U.S. stocks edge higher as Fed continues the stimulus measures

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Source: Dukascopy Bank SA
U.S. shares climbed on Monday, as the Federal Reserve pledged to extend its stimulus measures to bolster the largest economy's growth offsetting concerns over spending cuts. The Standard's & Poor 500 advanced 0.5% to 1,525.20 after retreating 0.4% earlier. All but two sectors edged higher. Genworth Financial Inc. rallied 6.7% to $9.09, posting biggest gains in the gauge, and contributed to a 0.8% increase in financial shares. Marathon Petroleum Corporation surged 5.6% to close at $89.79 on news production of ultra-light oil from deposits of U.S. shale will provoke demand for refined-fuel tankers. The company aided at capping further losses in the oil and gas group. Furthermore, Pitney Bowes Inc. soared 4.1% to $13.56, adding to a 0.1% increase in technology shares. Meanwhile, Cliffs Natural Resources posted biggest drop in the index with a 6% slump to close at $23.78.
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Tue, 05 Mar 2013 09:47:03 GMT

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