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Dow soars 423 points on economic news

Stocks soar after investors latched onto some small signs that the US economy might not be headed into another recession.

business Updated: Aug 12, 2011 11:32 IST

Stocks soar after investors latched onto some small signs that the US economy might not be headed into another recession.

Fewer Americans joined the unemployment line last week, and a technology bellwether said revenue could grow faster this quarter than analysts expected. The news is pushing down prices on long-term Treasurys down, and gold is down from its record high.

The Dow Jones industrial average is up 423 points Thursday, or 3.9%, to 11,143. It's the first time the Dow has ever had four straight 400-point days.

The S&P 500 is up 51, or 4.6%, to 1,173. The Nasdaq is up 111, or 4.7%, to 2,493. All three major US stock indexes are down at least 1.6% for the week.