CLOSING BELL: July 18: DJIA: 12,908.70 | UP 103.16 | +.81%
OIL: $89.87, UP .65, +.73%
GOLD: $1,570.80, DOWN 2.1018.70, -1.18%
GASOLINE (US Avg): $3.426, UP .020
Ben Rooney, CNNMoney - U.S. stocks closed higher Wednesday as investors focused on better-than-expected corporate results and testimony from the chairman of the Federal Reserve.
The Dow Jones industrial average (INDU) rose 103 points, or 0.9%, to end at 12,909. The S&P 500 (SPX) gained 9 points, or 0.7%, to 1373. The Nasdaq (COMP) added 32 points, or 1.1%, to 2,942.
The advance was led by technology shares, which rallied after Intel (INTC, Fortune 500) said PC sales rose 4% in the most recent quarter, although the technology bellwether warned that growth will be slower in the current quarter.
Intel rose 3.3% to lead the Dow. Hewlett-Packard (HPQ, Fortune 500), Cisco (CSCO, Fortune 500) and Microsoft (MSFT, Fortune 500) were also among the top performers.
Bank of America’s results beat analysts’ expectations, but investors remain worried about mortgage-related expenses. Shares of Bank of America (BAC, Fortune 500) fell 4.9%, making them the worst performer on the Dow.
After the market closed, IBM (IBM, Fortune 500) reported better than expected earnings, but sales were weaker than expected in the second quarter.
American Express (AXP, Fortune 500) reported second-quarter earnings that rose 7% from the same period last year, although the credit card company said customer spending was slower than in previous quarters.
“The path of least resistance seems to be up,” said Ben Schwartz, chief market strategist at Lightspeed Financial. “You generally don’t sell a quiet market in the summer time.”
Read the rest of the story at CNN Money here.
The Common Good publishes a financial market wrap-up every weekday after markets close.