Investors are building on last week's momentum that sent major indexes to their highest levels of the year, pushing stocks higher in early trading.
The moderate advance Monday follows gains in overseas markets. Oil and other commodities are higher, while Treasury prices are mostly lower ahead of the government's latest round of auctions.
Investors were encouraged by Federal Reserve Chairman Ben Bernanke's declaration Friday that the economy is on the verge of recovery. Though there are no major economic reports scheduled for Monday, later this week traders will look to data on housing and the consumer to determine if Bernanke's upbeat view can be backed up by actual activity.
There have already been signs of recovery in the battered housing market. But consumers are still struggling. Analysts say the market may drift ahead of the consumer confidence data.
On Tuesday, the Conference Board releases its monthly consumer confidence index. Reuters and the University of Michigan report their final consumer sentiment figures for August on Friday.
Improved consumer confidence and spending is widely seen as one of the keys that could help end the recession. Consumer spending accounts for more than two-thirds of all economic activity.
In early trading, the Dow Jones industrial average rose 40.05, or 0.4 percent, to 9,546.01. The Standard & Poor's 500 index rose 5.19, or 0.5 percent, to 1,031.32, while the Nasdaq composite index rose 5.91, or 0.3 percent, to 2,026.81.
Yesterday’s Top Performing Small Cap stock:
U.S. Geothermal, Inc. (AMEX: HTM) was a SmallCapVoice.com top performer closing up 2% on trading volume of 357,377 shares.
U.S. Geothermal is a renewable energy development company that is operating geothermal power plants at Raft River, Idaho and at the San Emidio Desert in Nevada. The Neal Hot Springs project in eastern Oregon is being developed and is expected to be operational in 2011. The San Emidio project is currently under development to replace the existing old power plant with a new efficient plant. U.S. Geothermal holds, through ownership or lease, geothermal rights of lands that comprise the Raft River project in Idaho, San Emidio, Granite Ranch, and Gerlach in Nevada, and the Neal Hot Springs project in Oregon.
Today’s SmallCapVoice.com Hot Stock to Watch:
GWS Technologies, Inc. (OTC BB: GWSC)
A New Audio Interview Featuring Richard Reincke of GWS Technologies, Inc., is Now at SmallCapVoice.com. The interview can be heard at http://smallcapvoice.com/blog/8-17-09-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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