Wall Street rallied and the S&P 500 hit its highest level since June 2008 on Tuesday as a flood of positive corporate results added to increasing optimism about the economic growth outlook. Ford Motor Co, 3M Co and United Parcel Services Inc were among the bellwether names to impress, continuing a string of better-than-expected results. 3M and UPS also raised their full-year profit outlooks, contributing to the bullish sentiment.
Shares of 3M, a Dow component, rose 2.2 percent to $96.22 while UPS was up 1.2 percent at $74.52. Ford advanced 2.5 percent to $15.92. Though 73 percent of New York Stock Exchange issues were in positive territory, there were some disappointments. Coca-Cola Co fell 1.7 percent to $66.61 and was the Dow's biggest loser after its results were hurt by lost Japanese revenue. US Steel Corp and Netflix Inc also fell after results.
The Dow Jones industrial average was up 108.83 points, or 0.87 percent, at 12,588.71. The Standard & Poor's 500 Index was up 11.55 points, or 0.87 percent, at 1,346/80. The Nasdaq Composite Index was up 20.85 points, or 0.74 percent, at 2,846.73. The three major US stock indexes hit highs for the year, and the Nasdaq was at its highest since late 2007, erasing losses after a drop in February. But some caution remained a day before a press conference by US Federal Reserve Chairman Ben Bernanke.
Comments
Comments are closed for this article.