US markets gain on Goldman, Intel
15 Jul 2009
US markets closed slightly higher on a positive note that was offset somewhat by a decline in banking stocks on Tuesday. The Dow gained 27.81 points or 0.3 per cent to 8,359.49 and the S&P 500 index added 4.79 points or 0.5 per cent to 905.84. The Nasdaq Composite Index rose 6.52 points or 0.4 per cent to 1,799.73.
In economic data, the producer price index and the core PPI for June increased above expectations.
The June producer price index rose 1.8 per cent as core PPI increased 0.5 per cent - the biggest increase since late 2008. Advance retail sales improved more than expected but largely on rise in energy and auto sales.
Goldman Sachs trumped analyst forecasts with a 33 per cent rise in quarterly earnings as Wall Street's largest surviving investment bank posted revenues of $3.44 billion as against estimated $10.6 billion on a reported EPS of $4.93.
Meanwhile, Intel reported second quarter profits, excluding one-time items of 18 cents a share beating analyst estimates by a handsome margin. The company's revenue reached $8 billion as against $9.47 billion last year. The Intel stock surged nearly 7 per cent in extended trading after announcement of results.
In base metals, copper prices scaled their highest level in more than a week on speculation of an improving Chinese economy boosting prospects for metal demand. Aluminium also rose 3 per cent to $1,600 a tonne.
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