US stocks edge higher after 2-day surge

GMT 16:39 2014 Friday ,19 December

Arab Today, arab today US stocks edge higher after 2-day surge

US stocks
New York - AFP

 US stocks edged higher in early trade Friday as the market sought to keep alive a winning streak since Wednesday that has recovered most of December's losses.
About 30 minutes into trade, the Dow Jones Industrial Average stood at 17,791.26, up 13.11 points (0.07 percent).
The broad-based S&P 500 added 5.32 (0.26 percent) at 2,065.55, while the tech-rich Nasdaq Composite Index advanced 3.24 (0.07 percent) to 4,751.64.
Wall Street stocks have skyrocketed the last two days, spurred by a Federal Reserve meeting Wednesday at which the US central bank said it would be "patient" before raising interest rates.
The two-day rally restored most of the 4.6 percent December decline in the S&P 500 that stood through Tuesday, said Patrick O'Hare, analyst at
"It has been an amazing turn in a short period of time, yet it is indicative of the nature of this stock market which has endured for six years with the fed funds rate at the zero bound," he said.
Dow member Nike fell 3.3 percent on concerns that the strong dollar was weighing on future product orders in overseas markets. Earnings for the fiscal second quarter rose 22 percent to $655 million.
Canadian smart-phone company BlackBerry lost 5.8 percent as sales for its fiscal 2015 third quarter came in at just $793 million, well below analyst forecasts of $931.5 million.
Software company Red Hat vaulted 12.8 percent higher after reporting that sales for the fiscal 2015 third quarter rose about 15 percent to $455.9 million.
Bond prices were mixed. The yield on the 10-year US Treasury dipped to 2.19 percent from 2.20 percent Thursday, while the 30-year edged up to 2.82 percent from 2.81 percent. Bond prices and yields move inversely


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