Fresh signs of healing in the manufacturing and banking industries are giving investors reason to extend a powerful July rally into a second month.
Stocks are rising in early trading Monday as gains in overseas markets fed the recent momentum on Wall Street that gave the market its best July in 20 years. World markets mostly rose as surveys in China and Europe showed manufacturing activity is improving. Investors are hoping that figures on the manufacturing industry in the U.S. released later Monday will reveal a similar trend.
Positive reports from European banks added to the day's upbeat news.
Barclays PLC said its first-half net profit increased 10 percent on stronger earnings from its investment banking division. HSBC Holdings PLC reported a 57 percent decline in its first-half profit, but results were better than anticipated. Still, losses from bad loans rose at both banks as consumers in the U.S. and Britain had trouble repaying debt.
In other signs of investors' growing confidence, safe-haven assets like Treasurys and the U.S. dollar fell, while oil and other commodities prices rose.
The major indicators begin the first trading day of August at their highest levels since the fall. The benchmark Standard & Poor's 500 index is just 7 points shy of the 1,000 level, a point it hasn't closed above since early November.
In early trading, the Dow Jones industrial average rose 43.84, or 0.5 percent, to 9,215.45. The Standard & Poor's 500 index rose 6.41, or 0.7 percent, to 993.89, while the Nasdaq composite index rose 13.33, or 0.7 percent, to 1,614.74.
Yesterday’s Top Performing Small Cap stock:
Single Touch Systems, Inc. (OTC BB: SITO) was a SmallCapVoice.com top performer closing up over 18% on trading volume of 69,000 shares.
Single Touch Systems, Inc. (SITO) provides wireless operators, consumer brands, and retailers with innovative mobile commerce delivery solutions. Single Touch enables consumers to engage their mobile phones as proxy wallets or brand/retail environments by simply dialing a short branded phone number, or Abbreviated Dial Code (ADC). Single Touch System's ADC platform is customizable to the needs of brands and retailers, creates whatever reporting is required, and facilitates operator direct billing for all services. Abbreviated Dial Codes, Mobile Coupon Platform, Listen Live Now, Mobile Microphone and other programs make Single Touch Systems a leading mobile commerce company to link wireless with on-line and brick and mortar business, leveraging the paradigm shift in how people use their mobile devices. In doing so, Single Touch Systems drives revenue for operators, retailers and brands and streamlines purchasing options for the end user.
Today’s SmallCapVoice.com Hot Stock to Watch:
GWS Technologies, Inc. (OTC BB: GWSC)
Richard Reincke, CEO of GWS Technologies Inc., Updates Shareholders on Recent News in Audio Interview at SmallCapVoice.com. The interview can be heard at http://smallcapvoice.com/blog/7-31-09-audio-interview-with-gws-technologies-inc-otcbb-gwsc/
GWS stands for GreenWindSolar. We are a renewable energy technology company developing and marketing solar and wind-powered renewable energy products and solutions. Our products and solutions are part of the new microgeneration movement that is transforming the way businesses and consumers provide for their energy needs. The company was founded in 2005 and is headquartered in Scottsdale, Arizona.
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