US stocks hit a five-month high on Tuesday after strong import data from major metals consumer China and a bullish forecast by Alcoa boosted the outlook for commodities companies and pointed to a stronger global economy. "The general economy, outside of the financial market, seems to be doing well, and there is a broader consensus from retailers that they have nothing to fear," said Sean Darby, global head of equity strategy at Jefferies Group.
The Dow Jones industrial average was up 97.07 points, or 0.78 percent, at 12,489.76. The Standard & Poor's 500 Index rose 12.63 points, or 0.99 percent, at 1,293.33. The Nasdaq Composite Index put on 30.69 points, or 1.15 percent, at 2,707.25. Aluminium maker Alcoa Inc posted revenue that topped expectations late Monday and gave a bullish outlook for the industry, sending its shares up 0.8 percent to $9.49. A gauge of materials companies' shares led S&P 500 sectors with a gain of 2.2 percent.
Comments
Comments are closed.