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US stocks climb for 2nd day running
by hlk Thu 19 Jul 2012, 08:16
NEW YORK: US stocks climbed for a second straight day Wednesday amid upbeat earnings reports and after a Federal Reserve report said the economy continued to grow, at least at a modest pace.
The Dow Jones Industrial Average added a hefty 103.16 points (0.81 per cent), finishing the session at 12,908.70.
The S&P 500-stock index climbed 9.11 (0.67 per cent) to 1,372.78, while the tech-rich Nasdaq surged 32.56 (1.12 per cent) to 2,942.60.
"Stocks edged higher throughout the session as investors overlooked a lackluster report of the Fed's Beige Book and focused on positive corporate earnings," said Wells Fargo Advisors.
The Fed's Beige Book report said that "overall economic activity continued to expand at a modest to moderate pace in June and early July," offering reassurance to investors worried about a recent run of disappointing indicators.
Fed Chairman Ben Bernanke, testifying for a second day to Congress, reiterated that the economy was slowing and the central bank would act if warranted to boost growth.
June housing figures were mixed. Housing starts surged 6.9 per cent from May but building permits, a forward-looking indicator, fell 3.7 per cent, the Commerce Department reported.
Quarterly earnings reports from Bank of America, Intel and Yahoo! beat Wall Street expectations.
Dow member Intel rose 0.5 per cent. The world's leading semiconductor maker reported second-quarter earnings per share of 54 cents, two cents better than estimates.
But Bank of America, another Dow component, tumbled 4.9 per cent, weighing on financials. The bank posted a swing into profit in the second quarter, at US$2.5 billion, compared with a year-ago loss of US$8.8 billion. Morgan Stanley dropped 2.4 per cent and Citigroup shed 1.0 per cent.
Yahoo! gained 0.6 per cent after reporting profit fell 4.0 per cent in the past quarter.
California-based Vivus soared 9.6 per cent after winning US regulatory approval for its new anti-obesity drug, Qsymia.
On Tuesday, stocks closed higher in choppy trade, with the Dow up 0.6 per cent. -- AFP
The Dow Jones Industrial Average added a hefty 103.16 points (0.81 per cent), finishing the session at 12,908.70.
The S&P 500-stock index climbed 9.11 (0.67 per cent) to 1,372.78, while the tech-rich Nasdaq surged 32.56 (1.12 per cent) to 2,942.60.
"Stocks edged higher throughout the session as investors overlooked a lackluster report of the Fed's Beige Book and focused on positive corporate earnings," said Wells Fargo Advisors.
The Fed's Beige Book report said that "overall economic activity continued to expand at a modest to moderate pace in June and early July," offering reassurance to investors worried about a recent run of disappointing indicators.
Fed Chairman Ben Bernanke, testifying for a second day to Congress, reiterated that the economy was slowing and the central bank would act if warranted to boost growth.
June housing figures were mixed. Housing starts surged 6.9 per cent from May but building permits, a forward-looking indicator, fell 3.7 per cent, the Commerce Department reported.
Quarterly earnings reports from Bank of America, Intel and Yahoo! beat Wall Street expectations.
Dow member Intel rose 0.5 per cent. The world's leading semiconductor maker reported second-quarter earnings per share of 54 cents, two cents better than estimates.
But Bank of America, another Dow component, tumbled 4.9 per cent, weighing on financials. The bank posted a swing into profit in the second quarter, at US$2.5 billion, compared with a year-ago loss of US$8.8 billion. Morgan Stanley dropped 2.4 per cent and Citigroup shed 1.0 per cent.
Yahoo! gained 0.6 per cent after reporting profit fell 4.0 per cent in the past quarter.
California-based Vivus soared 9.6 per cent after winning US regulatory approval for its new anti-obesity drug, Qsymia.
On Tuesday, stocks closed higher in choppy trade, with the Dow up 0.6 per cent. -- AFP
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