Wall Street At Multi-Year Highs Because Of Job Growth

By Cheston Catalano with comments September 6, 2012 18:22

Submitted by Cheston Catalano

The S&P closed at the highest level since before the collapse of Lehman Brothers. One of the reasons is European bond buying.

Sentiment was also boosted by stronger-than-expected data on the U.S. services sector and labor market, which was especially notable ahead of Friday’s non-farm August payrolls report.

The rally was broad, with more than three-fourths of stocks listed on both the New York Stock Exchange and Nasdaq ending higher. Materials, financials and industrials – groups tied to the pace of economic growth – led with gains of more than 2 percent, giving the Dow index its biggest daily gain in two months and helping the Nasdaq advance to its highest since 2000.