January 11, 2011 by staff
Sears Holdings and Tiffany & Co. raised their earnings forecasts. Sears said he could earn twice as much asanlysts had predicted this year. Tiffany reported strong holiday sales would push earnings higher.
Hewlett-Packard Co. was among the leaders in the Dow Jones industrial average after UBSanlysts raised their earnings estimates for the computer manufacturer.
The Dow rose 34.43 points, or 0.3%, to close at 11,671.88. The Standard & Poor’s 500 gained 4.73 points, or 0.4%, to 1274.48. The Nasdaq was up nine points, or 0.3%, to 2716.83.
T Verizon Communications and AT & were the losers in the Dow Jones. Verizon said it would begin selling a version of Apple’s iPhone on February 10, the break to hold & T on the popular phone. AT & T $ had been the exclusive carrier for the phone launched in 2007. Verizon fell 1.6% to 35.36 dollars. AT & T $ fell 1.5% to 27.91 dollars.
Gains were spread across the market. Energy companies rose 1.6% to lead the S & P 500 index. Three of the 10 industry groups in the index fell, led by telecommunications companies. They fell 1.5%.
European stock markets surged after Japan said it bought bonds issued to finance bailout fund being of Europe. This would achieve in bond yields and ease pressures on the debt of countries like Ireland and Portugal. The Euro Stoxx 50 index, which tracks blue chip companies in countries using the euro rose 1.1%.
Supervalu fell 11% to 7.59 dollars after the supermarket chain has lost money in its latest quarter. Homebuilder Lennar rose 7% to 20.24 dollars after its results toppedanlysts’ forecasts.
Bond prices fell, sending yields higher. The yield on the note of 10-year Treasury rose to 3.34% from 3.29% late Monday. The yield is used to set interest rates on many types of loans, including mortgages.
About three stocks rose for all those who fell on the New York Stock Exchange. Volume was 955 million shares.
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