Posted on 04/26/2006 2:11:46 PM PDT by mathprof
Stocks ended higher on Wednesday, with the Dow industrials hitting a 6-year high, buoyed by stronger-than-expected earnings from companies such as top brewer Anheuser-Busch Cos. and a key broker's dropping its "sell" rating on General Motors Corp.
The latest string of results in a stronger-than-forecast earnings season overshadowed investors' worries about rising interest rates after orders in March for durable goods such as airplanes and refrigerators surpassed expectations.
Anheuser-Busch (NYSE:BUD - news) reported stronger-than-expected earnings, sending its shares up 5.3 percent, or $2.27, to $44.90 on the New York Stock Exchange. For details see: .
Top U.S. brokerage Merrill Lynch & Co. upgraded General Motors Corp. (NYSE:GM - news) to "neutral," saying it sees early signs of a turnaround, and making GM the Dow's top gainer as it rose 7.9 percent, or $1.70, to $23.11. .
"The consensus going into the quarter was that earnings were going to (rise) somewhere north of 10 percent and they have handily beat expectations," said Joe Liro, an economist and market strategist with Stone & McCarthy Research Associates, who pinned the rising markets on Wednesday on the flow of positive earnings news.
The Dow Jones industrial average (^DJI - news) ended up 71.24 points, or 0.63 percent, at 11,354.49, its highest close since January 19, 2000. The Standard & Poor's 500 Index (^SPX - news) closed up 3.67 points, or 0.28 percent, at 1,305.41. The Nasdaq Composite Index (^IXIC - news) finished up 3.33 points, or 0.14 percent, at 2,333.63.
Government data showed orders for durable goods -- manufactured items meant to last three years or more -- surged in March
(Excerpt) Read more at news.yahoo.com ...
IT'S BUSH'S FAU... oh, wait a minute...
You mean... Busch's fault. ;)
Bush's and Evil Oil's fault.
the housing bubble will burst any second and America's dooooooooomed...
Good one! Although I'd much rather see the Dow buoyed by brewers of superior quality beer, like Anchor, Fat Tire, Pete's, etc. Of course, I have no idea whether they're public...
I know, I know, that's simplistic as it doesn't account for 911, etc...
It is also a nominal level. In adjusted to year 2000 dollars it would probably sit well below the six year high.
it also ignores the fact that stocks from 1997-2000 were in a massive bubble
Oh, crap. Why did they "end"? What are we supposed to do tomorrow?
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