Stocks open 2010 with a rally
Stocks opened 2010 trading with a strong rally, pushed higher by stronger-than-expected manufacturing data, soaring overseas markets and a weak dollar that makes commodities cheaper for foreign buyers.
In the first hour of trading, the Dow is up 1.4 percent.
The broader S&P is up 1.4 percent and the tech-heavy Nasdaq is up 1.7 percent, pushed higher by an analyst's upgrade of chip king Intel.
The Institute for Supply Management, a group of purchasing managers that tracks manufacturing, said its index for the sector rose from 53.6 in November to 55.9 in December. Any number over 50 indicates growth. The number beat expectations of 54.3.
Later today, I'll explain what January can tell you about stock market performance for the rest of the year.
-- Frank Ahrens
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January 4, 2010; 10:55 AM ET
Categories: The Ticker | Tags: Dow Jones, nasdaq, s&p 500
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