Finance, oil stocks lead Wall Street higherApril 16th, 2008 - 8:09 am ICT by admin
New York, April 16 (DPA) Two regional banking firms reported profits Tuesday that beat expectations, shoring up confidence in the financial services industry, and higher oil prices spurred buying in petroleum stocks. “Now is a good time to begin going into financials,” Daniel Bandi, chief investment officer at Integrity Asset Management LLC, told Bloomberg Television. “You want to be there when the market senses that the end is coming, because that’s going to be a pretty sharp rebound.”
The blue-chip Dow Jones Industrial Average gained 60.41 points, or 0.49 percent, to 12,362.47. The broader Standard & Poor’s 500 Index rose 6.11 points, or 0.46 percent, to 1,334.43. The technology-heavy Nasdaq Composite Index added 10.22 points, or 0.45 percent, to 2,286.04.
The US currency edged up against the euro to 63.331 euro cents on Tuesday, compared to 63.15 euro cents Monday. The dollar was up against the Japanese currency to 101.85 yen Tuesday, compared to 101.1 yen Monday.
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