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MARKET SNAPSHOT: U.S. Stocks Surge On Hopes For Economic Growth

By Kate Gibson U.S. stocks surged Wednesday after a reading on manufacturing activity climbed in August, defying expectations of a decline and helping to calm worries about the direction of the economy. Bouncing back from their biggest August slide in nine years, the major stock indexes climbed after the Institute for Supply Management reported its index of factory activity rose to 56.3 last month from 55.5 the prior month. Readings above 50 signal growth. "It's a sigh of relief that today's data wasn't worse, and we did see the August ISM manufacturing index go up, counter to all expectations," said Robert Dye, senior economist at PNC Financial Services. The Dow Jones Industrial Average (DJI) rose 223.12 points, or 2.2%, to 10,236.78, with all 30 of its components tallying gains. Bank of America Corp. (BAC) and heavy-equipment maker Caterpillar Inc. (CAT) led the advance, both up around 5%. "The market is starting to have second thoughts about the double dip. We will see positive but weak economic growth for the remainder of this year, but not a double dip," said Dye. The S&P 500 Index (SPX) gained 26.91 points, or 2.6%, to 1,076.24, with the industrial and consumer-discretionary sectors pacing the rise among its 10 industry groups. The Nasdaq Composite Index (RIXF) climbed 55.25 points, or 2.6%, to 2,169.25. For every stock on the decline, seven were rising on the New York Stock Exchange, where 764 million shares had traded as of 3:30 p.m. Eastern time. Crude Moves On the New York Mercantile Exchange, crude-oil futures added $1.99 to $73.91 a barrel, while gold futures lapsed 0.2% to finish at $1,248.10 an ounce. Shares of Burger King Holdings Inc. (BKC) rallied 14% on reports the fast-food chain was in talks with 3G Capital Management LLC about a possible buyout. . Apple Inc. (AAPL) shares gained almost 3% after the technology company's CEO Steve Jobs announced a new line of iPods. Less promising were sales of automobiles in August, with General Motors Co. reporting sales fell 7% from the prior month, when consumers took advantage of government rebates. Data from overseas also bolstered sentiment, with purchasing managers' data from China and a report of economic expansion from Australia helping offset worries about the global recovery. The market's rise comes two days ahead of the government's monthly employment report, with Federal Reserve Bank of Dallas President Richard Fisher on Wednesday saying uncertainty about taxes is among the factors holding hiring back. .

Stock News for Burger King Holdings (BKC)
DateTimeHeadline
05/07/201218:00:43Safeway To Sell Pork From Farms That Don't Use Sow Crates
04/04/201214:09:21Burger King Beckons Investors Once Again With Planned Listing
03/19/201215:18:55Wendy's Tops Burger King For 4th Place Overall In Technomic Estimates...
12/27/201121:16:03Repsol To Sell Burger King's Products At Spanish Gas Stations...
08/19/201116:29:12Burger King To Retire 'King' Mascot For Burger-Based Marketing
03/10/201111:34:14Florida Moves To Block Bans On Fast-Food Toy Giveaways -Report
09/23/201005:18:06Palm Oil Body RSPO Rebukes Indonesia's Smart On Sustainability...
09/07/201016:38:46MARKET SNAPSHOT: U.S. Stocks End Four-day Win Streak
09/07/201015:52:14MARKET SNAPSHOT: U.S. Stocks Set To Halt Four-day Win Streak
09/07/201014:49:24MARKET SNAPSHOT: U.S. Stocks Drop As Europe Fears Resurface
09/02/201016:43:09MARKET SNAPSHOT: Stocks Log Gains Ahead Of Friday Jobs Report
09/02/201016:09:09MARKET SNAPSHOT: Stocks Creep Higher Near Close Of Trading
09/02/201015:51:29Despite The Challenges, Burger King Fits Private Equity's Bill
09/02/201015:21:05MARKET SNAPSHOT: Stocks Stay Close To Home Ahead Of Friday Data
09/02/201011:17:22MARKET SNAPSHOT: U.S. Stocks Waver After The Start
09/01/201016:39:50MARKET SNAPSHOT: U.S. Stocks Rally On Hopes For Economic Growth
09/01/201015:47:22MARKET SNAPSHOT: U.S. Stocks Surge On Hopes For Economic Growth
09/01/201010:14:19MARKET SNAPSHOT: U.S. Stocks Rally On Global Growth Hopes
07/23/201009:13:11McDonald's 2Q Profit Rises 12% On Continued Sales Gains
07/20/201015:34:49CORRECT: Burger King Adding Kids Meal At Breakfast This Month

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