08 Feb '11, 10pm

US stocks post modest gains after China rate hike

US stocks post modest gains after China rate hike

NEW YORK: US stocks posted gains on Tuesday as Wall Street weighed positive signals from the business sector and China's latest interest rate hike, aimed at cooling the world's second-largest economy. After opening barely in positive territory, the major stock indexes wavered in choppy trade but managed to end the session with moderate advances, holding on to an upward bias from last week. The Dow Jones Industrial Average rose 71.52 points (0.59 percent) to finish at a new two-year high of 12,233.15. The tech-rich Nasdaq Composite added 13.06 points (0.47 percent) at 2,797.05, while the broad-market S&P 500 index climbed 5.52 points (0.42 percent) to 1,324.57, its highest level since June 19, 2008. Left with no US economic news or earnings releases of note on the day's calendar, investors digested the Chinese central bank's announcement on Tuesday that it would raise inter...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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