US stocks rise after completing best quarter since 2003

New York, July 2

US stocks climbed higher Wednesday on slightly rosier prospects for manufacturing and housing, a day after investors celebrated the best quarter on Wall Street since 2003.

The stock market was buoyed by figures showing the manufacturing sector shrank at its slowest pace in 10 months, the latest sign that the US economy is stabilizing.

The Institute for Supply Management's index climbed in June to 44.8. Any figure below 50 indicates a contraction.

Pending home sales in the United States also rose for the fourth straight month in May, according to the National Association of Retailers, suggesting the housing crisis may also be easing.

Investors hope major US stock indices will continue their surge of the last three months. The Dow Jones Industrial Average jumped 11 percent in the April-June period - its best quarterly performance since 2003 - and is up nearly 30 percent since hitting a 12-year low in early March.

The broader Standard & Poor's 500 index climbed 15 percent in the second quarter, its best three-month showing since 1998.

On Wednesday the blue-chip Dow rose 57.06 points, or 0.68 percent, to 8,504.06. The S&P 500 was up 4.01 points, or 0.44 percent, to 923.33. The technology-heavy Nasdaq Composite Index gained 10.68 points, or 0.58 percent, to 1,845.72.

The US currency dropped against the euro to 70.67 euro cents from 71.25 euro cents on Tuesday. But the dollar rose against the Japanese currency to 96.64 yen from 96.37 yen.

Last updated on Jul 2^nd, 2009 at 06:58 am IST--DPA

Possibly related news:

Other News Headlines

Cabinet approves $2.18 bn investment in Venezuela oil block

New Delhi, March 19

The cabinet Friday approved an investment of $2.18 billion (Rs.10,900 crore) by three state-run companies - ONGC Videsh, Indian Oil Corporation and Oil India - in Venezuela's Carbobo oil block.

Nearly 150 students arrested in Nepal vice crackdown

Kathmandu, March 19

In a massive crackdown on vice, police in Nepal Friday said they had arrested nearly 150 students from a discotheque here that has been raided in the past too for alleged illegal activities.

Indian cabinet approves death sentence for hijacking (Lead)

New Delhi, March 19

The Indian cabinet Friday decided to award death penalty to hijackers of aircraft or those who use them as missiles.

I will be Kerala's brand ambassador: Big B

Mumbai, March 19

Amitabh Bachchan has agreed to be the brand ambassador of Kerala.

Middle East Quartet meets in Moscow

Moscow, March 19

Leaders of the so-called Middle East Quartet of the UN, US, European Union and Russia are meeting in Moscow Friday for talks on the way forward in the impasse on the Israeli/Palestinian conflict.

Enter Your Name and Email below and Post your comment
Name	Email:
Comment:

Please login to use this service
Usermame :
Password :
Quick signup \| Forgot Password