NEW YORK, Oct. 14 (Xinhua) -- U.S. stocks rallied on Wednesday as upbeat earnings from Intel and JPMorgan Chase boosted market sentiment. Dow returned to above 10,000 points for the first time in a year.
Traders work in the New York Stock Exchange in New York, the United States, Oct. 14, 2009. (Xinhua/Liu Xin) Photo Gallery>>>
Financial shares rose after JPMorgan Chase released a far-better-than-expected result. The second-largest U.S. bank by assets, also the first major bank to report third-quarter earnings, said its third quarter profit soared to 3.59 billion U.S. dollars, almost sevenfold of analysts' estimates. However, the bank said loan losses are still high and are likely to remain elevated for some time.
JPMorgan Chase shares were up 1.5 dollars, or 3.29 percent, to 47.16 dollars on Wednesday. Bank of America Corp. rose 4.38 percent to 18.59 dollars a share.
Intel Corporation, the world's largest computer-chip maker, reported a smaller-than-expected decline in profit and sales after Tuesday's closing bell, also topping analysts' estimates. And the company forecast sales that surpassed projections by as much as 1 billion dollars. The reports added to evidence that the global economy is recovering from the severe recession.
Technology sector was strong during the Wednesday trading. Intel rose 1.66 percent to 20.83 dollars; Cisco Systems, Inc. added 2.05 percent to 24.38 dollars. Google Inc. added 9.21 dollars, or 1.75 percent, to 535.32 dollars ahead of its quarterly result which is scheduled to come out Thursday.
Energy and basic material shares got a boost as crude oil gained momentum on weakened dollar. Oil prices settled at year-high of above 75 dollars a barrel in New York trading.
Traders work on the trading floor of the New York Stock Exchange in New York, the United States, Oct. 14, 2009. Wall Street surged Wednesday and Dow Jones Industrial Average briefly climbed above 10,000 for the first time since Oct. 2008, as investors were boosted by surprisingly strong earnings reports from Intel Corp. and JPMorgan Chase & Co. (Xinhua/Liu Xin) Photo Gallery>>>
On economic news, retail sales declined in September by the largest amount this year as car sales plummeted following the end of the government's popular Cash for Clunkers program. But outside of autos, sales were better than expected.
The Commerce Department said on Wednesday that retail sales dropped 1.5 percent last month. That's smaller than the 2.1-percent fall economists had expected.
The Dow topped and stood firm above the 10,000-point level in afternoon trading. It is now up 53 percent from the bearish March low. But it remains 29.3 percent below its record close of 14,164.53 hit on Oct. 9, 2007.
The Dow Jones industrial average rose 144.80 points, or 1.47 percent, to 10,015.86. The Standard & Poor's 500 index rallied 18.83 points, or 1.75 percent, to 1,092.02. The Nasdaq composite index gained 32.34 points, or 1.51 percent, to 2,172.23.
The electronic board shows the Dow Jones index during the morning session at the New York Stock Exchange in New York, the United States, Oct. 14, 2009. Wall Street surged Wednesday and Dow Jones Industrial Average briefly climbed above 10,000 for the first time since Oct. 2008, as investors were boosted by surprisingly strong earnings reports from Intel Corp. and JPMorgan Chase & Co.(Xinhua/Liu Xin) Photo Gallery>>>
NEW YORK, Oct. 14 (Xinhua) -- The dollar extended its loss against major currencies, touching a fresh 14-month low against the euro on Wednesday, as positive economic news reduced safe-haven demand for the U.S. currency.
JPMorgan Chase, the second largest U.S. bank, reported on Wednesday that it earned 3.6 billion dollars in the quarter from July to September, much better than expected. Full story
WASHINGTON, Oct. 14 (Xinhua) -- Retail sales in the United States fell a seasonally adjusted 1.5 percent in September, smaller than the fall of 2.1 percent economists had expected.
The figure, released by the Commerce Department on Tuesday, was mainly affected by the fall of auto sales since the end of the government's popular "cash for clunkers" program, which lifted auto sales in the past several months.Full story
WASHINGTON, Oct. 14 (Xinhua) -- Inventories held by U.S. businesses on shelves and backlots fell for the 13th straight month in August, the longest stretch in seven years, the Commerce Department reported Wednesday.
U.S. business inventories declined by 1.5 percent in August, more than the 0.9 percent drop economists had expected. Compared with a year ago, the August inventories dropped 13.3 percent. Full story
CHICAGO, Oct. 14 (Xinhua) -- Gold futures on the COMEX Division of the New York Mercantile Exchange closed almost unchanged after setting another new record high on Wednesday as dollar extended decline. Silver and platinum both ended higher.
The most active gold contract for December delivery fell 30 cents to finish at 1,064.70 U.S. dollars an ounce. It rallied to anew historic high of 1072, shattering the old record of 1069.70 set on Tuesday. Full story
Traders work in the New York Stock Exchange in New York, the United States, Oct. 14, 2009. (Xinhua/Liu Xin) Photo Gallery>>>
