US stocks rally, beating previous estimates

GMT 21:14 2014 Thursday ,23 October

Arab Today, arab today US stocks rally, beating previous estimates

US stock market
Washington - KUNA

The US stock market experienced a strong recovery and secured investors and economist after a dramatic drop that occurred last Thursday.
Earnings from Caterpillar Inc and 3M Inc surpassed what most analysts had projected and contributed to much of the stocks rebound. Caterpillar is up 4.96 percent due to an increase in commercial construction and higher sales of construction equipment in the US. 3M, a company behind a wide range of products also rose 5.35 percent.
The DOW Jones Industrial Average climbed 261.38 points, 1.6 percent to 16,722. The S&P 500 index gained 29.9 points, or 1.5 percent, to 1,956. The S&P 500 has now risen five times in the past six days. The Nasdaq Composite Index added 78.13 points, or 1.7 percent, to 4,460.
Some analysts believe the improved performance is contributed to the plateau of oil prices that stopped falling. Additionally, concerns over Ebola have mellowed after the people incubated in Dallas were cleared.
Crude oil rose .93 percent to USD 81.45 a barrel. While gold fell 1.32 percent to USD 1,229.10 an ounce.

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