US Stock Market Summary – January 3, 2011

Published by: Kelly Curtis on 3rd Jan 2011 | View all blogs by Kelly Curtis
US Stock Market Summary – January 3, 2011

US stocks started out 2011 on the right foot during Monday's session, with the Dow pushing to a new two-year high.  Investors were bolstered by fresh data on manufacturing and construction as the first trading session of the new year got off to a fast start.

The Dow Jones industrial average climbed 93 points, or 0.8 percent, on the day.  It was its strongest close since August of 2008.  Bank of America led the blue-chip index's gainers, after its shares surged more than 6 percent on the day after the lender announced a $3 billion settlement with mortgage giants Fannie Mae and Freddie Mac.

The Standard & Poors' 500, meanwhile, gained 14 points, or 1.1 percent, while the tech-heavy Nasdaq composite moved up 39 points, or 1.5 percent.  While the US economy still has a long road of recovery ahead of it, investors seem quite bullish about the month ahead.  January is historically a strong time for the stock markets, though the last two Januarys have not followed that pattern.

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