Wall Street backed the U.S. Economic Confidence

Wall Street backed the U.S. Economic Confidence ; The Dow Jones seconded to continue the strong gains in shares on Wall Street at the close of trading Friday (10/09/2010) weekend, local time. Confidence in the United States (U.S.) grows increasingly following a decline in unemployment claims and a number of reports better-than-expected wholesale inventories.

Quoted from AFP on Saturday (09/11/2010), the Dow Jones Industrial Average had climbed 47.53 points, or 0.46 percent to a position equivalent to 10462.77 at close of trading. While the S & P 500 index rose 5.37 points, or 0.49 percent, to 1109.55 equivalent points and the tech-heavy Nasdaq composite index rose 6.28 points (0.28 percent) to 2242.48.

The moderate increase on Friday extended the gains of two consecutive days, although a short holiday weekend marks the very low trading volume. Driven shares on Friday when the Commerce Department said wholesale inventories rose 1.3 percent in July, recording the best performance in two years and most beat expectations.

This figure shows that the business was doing "restocking" (re penyetokan), offering the latest indication that consumer confidence and spending continues to rise and then that the U.S. economy strengthened. "Today is the amount of inventory is another piece of evidence that may be of economic data started to turn and that the worst of bad news on the economic future will end," said analyst Peter Cardillo of Avalon Partners.

Earlier, Wall Street closed up on Thursday, after data showed an increase in the labor market and the trade deficit narrowing to support expectations that the U.S. economy on the path of recovery. Among stocks in focus, shares of Chevron rose 1.89 percent after the International Energy Agency (IEA) revised slightly higher global oil demand projections for 2010.

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