U.S. gain on hopes for solid earnings; Dow ends up 0.41%
Published Apr 09, 2013 04:20PM ET
Softer-than-expected Chinese inflation data also pushed up stocks by fueling sentiments that Beijing may loosen monetary policy to spur growth.
At the close of U.S. trading, the Dow Jones Industrial Average finished up 0.41%, the S&P 500 index rose 0.35%, while the Nasdaq Composite index rose 0.48%.
U.S. metals giant Alcoa reported after the closing bell on Monday that it earned USD0.11 per share during the first quarter of 2013, beating expectations of USD0.08 per share.
Revenue came in at USD5.83 billion, below expectations of USD5.88 billion.
The news sent stock prices rising on Tuesday as hopes began to build that first-quarter earnings may make modest gains.
Chinese inflation data bolstered prices as well.
China reported earlier that its year-on-year consumer inflation rate grew 2.1% in March, slower than February's 3.2% inflation rate.
Analysts were expecting 2.4% inflation, and the softer-than-expected figure sparked talk that China may consider loosening monetary policy to fuel more growth, which would send stock prices gaining across the globe.
Leading Dow Jones Industrial Average performers included Microsoft, up 3.67%, Intel, up 3.22%, and Caterpillar, up 2.05%.
The Dow Jones Industrial Average's worst performers included Procter & Gamble, down 0.69%, American Express, down 0.56%, and Coca-Cola, down 0.44%.
European indices, meanwhile, finished largely higher.
After the close of European trade, the EURO STOXX 50 rose 0.23%, France's CAC 40 rose 0.11%, while Germany's DAX 30 finished down 0.33%. Meanwhile, in the U.K. the FTSE 100 gained 0.58%.
On Wednesday in the U.S., the Federal Reserve is to publish the minutes of its most recent policy meeting, while the government is to release data on the federal budget balance.
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Written By: Investing.com
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