U.S. stocks rallied overnight with the Dow Jones reaching the 10,000 level for the first time in year after better than expected earnings results from Intel and JPMorgan Chase and a smaller than expected drop in retail sales for September.
The Dow Jones industrial average gained 145 points to 10,016. The S&P500 Index added 19 points to 1,092 and the NASDAQ finished 32 points higher at 2,172.
In economic news: According to the Commerce Department retail sales fell 1.5% in September. Economists were expecting a 2.1% fall.
The Government also reported that import prices rose 0.1% in September after a 1.6% rise in August. Export prices dropped 0.3% in September.
In company news: Shares in JPMorgan Chase & Company (NYSE:JPM) rose 3.29 per cent to $47.16. The company posted earnings of $3.6 billion for the third quarter that topped analysts’ expectations. According to CNN Money strength in the company’s investment banking business countered losses from rising loan.
Shares in chipmaker Intel Corp (NASDAQ:INTC) advanced 1.66 per cent to $20.83. Intel reported better than expected results for the third quarter that helped to boost confidence in a recovery in the tech sector before the important Christmas period.
Shares in maker of health care products Abbott Laboratories Inc (NYSE:ABT) climbed 3.12 per cent to $51.20. Reporting stronger than expected third quarter earnings, the company says strong demand for its nutritional products and arthritis product called Humira, helped to boost its result.
Shares in insurance company Conseco Inc (NYSE:CNO) surged 29.46 per cent higher to $6.46. According to Reuters Paulson & Co has agreed to invest $77.9 million in the company as part of Conseco’s capital raising plans.
Checking the NASDAQ Top 100: The best performer was Akamai Technologies adding 5.72% to $22. Joy Global and O’Reilly Auto were the next best performers. Linear Technology was the worst performer, falling 2.18% to $27.87. Followed by Dish Network and Citrix Systems.
