U.S. stocks soar on earnings hopes; Dow closes above 10,000

ForexNewsNow | Published on July 7, 2010 at 1:34 pm

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NEW YORK (Forex News Now) – U.S. stocks soared on Wednesday after a major bank issued an upbeat earnings forecast, encouraging investors ahead of the upcoming earnings season.

The Dow Jones Industrial Average rose 274.7 points, or 2.82 percent, to 10,018 in its largest one-day point gain since May 27; and the Nasdaq Composite climbed 65.6 points, or 3.13 percent, to 2,159.

Earlier Wednesday, State Street Corp. projected second-quarter profits far above market expectations, citing improving revenue trends, in key stock news.

The money manager jumped 9.9 percent, and the Standard & Poor’s 500-stock index, on which it is traded, gained 32.2 points, or 3.13 percent, to 1,060.

Oil prices, meanwhile, climbed above USD 74 a barrel, as crude followed U.S. stocks higher.


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