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Share Price: 503.70
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CORRECTED-US STOCKS-Wall St climbs on results; Dow above 14,000

Tue, 05th Feb 2013 20:32

(Corrects year of S&P 500 all-time intraday high to 2007 from2011. The error occurred in earlier updates. In final paragraphremoves word "market")

* Bounce follows Monday sell-off

* Dell to go private in $24.4 bln deal, shares up

* Archer Daniels, Estee Lauder both up after results

* Indexes: Dow up 0.9 pct, S&P up 1.1 pct, Nasdaq up 1.3 pct

By Caroline Valetkevitch

NEW YORK, Feb 5 (Reuters) - U.S. stocks climbed on Tuesday,pushing the Dow above 14,000 a day after the market's biggestsell-off since November, as stronger-than-expected earningsbrightened the profit picture.

All 10 S&P sectors were higher, and the S&P 500 and Nasdaqgained more than 1 percent.

Dell Inc's stock rose after the world's No. 3computer maker agreed to be taken private in a $24.4 billiondeal, the largest leveraged buyout since the 2008-2009 financialcrisis. The stock gained 1.3 percent to $13.44 after a delayedopen.

The market's bounce follows a sell-off on Monday that gavethe S&P 500 its biggest percentage decline since mid-November.Still, the benchmark is up about 5 percent since the start ofthe year and is less than 5 percent away from its all-timeintraday high of 1,576.09 in October 2007.

Analysts said fourth-quarter results have been among thepositives for the market. On Tuesday, Archer Daniels Midland reported revenue and adjusted fourth-quarter earningsthat beat expectations, boosted by strong global demand foroilseeds. Shares rose 3.4 percent to $29.40.

"This quarter was one that had relatively low expectationscoming into it, but the beats on the earnings and on the revenueside have been pretty good, particularly on the revenue side,"said Mark Luschini, chief investment strategist at JanneyMontgomery Scott in Philadelphia.

"And in the aggregate so far, the earnings growth is justunder 5 percent, and that's relieved those who thought maybe theearnings picture was deteriorating to the point where we wouldsee surprisingly poor earnings."

The Dow Jones industrial average was up 121.49points, or 0.88 percent, at 14,001.57. The Standard & Poor's 500Index was up 16.95 points, or 1.13 percent, at 1,512.66.The Nasdaq Composite Index was up 40.79 points, or 1.30percent, at 3,171.96.

Also in earnings, Estée Lauder Cos Inc reported ahigher quarterly profit and raised its full-year profitforecast. The stock rose 5.7 percent to $64.52.

With results in for more than half of the S&P 500 companies,69 percent have beaten profit expectations, compared with the 62percent average since 1994 and the 65 percent average over thepast four quarters.

Fourth-quarter earnings for S&P 500 companies are expectedto rise 4.5 percent, according to the data, above the 1.9percent forecast at the start of earnings season.

On the down side, McGraw-Hill shares slumped 7.5percent to $46.51 after the Justice Department filed a civillawsuit against it seeking $5 billion over mortgage bondratings. Standard & Poor's, a McGraw Hill unit, was accused ofinflated ratings and understated risks out of a desire to gainmore business from investment banks.

On Monday, the stock suffered its worst one-day declinesince the 1987 market crash.

(Additional reporting By Angela Moon; Editing by Kenneth Barry)

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*

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*

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30 Apr 2024 14:38

UK earnings, trading statements calendar - next 7 days

Wednesday 1 May 
Anexo Group PLCFull Year Results
Cambridge Cognition Holdings PLCFull Year Results
Computacenter PLCTrading Statement
Georgia Capital PLCQ1 Results
GSK PLCQ1 Results
Haleon PLCTrading Statement
HSS Hire Group PLCFull Year Results
Intelligent Ultrasound Group PLCFull Year Results
Maintel Holdings PLCFull Year Results
Next PLCTrading Statement
Smith & Nephew PLCTrading Statement
Thursday 2 May 
Endeavour Mining PLCQ1 Results
First Tin PLCTrading Statement
Hiscox LtdTrading Statement
International Personal Finance PLCTrading Statement
Kerry Group PLCTrading Statement
Lancashire Holdings LtdTrading Statement
Melrose Industries PLCTrading Statement
NAHL Group PLCFull Year Results
Reach PLCTrading Statement
Shell PLCQ1 Results
Smiths News PLCHalf Year Results
Smurfit Kappa Group PLCTrading Statement
Spectris PLCTrading Statement
Standard Chartered PLCQ1 Results
TI Fluid Systems PLCQ1 Results
Friday 3 May 
InterContinental Hotels Group PLCTrading Statement
Mondi PLCTrading Statement
Trainline PLCFull Year Results
Monday 6 May 
no events scheduled 
Tuesday 7 May 
Arecor Therapeutics PLCFull Year Results
BP PLCQ1 Results
Ebiquity PLCFull Year Results
IWG PLCTrading Statement
Kosmos Energy LtdQ1 Results
MaxCyte IncQ1 Results
Trident Royalties PLCTrading Statement
Vaalco Energy IncQ1 Results
  
Comments and questions to newsroom@alliancenews.com
  
A full 21-day events calendar is provided each day with a subscription to Alliance News UK Professional.
  
Copyright 2024 Alliance News Ltd. All Rights Reserved.

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