CCTV.com - CNTV English - CCTV News


Homepage > News > Biz >

U.S. stocks rise as investors awaiting quarterly earnings reports

04-07-2011 10:16 BJT

NEW YORK, April 6 (Xinhua) -- The U.S. stocks rose slightly on Wednesday as investors were waiting for quarterly earnings reports to give them a clearer guidance for investment decisions.

The three major indexes moved up and down in a narrow range for most of the Wednesday trading session as quarterly earnings were just around the corner.

The Dow Jones industrial average advanced 32.85 points, or 0.27 percent, to 12,426.75. The Standard & Poor's gained 2.91 points, or 0.22 percent, to 1,335.54. The Nasdaq Composite Index was up 8. 63 points, or 0.31 percent, to 2,799.82.

The economic fundamental factors still provided support to the markets as the latest minutes of Federal Reserve's meeting underscored the U.S. economy was gaining traction, although the central bank still remained vigilant towards inflation risks.

Also, the Labor Department reported last Friday that the U.S. unemployment rate fell to 8.8 percent, showing that the job markets remained improving.

The tech sector was among the biggest gainers on Wednesday, as most technology stocks were affected by re-allocation investments following Nasdaq 100 index's adjustment a day ago.

Nasdaq said on Tuesday that it was rebalancing the Nasdaq 100 Index and would lower Apple's weighting to about 12 percent from more than 20 percent.

Nasdaq explained the move was to better reflect the market capitalizations of the index's stocks and would take effect on May 2.

Cisco Systems Inc.'s shares advanced nearly 5 percent after its CEO promised big changes in a memo to employees.

The financial sector was also Wednesday's winner with Citigroup and Bank of America's shares among the most active ones.

The dollar declined broadly against the euro as the European Central Bank was expected to raise key interest rate at its monetary policy meeting on Thursday.

Although the U.S. domestic crude inventories increased last week, the oil price hit its highest level since September 2008, stimulated by weak dollar and fears over unrest in oil-rich Middle East and North Africa regions.

However, the energy sector retreated on Wednesday as investors started to collect their profits from previous long betting on energy.

As for other markets-affecting news besides upcoming first quarter earnings reports, the weekly jobless claims announced on Thursday and whole sale data on Friday were also closely watched by investors.

Editor:Yang Jie |Source: Xinhua

Hot Videos view more

The celebrations are still continuing as the victorious coach, Joachim Loew, has been honored for his achievement in his hometown of Freiburg.
Germany coach Loew honored in hometown of Freiburg

Chinese men´s national team continued its preparations for next year´s Asian Cup, as they managed a one-all draw against visitors Jordan during a football friendly in Harbin, the capital city of Northeast China´s Heilongjiang Province.
China held to 1-1 draw by Jordan

The defending world champs came into the contest with a perfect 6-and-oh record, but they would be in for a tough first half before opening things up in the second.
USA beat Slovenia 119-76 in quarter-finals

Hot Stories more

UK authorities believe killer of James Foley is a British national

Across the UK the hunt is on for James Foley’s killer, who authorities believe is a British national. As Richard Bestic reports from London, Prime Minister David Cameron cut short his summer break to lead his government’s response.

Israeli war jets renews Gaza strike as truce talks stalled

Three Palestinians were killed and 40 others wounded in the intensive Israeli war jets´ airstrikes on the Gaza city on Tuesday night, shortly before an end of a 24-hour ceasefire in the Gaza Strip,

Missouri police arrest dozens after violent night

As the protests in the town of Ferguson, Missouri turned violent with police facing ´heavy gunfire´ from some ´criminal elements´, cops fired tear gas, stun grenades and arrested 31 demonstrators on Monday night.

Picture in news more

More Video News

Choose TV Program