.4%, higher at 10,698.90 while other, broader
Stocks on Wall Street traded in a narrow range as investors focused on speculation the US Federal Reserve could adopt further economic stimulus measures.
The Dow Jones Industrial Average closed 45.34 points or 0.4%, higher at 10,698.90 while other, broader indexes made bigger gains.
Among the Dow’s strongest performers was McDonald’s, which rose 1.6% after posting a 7% increase in global same-store sales for July, its highest monthly gain since January 2009.
The Dow was dragged down by Hewlett-Packard, which sank 7.4%, after the Friday resignation of chief executive Mark Hurd over a sexual-harassment claim.
The Nasdaq Composite gained 0.75% to 2305.69 while the S&P 500 index added 0.55% to 1127.76.
Other markets: Europe, Asia up
Oil majors led European stocks higher with BP rising 1.7% after it successfully cemented the Macondo well in the Gulf of Mexico. The Stoxx Europe 600 oil and gas sector rose 1.6%.
The Stoxx Europe 600 index closed up 1.4% at 262.26, its highest close since April 26. The UK's FTSE 100 index gained 1.5% to 5410.52, snapping a four-session losing streak.
France's CAC-40 rose 1.7% to 3777.37 and Germany's DAX added 1.5% to 6351.60, its highest close since September 3, 2008.
Most Asian stock markets rose, with Chinese metal and cement shares gaining on hopes that government efforts to reduce overcapacity will benefit the industry.
Australian shares reversed early declines as miners edged higher on expectations of strong earnings growth. But Japanese shares were dragged down by concerns about the yen's recent strength and weak US employment trends.
China's Shanghai Composite climbed 0.5% to 2672.53, Japan's Nikkei Stock Average fell 0.7% to 9572.49, Australia's S&P/ASX 200 rose 0.6% to 4594.90, Hong Kong's Hang Seng Index advanced 0.6% to 21801.59 and Taiwan's Taiex gained 0.9% to 8034.49. Singapore markets were closed for National Day.
Commodities: Oil up, gold steady
Crude futures fought to hold on to early gains, bolstered by higher equities, as traders adjust to oil prices above $US80 a barrel.
Light, sweet crude for September delivery traded 70USc, or 0.9%, higher at $US81.40 a barrel in New York. Brent crude on the ICE futures exchange rose 48USc to $US80.64 a barrel.
Gold futures were steady. The most actively traded gold contract for December delivery was up 60USc, or 0.05%, at $US1205.90 an ounce in New York.
Currencies: Dollar up, euro down
The US dollar advanced against the yen and euro in subdued trading. The greenback rebounded from Friday's losses sparked by disappointing non-farm payrolls report.
The modest rise in the dollar suggests the euro's run to the three-month high of $US1.3334 reached on Friday might have been overdone,
The euro weakened to $US1.3228 from $US1.3293 late on Friday. The dollar moved to ¥85.83 from ¥85.39. The euro was flat at ¥113.54 from ¥113.51. The UK pound weakened to $US1.5902 from $US1.5965.
