US stocks notched up solid gains as investors weighed positive company earnings and better-than expected data on the sick housing sector.
|||US stocks notched up solid gains Tuesday as investors weighed positive company earnings and better-than expected data on the sick housing sector.
The Dow Jones Industrial Average rose 65.39 points (0.54 percent) to 12,266.98 in closing trade, while the tech-heavy Nasdaq Composite added 9.59 points (0.35 percent) at 2,744.97.
The broad-market S&P 500 stock index advanced 7.43 points (0.57 percent) to 1,312.57.
After a midday slump, the equity markets recovered to end the day clawing back some of Monday's sharp losses after a Standard & Poor's downgrade of the US sovereign debt outlook to “negative” from “stable.”
“The US stock market continues to be very resilient in light of all the things that have happened year-to-date including the oil price shock, turmoil in the Middle East, the Japanese earthquake and tsunami, the federal budget showdown, more European bank concerns, yesterday's negative credit warning on US Treasury securities, and record-high gold prices,” Frederic Dickson at DA Davidson & Co. - Sapa-AFP
Source: http://www.iol.co.za/us-stocks-rally-1.1059232
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