U.S. shares gain on rising optimism about the debt-ceiling

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Source: Dukascopy Bank SA
U.S. blue chips advanced for a third week, as corporate earnings beat the estimates and rising hopes for Congress to agree on the debt-ceiling. However, the lawmakers still remained to different views on raising the debt-limit and reducing the government spending. The Dow Jones industrial Average advanced 1.2%, or 161.27 points, to 13,649.70. Both the Dow Jones and S&P indices closed at their highest in five years. All but two sectors edged higher with basic materials jumping the most by 1.25%. General Electric Co rallied 3.5% to $22.04 adding to the surge in industrials that posted second biggest gain in the gauge. Among best performers was also Caterpillar Inc. with a 2% increase also supporting the industrial shares. Furthermore, El Du Pont de Nemours increased 1.4% to $ 46.99, pushing the best performing industrials higher. Meanwhile, Intel Corporation tumbled 6.3%, triggering a 0.2% decline in technology shares, while American Express and Bank of America decreased 1.58% and 1.24% to pace losses in the financial shares that were 0.18% lower.
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Mon, 21 Jan 2013 14:09:03 GMT

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U.S. stocks extend their gains for the third week

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