US stocks rise amidst a drop in Jobless claims, good quarterly earnings



    A drop in unemployment claims coupled with the carry over optimism from the IMF announcement – the international bank said it will come to the aid of troubled Eurozone countries – firmed up American markets today. Jobless claims have fallen to their lowest level in four years.

    Market sentiment also got a boost from better than expected results from banking majors. While Goldmans’ results were below its last year earnings, it was ahead of market expectations, and BofA posted results that showed it was back to profitability.

    The Dow Jones Industrial Average rose to 12,599.27 points, gaining 0.16%, while the S&P 500 Index was trading at 1,314.47 points after rising 0.49%. The NASDAQ Composite Index was the most to gain rising 0.78% to 2,791.43 points.

    European had a good day today, with the EURO STOXX 50  rising to 2,435.04 points with a gain of 1.86% and the FTSE 100 Index trading at 5,741.15 points with a gain of 0.68%. The German Stock Index DAX was trading at 6,416.26 reflecting a rise of 0.97%.

    Asian indices are closed in the positive territory, taking a cue from western markets. The Japanese Nikkei 225 closed at 8,639.68 points after rising by 1.04% while the Hong Kong Hang Seng Index closed at 19,942.95 points with a gain of  1.30%. The Shanghai Shenzhen CSI 300 Index closed at 2,468.35 points with a gain of 1.91%.

    Except for utilities sectoral indices were all in the positive territory, with the banking sector leading the charge, with a 2% gain. BofA  was up nearly 5% while Morgan Stanley was up 5.5% after it reported less than expected losses. Industrial sector was up by 1%, while the technology sector was up by 0.92%. eBay rose nearly 4.2% after it reported sales and earnings ahead of street expectations.

    Oil was nearly flat, while Gold was trading at a loss of 0.39%.