NST Online Business Times : latest

Posted: 16 Apr 2013 04:37 PM PDT

NEW YORK: US stocks rallied strongly on Tuesday as investors took Monday's market rout as a buying opportunity.

The Dow Jones Industrial Average jumped 157.58 points (1.08 per cent) to 14,756.78.

The broad-based S&P 500 increased 22.21 points (1.43 per cent) to 1,574.57, while the tech-rich Nasdaq Composite Index added 48.14 points (1.50 per cent) to 3,264.63.

The gains ended a two-day losing streak for US markets, with Monday's losses the steepest in five months.

US markets reacted to solid housing starts data and good earnings reports from Coca-Cola, Johnson & Johnson and others.

But markets were also primed to move higher after a sharp sell-off following weak China economic data and bomb attacks at the Boston Marathon that killed three people and wounded more than 170.

"Markets got a little exuberant on the down side," especially in the metals and mining sphere, said Mace Blicksilver of Marblehead Asset Management.

The gains were "a little bit of a reflex rebound from yesterday's sell-off," said Michael James, managing director of equity trading at Wedbush Morgan Securities.

Financial firms were among the biggest Dow gainers. Bank of America added 2.5 per cent, JPMorgan Chase rose 1.2 per cent and Travelers increased 2.2 per cent.

Also higher were the Walt Disney Company, which leaped 3.2 per cent, and Intel, which rose 2.5 per cent. After the market closed, the computer-chip company reported first-quarter net income fell 25 per cent from a year ago, just shy of expectations.

Goldman Sachs shed 1.7 per cent after executives gave a cautious appraisal of economic conditions even as the company reported higher year-over-year earnings.

Dow member Coca-Cola surged 5.7 per cent after reporting an 8 per cent increase in profits thanks to rising sales in emerging markets like India, China and Brazil.

Health care and pharmaceutical company Johnson & Johnson, another Dow blue chip, gained 2.1 per cent after reporting earnings that met expectations and slightly higher-than-expected revenues. -- AFP

Kredit: www.nst.com.my

Selasa, 16 April 2013

NST Online Business Times : latest

NST Online Business Times : latest

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