US equities jumped on signs of economic recovery

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Source: Dukascopy Bank SA
US stocks rallied on Thursday amid positive US data releases. US private employment rose more than expected last month while PMI rose to five-month high in October. Market sentiment was further boosted by encouraging consumer confidence reading. US CB consumer confidence reached the highest level since February 2008 last month. The S&P 500 Index soared 1.09% to close at 1,427.59. All but one sector within the index moved higher. The top-performers were basic materials and industrials. Allegheny Technologies and Bemis rose 5.81% and 1.27% while Caterpillar and Cummins jumped 3.35% and 5.52%. Meanwhile, Starbucks added 1.57% after revising up its earnings forecast for 2013. Priceline.Com rose 2.15% after posting a 27% increase in revenue in Q3. At the same time, Tripadvisor lost 2.91% despite reporting a 9.3% jump in Q3 earnings. Netflix dropped 1.96% after rallying 14% on Wednesday on news that Carl Icahn purchased a 10% stake in Netflix.

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Fri, 02 Nov 2012 10:18:26 GMT

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