Stocks rally to 4-month highs [View All]

Source: CNN

NEW YORK (CNNMoney.com) -- A U.S. stock rally continued to pick up speed through Monday afternoon, with all three major indexes closing at four-month highs after a key group of economists called an official end to the recession.

The Dow Jones industrial average (INDU) gained 146 points, or 1.4%, to end at 10,753, its highest close since mid-May. The tech-heavy Nasdaq (COMP) rallied 40 points, or 1.7%, to finish at 2,355.

The S&P 500 (SPX) added 17 points, or 1.5%, to close at 1,142. The index crossed 1,130, a key technical level watched closely by analysts, early in the session and continued to surge in the afternoon to cross the next short-term technical level of 1,140.

"The S&P has tried to sit above the 1,130 level in June, August and last week but failed, so the fact that it has broken up above that point and is staying there is considered a positive sign for the bulls and forcing traders to come back in," said Donald Selkin, chief market strategist at National Securities.



Read more: http://money.cnn.com/2010/09/20/markets/markets_newyork/index.htm?hpt=T2