Dow jumps at open, earnings seen meeting forecasts
NEW YORK, July 14 (Reuters) - Cautious optimism on corporate earnings, strength in global markets and more benign inflation data pushed the
Dow industrials up more than 50 points early Tuesday, traders said.
At 0953 EDT/1453 GMT, the Dow was up 57 points or 0.63 percent at 9153. The New York Stock Exchange set program trading curbs at 0944
EDT/1344 after the Dow jumped 50 points.
''The economy is steady, Japan is settling down...and earnings seem to be coming in in line with expectations,'' said Kenneth Ducey, director of trading
at BT Brokerage.
Ducey said hopes for a speedier economic recovery in Japan after Prime Minister Ryutaro Hashimoto resigned Monday were supporting technology
stocks and the broader market.
The Nasdaq composite, heavily weighted with technology issues, was off its early highs, up 1.5 points at 1967. The S&P500 index rose five points to
1170. Advancing issues led declining ones 7-4 on the Big Board.
''Earnings are not as robust as in previous years but companies are still earning money and that is positive,'' Ducey said.
Gotta love it! Declining earnings or earnings that meet reduced expectations are a plus!
I don't care if these dummies don't get it, but when is the market going to get it?!! |
