Dow Closes Above 9,000 for First Time Since January
Source: New York Times
Markets on Wall Street and in Europe moved higher on Thursday, with the Dow pushing past 9,000 for the first time since early January.
Thursday’s push was fueled by some better-than-expected earnings reports, including one from the Ford Motor Company, and the latest government report on housing, which said that the sale of existing home rose 3.6 percent in June, the third consecutive monthly increase.
Ford, meanwhile, surprised Wall Street somewhat by reporting a $2.3 billion profit in the second quarter, mostly because of cash gains from debt restructuring. Excluding the one-time items, Ford would have lost $638 million, or 21 cents a share, still a significant improvement from the $1.4 billion that it lost on continuing operations a year ago and less than half the loss analysts were expecting.
That along with better earnings from other companies, including the drug maker Wyeth and the telecommunications provider AT&T helped push markets on Wall Street up by more than 2 percent.
“The earnings from the companies is not necessarily driven by top-line growth so you might ask what’s all the excitement about?” said David Kovacs, a chief investment officer at Turner Investment Partners. “The excitement is where we might be 12 months from now. Investors are getting a sense that with certain economic data such as housing and employment that Fed actions are indeed working.”
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Markets on Wall Street and in Europe moved higher on Thursday, with the Dow pushing past 9,000 for the first time since early January.
Thursday’s push was fueled by some better-than-expected earnings reports, including one from the Ford Motor Company, and the latest government report on housing, which said that the sale of existing home rose 3.6 percent in June, the third consecutive monthly increase.
Ford, meanwhile, surprised Wall Street somewhat by reporting a $2.3 billion profit in the second quarter, mostly because of cash gains from debt restructuring. Excluding the one-time items, Ford would have lost $638 million, or 21 cents a share, still a significant improvement from the $1.4 billion that it lost on continuing operations a year ago and less than half the loss analysts were expecting.
That along with better earnings from other companies, including the drug maker Wyeth and the telecommunications provider AT&T helped push markets on Wall Street up by more than 2 percent.
“The earnings from the companies is not necessarily driven by top-line growth so you might ask what’s all the excitement about?” said David Kovacs, a chief investment officer at Turner Investment Partners. “The excitement is where we might be 12 months from now. Investors are getting a sense that with certain economic data such as housing and employment that Fed actions are indeed working.”
Click here to view the complete article
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