Tech earnings boost stocks
Thursday, March 24, 2022 4:36 PM

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In New York, stocks rose Thursday, as positive earnings in the technology sector offset ongoing concerns related to Japan and spreading unrest in the Middle East.

The Dow Jones industrial average moved 84.54 points higher to close at 12, 170.60

The S & P 500 was up 12.12 points to 1,309.66. The tech-rich Nasdaq Composite Index gathered 38.12 to 2,736.42.

The biggest gainer in the S&P 500 was Red Hat -- a major Linux vendor -- with shares surging 17%. The company reported stellar earnings and raised its forecast.

Semiconductor maker Micron Technologies also helped lift the tech sector, after it reported results well ahead of estimates. Shares were up 8%. Chip maker Nvidia followed Micron's lead, rising 8% as well.

Despite positive corporate earnings, investor concerns over what's going on overseas remain at the forefront.

As the civil war in Libya rages on, uprisings and violence are spreading across the Middle East.

Walgreen Co. said early Thursday it will buy online retailer Drugstore.com for $409 million U.S.

Shares of Drugstore.com soared more than 110% on the news.

Best Buy shares fell 3%. The company reported earnings that squeaked past analyst estimates.

After the bell, software giant Oracle and smartphone maker Research in Motion reported.

Analysts expect RIM to have earned $1.76 U.S. a share, while Oracle is expected to post a 50-cents-U.S. per-share profit.

Weekly filings for first-time unemployment benefits were roughly in line with expectations, but stayed below 400,000 and continuing claims remained low as well.

European stocks rose, shrugging off downbeat reports from Portugal and Spain.

Portugal's Prime Minister, Jose Socrates, resigned early Wednesday after parliament rejected his administration's latest proposal for austerity measures, reports said. The plan is aimed at avoiding a bailout.

Meanwhile, ratings agency Moody's downgraded its debt ratings of 30 Spanish banks. Moody's added that the outlook remained weak, and the banks "show little sign of strengthening materially in the foreseeable future."

On the economic front, before the start of trade, the U.S. Commerce Department reported durable goods orders fell 0.9% in February, compared with a 3.6% rise posted in January. Economists were expecting a 1.1% rise in February.

The price on the benchmark 10-year U.S. Treasury fell back, raising yields to 3.40% from Wednesday's 3.35%. Treasury prices and yields move in opposite directions.

Oil for February delivery settled back 73 cents to $105.02 U.S. a barrel.

Gold futures for April delivery fell $3.10, or 0.2%, to $1,439.90 U.S. an ounce.

(Source: )
(Source: Quotemedia)
 

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Market news:

  • Air raids force Gadhafi retreat, rebels seize east Mar 26, 2022 06:57 PM

    • AJDABIYA, Libya - Libyan rebels clinched their hold on the east and seized back a key city on Saturday after decisive international airstrikes sent Moammar Gadhafi's forces into retreat, shedding their uniforms and ammunition as they fled.
    • Ajdabiya's initial loss to Gadhafi may have ultimately been what saved the rebels from imminent defeat, propelling the U.S. and its allies to swiftly pull together the air campaign now crippling Gadhafi's military.
    • The Gadhafi regime acknowledged the airstrikes had forced its troops to retreat and accused international forces of choosing sides.
      • Syrian port city rocked by unrest; tensions widen Mar 26, 2022 06:52 PM

        • DAMASCUS, Syria - A scenic seaside city echoed with gunfire Saturday as protesters defied government forces in Syria's second day of nationwide unrest, burning tires, attacking businesses and setting the offices of the ruling party aflame.
        • At least two people were killed by rooftop snipers in the religiously mixed Mediterranean city of Latakia, officials said, and President Bashar Assad's government of minority Alawite Muslims blamed a major Sunni cleric in Qatar for inciting the unrest.
        • The unrest in Syria, which exploded nationwide Friday after roiling Daraa for a week, is a new and highly unpredictable element of the Arab Spring, one that could both weaken a foe of the West and cause dangerous instability in one of the more fragile and potentially chaotic countries of the Mideast, experts said.
          • First female VP candidate Ferraro dies at 75 Mar 26, 2022 06:24 PM

            • BOSTON - Geraldine Ferraro was a relatively obscure congresswoman from the New York City borough of Queens in 1984 when she was tapped by Democratic presidential nominee Walter Mondale to join his ticket.
            • Her vice presidential bid, the first for a woman on a major party ticket, emboldened women across the country to seek public office and helped lay the groundwork for Hillary Rodham Clinton's presidential candidacy in 2008 and John McCain's choice of his running mate, Sarah Palin, that year.
            • The blunt, feisty Ferraro charmed audiences initially, and for a time polls showed the Democratic ticket gaining ground on President Ronald Reagan and Vice President George H. W. Bush.
              • Businessman: US must reform entitlement programs Mar 26, 2022 05:29 PM

                • DES MOINES, Iowa - Former Godfather's Pizza CEO Herman Cain told hundreds of conservative activists that the nation won't solve its financial woes until policymakers reform entitlement programs.
                • Cain was among several potential GOP presidential candidates to speak Saturday at a conference in Des Moines sponsored by conservative Iowa Congressman Steve King.
                • King says he wants to allow conservatives to shape the debate as Republicans begin seeking an opponent for President Barack Obama.
                  • GOP presidential hopefuls hammer health care Mar 26, 2022 05:00 PM

                    • DES MOINES, Iowa - Three high-profile potential presidential candidates told a gathering of hundreds of conservative Republicans on Saturday that most Americans agree with their values and voters' opposition to President Barack Obama's health care overhaul plan could pave the way for their party to make historic gains in next year's election.
                    • Minnesota Rep. Michele Bachmann got the noisiest reception when she told activists that voters are both ready to overturn the health care law and oust Obama next year.
                    • "The ultimate arrogance, in my opinion, is Obama-care," Bachmann said.

                      More news


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