NEW YORK (Reuters) - Stocks surged on Thursday as expectations of reassuring results from bellwethers, including Google, lifted technology shares, while JPMorgan's better-than-expected profit added to bank stabilization hopes.
Investors, encouraged by recent signs the economic slump may be abating, bet that technology earnings would show upside surprises, driving Google's stock up 2.4 percent to $388.74 ahead of the Web search leader's results after the close.
And indeed, Google delivered by reporting a stronger-than-expected first-quarter profit. Its stock popped up 5 percent to $408.00 in after-hours trading following the results and then slipped to $385.41.
During the regular session, Hewlett-Packard (HPQ.N) rose 5 percent to $36.60, while International Business Machines Corp (IBM.N) gained 2.6 percent to $101.43. On Nasdaq, Apple Inc (AAPL.O) shares climbed 3.2 percent to $121.45. The semiconductor index .SOXX rose 3.4 percent.
"People are starting to feel that maybe there's a slight chance this is not just a bear market rally," said John O'Brien, senior vice president at MKM Partners LLC in Cleveland, referring to the market's 28 percent rebound since the 12-year closing low of March 9.
"People are anticipating a pretty good number from Google," O'Brien told Reuters ahead of Google's earnings report. "They seem to like to under-promise and over-deliver."
The Dow Jones industrial average .DJI rose 95.81 points, or 1.19 percent, to 8,125.43. The Standard & Poor's 500 Index .SPX gained 13.24 points, or 1.55 percent, to 865.30. The Nasdaq Composite Index .IXIC jumped 43.64 points, or 2.68 percent, to 1,670.44. more...
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