US stocks closed higher on Friday amid easing hopes

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Source: Dukascopy Bank SA
S&P 500 continued its rally on Friday, ending the day with a 1.91% gain. US equities caught momentum after Angela Merkel pledged to put any efforts necessary to save the single currency. Meanwhile, slower than expected US GDP growth pace in Q2 failed to halt stocks' rally.  Traders perceived GDP data as a prerequisite for additional stimulus from the Fed. Health Care was the strongest industry in the index, surging 2.58%. Tenet Health Care and Abbott Laboratories rose 9.55% and 2.69%. Meanwhile, Expedia soared more than 20% after reporting stronger than expected quarterly earnings. On the downside, Starbucks lost 9.41% as the company lowered its profit outlook for Q3 and is planning to close down unprofitable stores in Europe.
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Mon, 30 Jul 2012 12:57:47 GMT

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