NST Online Business Times : latest
NST Online Business Times : latest |
| US stocks jump as Google profit surges Posted: 14 Oct 2011 05:39 PM PDT NEW YORK: US stocks climbed Friday, with Google's gangbuster earnings and buoyant US retail sales data taking front stage over the G20 meeting on Europe's crisis in Paris this weekend. The Dow Jones Industrial Average capped a strong week with a jump of 166.36 points (1.45 per cent) to 11,644.49. The broader S&P 500 advanced 20.92 points (1.74 per cent) to 1,224.58, while the tech-heavy Nasdaq Composite gained 47.61 (1.82 per cent) to 2,667.85. "Wall Street finished a banner week with another big rally after retail sales beat estimates and European officials began beefing up plans to attack the debt crisis," said Sameer Samana of Wells Fargo Advisors.
The markets followed apace their European counterparts, which picked up one per cent and more on Friday as the finance chiefs of the Group of 20 economic powers gathered in Paris for weekend talks on the eurozone public debt problem and weak global growth. Officials' comments ahead of the meeting suggested still strong concerns outside Europe that the crisis centered on Greece's mountain of sovereign debt was still not under control. US economic data offered some reasonably good news. Retail sales advanced 1.1 per cent in September from August, their strongest pace in seven months, the US Commerce Department reported. That trumped a monthly report from the University of Michigan that showed a slight drop in consumer confidence. Google shares shot up 5.85 per cent to US$591.68 after reporting late Thursday a big jump in third-quarter profit, to US$9.72 billion, as sales leaped 33 per cent from the same period last year. Analysts said that helped give a boost to online retail king Amazon, which pushed up 4.47 per cent to US$246.71, a new all-time high. Apple surged 3.32 per cent on the first day its iPhone 4s hit the market to strong demand. After sagging early on, banks mostly ended in the positive zone, with JPMorgan Chase up 0.92 per cent, Wells Fargo adding 2.11 per cent, and Citigroup 2.75 per cent. Bank of America though lost 0.48 per cent. Oil companies also put on strong gains helped by surging crude prices. ExxonMobil rose 2.28 per cent and Chevron 2.74 per cent. -- AFP |
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