U.S. shares keep rallying on optimism about fourh-quarter corporate profits

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Source: Dukascopy Bank SA
U.S. stocks extended their gains for a second consecutive week on rising optimism  about better-than-expected Chinese exports and corporate profits of the fourth quarter. The S&P 500 index rallied to 1,472.12, its highest in five years. However, only five out of ten groups in the gauge edged higher. Best Buy Co. added 16.4% to $3.52, the biggest gain in the benchmark index, pacing gains in the consumer services sector that was 0.34% up. The company surged on stabilizing sales in the U.S. after dropping in the previous quarters. Cognizant Tech Solutions, in turn, climbed 4.6% after Goldman Sachs upgraded the company to neutral from sell and increased the price target to $72.00 from $60.00. Furthermore, Monster Beverage Corporation rose 4.4%, as Zacks upgraded its stock rating from underperform to neutral. Alongside to that, Perigo Co. lost 5.8% after Goldman Sachs suggested to investors to sell the stock on Friday, adding to losses in the health care group that was 0.2% down. Peabody Energy Corporation erased 5.4%, capping further increase in the oil and gas sector.

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Mon, 14 Jan 2013 12:33:03 GMT

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