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September 8, 2008 3:35:40 AM CDT

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McDonalds Supersizes Indexes

Posted Sep 11, 07 4:33 PM CDT in Business 

(Newser) – It was a Big Mac Attack on Wall Street today, as the fast food giant’s strong August numbers gave investors hope in consumer spending, leading a rally that left all major indexes up over 1%. GM was also a winner, rising 4% on positive labor news. Analysts say investors are looking for “high-quality household-type names” in the volatile market.

The Dow finished up 180.54 points at 13308.39, the Nasdaq added 38.36 to close at 2597.47 and the S&P climbed 19.79 to 1471.49. Other promising sectors included tech, with Ericsson up 5.5%, and oil, as crude futures rose 74 cents. Some anxiety persisted, however: Home-sales forecasts were cut for the seventh straight month, and investors looking for rate-cut clarity from Ben Bernake’s speech in Germany were disappointed.

Source Wall Street Journal

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(FILES)Traders work the floor of the New York Stock Exchange...   (Getty Images)
A trader of the floor of the New York Stock Exchange (NYSE) bangs...   (Getty Images)
Dow Closes Up On Wall Street   (Getty Images)
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