Wall Street Wrap for 20 September 2010

Wall Street Wrap for 20 September 2010

US stocks soared on Monday, with the S&P 500 and Nasdaq both closing higher over 1.5%. An independent body of economists gave momentum to the market after it reported that the recession ended in June 2009. Although this was widely known, the official announcement seemed to give investors some reassurance.

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In real estate, an index on homebuilder confidence remained steady at 14 in September. Any reading below 50 indicates that more builders view conditions as poor. The last time a reading was above 50 was in April 2006.

In corporate news, IBM announced it would buy data storage company Netezza for $1.7 billion. Shares of Netezza soared almost 15%, while IBM closed slightly higher.

In world markets, Asian indices ended mixed, while European markets ended higher.

Oil futures for October delivery rose $1.20 to $74.86 a barrel. The October contract will expire after Tuesday trade. Gold for December delivery increased $3.30 to close at an all-time high of $1,280.80 an ounce.

The yield on the 10-year bond was at 2.73% from 2.75% late Friday.