US blue chips rose on positive housing market data

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Source: Dukascopy Bank SA
© Scanpix/AFP
US blue chips inched up on Wednesday on positive reports from the US housing market. Moreover, better than expected Q3 results of Dow companies also sent the US stock index higher. However, increased cautiousness ahead of China's GDP data and EU summit due on Thursday capped the upswing of the US blue chips. The Dow Jones Industrial Average Index added 0.04% to close at 13,557.00. All but one sector included in the index moved higher. The top-performers were telecommunications and financials. AT&T and Verizon Communications climbed 0.90% and 1.45%. Lenders added to previous gains, with Travelers Cos and American Express both advancing by 1.26%. At the same time, technology companies weighted down on the Dow Jones index. IBM was the top-loser, slumping 4.91% on reports that the company missed sales forecast in Q3. Intel retreated 2.51% after warning that sales of personal computers are expected to stay sluggish during holiday season.

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Thu, 18 Oct 2012 16:05:39 GMT

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