The Dow Jones Industrial Average has once again entered positive territory for 2011.
The Dow reached 11,612.18 by early afternoon., with 24 of the 30 stocks posting gains for the day. Through Tuesday, the Dow has gained 410 points in the last three sessions, helping to further overcome some of the losses experienced in August. The Nasdaq is at 2,580.15 and the S&P 500 is at 1,219.88
Helping to boost the market was a report by business outsourcing firm Automatic Data Processing, which showed private-sector added 91,000 jobs in August. Although this number was slightly less than a Bloomberg survey having employers add 110,000 jobs in August, the current number shows that hiring may have taken only a small hit due to debt fears.
Furthermore, the bounce-back in the stock market, along with continued hiring, has eased concerns of a double-dip recession, which economists were saying was possible. Optimism about further stimulus from the Federal Reserve has also eased investors' concerns, allowing them to invest in the market.
Alcoa leads the Dow Jones in terms of gains, as Goldman Sachs announced today that the company was a positive entry point for investors. The stock has gained almost 4 percent since its previous opening.
The big question mark for the Dow Jones centers on AT&T. The Department of Justice has just announced that they are suing AT&T to block the $39 billion merger with T-Mobile, according to the Wall Street Journal. The average has fallen off daytime high because of the news.
The Dow has been on a tumultuous ride recently. Earlier this summer, the Dow was approaching 13,000. However, debt concerns in Europe, along with the debt ceiling debate in Congress, led investors to lose confidence in the market, causing stocks to tumble.
Although the U.S. debt ceiling was raised just in time to avoid a default on treasury payments, the markets did not respond favorably to the news.