First 9,000 Dow close since January
NEW YORK, July 23 (UPI) -- U.S. and European stock indexes moved sharply upward Thursday, with the Dow Jones industrial average closing above 9,000 for the first time since January.
The Dow gained 188.03 points, or 2.12 percent, to close at 9,069.29 as EBay Inc., Ford Motor Co. and AT&T Inc. posted better-than-estimated results and home resales increased more than forecast.
The broader Standard & Poor's 500-stock index rose 22.22 points, or 2.3 percent, at 976.29.
Volume on the New York Stock Exchange topped 6 billion shares traded.
The technology-heavy Nasdaq gained 47.22 points, or 2.45 percent, at 1,973.60.
In London, Britain's FTSE 100 index closed up 66.07 points, or 1.47 percent, at 4,559.80. Germany's DAX index was up 125.72 points, or 2.45 percent, to close at 5,247.28. France's CAC-40 finished the day up 68.65 points, or 2.08 percent, at 3,373.72.
Japan's Nikkei 225 index advanced 69.78 points, or 0.72 percent, to close at 9,792.94 after an unsettled morning session. Hong Kong's Hang Seng Index jumped 569.53 points, or 2.96 percent, at 19,817.70. China's SSE Composite Index closed up 31.88 points, or 0.97 percent, at 3,328.49.
The Asian markets opened Friday morning with the major indexes surging as much as 3 percent.
The 10-year U.S. Treasury note fell 31/32, yielding 3.665 percent, while the 30-year bond was down 1 22/32, yielding 4.550 percent.
The U.S. dollar rose to 95.05 yen from 93.54 yen in New York late Wednesday. The euro, in U.S. dollars, slid to $1.4194 from $1.4214.
Half say stimulus has had no effect
PRINCETON, N.J., July 23 (UPI) -- Nearly half of Americans say the economic-stimulus plan has done nothing to improve the economy, a poll released Thursday suggests.
Even more, 64 percent, said the stimulus plan has had no effect on their family's financial situation, the Gallup poll found, and a fifth said the plan has worsened the nation's economy.
Looking ahead, 48 percent said they believe the stimulus will eventually improve the economy, but only 35 percent said they think the plan will improve their family's financial situation, the poll revealed.
Thirty-four percent said the stimulus will have no effect on their family's financial situation.
Republicans are far more likely than Democrats to say the stimulus has and will continue to worsen the economy and their family's financial situation, a Gallup analysis showed.
By contrast, Democrats are far more likely than Republicans to say the opposite. Independents are evenly divided about the effects of the stimulus.
Asked when they think the economy will recover, 68 percent said in two years or more, 27 percent said in less than two years and 30 percent said in five years or more.
The July 17-19 telephone survey of 1,006 adults has a margin of error of 3 percentage points.
Boeing 787 Dreamliner still a dream
CHICAGO, July 23 (UPI) -- Boeing Co. knows how to fix a wing-body flaw in its much-delayed 787 Dreamliner, but doesn't know how long the work will take, the Chicago company's chief said.
The aerospace and defense corporation also doesn't know how much it will have to pay customers in penalties for the delays, Chairman and Chief Executive Officer James McNerney said.
"We are working through this matter as quickly as we can but will not sacrifice quality for expediency on such an important effort," McNerney said Wednesday in a conference call with reporters and stock analysts.
Some analysts say the delays, at nearly two years, could cost Boeing billions of dollars in penalties and customer concessions. The Seattle Times quoted two unidentified engineers as saying the first test flight would probably not happen for four to six months.
The company has 850 orders for the plane, which is designed to be made of lightweight composite materials and is supposed to be lighter and more fuel-efficient than other commercial aircraft.
Postal Service to retire vending machines
NEWPORT NEWS, Va., July 23 (UPI) -- U.S. Postal Service centers are getting rid of postage stamp vending machines, the service says.
The service's 12,000 vending machines will be eliminated nationwide Aug. 4, victims of obsolescence and cost-cutting.
"Most of these machines were 20 years old," Frances Sansone, a Postal Service spokeswoman, told The Daily Press of Newport News, Va.
And most customers using the machines usually buy just single stamps nowadays, she said
"We're not taking in enough money to work the machines," Sansone said.
By removing the machines, the Postal Service expects to save at least $66 million on expenses, maintenance, parts and labor.
