Wall Street bounces on weak dollar by Magdalena Rosova

A fall of the dollar encouraged buying in industrial and commodity-linked shares, which has significantly changed a current situation on Wall Street. The Federal Reserve's new policy of very low interest rate caused that many investors are now more confident in buying riskier assets like stocks and commodities. Market strategist Quincy Krosby suggests that the correlation had come back because of the Fed and its promise of asset purchases. In the last month the euro and the economic index S&P E-mini futures contract have tacked each other. In the past sessions they have had a correlation coefficient of 0.8, which means they have a strong relationship. The Dow Jones industri! al average gained 129.35 points, which represents 1.18 percent. Other industrial indexes are very positive as well. The Dow Jones industrial average (.DJI) gained 129.35 points, or 1.18 percent, and grew to 11,107.97. The Standard & Poor's 500 Index (.SPX) rose 12.27 points, or 1.05 percent, to 1,178.17. The Nasdaq Composite Index (.IXIC) added 20.44 points, or 0.84 percent, to 2,457.39. Thanks to the material shares the broad market also got higher. Freeport-McMoRan Copper & Gold grew 2.8 percent and S&P materials index rose 2. percent. Commodities gained thanks to the drop of the U.S. dollar to a near 15 year low against the yen. The Dow Jones index grew mainly thanks to the Boeing Company that reported a quarterly profit that was higher than all expectations and raised its full-year forecast. The company's growth was caused by a recovery in the commercial airplane market.

related story (sgx18456): http://onl! ine.wsj. com/article/SB1000142405274870329800457445...

by Magdalena Rosova for Cantell TV (http://cantell.tv)

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