• SA cities need foreigners

    We need to protect our cities' cosmopolitan nature, says Mzwandile Jacks.

  • Am I a racist?

    Does hating government's arrogance, nepotism and greed make me a bigot, asks Anton Ressel.

  • Recipe for disaster

    Malema's flames of frustration are fuelling white extremism, says Leopold Scholtz.

Loading...
See More

US stocks score third day of gains

Jul 20 2012 08:37 AFP

Related Articles

Bernanke remarks hearten Wall St

Oil rises after Wall St gains

Nasdaq slide leads Wall Street lower

Dow, Nasdaq sag on Fed minutes

Wall Street: Dodgy deals key to success

Wall St extends losses

 

New York - US stocks notched gains for a third straight day on Thursday as investors looked past disappointing economic data to a batch of positive corporate earnings reports.

The Dow Jones Industrial Average closed with a modest increase of 34.66 points, at 12,943.36.

The S&P 500 advanced 3.73 points to 1,376.51, while the tech-heavy Nasdaq outperformed, rising 23.30 points to 2,965.90.

"Good earnings reports from some major technology companies probably balanced out the poor data reports," said Paul Ausick at 24/7WallSt.com.

The Labor Department reported 386 000 initial jobless claims were filed in the week ending July 14, an almost 10% increase from the prior week's upwardly revised figure and well above expectations of a rise to 365 000.

The National Association of Realtors reported sales of existing, or previously occupied, homes fell 5.4% in June from May, instead of an expected rise.

IBM led the Dow higher, adding 3.8%, after reporting better-than-expected quarterly profits and raising its full-year estimate.

American Express and Bank of America were the laggards, each down 3.6%. AmEX's quarterly revenue missed estimates; Bank of America had shed 4.9% on Wednesday after its earnings report.

Outside the Dow, Morgan Stanley plunged 5.3%. The investment bank posted quarterly financial results well below expectations.

On the Nasdaq, smartphone chipmaker Qualcomm climbed 4.3% after saying it was ramping up supply for a "strong December quarter."

Shares in eBay gained 8.6%. The online auction house said its quarterly profit more than doubled due to strong showings by its Marketplaces and PayPal services.

Drugstore chain Walgreens soared 11.8% after announcing a multi-year pharmacy network deal with Express Scripts, up 1.9%. The companies did not disclose the terms of the contract.

Walgreens's rival CVS Caremark dived 6.2%.

Wall Street stocks closed higher on Wednesday amid encouraging earnings reports. The Dow added 0.8%, the S&P 500 was up 0.7% and the Nasdaq rose 1.1%.

Bond prices fell. The 10-year Treasury yield increased to 1.51% from 1.48% on Wednesday, while the 30-year rose to 2.61 from 2.58%.

Bond prices and yields move in opposite directions.

wall street  |  markets

NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

Brought to you by BizNews

More from BizNews

We're talking about:

SMALL BUSINESS

Johannesburg has been selected to host the Global Entrepreneurship Congress in 2017. "[The congress] will ensure that small business development remains firmly on the national agenda and the radar screen of all stakeholders, the Small Business Development minister said.
 
 

Must see! The most luxurious dog house!

This dog house comes with a treadmill and hot tub, you have to see it!

 
 

Luxury living

WIN!
Ridiculous demands people with too much money make
8 of the priciest places to dock your yacht
Habits of the world’s richest people

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

Government’s call for the private sector to add power to the grid is:

Previous results · Suggest a vote

Loading...