Egypt joins Geneva negotiations on Global Plastics Treaty, calls for urgent agreement    Egypt delivers over 30 million health services through public hospitals in H1 2025    Madinet Masr in talks for three land plots in Riyadh as part of Saudi expansion    Egypt's PM tells Palestinian PM that Rafah crossing is working 24/7 for aid    Egypt, Japan discuss economic ties, preparations for TICAD conference    Real Estate Developers urge flexible land pricing, streamlined licensing, and dollar-based transactions    Egypt's Sisi pledges full state support for telecoms, tech investment    EGP inches down vs. USD at Sunday's trading close    EGX launches 1st phone app    Escalation in Gaza, West Bank as Israeli strikes continue amid mounting international criticism    Egypt recovers collection of ancient artefacts from Netherlands    Egypt, UNDP discuss outcomes of joint projects, future environmental cooperation    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    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    Egyptian, Ugandan Presidents open business forum to boost trade    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egypt's Sisi, Uganda's Museveni discuss boosting ties    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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Wall Street surges as Earnings Jitters recede and Oil rebounds
Published in Amwal Al Ghad on 15 - 04 - 2015

U.S. stocks rose Wednesday, spurred by gains in the energy sector and speculation that upcoming first-quarter earnings reports might not be quite as bad as previously thought.
All 10 major S&P 500 sectors rose, with the energy index .SPNY up 1.89 percent. U.S. crude CLc1 jumped more than 4 percent after a lower-than-expected build of crude stockpiles in the United States.
Intel (INTC.O) jumped 4.5 percent to $32.91 after it said late on Tuesday it expects flat revenue for the entire year, despite some weakness in the first quarter.
Investors have feared that the March-quarter earnings season, just getting under way, would be hurt by low oil prices, a strong dollar and extreme weather in the eastern United States. First-quarter profits for S&P 500 companies are seen dropping 2.6 percent, according to Thomson Reuters data.
But of the 36 companies in the S&P 500 that have reported so far, 81 percent beat expectations, better than the 63 percent of companies exceeding expectations in a typical quarter.
"Management has done a good job guiding market expectations to an appropriate level, and now they're stepping over a lowered bar," said Alan Gayle, senior investment strategist and director of asset allocation at RidgeWorth Investments in Atlanta, Georgia. "Fundamentals in the equity market remain good."
Delta Air Lines' (DAL.N) first-quarter profit topped analysts' expectations, one of many industrial and transportation companies that benefit from cheap oil and its derivatives. Its stock rose 1.7 percent to $43.82.
At 12:50 p.m. the Dow Jones industrial average .DJI rose 64.26 points, or 0.36 percent, to 18,100.96, the S&P 500 .SPX gained 9.9 points, or 0.47 percent, to 2,105.74 and the Nasdaq Composite .IXIC added 25.57 points, or 0.51 percent, to 5,002.85.
HCA Holdings' (HCA.N) shares were up 2.52 percent at $79.29 after the hospital operator said it expects first-quarter results above analysts' expectations.
Bank of America's (BAC.N) shares were down 1.14 percent at $15.64. The No. 2 U.S. bank by assets' first-quarter profit narrowly beat analysts' estimates.
Video streaming company Netflix (NFLX.O) will report after the market close.
Advancing issues outnumbered declining ones on the NYSE by 2,061 to 928, for a 2.22-to-1 ratio on the upside; on the Nasdaq, 1,805 issues rose and 867 fell for a 2.08-to-1 ratio favoring advancers.
The benchmark S&P 500 index was posting 15 new 52-week highs and 1 new lows; the Nasdaq Composite was recording 74 new highs and 15 new lows.
Source: Reuters


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