U.S. stocks higher ahead of earnings; Dow Jones up 0.63%
Published Jul 08, 2013 09:49AM ET
During early U.S. trade, the Dow Jones Industrial Average gained 0.63%, the S&P 500 index advanced 0.69%, while the Nasdaq Composite index climbed 0.45%.
Expectations for a near-term end to the Federal Reserve's stimulus program grew on Friday after official data showed that the U.S. economy added 195,000 jobs in June, more than the 165,000 increase forecast by economists.
May's figure was revised up to 195,000 from a previously reported 175,000. The unemployment rate remained unchanged at 7.6% in June.
Financial stocks were broadly higher, as shares in JP Morgan jumped 1.17%, while Bank of America and Citigroup climbed 0.46% and 0.74%.
Adding to gains, Dell surged 2.23% after investment advisory firm ISS recommended the company's shareholders vote in favor a USD24.4 billion offer for the PC maker from founder and CEO Michael Dell, saying the USD13.65 per share offer provides "certainty of value."
In the same sector, Apple slipped 0.24% after downbeat numbers from rivals Samsung and HTC last week sparked concerns that the market for smartphone makers may be reaching saturation.
Elsewhere, Blackstone Group jumped 1.30%, as the private-equity firm, which has spent USD5 billion on more than 30,000 distressed houses, is preparing to expand its bet on the housing recovery by lending to other landlords.
Other stocks likely to be in focus included aluminum producer Alcoa, as the company was set to kick off second-quarter earnings season later in the day.
Across the Atlantic, European stock markets were sharply higher The EURO STOXX 50 surged 2.39%, France’s CAC 40 rallied 2.07%, Germany's DAX jumped 2.55%, while Britain's FTSE 100 advanced 1.40%.
During the Asian trading session, Hong Kong's Hang Seng Index plummeted 1.31%, while Japan’s Nikkei 225 Index retreated 1.4%.
Get The News You Want
Written By: Investing.com
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.