Investing.com – U.S. stocks posted sharp gains after the open on Wednesday, as upbeat corporate earnings reports and better-than-expected data on initial jobless claims overshadowed concerns over euro zone sovereign debt contagion.
During early U.S. trade, the Dow Jones Industrial Average jumped 1.03%; the S&P 500 index climbed 1.05%, while the Nasdaq Composite index soared 1.51%.
Earlier in the day, official data showed that the number of people who filed for unemployment assistance in the U.S. last week fell to the lowest level since July 2008, boosting optimism in the U.S. economic recovery.
Meanwhile, in earnings news, shares in luxury-goods retailer Tiffany & Co. surged 4.24% after it said third quarter net income jumped 27% to USD 55.1 million. The luxury jeweler said that sales in the quarter climbed by 14% to USD 681.7 million, beating analyst expectations for sales of USD 650.3 million.
Shares in the world’s largest manufacturer of agricultural equipment Deere & Company leaped 1.06% after it said fourth quarter net earnings rose to USD 457 million, compared to a loss of USD 223 million, as sales rose by 35% to USD 7.2 billion.
Elsewhere, U.S. listed shares of automaker Porsche jumped 5.82% after it said third quarter net earnings jumped by 86% to USD 528 million, as sales in the quarter surged 80% to USD 2.79 billion.
But shares in the financial sector declined amid lingering fears over euro zone sovereign debt contagion, after Standard and Poor's downgraded its sovereign rating on Ireland, and as Portugal experienced its biggest labor strike in 22 years.
Global financial service provider JP Morgan Chase saw shares fall 0.37%, rivals Citigroup saw shares decline 0.22%, while U.S. listed shares of Bank of Ireland plummeted 12.94% amid reports that the Irish government would take a majority stake in the lender.
Meanwhile, shares in the world’s largest maker of business application software SAP fell 1.31% after a U.S. federal jury said the company must pay USD 1.3 billion to rivals Oracle for copyright infringement. Shares in Oracle added 2.06% following the news.
Across the Atlantic, meanwhile, European stock markets were up: the EURO STOXX 50 gained 0.79%, France’s CAC 40 rose 0.60%, Germany's DAX soared 1.68%, while Britain's FTSE 100 jumped 1.24%.
Earlier Wednesday, official data showed that both U.S. core durable goods orders and durable goods orders, which include transportation items, plunged unexpectedly in October. Meanwhile a separate report showed that personal income rose more-than-expected, while personal spending rose less-than-expected in October.
Later in the day, the U.S. was to release data on new home sales, as well as revised data on consumer sentiment and inflation expectations.
During early U.S. trade, the Dow Jones Industrial Average jumped 1.03%; the S&P 500 index climbed 1.05%, while the Nasdaq Composite index soared 1.51%.
Earlier in the day, official data showed that the number of people who filed for unemployment assistance in the U.S. last week fell to the lowest level since July 2008, boosting optimism in the U.S. economic recovery.
Meanwhile, in earnings news, shares in luxury-goods retailer Tiffany & Co. surged 4.24% after it said third quarter net income jumped 27% to USD 55.1 million. The luxury jeweler said that sales in the quarter climbed by 14% to USD 681.7 million, beating analyst expectations for sales of USD 650.3 million.
Shares in the world’s largest manufacturer of agricultural equipment Deere & Company leaped 1.06% after it said fourth quarter net earnings rose to USD 457 million, compared to a loss of USD 223 million, as sales rose by 35% to USD 7.2 billion.
Elsewhere, U.S. listed shares of automaker Porsche jumped 5.82% after it said third quarter net earnings jumped by 86% to USD 528 million, as sales in the quarter surged 80% to USD 2.79 billion.
But shares in the financial sector declined amid lingering fears over euro zone sovereign debt contagion, after Standard and Poor's downgraded its sovereign rating on Ireland, and as Portugal experienced its biggest labor strike in 22 years.
Global financial service provider JP Morgan Chase saw shares fall 0.37%, rivals Citigroup saw shares decline 0.22%, while U.S. listed shares of Bank of Ireland plummeted 12.94% amid reports that the Irish government would take a majority stake in the lender.
Meanwhile, shares in the world’s largest maker of business application software SAP fell 1.31% after a U.S. federal jury said the company must pay USD 1.3 billion to rivals Oracle for copyright infringement. Shares in Oracle added 2.06% following the news.
Across the Atlantic, meanwhile, European stock markets were up: the EURO STOXX 50 gained 0.79%, France’s CAC 40 rose 0.60%, Germany's DAX soared 1.68%, while Britain's FTSE 100 jumped 1.24%.
Earlier Wednesday, official data showed that both U.S. core durable goods orders and durable goods orders, which include transportation items, plunged unexpectedly in October. Meanwhile a separate report showed that personal income rose more-than-expected, while personal spending rose less-than-expected in October.
Later in the day, the U.S. was to release data on new home sales, as well as revised data on consumer sentiment and inflation expectations.