US stocks up on Boeing, Philip Morris earnings

April 24th, 2008 - 4:52 am ICT by admin  

New York, April 24 (DPA) US stocks climbed Wednesday for the first time this week on positive earnings from Boeing, Philip Morris International and others. Aerospace giant Boeing said profits rose 38 percent to $1.21 billion in the first quarter, while tobacco firm Philip Morris said earnings rose 29 percent from the year-earlier period.

Technology stocks were up more than one percent after EMC Corp, the world’s largest maker of storage computers, said revenue increased 14 percent in North America despite fears of a US recession.

Insurer Safeco shares shot up after it agreed to be bought out by Liberty Mutual Group for $6.2 billion, but worse-than-expected results from Ambac Financial Corp kept alive fears of more credit-crisis related writedowns from banks.

The blue-chip Dow Jones Industrial Average rose 42.99 points, or 0.34 percent, to 12,763.22. The broader Standard & Poor 500 Index was up 3.99 points, or 0.29 percent, to 1,379.93. The Nasdaq Composite Index added 28.27 points, or 1.19 percent, to 2,405.21.

The dollar rose against the euro to 62.96 euro cents from 62.55 euro cents Tuesday, and to 103.44 Japanese yen from 103.01 yen.

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