Dow Gains 78, Hits New 2009 High

IBM gains; GM sells Hummer to Chinese firm
By Nick McMaster,  Newser Staff
Posted Oct 9, 2009 3:17 PM CDT
Traders crowd the post that handles Morgan Stanley on the floor of the New York Stock Exchange in this undated file photo.   (AP Photo/Richard Drew, file)
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(Newser) – Stocks rallied today, with the Dow rising above its Sept. 22 high for the year. Alcoa's strong profits and news of Australia’s central bank rate hike set an optimistic tone for the week. IBM gained 2.9% after Barclays analysts voiced optimism and raised its target share price. In other business news, GM finalized the sale of Hummer to China’s Tengzhong Heavy Machinery. The Dow gained 78.07 points to close at 9,864.94. The Nasdaq added 15.35, settling at 2,139,.28 and the S&P 500 rose 6.01 to close at 1,071.49, the Wall Street Journal reports.

  • For the week, the Dow gained 4%, while the Nasdaq and S&P 500 each added 4.5%.