Data Boosts Stocks, Dow Up 71

Fed reports an increase in business activity
By Nick McMaster,  Newser Staff
Posted Aug 20, 2009 3:30 PM CDT
Traders Richard Genna, foreground left, and Daniel Tandy work on the floor of the New York Stock Exchange in this undated file photo.   (AP Photo/Richard Drew)
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(Newser) – Stocks advanced today on positive economic news from the Philadelphia branch of the Fed, the Wall Street Journal reports, which said that its index of business activity registered a 4.2 in August, up from a negative 7.5 in July. Investors were specifically encouraged by a rise in the Fed’s subindex of inventories after 22 straight months of decline, a reverse that signals increasing production. The Dow closed up 71 points at 9,350. The Nasdaq gained 20 points to close at 1,989, and the S&P 500 added 11 points, settling at 1,007.