国际英语新闻：Wall Street rallies on CIT deal, positive economic data

NEW YORK, July 20 (Xinhua) -- Wall Street rallied on Monday as CIT Group reached a deal with key bondholders while a reading of economic indicators topped estimates.

    The New York Times and the Wall Street Journal reported that CIT Group, the retail and small business lender, reached a deal late Sunday to receive 3 billion U.S. dollars in rescue financing from a group of bondholders. The deal would give the company a chance to restructure its debt outside of bankruptcy.

Traders work on the trading floor in New York Stocks Exchange, the United States, July 20, 2009.

Meanwhile, market sentiment was also boosted as Goldman Sachs Group Inc. raised its year-end target for the benchmark S&P 500 index by almost 13 percent to 1,060 from 940.

    On economic news, the Conference Board's gauge of the economic outlook for the next three to six months increased 0.7 percent in June, beating expectations and reinforcing signs the economy may be emerging from the worst recession since World War II.

Two monitors in New York Stocks Exchange shows the Dow Jones chart in New York, the United States, July 20, 2009.

Among the earnings news, toy maker Hasbro Inc.'s profit rose 5 percent, beating expectations, as strong U.S. revenue offset international sales hurt by the stronger dollar.

    Oilfield services company Halliburton Co. said its profit tumbled 48 percent amid sluggish exploration and production activity, but the results were better than analyst forecasts.

Traders work on the trading floor in New York Stocks Exchange, the United States, July 20, 2009.

The Dow Jones average rose 104.21, or 1.2 percent, to 8,848.15. The S&P 500 index rose 10.75, or 1.1 percent, to 951.13, its best finish since November's lows. The Nasdaq composite index rose 22.68, or 1.2 percent, to 1,909.29.