Nissan to lay off thousands of workers as sales drop    Trump picks Susan Wiles as White House chief of staff    Three charged in connection with Liam Payne's death    Israel passes law to deport relatives of attackers, including citizens    Monkey mayhem in South Carolina after 43 primates escape research facility    Russian anti-war teenager faces five years in jail after failed appeal    Uproar in Ghana after president unveils his own statue    BD and INS partner to elevate standards of infusion care in MENAT    Qassim emir launches 52 health projects costing a total of SR456 million    Dubai Design Week launches its 10th edition, celebrating creativity and innovation    Fakeeh Care Group reports 9M-2024 net profit of SR195.3 million, up 49% y-o-y driven by solid revenue growth and robust profitability    GASTAT: Passengers of public transport bus and train soar 176% and 33% respectively in 2023    HRT does not impact life expectancy — UK health body    Liam Payne's body to be flown back to the UK    Arab leaders and heads of state congratulate US President-elect Donald Trump    Neymar suffers muscle tear, out for 4-6 weeks    Suspect arrested for banking fraud totaling SR493 million as Nazaha pursues corruption charges    Al Nassr secures 5-1 victory over Al Ain to edge closer to knockout stage    Al Ahli extends perfect start with 5-1 victory over Al Shorta    Mitrovic's hat-trick leads Al Hilal to 3-0 victory over Esteghlal    India puts blockbuster Pakistani film on hold    The Vikings and the Islamic world    Filipino pilgrim's incredible evolution from an enemy of Islam to its staunch advocate    Muted Eid celebrations for millions of Nigerian Muslims    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Wall Street Closing
Published in Saudi Press Agency on 17 - 04 - 2008

Stocks jumped Wednesday—with the Dow industrials rising nearly 250 points—as better-than-expected profit reports from J.P. Morgan Chase, Coca-Cola, and Intel reassured investors concerned about the quarterly earnings reporting period.
Corporate profits are expected to have fallen about 14.5 percent from a year ago, but financial-firm profits have been forecast to drop more than 50 percent amid the continuing fallout from the credit and housing crises.
J.P. Morgan Chase reported a smaller-than-expected decline in quarterly profits Wednesday on a slightly larger-than-expected drop in revenue. Although the company has suffered from the credit crisis and the housing-market collapse, it has managed to perform better than many of its competitors. Its shares rose 5 percent.
In economic news, U.S. new-home construction fell more than expected to a 17-year low. Building permits, a measure of builder confidence, also declined. Industrial production rose 0.3 percent in March, surprising analysts who expected a decline.
Consumer prices rose 0.3 percent in March, up from a flat reading the previous month, but in line with analysts' estimates. “Core” consumer inflation—which excludes volatile energy and food costs—rose 0.2 percent, up from a flat reaching the previous month.
Light sweet crude oil for May delivery rose to 114.93 a barrel on the New York Mercantile Exchange, closing at a record high for the third consecutive session. Oil spiked to a trading record of $115.07 earlier in the day after the U.S. government's weekly inventory report showed a surprising drop in crude supplies.
U.S. national average retail gasoline prices rose to a record high near $3.40 a gallon (3.8 liters), gold futures jumped, and the U.S. dollar hit a record low versus the euro and also fell against the yen.
The Dow Jones industrial average rose 256.80, or 2.1 percent, to 12,619.27. Coca-Cola reported higher sales and profits that surpassed estimates Wednesday morning, but its shares were little changed. The broader Standard & Poor's 500 index rose 30.28, or 2.3 percent, to 1,364.71.
The technology-heavy Nasdaq composite index rose 64.07, or 2.8 percent, to 2,350.11. Intel reported lower first-quarter earnings that met estimates on higher sales that surpassed estimates late Tuesday. The chipmaker also forecast second-quarter revenue in a range that could surpass analysts' current estimates. Its shares jumped nearly 6 percent.
The New York Stock Exchange composite index rose 225.57 to 9,203.76. The American Stock Exchange composite index rose 77.90 to 2,345.83. And the Russell 2000 index rose 21.33 to 713.39.


Clic here to read the story from its source.