The financial sector jumped Wednesday alongside the overall market as upbeat economic data shifted investors’ focus away from Europe’s debt challenge.
Meanwhile, Goldman Sachs helped to boost sentiment Wednesday when it raised its outlook for U.S. economic growth in 2011, saying it now expects GDP growth to average 2.7% next year from 2% previously.
“We expect growth to pick up further in 2012 — to 3.6% on average for the year,” Goldman’s U.S. economics group led by Jan Hatzius wrote in a research note. “The U.S. growth outlook has brightened significantly in recent weeks,” the group said, adding that the new outlook “represents a fundamental shift in the thinking that has governed our forecast for at least the last five years.”
Traders were encouraged Wednesday by manufacturing data coming out of Europe and Asia.
http://www.marketwatch.com/story/data-lift-banks-as-europe-debt-fears-recede-2010-12-01?siteid=yhoof
Dow Jones Industrial Average
(DJI: ^DJI )| Index Value: | 11,255.78 |
|---|---|
| Trade Time: | 4:02PM EST |
| Change: |  249.76 (2.27%) |
| Prev Close: | 11,006.02 |
|---|---|
| Open: | 11,007.23 |
| Day's Range: | 11,007.23 -11,276.10 |
| 52wk Range: | 9,596.04 -11,505.80 |
