Nasdaq Reaches Highest Level Since 2000 On Major ECB Decision By Ryan Vlastelica | Reuters | 09/06/2012 5:00 pm Draghi gets ECB backing for open-ended bond-buying * Data on service sector, labor market bullish * Semiconductor companies rally, lifting Nasdaq * Indexes up: Dow 1.7 pct, S&P 1.9 pct, Nasdaq 2 pct NEW YORK, Sept 6 (Reuters) The S&P 500 jumped to a more than four-year high on Thursday as a new bond-buying program in Europe was hailed as an effective way to contain the region's debt crisis. Positive sentiment was also lifted by bullish data on the U.S. services sector and labor market, the latter especially notable ahead of Friday's non-farm payrolls report. The rally was broad, with materials, financials and industrials - all groups tied to the pace of economic growth - leading the way with gains of more than 2 percent. Advancers outnumbered decliners by a ratio of more than 4 to 1 while the Dow had its biggest gain in two months and the Nasdaq advanced to its highest level since 2000. "We think this is a credible plan to addressing the issue, and while there are still political hurdles we expect those will be addressed," said Alec Young, global equity strategist at S&P Equity Research in New York. U.S. companies added staff in August at the fastest clip in five months, according to the better-than-expected ADP report, while a gauge of employment in the service sector also improved more than had been anticipated. Another report showed new claims for jobless benefits fell last week to the lowest level in a month. The Dow Jones industrial average was up 217.11 points, or 1.66 percent, at 13,264.59. The Standard & Poor's 500 Index was up 26.43 points, or 1.88 percent, at 1,429.87 - its highest level since May 2008 as the financial crisis began to gather pace. The Nasdaq Composite Index was up 62.52 points, or 2.04 percent, at 3,131.78 - its highest level in 12 years. Tech shares helped lift the Nasdaq to its best daily performance since July 27. SanDisk Corp climbed 8.3 percent to $43.97 and Micron Technolgy Inc added 7 percent to $6.63. The Dow was lifted by Walt Disney Co, which advanced to an all-time high of $51.75. In company news, Supervalu Inc said it would close about five dozen stores as it works to turn around its grocery business, which lags Kroger Co and Wal-Mart Stores Inc . The stock was up 2.2 percent at $2.33. http://www.huffingtonpost.com/2012/09/06/sp-500-ecb-europe-stocks-nasdaq_n_1862256.html ..... Oops: This isnt good for the Romney campaign if the economy seems like it is on its slow but definite upward trend as people are getting more confidence in a solid but small upward swing in a economy that seems to be redirecting itself even with the obstruction of republicans in Congress. Economies are like that...when people get sick of the obstruction by congressional republicans, they will start to get braver about a possible bond sale, and another stimulus to re-jolt the slow moving economy into more action.... As we can see, the soft economy is just begging for incentive to move back into prosperity, and another stimulus and sale of bonds will lead us swiftly back into revenue that will finally get us back into more secure and solid ground.
