US stocks post gains on back of financials
August 14th, 2009 - 6:07 am ICT by IANS ( Leave a comment )New York, Aug 14 (DPA) US stocks rose Thursday led by the banking sector and sweeping aside reports of a decline in retail sales.
The bank rally was spurred after the firm of a prominent hedge fund investor, John Paulson, bought shares in troubled Bank of America Corp and Regions Financial Corp.
A better-than-expected earnings report from retailer Wal-Mart Stores Inc also helped the markets. But retail sales as a whole declined for the first time in three months, falling 0.1 percent in July compared to June, according to the Commerce Department.
The blue-chip Dow Jones Industrial Average was up 36.58 points, or 0.39 percent, to close at 9,398.19. The broader Standard and Poor’s 500 Index climbed 6.92 points, or 0.69 percent, to 1,012.73. The technology-heavy Nasdaq Composite Index rose back above the 2,000 mark, gaining 10.63 points, or 0.53 percent, to 2,009.35.
On currency markets, the dollar dropped against the euro to 69.97 euro cents from 70.48 euro cents Wednesday. The dollar also fell against the Japanese currency to 95.37 yen from 96 yen.
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