Dow advances offsetting concerns about the Eurozone debt crisis

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Source: Dukascopy Bank SA
U.S. shares advanced as companies reported profits that topped the estimates overshadowing the concern on Eurozone's debt crisis. The Dow Jones Industrial Average rose as much as 7.22 points, or 0.1%, to 13,986.52. Six out of nine groups in the index advanced with the shares of consumer goods sector soaring the most. Among best performers was 3M Co. that rallied 1.2% to $102.69, as the company authorized a $7.5 million buyback program and raised its quarterly dividend 7.6% up. Johnson & Johnson followed with a 1% rise capping further losses in the health care group that was 0.1% down, while Wal-Mart Stores added as much as 0.8% to $71.31 and supported the best performing consumer services sector. Alongside to that, Intel Corporation paired the biggest decline among all blue chip companies to drag down the technology shares that erased 0.7% on news the $13.65 per stock that the company's CEO and Silver Lake Management offered was 73% less than it was in 1999. International Business Machines slumped 0.9% and also led losses in the worst performing technology sector.

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