The Dow Jones Industrial Average was rejuvenated today as investors pounced on State Street Corporation’s (NYSE:STT) announcement that their earnings for Quarter 2 were right on track with analysts’ expectations and their earnings per share had exceeded the expectations of analysts. State Street, an investment management and research firm, is in the financial sector. Improved earnings in the financial sector are a good sign and help indicate to investors that the economy may be rebounding.
State Street made the announcement early, which naturally made investors even more excited since the news was unexpected. As a result of this rush of excitement, the Dow was up 274.28 points and closed at 10,017.90. The Nasdaq was up 65.59 points to close at 2,159.47 and the S&P 500 was up 32.20 to close at 1,060.26.
European markets were up on Wednesday while Asian markets were mixed, the Shanghai Composite the only Asian market closing the day out with a gain.
Of course, even on an up day there are always some losers. Today that loser was Family Dollar Stores Inc. (NYSE:FDO) who’s stock fell over 3% after they announced that their second quarter profit was below what was expected by analysts.
Disclosure: No positions