U.S. stock markets closed higher on Wednesday 3/23 local time, driven by mining companies and the industry as traders consider the influence of the high demand for metals and commodities as well as Japan reconstruction.
Dow was appointed to the top by aluminum giant Alcoa shares, which increased more than three percent, and manufacturing giant 3M rose by 1.6 percent as the cost of everything from aluminum to tin rose.
The prospect of major reconstruction efforts in Japan to encourage some sectors rose, while the overall market rose despite some bad U.S. data. “A rally on the final day of trading pushed the three major stock indexes into positive territory,” said Sara Kline Moody’s Analytics.
The Dow Jones Industrial Average rose 67.39 (0.56 percent) to 12,086.02. Broader market indicator, the S & P 500 index rose 3.77 points (0.29 percent) to 1297.54, while the Nasdaq composite index rose 14.43 (0.54 percent) to 2668.30.
The movement occurred despite the Commerce Department reported that U.S. new home sales slumped to its lowest level since the 1960′s, offering more evidence that the real estate crisis continues.
Home sales fell nearly 17 percent in February, the Commerce Department said, the seasonally adjusted total of 250,000 during the month. That marked the lowest number of units sold since 1963, when records began.
Unrest in North Africa and the Middle East and fears of the spread of radiation from nuclear power Japan was also not a few hit the market.
Elsewhere, shares of Bank of America fell 1.7 percent after saying the Federal Reserve denied permission to increase the “moderate” dividend.
BoA said the central bank-which has put a moratorium on new or increased dividend payments in the largest banks as they rebuild capital-can request to increase again with the revised capital plan.
BofA said it would submit new plans and intends to ask for permission moderate increase in common dividend for the second half of 2011.(NewsDaily)
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