U.S. stocks rise on strong earnings, surging oil

09:49, April 21, 2011      

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U.S. stocks rose sharply on Wednesday as a bunch of tech companies reported strong results for the first quarter and surging oil prices boosted energy stocks.

The investors were cheered by the solid profits from tech companies. Intel, the world's largest chipmaker, beat the estimates by reporting earnings of 59 cents a share, compared with 43 cents a share last year.

Online search and advertising company Yahoo said its first quarter earnings reached 17 cents a share, beating previous expectation of 16 cents a share.

IBM's earnings also topped the market's expectation, although its new business of global services fell, which brought some concerns over the world's largest technology services firm's performances in the future.

Strong performances of the industry giants enabled 2.55 percent rise for tech sector, leading the markets' surge. Besides, the energy sector enjoyed a 2.24 percent increase as oil prices jumped on weaker dollar and U.S. inventories unexpectedly dropped.

Meanwhile, the National Association of Realtors said Wednesday sales of previously occupied homes rose in March to a seasonally adjusted annual rate of 5.1 million, up 3.7 percent from 4.92 million in February, indicating an improving house market.

The Dow Jones industrial average surged 186.79 points, or 1.52 percent, to 12,453.54. The Standard & Poor's 500 advanced 17.74 points, or 1.35 percent, to 1,330.36. The Nasdaq Composite index soared 57.54 points, or 2.10 percent, to 2,802.51.

Source: Xinhua
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