Stocks on Wall Street reversed course as well as its best record in the last nine days. Ease European concerns over the crisis and improving energy stocks make stock index rebounds sharply on Wall Street.

In trading Thursday (10/06/2010), the Dow Jones index closed sharply higher to 273.28 points (2.76%) to the level of 10172.53. Index Standard & Poor’s 500 climbed 31.15 points (2.95%) to a level of 1086.84 and the Nasdaq gained 59.86 points (2.77%) to a level of 2218.71.

Energy sector shares led the strengthening of the S & P energy index rose 4.9% was recorded. Shares of British oil company, BP Plc, which had slumped sharply finally rebounded 12.3%, Exxon Mobil rose 3.10%.

Energy stocks are also driven by rising crude oil prices to above U.S. $ 75 per barrel. Light, sweet crude oil contract rose 1.5% to a record level of U.S. $ 75.48 per barrel.

The positive sentiment came from Europe namely after Spain was able to sell bonds worth U.S. $ 3.9 billion euro, with investor interest that looks large enough to be a positive sign. This makes the euro’s position improved to 1.2% and traded above 1.21 dollars.

Good news also came from China which recorded an increase in exports up 50% during May compared to last year. It assuage investor fears the crisis will impact Europe to the global growth.

“Bid bond running good and strong Spanish China exports very profitable. You get some good news for some big stocks driving the market,” said Brian Lazorishak, Chase Investment Counsel’s portfolio manager, as quoted from Reuters, Friday (11/06/2010).

But trade is not running too busy with transactions in the New York Stock Exchange reached 9.16 billion shares, below average last year reached 9.65 billion.

Tags: stocks

This entry was posted on Saturday, June 12th, 2010 at 1:40 am and is filed under Economy, Stock Exchange. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.