Big rally on Wall Street
US stocks started the new year with a big rally, sending the Dow Jones industrials up more than 250 points and to their first close above 9,000 in two months.
Investors brushed off a weaker-than-expected report on manufacturing from the Institute for Supply Management.
It said its manufacturing activity index fell to the lowest level in 28 years in December.
But the market held to its recent pattern of taking bad economic news in its stride, a pattern that began to emerge after it touched multi-year lows on November 20.
The Dow rose 258.30, or 2.94%, to 9,034.69, finishing the week up 6.1%.
The Standard & Poor’s 500 index rose 28.55, or 3.16%, to 931.80, its highest close since November 5.
The Nasdaq composite index rose 55.18, or 3.50%, to 1,632.21.
