NEW YORK, N.Y.—The stock market began August with a huge rally after economic reports from around the world revived investors’ faith in the global recovery.
The Dow Jones industrial average rose 208 points Monday. All the major stock indexes rose about 2 per cent.
In Canada, markets were closed for the August holiday weekend.
The first day of the month brought a stream of news that reassured investors who have worried about a slowing of economic growth in the U.S., China and Europe. Manufacturing was a common thread:
• The Institute for Supply Management’s index of U.S. manufacturing activity during July was better than the market expected. Traders were pleased because the report still showed that manufacturing is growing.
• A manufacturing report for the 16 countries that use the euro was revised higher for July and showed that the European economy is recovering faster than expected. Strong earnings reports from European banks also reassured the market, especially after the continent’s rising debt problems helped trigger a spring plunge in stocks. see more
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