Off the wire
• Africa Focus: Zimbabwe reviews school curriculum to revamp education system  • EU says euro changeover reaching final stage in Lithuania  • Sierra Leone extends operation Surge against Ebola  • Roundup: Confusion mars death of ICC witness in Kenya  • Joan Laporta considering return to FC Barcelona presidency  • Ghana names final 23-man AFCON squad  • French stock market index strongly rebounds by 3.59 pct on Thursday  • Sony delays sale of PlayStation 4 in China  • AU condemns terrorist attack on Charlie Hebdo in Paris  • Xinhua Asia-Pacific News Summary at 1600GMT, Jan. 8  
You are here: 　 Home

U.S. stocks rally midday, Dow up 300 points to turn positive for 2015

Xinhua, January 9, 2015 Adjust font size:

U.S. stocks spiked midday Thursday, extending the previous session's strong rebound, as improvements in the labor market and a patient Federal Reserve helped Wall Street to recover from sharp selloffs at the beginning of the year.

The three benchmark indices all rose more than 1.5 percent. The Dow Jones Industrial Average soared as much as 306 points in late morning trading, bringing the blue-chip index back to slightly positive territory for the year, while the S&P 500 and the Nasdsaq Composite also briefly turned positive for the New Year shortly before midday.

At noon, the Dow jumped 287.35 points, or 1.63 percent, to 17, 871.87. The S&P 500 jumped 33.10 points, or 1.63 percent, to 2,059. 00. The Nasdaq Composite Index rose 81.41 points, or 1.75 percent, to 4,731.88.

On the economic front, the number of Americans who initially applied for jobless benefits in the week ending Jan. 3 slipped 4, 000 to a seasonally adjusted 294,000, the U.S. Labor Department said Thursday.

The fresh figure came a day after payroll processor ADP's upbeat jobs report, which showed U.S. private sector employment added 241,000 new jobs in December, topping analysts' expectations.

Investors are looking to the Labor Department's December nonfarm payrolls report due out Friday to get a better picture of improvements in the labor market.

Moreover, investors embraced the minutes of the Federal Reserve 's December policy meeting released Wednesday, which showed most participants thought the reference to "patience" in beginning to normalize the stance of monetary policy indicated that the U.S. central bank was unlikely to start the normalization process for at least the next couple of meetings.

Dovish remarks from Chicago Federal Reserve Bank President Charles Evans late Wednesday added more optimism into the market. Evans said "I don't think we should be in a hurry to increase interest rates."

On Wednesday, U.S. stocks rose sharply, with the S&P 500 snapping a five-day losing streak, as U.S. crude prices steadied somewhat and positive economic data underscored the strength in the U.S. economy. Endite