Dow gains on improving U.S. economy

Source: Dukascopy Bank SA
© scanpix/AFP
U.S. equities moved up on improving prospects for the budget deal for 2013 to halt the so-called "fiscal cliff". Optimism was raised on improving data for the nation's economy, as fewer Americans filed applications for jobless benefits. The unemployment claims declined by 25,000 to 370,000 at the end of the last week. The Dow Jones Industrial Average increased 0.3%, or 39.55 points, to 13,074.04. All but two sectors edged higher, as Financials tumbled 0.48% and Health care did not post any changes. Among sectors advancing the most were Oil and gas, Technology and Consumer goods by rallying 0.80%, 0.63% and 0.57%. Intel Corporation gained the most by surging 1.36% on speculation the chipmaker might manufacture mobile chips for Apple. Intel also announced the company's outgoing chief executive, Paul Otellini, is likely to be replaced by an internal hire. Two other top performers were Cisco systems and McDonald's Corporation by adding up 1.25% and 1.29%, respectively.  The only sector falling was Financials with a 0.5% decline. The worst performing company was Travelers Cos by tumbling 1.15%, Walt Disney and AT&T by losing 1.07% and 0.77%, respectively.


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Fri, 07 Dec 2012 13:05:40 GMT

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