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You are here:  Home / Business News / Wall Street extends Santa Claus rally

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Wall Street extends Santa Claus rally

Published: Dec. 29, 2003 at 5:07 PM
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NEW YORK, Dec. 29 (UPI) -- With little economic or corporate news and despite concerns over the so-called mad-cow disease, year-end bullishness ended Wall Street higher Monday.

The Dow Jones industrial average up 125.33, or 1.21 percent, at 10,450.00. The tech-heavy Nasdaq composite index ended up 33.34, or 0.28 percent, at 2,006.48, and the Standard and Poor's 500 index ended up 13.59, or 1.24 percent, at 1,109.48. Volume on the Big Board was 1.06 billion shares.

The Conference Board's help-wanted advertising index, a barometer of the U.S. employment situation, rose to 39 last month from 37 in October. A year earlier, the index stood at 4o, the Wall Street Journal reported.

The February live-cattle contract fell by the new market limit of five cents a pound to 81.17 cents over concern of mad-cow disease. Some food stocks as as Hormel and Smithfield foods ended lower, but restaurant stocks rebounded as major hamburger chains said that the mad-cow concern hadn't hurt weekend sales.

The 10-year Treasury note lost half a point, or about $5.00 for each $1,000 invested. The yield, which moves inversely to the price, rose to 4.21 percent.

The euro traded at $1.2491 Monday, above $1.2434 from Friday afternoon in New York. The dollar was trading at 106.91 compared to the yen, down from 107.20 on Friday.

In Europe, London's FTSE-100 share index was up 8, or 0.2 percent, at 4,452.70, and Japan's Nikkei 225 stock average climbed 83.21, or 0.8 percent, at 10,500.62.



© 2003 United Press International, Inc. All Rights Reserved.
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