Dow nears 13,000 on strong earnings
US stocks jumped on Friday, with the Dow closing at a record high after coming within 35 points of 13,000.business Updated: Apr 21, 2007 03:15 IST
US stocks jumped on Friday, with the Dow closing at a record high after coming within 35 points of 13,000, as Google Inc. and Caterpillar Inc. joined the list of companies reporting stronger-than-expected quarterly results.
The Dow closed up more than 150 points, while the broader Standard & Poor's 500 index closed at its highest level since September 2000. April was shaping up to be the best month for the Dow and the S&P in just over four years.
Higher oil prices aided the rally, lifting shares of Exxon Mobil Corp. to an all-time high and boosting shares of other energy companies.
Google shares gained 2.3 percent at $482.48, which helped the Nasdaq, after reporting on Thursday after the market close a rise in quarterly profit that easily beat expectations. For more see.
"Momentum is clearly in the bull favor," said Joseph Battipaglia, chief investment officer at Ryan Beck & Co, in Philadelphia. "We're in the midst of earnings season. By and large it has come in as expected, and recent economic data keeps suggesting an economy that is slow but not slowing further."
The Dow Jones industrial average rose 153.35 points, or 1.20 percent, to end at 12,961.98, its third straight record close.
The Standard & Poor's 500 Index was up 13.62 points, or 0.93 percent, at 1,484.35. The Nasdaq Composite Index was up 21.04 points, or 0.84 percent, at 2,526.39.
First Published: Apr 21, 2007 03:14 IST