Quantcast

U.S. stocks rise for 4th straight day

By Agence France-Presse
Tuesday, July 9, 2013 18:03 EDT
google plus icon
Stock specialists at the Barclays post work on the floor of the New York Stock Exchange (AFP)
 
  • Print Friendly and PDF
  • Email this page

US stocks Tuesday closed solidly higher for the fourth straight day as investors ignored the the International Monetary Fund’s lowered growth forecasts for the US and global economies.

At the closing bell, the Dow Jones Industrial Average increased 75.65 (0.50 percent) to 15,300.34.

The broad-based S&P 500 added 11.85 (0.72 percent) to 1,652.31, while the tech-rich Nasdaq Composite Index rose 19.43 (0.56 percent) to 3,504.26.

The International Monetary Fund trimmed its world economic growth expectations for 2013 to 3.1 percent from the April forecast of 3.3 percent.

China and other emerging economic powers now face new risks, the IMF warned, “including the possibility of a longer growth slowdown.”

But some analysts said investors were cheered by slightly better-than-expected earnings from Dow component Alcoa, which kicked off the earnings season late Monday, and were increasingly comfortable with the prospect that the Federal Reserve will soon begin tapering its stimulus program

“People have started to realize in the last week that even though the Fed may be tapering, the only way it is going to happen is if there is economic improvement, “said Michael James, managing director of equity trading and Wedbush Morgan Securities.

Agence France-Presse
Agence France-Presse
AFP journalists cover wars, conflicts, politics, science, health, the environment, technology, fashion, entertainment, the offbeat, sports and a whole lot more in text, photographs, video, graphics and online.
 
 
 
 
By commenting, you agree to our terms of service
and to abide by our commenting policy.
 
Google+