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Stocks post slight gains China raise bank reserves
Source: Agencies |
November 20, 2010, Saturday
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STOCKS posted slight gains yesterday after China took more steps to curb inflation, which traders fear could slow down the country's growth.
The Dow Jones industrial average rose 22.32, or 0.2 percent, to 11,203.55.
The broader Standard & Poor's 500 index rose 3.04, or 0.3 percent, to 1,199.73. The technology-focused Nasdaq composite index rose 3.72, or 0.2 percent, to 2,518.12. The Nasdaq, which lost less than 0.1 percent, was the only major index to finish the week with a loss. The Dow and S&P 500 eked out weekly gains of less than 0.1 percent.
Eight of the 10 industry groups that make up the S&P 500 index rose. Materials companies posted the largest gains with a 0.7 percent rise. Utilities and financial companies fell.
Hewlett-Packard Co. rose 1.9 percent to lead the 30 stocks that make up the Dow. Boeing Co. was the laggard in the Dow with a decline of 1.0 percent.
The euro rose 0.3 percent to US$1.36 against the dollar amid signs that Ireland was closer to agreeing to a bailout. Ireland's finances have been decimated after it nationalized three of its six banks following the collapse of a real estate boom.
Treasury prices were mixed. The yield on the 10-year Treasury note, which moves opposite its price, fell to 2.87 percent from 2.90 percent late Thursday.
The yield on the 10-year note is used as a benchmark to set interest rates for mortgages and other loans. Earlier this month, the Federal Reserve announced a plan to buy US$600 billion in Treasurys to drive interest rates lower in an effort to encourage spending and lending.
Fed chairman Ben Bernanke defended the program in a speech yesterday from critics who said the move would devalue the dollar and give American companies an advantage in global trade.
The Dow Jones industrial average rose 22.32, or 0.2 percent, to 11,203.55.
The broader Standard & Poor's 500 index rose 3.04, or 0.3 percent, to 1,199.73. The technology-focused Nasdaq composite index rose 3.72, or 0.2 percent, to 2,518.12. The Nasdaq, which lost less than 0.1 percent, was the only major index to finish the week with a loss. The Dow and S&P 500 eked out weekly gains of less than 0.1 percent.
Eight of the 10 industry groups that make up the S&P 500 index rose. Materials companies posted the largest gains with a 0.7 percent rise. Utilities and financial companies fell.
Hewlett-Packard Co. rose 1.9 percent to lead the 30 stocks that make up the Dow. Boeing Co. was the laggard in the Dow with a decline of 1.0 percent.
The euro rose 0.3 percent to US$1.36 against the dollar amid signs that Ireland was closer to agreeing to a bailout. Ireland's finances have been decimated after it nationalized three of its six banks following the collapse of a real estate boom.
Treasury prices were mixed. The yield on the 10-year Treasury note, which moves opposite its price, fell to 2.87 percent from 2.90 percent late Thursday.
The yield on the 10-year note is used as a benchmark to set interest rates for mortgages and other loans. Earlier this month, the Federal Reserve announced a plan to buy US$600 billion in Treasurys to drive interest rates lower in an effort to encourage spending and lending.
Fed chairman Ben Bernanke defended the program in a speech yesterday from critics who said the move would devalue the dollar and give American companies an advantage in global trade.
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