US stocks rebound on strong Alcoa earningsApril 12th, 2012 - 6:03 am ICT by IANS
New York, April 12 (IANS) US stocks rebounded Wednesday, snapping a five-day losing streak, after aluminum producer Alcoa reported better-than-expected earnings.
The Dow Jones industrial average gained 89.46 points, or 0.70 percent, at 12,805.39. The Standard & Poor’s 500 was up 10.12 points, or 0.74 percent, to 1,368.71. The Nasdaq Composite Index rose 25.24 points, or 0.84 percent, to 3,016.46, Xinhua reported.
Alcoa,the first S&P; 500 company reporting results, surprised investors with a first-quarter profits when the market was expecting a loss amid slumping aluminum prices. Its shares soared nearly 8 percent, easing concerns for a lackluster earnings season.
Adding to the gains, European Central Bank executive board member Benoit Coeure said the bank still had the ability to purchase the debt of euro-zone nations if needed, easing concerns over the region’s debt problems amid rising borrowing costs Italy and Spain.
The latest “Beige Book” from the US Federal Reserve painted a brighter outlook for the US economy, but it had little impact on the market.
The bank said the US economy continued to expand at a modest-to-moderate pace from mid-February through the end of March.
Apple once again drew focus Wednesday after the US government filed an antitrust lawsuit against the company and five major book publishers, saying they conspired to limit market competition in electronic book pricing.
- US stocks rebound on strong Alcoa earnings - Apr 12, 2012
- US stocks continue downward trend - Apr 11, 2012
- US stocks extend gains on positive data - Jan 11, 2012
- US stocks end mixed after heavy sell-off - Jun 05, 2012
- US stocks drop on economic, euro concerns - Jul 10, 2012
- US stocks edge higher amid Greek hope (Lead) - Feb 10, 2012
- Sensex slips sharply in afternoon trade - Dec 16, 2011
- US stocks close higher for fourth consecutive day - Sep 16, 2011
- US stocks turn into positive territory - Nov 12, 2011
- Sensex closes 370 points lower, capital goods lose (Roundup) - Jan 30, 2012
- US stocks gain on positive service data - Jun 06, 2012
- Sensex loses 221 points in volatile trading (Weekly market review) - Oct 08, 2011
- Sensex continues in red in noon trade (Lead) - Jan 30, 2012
- Sensex closes 244 points down, manages 1.8 percent in weekly gains - Sep 30, 2011
- US stocks up in holiday-shortened session - Jul 04, 2012
Tags: alcoa, aluminum prices, aluminum producer, antitrust lawsuit, bank executive, beige book, benoit coeure, book publishers, company reporting, debt problems, dow jones, dow jones industrial, dow jones industrial average, earnings season, euro zone, executive board member, market competition, moderate pace, nasdaq composite index, quarter profits