Jul 31: US Stocks Rise on Positive Earnings


New York, July 31 (DPA): US stocks rose Thursday on surprising earnings results from US companies, continuing a strong run for the week amid signals that the US economy is stabilizing.

General Electric, Visa, MasterCard, Motorola all reported better-than-expected profits for the second quarter of the year.

A drop in weekly claims of unemployment benefits, reported every Thursday by the US Labour Department, also helped push stocks higher.

The blue-chip Dow Jones Industrial Average climbed 83.74 points, or 0.92 percent, to 9,154.46. The broader Standard & Poor's 500 Index jumped 11.6 points, or 1.19 percent, to 986.75. The technology-heavy Nasdaq Composite Index was up 16.54 points, or 0.84 per cent, to 1,984.3.

The major US stock indices are running at their highest levels of 2009 after reaching 12-year-lows in early March. The Dow closed at its highest level since early November.

The gains come ahead of the government's first estimate of second-quarter US gross domestic product, which will be released Friday morning. Economists expect a contraction of between 0.7 percent and 1.5 percent, compared to a 5.5-percent drop in the first quarter.

The US currency fell against the euro to 70.09 euro cents from 71.18 euro cents on Wednesday. The dollar climbed against the Japanese currency to 95.48 yen from 95.06 yen.

  

Top Stories


Leave a Comment

Title: Jul 31: US Stocks Rise on Positive Earnings



You have 2000 characters left.

Disclaimer:

Please write your correct name and email address. Kindly do not post any personal, abusive, defamatory, infringing, obscene, indecent, discriminatory or unlawful or similar comments. Daijiworld.com will not be responsible for any defamatory message posted under this article.

Please note that sending false messages to insult, defame, intimidate, mislead or deceive people or to intentionally cause public disorder is punishable under law. It is obligatory on Daijiworld to provide the IP address and other details of senders of such comments, to the authority concerned upon request.

Hence, sending offensive comments using daijiworld will be purely at your own risk, and in no way will Daijiworld.com be held responsible.