U.S. stocks higher amid EU talks; Dow Jones up 1.17%
Investing.com
Published Oct 26, 2011 09:53AM ET
During early U.S. trade, the Dow Jones Industrial Average jumped 1.17%, the S&P 500 index rose 0.85%, while the Nasdaq Composite index advanced 0.42%.
Market sentiment strengthened after German members of parliament voted in favor of a plan to enhance the firepower of the euro zone's bailout fund, ahead of a the key European meeting.
Earlier Wednesday, U.S. government data showed that orders for long lasting manufactured goods fell more-than-expected in September, declining for the second successive month, while core orders rose more-than-expected.
Airplane maker Boeing was one of the day's top gainers, with shares surging 4.79% after announcing earnings of USD1.46 per share, beating analysts' expectations. The report came the same day the company's 787 Dreamliner was made its first commercial flight from Tokyo to Hong Kong.
ConoccoPhillips also posted sharp gains as shares jumped 2.32%, although the oil giant reported a lower profit due to higher taxes and losses on asset sales.
In technology news, Nokia saw shares advance 2.38% after unveiling its first Windows phones since striking a deal with Microsoft, the Lumia 800 and Lumia 710.
Meanwhile, the financial sector broadly contributed to gains with shares in Bank of America and Citigroup soaring 2.01% and 1.91%, while JP Morgan and Goldman Sachs jumped 1.85% and 1.03% respectively.
On the downside, online shopping company Amazon.com plunged 10.55% after posting a far weaker-than-expected outlook for the holiday season, while Sprint Nextel dropped 4.81% after announcing it lost more subscribers than expected in the third quarter.
Other stocks in focus included Visa Inc, due to report quarterly results later in the day.
Across the Atlantic, European stock markets were higher. The EURO STOXX 50 rose 0.88%, France’s CAC 40 advanced 0.95%, Germany's DAX climbed 0.96%, while Britain's FTSE 100 posted a 0.56% gain.
During the Asian trading session, Hong Kong's Hang Seng Index eased down 0.1%, while Japan’s Nikkei 225 Index shed 0.15%.
Later in the day, the U.S. was to release official data on new home sales and crude oil stockpiles.
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Written By: Investing.com
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