Thursday 7 November 2013

Dow hits record high amid positive economic data

US stocks rose on Wednesday. The Dow Jones Industrial Average rose 0.8 percent to close at a record high of 15,746.88.

Stocks rose amid an improving outlook for the US economy. A report from the Conference Board on Wednesday showed that its US leading economic index increased by 0.7 percent in September.

The eurozone economy is also growing. A report from Markit on Wednesday showed that its services index for the region was at 51.6 in October, down from 52.2 in September but still indicating expansion. The composite index for October also fell to 51.9 from 52.2 the previous month.

In another sign that the eurozone economy has lost some momentum though, another report on Wednesday showed that retail sales in the region fell 0.6 percent in September.

However, the region's biggest economy, Germany, saw factory orders jump 3.3 percent in September, according to another report on Wednesday.

Also seeing positive manufacturing data on Wednesday was the UK. Industrial production there rose 0.9 percent in September, rebounding after a 1.1 percent fall in August. Factory production jumped 1.2 percent in September, reversing the 1.2 percent fall in August.

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