* Fed officials suggest rates will stay low for some time
* Chinese factory output growth surges to 19-month high
* US bond market, government offices closed for holiday
* For up-to-the-minute market news, click []
(Updates to early morning)
By Angela Moon
NEW YORK, Nov 11 (Reuters) - U.S. stocks climbed on
Wednesday as optimism spread after a jump in Chinese factory
growth and comments from Federal Reserve officials suggested
interest rates would remain low well into 2010.
Major indexes rose 1 percent or more, and the Dow Jones
industrial average was on track for a sixth consecutive day of
gains and a fresh 13-month high.
Chinese factory output growth jumped to a 19-month high in
October, signaling that the world's third-largest economy has
firmly put the worst of the global economic crisis behind it.
For details, see []
Top Fed officials said in a string of speeches on Tuesday
that high unemployment and reluctant consumers would likely
make a U.S. economic recovery weak and erratic, underscoring
belief that economic stimulus will remain intact.
[]
"The market is not budging down, even after the big surge
earlier this week, because the Fed keeps reassuring that rates
would be low for a considerably period of time," said Bruce
Bittles, chief investment strategist at Robert W. Baird & Co in
Nashville, Tennessee.
Shares of United Parcel Service Inc <UPS.N>, the world's
largest package delivery service, gained 1 percent to $57.43
after its chief executive forecast volume to grow next year as
the global economy gradually recovers. []
The Dow Jones industrial average <> was up 68.39
points, or 0.67 percent, at 10,315.36. The Standard & Poor's
500 Index <.SPX> was up 8.97 points, or 0.82 percent, at
1,101.98. The Nasdaq Composite Index <> was up 20.30
points, or 0.94 percent, at 2,171.38.
Commodity prices also got a boost, with crude oil futures
<CLc1> rising 1.3 percent to $80.04 a barrel.
Macy's Inc <M.N> shares tumbled 5.4 percent to $18.38 after
the company reported third-quarter results that were
stronger-than-expected but gave a gloomy outlook on same store
sales for the fourth quarter. []
U.S. Treasury Secretary Timothy Geithner said on Wednesday
he "deeply" believes the United States needs to maintain a
strong dollar and said the United States was determined to
reduce its budget deficit. [] But the dollar
extended its recent decline to a 15-month low against major
currencies in early trading.
Shares of American International Group Inc's <AIG.N> fell
3.7 percent to $36.20 after its chief executive, Robert
Benmosche, told the company's board last week that he was
considering stepping down, unhappy over constraints imposed by
U.S. government overseers, the Wall Street Journal said, citing
people familiar with the matter.
Toll Brothers Inc <TOL.N> gained 15.8 percent to $21.30,
following the homebuilder's release of preliminary results on
Tuesday.
Volume and trading are expected to be light throughout the
day because of the Veterans Day holiday. The U.S. bond market
and government offices will remain closed, while other markets
will trade normally.
(Editing by Padraic Cassidy)
