Wall Street celebrates May Day with Dow industrials at 4-year high
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Washington - The blue-chip Dow Jones Industrial Average closed Tuesday at its highest point since December 2007.
Wall Street stock indices rose after better-than-expected manufacturing and earnings reports.
"Stocks are very cheap," former US Federal Reserve chairman Alan Greenspan told a Washington conference Tuesday. "There is no place for earnings to grow except into stock prices."
The blue-chip Dow Jones Industrial Average gained 65.69 points, or 0.5 per cent, to 13,279.32. The broader Standard & Poor's 500 Index rose 7.91 points, or 0.57 per cent, to 1,405.82. The technology-heavy Nasdaq Composite Index edged up 4.08 points, or 0.13 per cent, to 3,050.44.
The US currency rose slightly against the euro to 75.54 euro cents from 75.52 euro cents on Monday. The dollar gained against the Japanese currency to 80.09 yen from 79.83 yen.//DPA
