The Dow Jones Industrial Average Wednesday booked its best single-session rise in about seven weeks on the back of a sharp rise in shares of Boeing Co. The Dow rose more than 320 points at at 26,115, which marked a fresh intraday high. Boeing’s share rally , up 4.7%, or around $15.85, contributed about 110 points to that rally to the close. A $1 move in any one of the price-weighted Dow’s 30 components equates to a 6.83-point swing. Moves in Boeing’s stock have been the the most influential for the blue-chip average over the past several months. Meanwhile, the S&P 500 index ended up 0.9%, driving past a round-number at 2,800, while the Nasdaq Composite Index rallied sharply higher, to finish up 1% at 7,298. The run-up for equities followed an upbeat report from the Federal Reserve’s Beige book, an anecdotal account of business conditions in the central bank’s key business districts. The report suggested that stubbornly low wage growth may be on the rise. Wednesday’s move for stocks also comes after the market experienced a reversal on Tuesday on fears of a government shutdown and weakness in the energy market.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News