The Dow reclaimed 10,000 Monday, hitting its highest point in over a year, as a weak dollar, higher commodity prices and some earnings optimism fired up a broad market advance.
The Dow Jones industrial average (INDU) rose 96 points, or 1%, according to early tallies, ending at 10092.65. That was its highest close since Oct. 3, 2008, when it closed at 10,325.38.
Some analysts are saying "This is a liquidity driven rally and the market is probably going to keep moving higher over the next few weeks. People are feeling optimistic,"
LONDON - European stock markets closed lower on Friday after the latest US corporate results disappointed high hopes and pushed Wall Street back down through the key 10,000 points level.
Dealers said early gains were quickly undone after Bank of America reported a much worse-than-expected third quarter loss of $US1 billion ($A1.09 billion) and global conglomerate GE was hit by a sharp fall in revenues.
In London, the FTSE 100 index of leading shares was down 32.71 points, or 0.63 per cent, at 5,190.24 points.
FRANKFURT - The DAX dropped 87.38 points, or 1.5 per cent, to 5,743.39.
PARIS - In Paris, the CAC 40 lost 56.23 points, or 1.45 per cent, to 3,827.60.
Oil prices rose for a seventh straight session on Friday, fueled by a jump in industrial production in the United States, the world's biggest energy consumer, and rising tensions in oil-rich Nigeria.
New York's main contract, light sweet crude for November delivery, rose 95 cents to end the week at $US78.53 a barrel, its highest level since October 2008.
The Australian share market is likely to follow Wall St’s rally over night and open higher this morning with higher base and precious metals prices and a rise in the price of oil likely to boost resource stocks today.
The local market closed lower on Monday. The S&P/ASX 200 Index fell 44 points at 4,793 and the SPI200 is up 43 points.
Gold up 6.60 to US$1058.10 an ounce Silver up 21c to US$17.63 an ounce Copper up 12c at US$2.97 a pound
