NEW YORK (Reuters) - Stocks rose on Wednesday amid numerous signs the recession could be abating and data from American Express signaled the ability of some consumers to pay their bills is stabilizing.
Intel Corp (INTC.O) limited the Nasdaq's gains, however, saying economic uncertainty ruled out a clear revenue forecast and its stock fell 2.4 percent.
Financial stocks provided a major lift late in the session as American Express Co (AXP.N) climbed almost 12 percent after defaults rose only slightly after months of deterioration.
Along with American Express, JPMorgan Chase & Co (JPM.N) ranked among the Dow's biggest advancers as investors bet the bank will post robust quarterly results Thursday morning.
Hope that the economic slump was showing signs of abating rose after a report said manufacturing activity in New York State contracted less severely in April, while the Federal Reserve's Beige Book indicated the economy continued to weaken, but the contraction's speed was fading.
"The Beige Book is feeding into the whole general picture of the market," said Carl Birkelbach, chairman and CEO of Birkelbach Investment Securities in Chicago.
"It indicated that there would be negative things out there, but it also used the word bottoming, and that was positive." more...
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