BTC China Bussiness  
     
  China News  
  BTC News  
  Projects  
  China Exhibition  
  China Map  
  Links  
 
China News
BTC

Wall Street rises on upbeat economic data, Ford earnings

Source:www.chinaview.cn       Updated:November 03 07:07

NEW YORK, Nov. 2 (Xinhua) -- Wall Street rebounded Monday, as Ford Motor Co. posted rosy earnings and manufacturing sector expanded in October at the fastest pace in more than three years.

A surprise profit from Ford helped support the early gains. Ford said it earned nearly one billion U.S. dollars in the third quarter due to deep cost cuts and the government's Cash for Clunkers rebates.

Moreover, an index on manufacturing activity from the Institute for Supply Management rose to 55.7 in October, the highest level since April 2006, from 52.6 in September. It was the third straight month of growth after 18 months of contraction.

Commercial lender CIT Group Inc. filed for bankruptcy protection on Sunday after a debt-exchange offer to bondholders failed. The market seemed unfazed about the bankruptcy, one of the biggest in U.S. corporate history, as the lender has been struggling for months to restructure its debt, which has been priced in.

The Dow Jones rose 114.35 to 9,827.08. Broader indexes also went higher. The Standard & Poor's 500 index rose 11.98 to 1,048.17 and the Nasdaq climbed 14.60 to 2,059.71.

Editor: Anna