| Stocks Surge on Improving Corporate Profits and Waning Concerns Over European Debt |
| Apr-17-2012 |
| Keywords: stocks rally, corporate profit reports, spain, bond yields, german sentiment index, crude oil prices rise, obama, speculators |
The Dow Jones Industrial Average today threatening to close back above the 13,000 level. Stocks getting a big boost from better than expected quarterly profit reports from Coca Cola, Goldman Sachs and Johnson & Johnson. Coca Cola leading the better than 1% rally on the blue chip index, Coke's shares jumping more than 3% after reporting a nearly 8% jump in quarterly earnings totaling just over $2-bilion.
IBM and Intel both posting solid gains ahead of their profit reports due out after the closing bell. But it's Apple leading the surge on the tech heavy Nasdaq Composite. Apple's stock today jumping more than 4% - well on its way to breaking five session losing streak.
Investors today also reacting favorably to news of easing borrowing costs in Spain and a better than expected reading of the German ZEW economic sentiment index also helping to lift the mood of investors. The stronger than expected reading in April marks the fifth straight monthly gain.
And the crude oil market seemingly ignoring the President's calls for tighter regulation of futures trading. President Obama today proposing $52 in government spending to beef up regulation of the crude oil futures market. His plan includes hiring new regulators to probe for market manipulators and would also give Congress the power to force the CFTC to raise margin requirements in the crude oil futures market. However that proposal doing little to bring down prices today. The May crude futures contract jumped more than a dollar, settling well above $104 a barrel. |
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Posted by Lou Dobbs Staff at 1:10 AM Email to a friend |
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