Dow rallies on rebounding U.S. economy

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© scanpix/reuters
U.S. blue chips advanced on Wednesday on rising optimism about resolving the fiscal cliff. In addition, latest economic data point on moderate growth in the U.S. economy, yet, the market is highly dependent on the outcome of budget talks. Shares increased also because Republicans responded to bipartisan call to overcome disagreements between the President and House Speaker John Boehner over raising taxes for the wealthiest Americans. The Dow Jones Industrial Average surged 0.6%, or 82.71 points, to 13,034.49. Only two sectors out of ten within the index slightly decreased, while the others rallied with Financials taking the leader position with a 3% gain, followed by Oil and Gas with almost 1% increase. Stocks of Bank of America rose the most by 5.55%, while Travelers Cos and Caterpillar gained 4.92% and 2.25%, respectively. The top performer Bank of America rallied to $10.46, whereas Travelers Cos inched higher to $74. The latter company plans to resume paybacks, as Hurricane Sandy will cause costs to it of around $650 million after tax and reinsurance. Meanwhile, Intel Corp showed small decline of 0.75% and Wal-Mart Stores dropped 0.65%.


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