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Stocks Cheer Greek Deal, DJIA Jumps 150
by hlk Fri 22 Jul 2011, 00:52
Stocks Cheer Greek Deal, DJIA Jumps 150
The stock market is cheering the latest euro-zone Greek fix, hoping
that the plan will help push the euro-area fiscal concerns to the
background.
The Dow Jones Industrial Average is up more than 1% at 12720. The Nasdaq Composite and S&P 500 are also higher.
Along with seemingly good news on the Greece front, economic
indicators provided a bit of lift. The Philadelphia Fed regional
business index rose to 3.2, bouncing from a -7.7 in June. The Index of
Leading Indicators also edged 0.3% higher. Both reports gave a bit of
ammo to the modest growth/no double-dip crowd.
With the Greek fires mellowing and economic reports not nasty,
investors can turn attention to mostly strong earnings. Morgan Stanley
had a stronger-than-expected report this morning, helping to drive
financials higher. Union Pacific, Robert Half International and Goodrich
also had strong numbers.
Not everything rosy in earnings land, however. Intel reported a
sterling quarter, but trimmed its PC sales expectations. It is the lone
decliner among the Dow’s 30 stocks, off 1.2%.
The stock market is cheering the latest euro-zone Greek fix, hoping
that the plan will help push the euro-area fiscal concerns to the
background.
The Dow Jones Industrial Average is up more than 1% at 12720. The Nasdaq Composite and S&P 500 are also higher.
Along with seemingly good news on the Greece front, economic
indicators provided a bit of lift. The Philadelphia Fed regional
business index rose to 3.2, bouncing from a -7.7 in June. The Index of
Leading Indicators also edged 0.3% higher. Both reports gave a bit of
ammo to the modest growth/no double-dip crowd.
With the Greek fires mellowing and economic reports not nasty,
investors can turn attention to mostly strong earnings. Morgan Stanley
had a stronger-than-expected report this morning, helping to drive
financials higher. Union Pacific, Robert Half International and Goodrich
also had strong numbers.
Not everything rosy in earnings land, however. Intel reported a
sterling quarter, but trimmed its PC sales expectations. It is the lone
decliner among the Dow’s 30 stocks, off 1.2%.
hlk- Moderator
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