Bank of America Corp. and Morgan Stanley added at least 1.6 percent, following a rally in European lenders. Caterpillar Inc. and Alcoa Inc. advanced more than 1.2 percent to pace gains among companies most-tied to the economy. Boeing Co. climbed 4.7 percent as earnings topped analysts' estimates. Amazon.com Inc., the world's largest Internet retailer, tumbled 9.2 percent after its profit plunged as it ramped up spending on new products.
The S&P 500 added 1 percent to 1,241.40 as of 9:41 a.m. New York time. The benchmark gauge for U.S. equities dropped 2 percent yesterday. The Dow Jones Industrial Average gained 139.94 points, or 1.2 percent, to 11,846.56 today.
“Europe is getting closer to resolving some of the debt issues and particularly as it pertains to dealing with Greece,” Hank Smith, chief investment officer at Haverford Trust Co. in Radnor, Pennsylvania, said in a telephone interview. His firm manages about $6.1 billion. “A credible resolution in Europe could send the stock market significantly higher by year-end,” he said. “In the U.S., both economic and earnings data suggest that the we're not going into a recession.”
The S&P 500 rose from the threshold of a bear market early in October on steps by European leaders to support banks and higher-than-estimated corporate earnings. The benchmark gauge for American equities has rallied 8.6 percent in October through yesterday, following a five-month decline. For the latest updates PRESS CTR + D or visit Stock Market news Today
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