Wall St closed higher overnight, recovering from losses early in the session, investors scooping up oil and commodity shares following a jump in the price of crude oil.
The Dow Jones industrial average rose 61 points to 9,279. The S&P500 Index gained 7 points to 996 and the NASDAQ advanced 13 points to 1,969.
In company news: Shares in provider of products, technologies, software and solutions Hewlett - Packard Company (NYSE:HPQ) fell 0.3 per cent to $43.83. The company posted better than expected sales and earnings for the third quarter. According to CNN Money CEO Mark Hurd says business is stabilising but that it is too soon to say whether the economy has turned a corner. The company raised its current quarter forecast and reconfirmed its revenue guidance for the full year.
Shares in agricultural equipment maker Deere & Company (NYSE:DE) lost 2.91 per cent to $43.78. The company reported earnings that topped estimates for the third quarter, but warned that it is likely the company will only just break even in the fourth quarter.
Aluminium producer Alcoa Inc (NYSE:AA) shares dropped 3.41 per cent to $12.48. Goldman Sachs downgraded the company to ‘neutral’ from ‘buy’ saying that it expects a slump in demand for aluminium.
And shares in clothing maker Perry Ellis International Inc (NASDAQ:PERY) gained 17.15 per cent to $10.45. The clothing company posted a smaller than expected loss for the second quarter after cost cutting initiatives took effect. The company forecast earnings for the full year that are higher than Wall St estimates.
Checking the NASDAQ Top 100: The best performing stock on the Nasdaq overnight was Vertex Pharmaceuticals which rose 4.43 per cent to $36.09. While Hologic and DirecTV also closed stronger. The worst performing stock was Electronic Arts which fell 2.1 per cent to $19.09. While Juniper Networks and Steel Dynamics also closed lower.
