(By Salman - iStockAnalyst Writer)US stocks finished higher on Tuesday as dollar's sharp slide against euro spurred a rally in sectors such as materials and industrials.
The Dow Jones Industrial Average rose 51.01 points or 0.52% to finish at 9,829.87. The S&P 500 added 7 points or 0.66% to end at 1,071.66. The Nasdaq Composite climbed 8.26 points or 0.39% to 2,146.30.
Shares of equipment maker Caterpillar Inc. (NYSE:
CAT) soared $1.88 or 3.58% to $54.34.
Alcoa Inc. (NYSE:
AA), the largest US aluminum maker, gained 32 cents or 2.30% to $14.26.
Among financials, Shares of JP Morgan (NYSE:
JPM) rallied $1.92 or 4.31% to $46.47. Bank of America Corp. (NYSE:
BAC) rose 36 cents or 2.09% to $17.61.
Shares of Citigroup (NYSE:
C) surged 22 cents or 4.97% to $4.97 on Tuesday after Singapore's sovereign wealth fund- the Government of Singapore Investment Corp.- reduced its stake in Citigroup Inc. to below 5 percent from 9 percent.
American International Group (NYSE:
AIG) plunged $2.60 or 5.37% to $45.80.
Shares of software giant Microsoft (NYSE:
MSFT) increased 47 cents or 1.86% to $25.77.
Early on Tuesday, ConAgra Inc. (NYSE:
CAG) announced that its fiscal first-quarter earnings dropped to $165.9 million, or 37 cents a share, from $442.4 million, or 94 cents a share, in the year-earlier quarter. Revenue slipped 3% to $2.96 billion from $3.06 billion. For fiscal 2010, ConAgra said it expects earnings from continuing operations, excluding items impacting comparability, to approach $1.70 a share. Shares fell 33 cents or 1.48% to $22.
Shares of CarMax Inc. (NYSE:
KMX) jumped $1.87 or 9.67% to $21.20 afterb it said Tuesday that its second-quarter earnings climbed to $103 million, or 46 cents a share, from $14 million, or 6 cents a share, in the prior year. Net sales and operating revenue increased 13% to $2.08 billion from $1.84 billion.
Lowe's Companies Inc. (NYSE:
LOW) said Tuesday it anticipates 2010 earnings of $1.13 to $1.21 a share. The home improvement retailer expects 2011 earnings of $1.24 a share to $1.34 a share. Lowe expects to open 62 to 66 stores in 2009, with total square footage growth of approximately 4%. Total 2009 sales are expected to decline approximately 3%. The company expects comparable store sales to decline 7% to 9% in 2009. Shares tumbled 88 cents or 4.01% to finish at $21.07.
Meanwhile, Shanghai-based Shanda Games Ltd. (NASDAQ:
SNDA) said, that it plans to raise up to $819 million in an initial public offering on the Nasdaq.
On the economic front, the US Federal Reserve's policy-setting Open Market Committee begins its two-day meeting on Tuesday. The US dollar declined on Tuesday, while the euro hit a fresh 2009 high.
European stocks settled higher. The UK FTSE gained 8.24 points or 0.16% to 5,142.60. The German DAX and French CAC increased 0.72% and 0.30% respectively.
Asian stocks finished mixed. The Nikkei 225 retreated 73.26 or 0.70% to end at 10,370.54. The Hang Seng index of Hong Kong rose 228.29 points or 1.06% to 21,701.14.
NYMEX crude oil for October delivery climbed $1.79 or 2.6% to settle at $71.50 a barrel.
Disclosure: Author doesn't own any of the stocks discussed here.
