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2.7%  Q1 GDP    4.57%  avg. 30-year mortgage     9.5%  Unemployment

Stocks rally at opening following good news; Dow pushes toward 11,000

Stocks are trading higher at opening following last week's drop in new jobless claims and encouraging manufacturing news.

In the first 30 minutes of trading, the Dow is up nine-tenths of 1 percent and making a bid to crack 11,000 for the first time since September 2008.

Both the broader S&P 500 and the tech-heavy Nasdaq are up nearly 1 percent.

Earlier this morning, the government said the number of new jobless claims fell 6,000 from the week before and the four-week moving average dropped, as well.

Moments ago, the Institute for Supply Management reported that its monthly manufacturing index rose from 56.5 in February to 59.6 in March, a sign that manufacturing is inching back to recovery.

At the same time, however, construction spending for March dropped 1.3 percent, which was more than expected, indicating further problems with the housing recovery.

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By Frank Ahrens  |  April 1, 2010; 10:09 AM ET
Categories:  Data  | Tags: Dow Jones, jobless claims, nasdaq, s&p 500  
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Next: March sales: Toyota up 41%, Ford up 40%, GM up 21%, Honda up 23%, Chrysler down 8%

Comments

Although the Dow Jones Industrial Average (DJIA) closed at over 10,920 today, it marked the end of the Bull rally. Look for the DJIA to drop over 4,000 points starting on Monday.

Posted by: Chuck8764 | April 1, 2010 9:31 PM | Report abuse

Frozen rates frozen recovery. No gain deals means no deal. This was supposed to be the new new deal and not much dealing. It looks like dead headed Fed and more people in cold storage. On the up side I have warm vacation place ideas for June and June is real hot. What happens next? It's up and looking better.

Posted by: tossnokia | April 6, 2010 8:32 PM | Report abuse

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