Stocks End Higher for a Second Straight Day
Stocks ended higher for a second day in a row, with all three major indexes finishing near session highs. The gains were led by Technology sector, which rose even as chipmaker Intel Corp. (NASDAQ: INTC) cut its full-year outlook.
The Dow Jones ended the day 0.81% higher at 12,908.70, the S&P 500 ended the day 0.67% higher at 1,372.78, and the Nasdaq ended the day 1.12% higher at 2,942.60.
Technology sector ended 1.87% higher. The gains in the Tech sector were led by Intel, which ended the day 3.27% higher at $26.21. Intel shares rose even as the company lowered its full-year outlook. Intel is the latest technology company to cut its outlook. Last week, Advanced Micro Devices (NYSE: AMD) and Applied Materials Inc. (NASDAQ: AMAT) also lowered their outlooks for the full year.
Industrials also rose sharply in trading today, ending the day 1.60% higher. Conglomerates ended the day 1.05% higher. Financials were the worst performers today, ending the day 0.17% lower.
The losses in the Financial sector were led by Bank of America Corporation (NYSE: BAC). BAC shares fell even as the bank swung to a profit in its second quarter. BAC shares ended the day 4.92% lower at $7.53.
Federal Reserve Chairman Ben Bernanke testified before the House Financial Services Committee. Bernanke reiterated that the Fed is ready to stimulate the economy if needed. However, the Fed Chairman said that the economy is not likely to slip back into recession.
On the economic front, a report from the Commerce Department showed that housing starts rose at the fastest pace in more than three years, a sign that the housing market is recovering.
European markets also rose today, with the EURO STOXX 50 Index ending 1.51% higher. Earlier, Asian markets ended mostly lower.
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Post Written By: Ed Liston
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.
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