US stocks rose, recouping yesterday’s drop, as better-than-estimated earnings at companies from Marriott International Inc to ConocoPhillips and EBay Inc overshadowed falling home sales and higher jobless claims.
Marriott, the biggest US hotel chain, surged 12 per cent and helped drive Host Hotels & Resorts Inc, the largest lodging real-estate investment trust, to a 17 per cent advance. EBay rallied 12 per cent, while Apple Inc and ConocoPhillips climbed more than 3 per cent, after earnings topped analyst projections.
NYSE Euronext jumped 14 per cent on takeover speculation.“Even companies that are just meeting expectations are holding up pretty well because many investors were really expecting the very worst,” said Jeffrey Coons, co-director of research at Manning & Napier Advisors Inc, which manages US$16 billion in Fairport, New York.
“We’re still going to have tough economic and earnings reports. But the amount of pessimism that was embedded in prices gives you a lot of room.”The Standard & Poor’s 500 Index increased 1 per cent to 851.92. The Dow Jones Industrial Average added 70.49 points, or 0.9 per cent, to 7,957.06. About 10 stocks gained for every nine that fell on the New York Stock Exchange.
About Me
- Nuang
- Ibrahim bin Ramli@Nuang started his career with CIMB Wealth Advisors Berhad as Agency Manager in April, 2008.Previously he was an Internal Auditors and Accounts Executive with Perodua Sales Sdn Bhd since 17 August, 1994. His background:- 1.Certified of Achievement for Master Sales Leadership from Dr Lawrence Walter Ng of President of The Art Of Learning and International Of Learning Without Learning 2.Certified for eXtra Ordinary Performance of Lawrence Walter Award Certificate for One Million Ringgit Club 2007 3. Certified Life & General insurances 4. Conferred with Diploma in Business Studiess & Bachelor of Business Admin(Hons)Finance from UiTM, Terengganu Branch & Shah Alam respectively;
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