Wall Street pared early losses and moved moderately higher Wednesday, as investors snap up technology stocks despite dismal economic data.
Apple and Microsoft led computer companies higher as their shares trading near the cheapest level on record. General Motors and Ford Motor rallied strongly, as investors speculated that the U.S. Congress might approve the bailout plan of auto companies next month.
The rise in technology and auto shares helped reverse early decline of major indexes spurred by downbeat economic data.
The U.S. Commerce Department reported Wednesday that orders for durable goods dropped by 6.2 percent last month, more than double the three percent decline economists had expected.
Meanwhile, The Commerce Department also reported that consumer spending plunged by one percent in October, even worse than the 0.9 percent decline that had been estimated. The largest decline in consumer spending since the 2001 terrorist attacks worried investors, as the consumer spending accounted for two third of the nation's economy.
The Dow Jones rose 52.40 to 8,531.87. Broader indexes also moved higher. The Standard & Poor's 500 index climbed 5.64 to 863.03; and the Nasdaq increased 31.11 to 1,595.84.
Source:Xinhua
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