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U.S. markets swing higher

NEW YORK (UPI) -- U.S. markets swung higher Monday morning with a rise in blue-chip stocks after Ford Motor Co. posted a $997 million profit in the third quarter.

Ford also said it would become "solidly profitable" by 2011. Automobiles, as a group, rose 6.68 percent early, while business lender CIT Group dropped 24 percent after declaring bankruptcy Sunday.

In early afternoon trading, the Dow Jones industrial average added 88.42 points, or 0.31 percent, to 9,801.15. The index swung wildly to end the last two sessions, gaining 200 points Thursday and shedding 249 points Friday.

The Standard & Poor's 500 gained 7.97 points, or 0.77 percent to 1,044.16. The Nasdaq composite index added 10.53 points, or 0.51 percent, to 2,055.64.

The benchmark 10-year Treasury lost 13/32 to yield 3.42 percent.

The euro rose to $1.4838 compared to Friday's $1.4717. Against the yen, the dollar rose to 90.494 yen from Friday's 90.02 yen.

In Japan, the Nikkei 225 index lost 2.31 percent, 231.79, to 9,802.95.

Copyright 2009 by United Press International

This news arrived on: 11/02/2009

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