Wall Street enjoys upbeat start to '09

January 2, 2009 5:11:26 PM PST
Wall Street started the new year with a big rally, sending the Dow Jones industrials up more than 250 points and to their first close above 9,000 in two months. Investors brushed off a weaker-than-expected report on manufacturing from the Institute for Supply Management. The ISM said its manufacturing activity index fell to the lowest level in 28 years in December.

But the market held to its recent pattern of taking bad economic news in stride, a pattern that began to emerge after it touched multiyear lows on Nov. 20.

Investors tend to look anywhere from three to nine months into the future when they make their moves.

At the bell, the Dow was up 258 points at the 9,034. Broader market indexes are up more than 3 percent.