US Stocks-Wall St gains on earnings, deals as Dow tops 14,000
US stocks rose on Tuesday, pushing the Dow past the 14,000 milestone, boosted by stronger-than-expected earnings and takeover activity.business Updated: Jul 18, 2007 02:08 IST
US stocks rose on Tuesday, pushing the Dow past the 14,000 milestone, boosted by stronger-than-expected earnings and takeover activity.
A brokerage upgrade of American Express Co pushed the credit-card company's stock up 4 per cent and helped lift the Dow average of 30 blue-chip stocks.
Semiconductor stocks gained after Novellus Systems Inc reported stronger-than-expected results, while merger and acquisition activity such as a $12 billion proposal to acquire Lyondell Chemical Co also buoyed stocks.
Shares of financial companies such as State Street Corp, the world's biggest institutional money manager, rose after earnings topped forecasts.
"The markets are up because of the earnings. Though they have just started to come out, what we have seen so far points to another stronger-than-expected earnings season," said Rick Campagna portfolio manager of Provident Investment Council in Pasadena, California.
The Dow Jones industrial average was up 63.73 points, or 0.46 per cent, at 14,014.71. The Standard & Poor's 500 Index was up 5.11 points, or 0.33 per cent, at 1,554.63. The Nasdaq Composite Index was up 21.65 points, or 0.80 per cent, at 2,718.98.