Wednesday, May 18, 2011
Wall Street snaps losing streak, but headwinds remain
Wall Street snapped its three-day losing streak thanks to a rebound in commodity prices and Dell's strong earnings, but investors say stocks still face headwinds.
The pan-European FTSEurofirst 300 index of top shares closed up 0.4 percent at 1,130.89 points in limited volume that was just 79.8 percent of its 90-day average, while Greek shares fell to close at 1.4 percent.
The Dow Jones industrial average gained 80.60 points, or 0.65 percent, to 12,560.18. The Standard & Poor's 500 Index rose 11.70 points, or 0.88 percent, to 1,340.68. The Nasdaq Composite Index added 31.79 points, or 1.14 percent, to 2,815.00.
European shares ended higher, with gains in commodity stocks buoying up the index and technology firms lifted by strong results from US computer maker Dell.The pan-European FTSEurofirst 300 index of top shares closed up 0.4 percent at 1,130.89 points in limited volume that was just 79.8 percent of its 90-day average, while Greek shares fell to close at 1.4 percent.
Japan's Nikkei average advanced 1 percent as receding concerns about a strong yen
spurred short-covering, but further gains may be hard-won amid ongoing concerns about nuclear operator Tokyo Electric's compensation scheme.
The Nikkei average closed up 1 percent at 9,662.08 while the broader Topix gained 1.1 percent to 837.96.
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