(Source: Tulsa World)
The stock market rose to new highs for the year Monday after a
handful of earnings reports bolstered hopes that the economy is
coming back sooner than many analysts had thought.
Industrial equipment maker Eaton Corp. said it was seeing
improvement in key markets and raised its full-year profit forecast.
Newspaper publisher Gannett Co. managed to post a profit despite a
sharp fall in revenue.
The gains came ahead of earnings released after the closing bell
by Apple Inc. and Texas Instruments Inc. Both wound up beating
forecasts.
Burt White, chief investment officer at LPL Financial in Boston,
noted that three of every four companies have topped analysts'
expectations for third-quarter earnings. While most have yet to
report, the early results are a sign that companies are holding up
better than many had predicted.
"The recovery is moving faster than analysts can sharpen their
pencils and revise their estimates upward," he said.
The Dow Jones industrial average rose 96.28, or 1 percent, to
10,092.19. The broader Standard & Poor's 500 index rose 10.23, or
0.9 percent, to 1,097.91. For both indexes, it was the highest close
since Oct. 3 last year.
The Nasdaq composite index rose 19.52, or 0.9 percent, to
2,176.32, its highest close since Sept. 26, 2008.
Originally published by Staff and Wire Reports.
(c) 2009 Tulsa World. Provided by ProQuest LLC. All rights Reserved.
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