Stocks start February in rally mode
February 1st, 2010 admin
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Stocks rallied Monday morning, starting off a new month on the right foot, as investors welcomed better-than-expected reports on personal income and manufacturing and Exxon Mobil’s quarterly results.
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Stocks rallied Tuesday afternoon as growing bets that European officials will rescue Greece from its debt problems reassured investors following a four-week selloff.
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U.S. stocks were headed for a weak start Monday, as investors remain nervous about the debt situation in Europe.
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Wall Street erased gains by the close Wednesday, as relief about the day’s economic news gave way to concerns about the job and manufacturing reports due out over the next two days.
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Stocks erased big losses by the close Friday, with technology shares leading the advance, following a three-session rout that had taken the market to its lowest point since last fall.
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Stocks gained Wednesday as investors considered a better-than-expected housing report, a mixed forecast from the Federal Reserve and some upbeat company news.
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Stocks managed slim gains Monday as investors weighed recent worries about the bank sector and the likelihood of Federal Reserve Chairman Ben Bernanke serving for a second term.
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