Wall St Posts Strong Gains

Dow Jones industrial average gained 157.50 points, or 1.43 percent to 11,136.12. Standard & Poor's 500 index rose 15.33 points, or 1.31 percent to 1181.23. The Nasdaq Composite Index added 28.59 points, or 1.17 percent, 2470.54.

Shares and the greenback has had an inverse relationship in recent times, with weaker dollar stimulate companies tied to resources or with large operations overseas. after the dollar's rise on a surprise Chinese interest rate hike on Tuesday, the currency change of fortune will be prompted a snap back in stocks.

Wall Street returned back on Wednesday at the strong earnings and raised prospects, while a reversal of Tuesday's rise in the dollar lifted the shares of natural resource companies.

Materials shares led to higher, wide market with Freeport-McMoRan Copper & Gold winner 3.6 percent to $ US96.09 and s & P materials index up 2.6 percent. Commodities experience as the u.s. dollar fell to a near 15-year-old low against the yen.

Boeing Company gave the biggest boost to Dow, up 3.7 percent at $ US71.63. the company announced a quarterly profit that beat expectations and raised its full-year forecast, helped by an upturn in the commercial aircraft market.

Delta Air Lines and US Airways Group jumped after the reported strong earnings.Delta was greater 11.5 percent to $ US13.04 and US Airways jumped 8.6 percent to $ US10.96.

Eaton Corp were among the major industrial companies, raised their profit forecasts for the rest of the year, sending its shares up 4 percent at $ US86.76.

Earnings from financial companies were mixed.Wells Fargo & Co. reported higher earnings, but Morgan Stanley reported a surprise loss.

Wells Fargo rose 5.3 percent to $ US25.85, while Morgan Stanley decreased 0.4 percent to $ US25.29. AMERICAN Bancorp reported higher earnings but was down 0.2 percent at $ US22.76.

Regional banks weigh on the KBW Bank Index, off 0.5 percent, after Marshall & Ilsley Corp. reported a larger-than-expected loss Wisconsins largest Bank. shares lost 9.1 percent to $ US6.32.

Posted by Shayne Heffernan on Oct 20th, 2010 and filed under Analysis, raw materials, energy, securities trading, Financials, Foreign Exchange, home page, In depth, industry, latest news, market news, markets, Metals, news & events, Shayne Heffernan, special reports, accounts of the United States, United States, world news. you can follow any responses to this entry through the RSS 2.0 you can leave a response by filling out the following form to comment or trackback to this post from your site

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