U.S. stocks closed higher on Tuesday on optimism that the global economy is recovering with a weaker dollar lifting commodities and dollar sensitive stocks.
The Dow Jones industrial average rose 132 points to 9,731. The S&P500 Index added 14 points to 1,055 and the NASDAQ rose 35 points to 2,104.
In company news: Shares in aircraft designer and manufacturer The Boeing Company (NYSE:BA) gained 0.02 per cent to $52.29. Reporting its third quarter deliveries data, Boeing says it will incur a $1 billion charge due to tough market conditions and higher costs of building its 747 and 748 planes.
Shares in operator of carbonated soft drinks and other ready-to-drink beverages The Pepsi Bottling Group Inc (NYSE:PBG) rose 0.08 per cent to $37.34. A wholly owned subsidiary of PepsiCo, the company posted earnings for the third quarter that only just topped expectations and reaffirmed its full year profit forecast to come in at the high end of its previous guidance.
Shares in manufacturer and distributor of cardiovascular medical devices St Jude Medical Inc (NYSE:STJ) dropped 12.66 per cent to $33.40. The company has warned that it does not expect to meet its profit target for the quarter, due to slower sales and pressure from the economy and health reform.
And shares in designer, manufacturer and marketer of wireless solutions for the worldwide mobile communications market Research in Motion Ltd (NASDAQ:RIMM) advanced 1.54 per cent to $66.43. According to Reuters Sanford C. Bernstein has started coverage on the company rating the stock as ‘underperform’ due to rising competition in the industry.
Checking the NASDAQ Top 100: The best performer was Baidu, it rose 5 per cent to $401. Expedia and Ebay were the next best performers.
The biggest drag was Expeditors; it lost 2.77 per cent to $32.94. Steel Dynamics and Intuitive Surgical also closed lower.
