The stock market is the United States (U.S.) showed optimism in line with economic data that show the recovery on track. Also due to the bailout has been agreed upon by the Greek international monetary fund (IMF) and the European Union (EU).
As quoted from Reuters, Tuesday (04/05/2010), U.S. manufacturing sector in April grew rapidly for nearly six years. While the government reported unexpected increases in spending for construction in March, marking the first advances since October last.
Manufacturing data proved to boost the share of manufacturing companies, including Caterpillar Inc., which rose 2.7 percent to USD69, 94. So also share and 3M Co. rose 1.5 percent to USD89, 98.
“This is a very good economic news, and that’s the reason the stock price increase. The increase is good, but recorded very low volume today, which makes this increase became more prominent,” the analyst said shares of Wells Fargo, Scott Marcouiller.
At the end of last week, the European Union has also agreed to provide as much as 110 billion euros, or USD146, 5 billion to Greece. This is the biggest bailout ever awarded to one country.
It seems to be a boost to Wall Street investors. But in the currency markets, investors still worry about whether Germany will get parliamentary approval to provide these funds in mid-May.
The positive sentiment came from UAL Corp., United Airlines parent, who said, agreed to buy Continental Airlines Inc. with a value of USD3, 2 billion in order to form the largest airline in the world. UAL shares rose 1.9 percent to USD22, 01 and Continental Airlines climbed 1.9 percent to USD22, 77.
Dow Jones Index rose 162.34 points, or 1.47 percent to a 11.17095. Standard & Poor’s Index rose 16.93 points, or 1.43 percent to 1203.62. While the Nasdaq composite index rose 1.65 percent or 40.69 points to 2501.88