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.