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US stocks climb on earnings forecast

01-11-2012 14:05 BJT

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Moving to Wall Street now, where shares ended trading overnight at a five-month high. The stellar performance was spurred by a recent slew of positive economic data, a strong earnings outlook and some signs of improvement in the eurozone.

U.S. stocks climbed to a five-month high on Tuesday. The market was bolstered by recent economic reports- and a bullish forecast from aluminum company Alcoa.

Shares of Kodak soared after the struggling photo company announced a new business structure that eliminates its film group. The news comes as the once iconic company has been trying to raise cash either through new financing or an asset sale.

Holiday shoppers flocked to Lululemon- spending money on high-end fitness apparel. The Vancouver-based active wear retailer raised its forecasts, saying sales at its stores are expected to rise more than 20 percent in the current quarter.

But German engineering group Siemens says it will have a harder time reaching its 2012 targets- in part blaming pricing pressure in several businesses and impact from the European debt crisis.

CFO Joe Kaeser from Siemens said: "It took quite some time until the European community, the Euro 17 went into a position where they kind of controlled the debt crisis. No one expects Europe to solve the debt crisis all the world has expected is to get control and take active control over it and that in a nutshell we believe has happened in December but there has been some time until that has actually achieved. "

Orange juice futures surged about 11 percent to an all time high. Small doses of an unapproved fungicide in Brazil could hurt imports from there- adding to a rally sparked by a brief freeze last week in Florida.

Taking a look at the closing numbers,

In the U.S., bank stocks continued to rebound. The three major indexes closed higher.

And in Europe, shares hit a one-week closing high.

 

Editor:Zhang Rui |Source: CNTV.CN

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