4:21 PM, Jul 22, 2010 --
- NYSE up 170 (+2.5%) to 6,901.91
- DJIA up 201 (+2%) to 10,322
- S&P 500 up 24 (+2.3%) to 1,094
- Nasdaq up 58.5 (+2.7%) to 2,246
- Hang Seng up 0.5%
- Nikkei down 0.6%
- FTSE up 1.9%
(+) NOK beats with results.
(+) CAT beats with earnings and raises outlook.
(+) MMM beats and raises outlook.
(+) BIDU continues evening gain that followed better-than-expected earnings.
(+) CYTR gains on leukemia study.
(+) UPS beats with earnings, raises guidance.
(+) BMY beats with Q2, backs FY guidance.
(-) MLNX tumbles after results.
(-) NFLX misses revenue target; downgraded
(-) SWI misses with sales, warns with sales.
Stocks end sharply higher, just a touch off the best levels of the day. Wall Street was cheered by improved European economic data and a broad range of companies that beat with results and raised their forecasts. Oil hit a three-week high, with September futures up 3.6% at $79.30 a barrel.
A trio of reports painted a brighter picture for the European recovery. Industrial orders in the euro zone rose a better-than-expected 3.8% in May, the Markit euro-zone composite purchasing managers index unexpectedly rose to 56.7 in July and U.K. retail sales were also better than forecast.
A day earlier, stocks fell when Federal Reserve Chairman Ben Bernanke told lawmakers the U.S. economic outlook was "unusually uncertain," but indicated that no additional moves to goose the recovery were imminent.
The news was good enough to limit the impact of a reported rise in weekly jobless claims.
The number of people applying for initial state unemployment insurance benefits rose 37,000 to 464,000 in the week ended July 17, the Labor Department reported Thursday. Economists surveyed by MarketWatch had expected an initial claims level of 450,000.
The four-week average of initial claims - a better gauge of employment trends than the volatile weekly number - rose 1,250 to 456,000. Continuing claims in the week ended July 10 fell 223,000 to 4.49 million.