Stock indexes in the United States pushed higher on Wednesday as markets across the Atlantic experienced strong gains. Despite some poor economic news in Europe, optimism about a Greek debt resolution controlled markets with banks and financial services leading stocks higher in the US.
The Dow Jones Industrial Average gained 83.55 points (0.66%) to a close at 12,716.46. The NASDAQ made the biggest percentage move, increasing 34.43 points (1.22%) to a final level of 2,848.27. Finally, the S&P 500 was also in green territory, moving up 11.67 points (0.89%) to a closing bell mark of 1,324.08. All three major indexes finished off of session highs.
One bank in particular which posted a big move in America on Wednesday was Bank of America, increasing by 3.23% to a close of 7.36. Citigroup, Goldman Sachs, and Morgan Stanley rose in financials, gaining 2.86%, 1.78%, and 3.97%, respectively.
Employment news in the United States was generally positive, with the Labor Department reporting an increase of 170,000 private sector jobs in January 2012. It is suspected that the January unemployment rate will hold steady at 8.5% when it is announced on Friday.
Manufacturing news in the United States boosted markets as well, with the nation’s manufacturing index for January increasing to 54.1, up from 53.1 in December. Earlier in the day, the United Kingdom announced its manufacturing index reached an eight-month high and that business is expanding.
Amazon.com had a bad day, reporting profits that were well down from the previous quarter, but still exceeded estimates. Even so, the stock plummeted during the Wednesday session, losing about 7.7% of value.
Crude oil was flat at the European close, but fell during the latter portions of American trading. Light sweet crude dropped about 1%, falling below 97.50 USD/bbl. Brent crude, on the other hand, rose by about eight-tenths of a percent to just shy of 112.00.
Gold prices nudged slightly higher on Wednesday, now at 1,746.10 USD/t Oz. Silver, copper, and platinum all posted gains of well above 1%.
The US Dollar lost ground against the Euro, now trading at a level of 1.3161 USD, though in a slightly better position than at Europe’s closing bell. The British Pound Sterling also moved against the dollar, rising slightly to 1.5833 USD. The greenback also weakened against the Yen, Canadian Dollar, Australian Dollar, Swiss Franc, and New Zealand Dollar.
