The weather is sunny in here.
Stocks rise on retail sales, manufacturing data.
The government's report that retail sales jumped 2.7 percent in August boosted confidence in the economy. Analysts say improvements in consumer spending are crucial to a recovery.
The Fed’s index of manufacturing in the
Meanwhile , Bernanke cheered investors by saying that the worst recession since the 1930s has “very likely” ended, thought he cautioned that problems like high unemployment will remain.
The Dow rose 56.61, or 0.6 percent, to 9683.41. The S&P 500 index rose 3.29, or 0.3 percent, to 1052.63, while Nasdaq composite index rose 10.86 , or 0.5 percent , to 2102.64 . All three indicators are at their highest levels for 2009.
Commodity and industrial stocks rose as a weaker dollar pushed up materials prices. Alcoa Inc. added $1.05, or 8.1 percent, to $13.99. Caterpillar Inc. rose $2.93, or 6 percent, to $51.70.
Crude oil rose $2.07 to settle at $70.93 a barrel on the New York Mercantile Exchange. Gold also rose after the report on inflation.
