Wall Street rebounds after sharp drop

GMT 09:09 2014 Saturday ,19 July

Arab Today, arab today Wall Street rebounds after sharp drop

Wall Street
New York - SPA

U.S. stocks rose on Friday, rebounding a day after the S&P 500 suffered its worst decline since April 10, with the benchmark index on track to post a modest gain for the week, Reuters reported.
Technology and consumer finance stocks ranked among the day's biggest gainers. At the top of the pack, shares of Google jumped 4.1 percent to $604.62 a day after the company reported second-quarter results that beat investors' expectations. Facebook Inc shares gained 2.6 percent to $68.15.
The Dow Jones industrial average rose 117.29 points or 0.69 percent, to 17,094.10. The S&P 500 gained 18.91 points or 0.97 percent, to 1,977.03. The Nasdaq Composite added 64.27 points or 1.47 percent, to 4,427.72.
For the week, the Dow is up 0.9 percent, the S&P 500 is up 0.5 percent, and the Nasdaq is up 0.3 percent.
The CBOE Volatility Index plunged 16.4 percent to 12.16 - a day after surging 32 percent to 14.54, which was its biggest jump since April 2013. The VIX still remains well below its historical average of around 20.
General Electric shares shed 0.9 percent to $26.37 after the U.S. conglomerate reported growth in second-quarter operating earnings that matched analysts' expectations.
S&P 500 companies' profits are expected to grow 5 percent in the second quarter, according to Thomson Reuters data, down from the 8.4 percent growth forecast at the start of April. Revenue is seen up 3.2 percent.
Thomson Reuters data also showed that of 82 companies in the S&P 500 that had reported earnings through Friday morning, 68.3 percent beat Wall Street's expectations, roughly in line with the 67 percent rate for the past four quarters and above the 63 percent rate since 1994.

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