EGX kicks off week higher on August 17    EGP inches down vs. USD at Sunday's trading close    EGX launches 1st phone app    Egypt achieves record primary budget surplus of EGP 629bn despite sharp fall in Suez Canal revenues    Escalation in Gaza, West Bank as Israeli strikes continue amid mounting international criticism    Egypt recovers collection of ancient artefacts from Netherlands    Resumption of production at El Nasr marks strategic step towards localising automotive industry: El-Shimy    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Egypt, UNDP discuss outcomes of joint projects, future environmental cooperation    United Bank achieves EGP 1.51bn net profit in H1 2025, up 26.9% year-on-year    After Putin summit, Trump says peace deal is best way to end Ukraine war    Egypt, Namibia explore closer pharmaceutical cooperation    Jordan condemns Israeli PM remarks on 'Greater Israel'    Renowned Egyptian novelist Sonallah Ibrahim dies at 88    Egypt's FM discusses Gaza, bilateral ties in calls with Saudi, South African counterparts    Egypt prepares to tackle seasonal air pollution in Nile Delta    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egyptian, Ugandan Presidents open business forum to boost trade    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egypt, Colombia discuss medical support for Palestinians injured in Gaza    Egypt, Huawei explore healthcare digital transformation cooperation    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt's govt. issues licensing controls for used cooking oil activities    Egypt to inaugurate Grand Egyptian Museum on 1 November    Egypt's Sisi: Egypt is gateway for aid to Gaza, not displacement    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







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U.S. Stock Indexes Rise On Gaza Cease-Fire
Published in Amwal Al Ghad on 22 - 11 - 2012

U.S. stocks on Wednesday climbed to two-week highs after a cease-fire deal was reported in the Gaza Strip, with the S&P 500 Index and Nasdaq Composite extending gains into a fourth session.
U.S. markets will be closed Thursday for the Thanksgiving Day holiday, and Friday's session will be abbreviated. The three benchmark indexes are all up 2% or more for the week so far.
In Cairo, U.S. Secretary of State Hillary Clinton and Egyptian Foreign Minister Mohammed Kamel Amr announced a truce between Israel and Hamas after more than a week of airstrikes and missile attacks.
This week, the market adopted a more positive tone after President Barack Obama and congressional leaders voiced confidence a budget agreement could be reached to avoid automatic tax hikes and across-the-board spending reductions otherwise slated to begin in January.
“The greatest near-term risk to the economy and labor market remains the looming fiscal cliff. The sooner that an agreement is reached and greater clarity can be achieved, the better," wrote Jim Baird, chief investment strategist for Plante Moran Financial Advisors, in an email.
“While the media is rampant with ‘fiscal cliff' worries, I think the year-end rally is near, or has actually begun," wrote Jeffrey Saut, chief investment strategist at Raymond James, in a Wednesday research note.
The Dow Jones Industrial Average rose 48.38 points, or 0.4%, to 12,836.89, with 24 of its 30 components gaining ground.
The S&P 500 index gained 3.22 points, or 0.2%, to 1,391.03, with energy the best performing of the 10 major industry groups and the utilities the only sector to end in the red.
“The 1,390 level on the S&P 500 has proven time and again to be a key ‘energy level,' both on the downside and now on the upside for the markets," Saut said.
Shares of Deere & Co. fell 3.7% after the agriculture-equipment manufacturer reported earnings that came in shy of consensus estimates. Salesforce.com Inc. gained 8.8% after the customer-management software provider projected sales and profit that met expectations.
The Nasdaq Composite advanced 9.87 points, or 0.3%, to 2,926.55.
For every stock that fell just over two gained on the New York Stock Exchange, where nearly 522 million shares traded. Composite volume surpassed 2.6 billion.
Oil prices rose 63 cents to $87.38 a barrel and gold futures added $4.60 to $1,728.20 an ounce.
Also Wednesday, consumer sentiment in November gained slightly to a reading of 82.7 but wasn't as strong as initially estimated, data compiled by the University of Michigan and Thomson Reuters showed.
Separately, the Conference Board reported it's likely the U.S. economy will continue to “modestly" expand through early 2013, with the board's index of leading economic indicators rising 0.2% in October.
And government data had fewer Americans filing first-time applications for unemployment benefits last week, but the report was viewed as distorted by superstorm Sandy.
European finance ministers plan to reconvene Monday after failing to reach consensus on another round of aid for Greece.
Marketwatch


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