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US stocks continue rise, DJIA posts biggest 2-day advance

US stocks continue rise, DJIA posts biggest 2-day advance
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First Published: Thu, Sep 20 2007. 10 55 AM IST
Updated: Thu, Sep 20 2007. 10 55 AM IST
PTI
New York: As stocks added to Tuesday’s gains, Warnaco rose on realignment plans, raised limits lifted Fannie Mae and an earnings revision revved up selling in Far Max on Wednesday, 19 September. The Dow Jones Industrial Average on Wednesday rose 76.17, or 0 .6%, to 13,815.56 after rising 335.97, or 2.5%, on Tuesday.
The Dow’s gain over the last two days is its biggest two-straight-session advance in roughly five years.
The Standard & Poor’s 500 Index rose 9.25, or 0.6%, to 1,529.03.
The Dow and the S&P 500 celebrated an anniversary on Wednesday, marking exactly two months since they last reached record closing highs. The Dow ended at 14,000.41 and the S&P advanced to 1,553.08 on 19 J uly.
The lift over the past two sessions has done a lot to help the averages potentially reclaim those record levels.
The Dow is now 184.85 points, or 1.3%, away, and the S&P is off 24.05, or 1.5%. This a long way from the post-record low of 12845.78 on Aug. 1 6 that left the DJIA 1154.63 points from its record, and the 1 406.70 level the S&P closed at on 15 August, putting it 146.38 p oints from its all-time high.
The Nasdaq Composite Index gained 14.82, or 0.6%, to 2,666.48.
The New York Stock Exchange Composite Index rose 61.87, or 0.6 %, to 9,970.90. “We saw some continued euphoric glow from the Federal Reserve’s large interest rate cut, and short sellers felt compelled to continue covering,” said Alan Gayle, senior investment strategist at Trusco Capital Management.
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First Published: Thu, Sep 20 2007. 10 55 AM IST