Stocks Have Smooth Ride On Tuesday
Wall Street Sector Selector | Aug 08, 2012 01:36AM ET
The major American stock indices had an easy day on Tuesday, after Monday’s traumatic, late-day sell-off. The flow of positive earnings reports continued as the vast majority of companies already reporting quarterly earnings beat analysts’ estimates. Nevertheless, after Tuesday’s closing bell a miss was reported by Priceline (PCLN).
Among the companies with good news on Tuesday were Chesapeake Energy (CHK) and Fossil (FOSL). MGM Resorts (MGM) beat its number, with a lower-than-expected loss, resulting in an 7.46 percent share price advance for the day.
At the closing bell, the Dow picked up 51 points to reach 13,168 for a gain of 0.31 percent. The S&P 500 achieved an identical 0.51 percent gain for the day, maintaining its flight level above 1,400 until the end of the session, closing at 1,401. The Nasdaq held a strong gain of 0.87 percent to finish at 3,015 and the Russell 2000 topped that with a 0.88 percent advance, finishing the day at 801.
In Europe, stocks did surprisingly well, despite a number of awful reports on industrial production in Europe. The Euro STOXX 50 Index finished Monday’s session with a huge, 1.71 percent gain. The FTSE 100 Index managed to achieve a 0.56% advance.
European ETFs did well on Tuesday, The iShares Germany Index picked up 0.58 percent. The iShares Spain Index gained a whopping 2.45 percent. The iShares Italy Index jumped 2.16 percent despite an Wall Street Sector Selector trades a wide variety of ETFs and positions can change at any time.
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