Wall Street soars on recovery hopes
17:11, 2 June 2009
NEW YORK. June 2. KAZINFORM Wall Street rose strongly and settled at multi-month highs Monday, as upbeat data from both overseas and the U.S. boosted sentiment that the worst of the global recession was past; Kazinform refers to Xinhua.
The U.S. Commerce Department posted that consumers cut spending 0.1 percent in April. Economists were expecting a 0.2 percent reduction. But incomes has jumped 0.5 percent, which surprised economists who had forecast a 0.2 percent decline and alleviated concerns on declining consumer spending.
Another report from the Commerce Department showed construction spending in the United States rose 0.8 percent in April. The unexpected gains marked the second straight month of increase in spending on construction projects.
Meanwhile, the Institute of Supply Management on U.S. manufacturing showed the contract of the sector slowed in May with the index climbing up to 42.8, beating expectations; Kazinform cites Xinhua.
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