Stocks end higher Friday on Europe hopes and strong earnings

Diane Alter – AHN News Reporter

NYC, NY, United States (AHN) – The Dow Jones Industrial Average soared 2.3 percent, or 267.01 points on Friday ahead of a key euro zone summit over the weekend that investors hope will lead to a resolve to the euro zone sovereign debt crisis and was also buoyed by strong corporate earnings.

The Standard & Poor’s 500 Index rose 22.86 and the tech heavy NASDAQ, beaten down earlier in the week by disappointing earnings from Apple Inc, climbed 38.84 points.

Helping the Dow turn in impressive gains and end the week on a positive note was fast-food giant McDonalds, which rose 2.5 percent after reporting earnings that increased by 9 percent and handily beat analysts estimates.

General Electric turned in numbers that showed net income increased by 18 percent and Microsoft reported a 6 percent increase in revenue. Both companies beat Wall Street estimates.

Markets here and abroad are both cautious and hopeful that Europe will come up with a comprehensive plan to deal with its stifling debt crisis, although it may come a few days later than expected.

Gold was better by $4 and oil finished slightly higher finishing the day at $87.60.

Markets on Monday will hinge on news out of Europe over the weekend.

Article © AHN – All Rights Reserved

View full post on All Stories

Responses are currently closed, but you can trackback from your own site.

Comments are closed.