Stock Market Gains On Better Global Growth Outlook
By STEVE ROTHWELL
NEW YORK (AP) â¿¿ The stock market rose Thursday, but it was a glitch on the Nasdaq exchange that became the day's big talking point.
Trading on the Nasdaq was interrupted just after midday because of problems with a quote dissemination system. That halted activity on the Nasdaq until shortly before the close of the market. When trading resumed, shares in Nasdaq OMX, which owns and operates the exchange, slumped.
The Nasdaq composite was up 31 points, or 0.9 percent, at 3,631 when trading halted, according to FactSet data. It ended the day up 38 points, or 1.1 percent, at 3,638.71.Earlier on Thursday, encouraging economic figures from Asia and Europe helped stocks advance and break a six-day losing streak for the Dow Jones industrial average. In China, a survey by HSBC indicated that manufacturing was expanding, the latest evidence that the world's second-largest economy may be over its recent period of weakness. In Europe, a survey of manufacturing and services for the 17 countries that use the euro climbed to its highest level since June 2011. "Europe seems to be getting its swing back, especially Germany," said Doug Cote, chief market strategist at ING U.S. Investment Management. The figures "are not super exciting, but directionally they are good." The stock market has had a poor August. Traders and investors have fretted that the Federal Reserve is about to start easing back on the economic stimulus that has helped underpin a 4 Â½-year bull market. The Fed is buying $85 billion of bonds a month to hold down long-term interest rates. The Dow climbed 66 points, or 0.4 percent, to close at 14,963.74. The index is still down 3.5 percent for the month. The Standard & Poor's 500 index rose 14 points, or 0.9 percent, to 1,656.96, its best day since Aug. 1.
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