August 24, 2009

Markets extend rallies at mid-day

U.S. stocks moved higher in early afternoon trading Monday as investors built on a rally triggered by positive economic news.

The increases followed Friday's news about higher-than-expected home sales and comments from Federal Reserve Board Chairman Ben Bernanke about emerging from the recession, analysts said.

The Dow Jones industrial average was up 0.58 percent to 9,560.83, up 54.87 points. The Nasdaq index stood at 2,027.74, up 6.84 points for a 0.34 percent increase, while the Standard & Poor's 500 was at 1,032.13, up 6 points and 0.58 percent.

The move followed Japan's Nikkei index rising 3.35 percent to 10,581.05. The London FTSE 100 Index rose 0.9 percent to 4896.23.

The benchmark 10-year Treasury gained 13/32 to yield 3.520 percent.

The euro fell to $1.433 from Friday's $1.4336, while the dollar rose to 94.5 yen cents from Friday's 94.31 yen.