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by ForexNewsNow Team on July 13, 2010

U.S. stocks reap sharp gains as earnings hopes sweep markets

NEW YORK (Forex News Now) – U.S. stock markets reaped sharp gains on Tuesday, as better-than-expected earnings results offset weak data on the U.S. trade deficit and consumer confidence.

The Dow Jones Industrial Average climbed 146.75 points, or 1.44 percent, to 10,363; the Nasdaq Composite climbed 43.67 points, or 1.99 percent, to 2,242; and the Standard & Poor’s 500 advanced 16.59 points, or 1.54 percent, to 1,095.

Aluminium giant Alcoa Inc. rose 1.2 percent after reporting sales and profits above market expectations, boosting hopes that other second-quarter results will show an improving business environment.

Earlier Tuesday, official data showed that the U.S. trade deficit widened unexpectedly in May to its highest since November 2008.

The report, published by the Commerce Department, was followed by more bad news: The IBD/TIPP Economic Optimism Index showed that U.S. consumer gloom in July reached its highest level since the recession was near the bottom.


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