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Wall St hits year highs on China economic data

(Xinhua)
Updated: 2009-11-12 08:07

NEW YORK: Wall Street rose on Wednesday with all the major indexes refreshing the highs of 2009 as China reported better-than-expected economic data and the Federal Reserve officials signaled to keep interest rates low.

Related readings:  China's CPI falls 0.5% in October, PPI down 5.8%

Investors were encouraged by China which reported better-than-expect economic data. China's industrial production rose in October while inflation is under control.

A weaker dollar lifted stocks, gold and oil prices after Federal Reserve officials signaled to keep current interest rates.

Federal Reserve officials speaking late Tuesday noted that the economic recovery is likely to be weak and reiterated that the central bank will keep rates low.

On Wednesday, gold jumped to a record high in the early trading and crude also climbed on the New York Mercantile Exchange.

Macy's, the largest US department store, lost over 8 percent after reporting its full-year forecast trailed analyst estimates, though the company posted a smaller loss in its third quarter.

The Dow Jones average rose 44.29, or 0.4 percent, to 10,291.26. The Standard & Poor's 500 index rose 5.50, or 0.5 percent, to 1,098.51 and topped 1,100 for the first time since last year. The Nasdaq composite index rose 15.82, or 0.7 percent, to 2,166.90.