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NEW YORK - US STOCKS rallied on Friday in the first trades of 2009, as investors pinned their hopes on a better year after a horrendous 2008 that slashed up to 40 per cent off the major indexes.
Building on modest opening gains in thin trade, the Dow Jones Industrial Average surged 257.58 points (2.93 per cent) to 9,033.97 at the market close and the tech-studded Nasdaq leapt 55.18 points (3.50 per cent) to 1,632.21.
The broad-market Standard & Poor's 500 index advanced 27.97 points (3.10 per cent) to 931.22, according to preliminary closing figures.
'Hope for much better returns in 2009 has permeated the marketplace,' said Mr Patrick O'Hare, an analyst at Briefing.com.
'Unless there is a sea-change in sentiment over the course of the next two trading sessions, it looks as if we'll be able to say there was indeed a Santa Claus rally.' -- AFP
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