U.S Stocks Rise Amid Optimism Over Global Growth and Production Boost
U.S stocks surged during midday trading after oil prices retreated from a 29-month high, leading investors to be more confident in the global economic growth outlook. Bank of America's announcement that its mortgage business unit is recovering also boosted investor sentiment, as shares of the company rose by 4 percent. Additionally, Sprint Nextel Corp shares increased amid speculation of an acquisition, which also raised hopes for M&A activity.
Key Takeaways:
- U.S stocks rose during midday trading due to falling oil prices and improved investor sentiment.
- Bank of America's shares increased by 4 percent after announcing that its residential mortgage business is recovering.
- Sprint Nextel Corp shares rose amid speculation of an acquisition, boosting hopes for M&A activity.
- Broadsoft Inc shares led gains in the Russell 2000 index after announcing earnings that topped estimates, with a 35 percent increase.
- PulteGroup Inc shares rose by 7.65% after announcing that it signed up 2674 homes for sale in the first two months of this year, indicating stabilizing and improving demand.
- MacDonald's Company shares fell by 1.17% despite a 2.7% increase in sales last month.
- Casey's General Stores Inc shares fell nearly 9 percent after announcing disappointing third-quarter adjusted earnings.
Statistics:
- U.S stocks rose 1.21% to reach 12235.76 points.
- S&P 500 rose 1% to reach 1323.29 points.
- NASDAQ Composite rose 1.02% to reach 2773.61 points.
- Oil prices declined to $104.64 per barrel.
- Gold prices eased to $1428.19 per ounce.
- U.S Dollar index rose to 76.76, compared with the opening level at 76.42.
Sources:
- ecPulse.com
- Syndigate.info
- Albawaba.com