Yet another day of better-than-expected quarterly earnings and fresh housing data evidently gave investors confidence that the worst of the recession is in the past, and they responded by pushing the Dow Jones industrial average above 9,000 for the first time since January. AT&T (T), EBay (EBAY) and Ford (F) reported results that surpassed analysts' estimates.
The DJIA rose 188 points, or 2.1 percent, to close at 9,069 as DuPont (DD), Alcoa (AA), Caterpillar (CAT) and 3M (MMM) surged, reflecting optimism that manufacturing and construction will will pick up.
Twenty-eight of the Dow's 30 component stocks gained. Only McDonalds (MCD), which reported disappointing quarterly results, and Wal-Mart (WMT), both companies seen as well-positioned to suceed in a downturn, saw their shares fall.
For more stocks making moves today, be sure to check out BloggingStocks' market wrap-up.
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