Data provided by iNet BFA
Loading...
See More

Wall St soars on ECB rescue hopes

Jul 27 2012 08:30 AFP

Related Articles

US stocks mixed on earnings, weak data

US stocks retreat on eurozone fears

US stocks score third day of gains

Bernanke remarks hearten Wall St

Wall St extends losses

Wall St falls as Europe hits earnings

 

New York - US stocks soared on Thursday, buoyed by a pledge from Europe's top central banker to do everything possible to save the eurozone from a raging sovereign debt crisis.

The Dow Jones Industrial Average finished 212.88 points higher at 12,887.93.

The S&P 500-stock advanced 22.13 points to 1,360.02. The tech-rich Nasdaq gained 39.01 to 2,893.25.

The normally cautious head of the European Central Bank, Mario Draghi, gave his most resounding defense of the under-siege currency to date, sending markets around the world solidly into positive territory and lifting the euro.

The "ECB is ready to do whatever it takes to preserve the euro. And believe me it will be enough," Draghi told a business summit in London.

"The comments by the central banker sparked speculation the ECB could do additional bond buying to lower soaring yields of Italian and Spanish debt," said analysts at Wells Fargo Advisors.

US economic data was mixed. Weekly jobless claims dropped sharply, but durable goods orders, minus transportation, fell in June. Pending home sales fell in June, instead of rising as expected.

Investors had a flood of earnings reports to distill. Dow heavyweight ExxonMobil jumped 1.5%. The energy giant posted a 49% profit rise for the second quarter, but missed Wall Street estimates for earnings excluding a one-time gain.

Fellow Dow component 3M rose 2.1%. The conglomerate maker of Post-It notes and Scotch Tape reported second quarter profit slightly above estimates, but revenues fell.

Do-it-yourself retailer Home Depot led the Dow higher with a hefty 3.6% gain.

United Continental Holdings, the parent of United Airlines, the world's biggest airline, reported a steep fall in second-quarter profit on weak revenue growth. UAL shares skidded 5.9%.

Online game company Zynga plunged 37.5% after reporting a shock $22m loss for the second quarter.

The poor results for Zynga, which grew out of a game platform on Facebook, boded ill for Facebook. The social media titan fell 8.5 percent. Facebook reports its first quarterly results as a public company after the market closes.

On Wednesday, stocks closed mixed on a mixed batch of big company quarterly earnings reports.

Bond prices fell. The 10-year Treasury yield rose to 1.43% from 1.41% on Wednesday, while the 30-year increased to 2.49%  from 2.47%. Bond prices and yields move in opposite directions.

ecb  |  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

We're talking about:

Small Business

A cash flow crunch often occurs in small businesses trying to balance cash coming in with cash going out. Watch this video to help you improve.
 
 

No more nice-to-have shopping sprees

Fin24 user Asia writes how she managed to rehabilite herself from splurging on feel-good iitems and keep clean from the bondage of lifestyle debt.

 
 

Start saving...

Time the key for retirement saving
Dummy's guide to saving
Save money with affordable account
All about endowments

Money Clinic

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