Bloomberg News

U.S. Stocks Extend Gains After Economic Reports Beat Estimates

June 30, 2011

June 30 (Bloomberg) -- U.S. stocks extended gains, sending the Standard & Poor’s 500 Index to its biggest four-day rise since December, after measures of consumer confidence and Chicago-area purchasing were better than expected.

The S&P 500 advanced 0.7 percent to 1,316.72 at 9:49 a.m. in New York. The Dow Jones Industrial Average gained 94.79 points, or 0.8 percent, to 12,356.21 today.

The Institute for Supply Management-Chicago Inc. said today its business barometer unexpectedly rose to 61.1 in June from 56.6 a month earlier. Figures greater than 50 signal expansion. Economists projected the gauge would drop to 54, according to the median estimate in a Bloomberg News survey.

Consumer confidence rose to the highest level in 10 weeks, as falling gasoline prices provided relief to Americans contending with 9.1 percent joblessness. The Bloomberg Consumer Comfort Index increased to minus 43.9 for the period ended June 26 after dropping to minus 44.9 the prior week.

To contact the editor responsible for this story: Joanna Ossinger at jossinger@bloomberg.net


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