US stocks rallied on encouraging industrial production figures

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Source: Dukascopy Bank SA
© Scanpix/Reuters
US stocks rallied on Tuesday after the Labor Department announced that CPI rose only by 0.1% in September, indicating that consumers have more money to spend. Moreover, slower CPI growth leaves a room for further easing from the Fed. Adding to the positive mood of the US equities, US industrial production climbed 0.4% last month, beating expectations of a 0.2% increase. The S&P 500 Index jumped 1.03% to close at 1,454.92. Nine out of ten sectors within the index advanced. The top-gainers were producers of basic materials and technology firms.  Cliffs Natural Resources, Freeport-McMoRan Copper & Gold and Monsanto rose 7.12%, 2.93% and 1.46%, respectively. Among technology companies, Apple climbed 2.37% after the firm sent invitations for an event where it is likely to present a smaller iPad. Lenders also moved higher, with Citigroup adding 1.61% on news that its CEO Vikram Pandit is stepping down. On the downside were telecommunication companies, with Metropcs Communications retreating 2.74%.

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Wed, 17 Oct 2012 15:31:24 GMT

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Wed, 17 Oct 2012 14:58:23 GMT

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