Global Newsbrokers Stockmarket Service
Wall Street close at 21:31:02
US STOCKS CLOSE HIGHER
Wednesday, January 12
The Dow Jones closed 61.56 higher at
10,617.78.
US stocks ended higher today after a
turbulent session. There will be some
satisfaction that after recent
weakness the market found the
resilience to recover its earlier
losses, but the mood is hardly
confident at the moment. The NASDAQ
was up 12 points.
The key drag on sentiment was today's
poor November trade data and the
dollar's slide. The figures may trim
Q4 GDP, but they also point to
potentially inflationary domestic
demand, which carries implications for
interest rates.
Meanwhile, the dollar's tumble raised
worries over international demand for
US assets.
Offsetting all this, however, was
Intel's sustained rise after last
night's results. The group beat
expectations with a 9.8 per cent rise
in Q4 revenues to $9.6bn, while EPS
held steady at 33c.
Also, Intel's plans to raise capital
expenditure by up to 40 per cent this
year supported other chip equipment
stocks like Applied Materials.
Apple remained higher ahead of its
fiscal Q1 figures after the close,
with the results expected to be
boosted by iPod sales.
Ciena also firmed as it benefited from
a broker ratings upgrading.
But UPS remained sharply lower after
warning that Q4 profits will be hit by
higher operating costs and fewer US
deliveries.
Verizon Communications also fell as it
was hit by a broker ratings
downgrading on competition concerns.
Elsewhere, Proctor & Gamble eased on
a broker downgrading, while Gillette
was lifted by an upgrading.
Main index