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U.S. Stocks Close Higher amid Positive U.S. Data and Earning Reports
Oct 17,2012 08:45CST
industry news
Source:SMM
U.S. stocks closed higher on Tuesday amid stronger-than-expectation economic data and earning report.

NEW YORK, Oct. 17 -- U.S. stocks closed higher on Tuesday amid stronger-than-expectation economic data and earning report.

On economic front, the Federal Reserve posted on Tuesday that U. S. output at factories, mines and utilities rose 0.4 percent, beating expectations.

Meanwhile, the Labor department said on Tuesday that the consumer-price index increased 0.6 percent for a second month.

Beside positive economic news, earning reports also drove up the market.

Goldman Sachs Group Inc., the fifth biggest bank in the United States, Tuesday reported better-than-expected net income for the third quarter, mainly driven by strong fixed-income trading.

The bank's net income reached 1.51 billion U.S. dollars, or 2. 85 dollars per share, compared with a loss of 393 million dollars, or 0.84 dollar per share, in the same period of last year.

Revenues of the bank more than doubled from a year earlier to 8. 35 billion dollars in the quarter, beating predictions of analysts.

Meanwhile, Coca-Cola Co, the world's biggest soft-drink maker, reported its third-quarter earnings Tuesday with profit matching analysts' expectation.

Revenue advanced to 12.3 billion U.S. dollars, about 70 million dollars lower than expected. The company's net income reached 2. 31 billion dollars, or 50 cents per share, up 4.1 percent from previous year.

As for overseas news, German investor confidence rose in October for a second month. Investors felt positive about the country's further economy growth.

When the market closed, the Dow Jones industrial average gained 127.55 points, or 0.95 percent, at 13,551.78.

The Standard & Poor's 500 rose for the second day, up 14.79 points, or 1.03 percent, to end at 1,454.92.

The Nasdaq Composite Index also increased for the second session, up 36.99 points, or 1.21 percent, to 3,101.17.

The CBOE Volatility Index, widely considered the best gauge of fear in the market, dipped near 15.

For shares, materials and energy sectors led the market and most key S&P sectors closed in positive territory.

As for oil, U.S. crude rose slightly after choppy trading on Tuesday.

Light, sweet crude for November delivery gained 24 cents, or 0. 26 percent to settle at 92.09 dollars a barrel on the New York Mercantile Exchange.

But Brent crude for December delivery edged down 40 cents to close at 114.00 dollars a barrel.

 

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