Dow gets weekly gain on strong corporate earnings

14:32, July 23, 2011      

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Strong corporate earnings from bule-chips such as Apple Inc., Coca-Cola Co. and IBM Corp. helped send the Wall Street higher this week.

On Friday, the Dow Jones industrial lost 43.25 points, or 0.34 percent, to close at 12,681.16, but the index still gained 1.6 percent for the week.

The Standard & Poor's 500 was up 1.22 points, or 0.09 percent, to close at 1,345.02 for the last trading day of the week. The index had a weekly gain of 2.2 percent.

The Nasdaq Composite Index jumped 24.40 points, or 0.86 percent, to 2,858.83. For the week, the technology-heavy index gained 2.5 percent.

On Friday, Caterpillar slumped about 6 percent after the heavy equipment maker reported weaker-than-expected second-quarter earnings, the first miss in ten recent quarters.

The Nasdaq outperformed on Friday, boosted by strong earnings from technology powerhouses.

Advanced Micro Devices, the second-largest maker of processors for personal computers, soared nearly 20 percent after it released higher sales forecast than previously estimated.

SanDisk also surged about 10 percent after the memory chips maker reported substantially higher profit than Wall Street anticipated.

On euro zone front, European Union leaders Thursday agreed on a new bailout plan for Greece at a eurozone emergency summit. The leaders also emphasized their commitment to stop the debt contagion.

Meanwhile, uncertainty over the U.S. government' s debt ceiling issue was still hanging in investors' mind.

Basic materials sector was up 0.02 percent due to higher materials prices. Energy shares rose 0.29 percent as the U.S. benchmark crude oil price jumped above 100 dollars a barrel on Friday as EU leaders approved the new bailout plan for Greece.

Moreover, U.S.-listed Chinese stocks also rose this week as the Nasdaq China index rose 2.4 percent to close at 221.08 points.

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