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US Stocks Rise as Investors Cautiously Become Optimistic

Strategic Insights

— 2 min read

US stocks rose on Friday, September 16, 2011, on pace for gains every day this week, as investors became cautiously optimistic that Europe's debt crisis wouldn't spiral out of control. The Dow Jones Industrial Average (DJIA) gained 45 points, or 0.4%, to 11,478, in Friday afternoon trading. The DJIA had advanced as much as 99 points earlier but erased some gains after news that a euro-zone stability package could be delayed. Procter & Gamble (PG) and Intel (INTC) led blue chips higher, each rising more than 2%. However, financials kept gains in check amid concern about Europe's debt crisis, with Bank of America (BAC) and J.P. Morgan Chase (JPM) weighing on the downside, dropping 2.6% and 1.4%, respectively.

Key Takeaways:

  • The Dow Jones Industrial Average rose 45 points, or 0.4%, to 11,478, on pace for gains every day this week.
  • The DJIA had advanced as much as 99 points earlier but erased some gains after news that a euro-zone stability package could be delayed.
  • Procter & Gamble (PG) and Intel (INTC) led blue chips higher, each rising more than 2%.
  • Financials kept gains in check amid concern about Europe's debt crisis, with Bank of America (BAC) and J.P. Morgan Chase (JPM) weighing on the downside, dropping 2.6% and 1.4%, respectively.
  • The Standard & Poor's 500-stock index rose 3 points, or 0.3%, to 1,212, with utility and technology stocks among the biggest advancers on Friday.
  • The technology-oriented Nasdaq Composite gained 7 points, or 0.3%, to 2,614.
  • Global markets soared on the coordinated efforts of five major central banks to bolster the European banking system, calming fears about the region's debt crisis.
  • Corporate news included Research In Motion (RIMM, RIM.T) tumbling 20% after reporting shortfalls in quarterly earnings and revenue, while Texas Instruments (TXN) edged up 0.3% after raising its quarterly cash dividend.

Statistics:

  • Dow Jones Industrial Average (DJIA): 11,478 (9,378 on September 9, 2011)
  • DJIA gain for the week: 4.1%
  • Standard & Poor's 500-stock index: 1,212 (1,116 on September 9, 2011)
  • Nasdaq Composite: 2,614 (2,440 on September 9, 2011)
  • Bank of America (BAC): 2.6% decline
  • J.P. Morgan Chase (JPM): 1.4% decline
  • Procter & Gamble (PG): 2.3% gain
  • Intel (INTC): 2.5% gain

Sources:

  • Dow Jones Commodities News Select via Comtex
  • Dow Jones Newswires (Copyright (c) 2011 Dow Jones & Company, Inc.)
  • Reuters

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