NST Online Business Times : latest
NST Online Business Times : latest |
| US stocks rise ahead of Bernanke testimony Posted: 21 May 2013 04:41 PM PDT NEW YORK: US stocks closed higher Tuesday after a strong earnings report from Home Depot and as the market anticipates Wednesday's testimony in Congress by Federal Reserve Chairman Ben Bernanke. The Dow Jones Industrial Average finished up 52.30 (0.34 per cent) at 15,387.58. The broad-based S&P 500 added 2.87 (0.17 per cent) at 1,669.16, while the tech-rich Nasdaq Composite Index increased 5.69 (0.16 per cent) to 3,502.12. Bernanke will be watched on Wednesday for signs that the Fed might be ready to alter its quantitative easing (QE) policy, or project just when and how it might reel in its aggressive bond purchases.
"I think he will argue that QE is effective policy, that it is bearing fruits, but I don't think he is going to tip his hands in terms of what will happen next with QE, whether they will make it bigger or smaller," Low said. Pharmaceutical firm Merck led the Dow gainers with a 4.7 per cent rise on heavy volume, with no clear reason behind it. Home Depot rose 2.5 per cent to US$78.71 after its first-quarter earnings came in at 83 cents per share, compared with expectations of 77 cents. The company boosted its full-year profit forecast, citing the housing recovery. Apple lost 0.7 per cent as chief executive Tim Cook was grilled in Congress over the company's use of offshore loopholes to avoid paying taxes on tens of billions of dollars in profits. Luxury retailer Saks rose 11.3 per cent after reporting strong 5.9 per cent sales growth for the first quarter, handily beating forecasts of 2.2 per cent. The shares soared another 19 per cent after hours following a newspaper report that the company was seeking a buyer. JPMorgan Chase added 1.4 per cent after chief executive Jamie Dimon beat back a shareholder challenge to his retaining the chairman's post in the wake of the London Whale trading losses. -- AFP |
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