{"id":405763,"date":"2011-04-28T20:46:58","date_gmt":"2011-04-28T20:46:58","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/04\/28\/stocks-hit-fresh-highs-as-dollar-weakens\/"},"modified":"2011-04-28T20:46:58","modified_gmt":"2011-04-28T20:46:58","slug":"stocks-hit-fresh-highs-as-dollar-weakens","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/04\/28\/stocks-hit-fresh-highs-as-dollar-weakens\/","title":{"rendered":"Stocks hit fresh highs as dollar weakens"},"content":{"rendered":"
\n

\"chart_ws_index_dow.top.png\"<\/a>Click the chart for more market data.<\/strong><\/span> By Ken Sweet, contributing writer<\/span>April 28, 2011: 4:46 PM ET<\/span><\/p>\n

NEW YORK\u00a0(CNNMoney) — U.S. stocks rose to multi-year highs on Thursday, as investors dismissed a series of mixed earnings reports as well as disappointing economic news.<\/p>\n

The Dow Jones industrial average (INDU<\/a>) rose 72 points, or 0.6%; to close at 12,763.<\/p>\n

Boeing (BA<\/a>, Fortune 500<\/a>) led the Dow higher, with its shares rising more than 3% a day after the company reported its quarterly results. Exxon Mobil (XOM<\/a>, Fortune 500<\/a>) was among the biggest drag on the blue-chip index, after it reported sales that fell short of forecasts. Exxon Mobil’s<\/a> stock slid less than 1%.<\/p>\n

S&P 500 (SPX<\/a>) rose 5 points, or 0.4%, to 1,360; and the Nasdaq Composite (COMP<\/a>) rose a modest 3 points, or 0.1%, to 2,873.<\/p>\n

Both the Dow and the S&P 500 ended at levels not seen since May 2008.<\/p>\n

The tech-heavy Nasdaq was weighed down by shares of Akamai Technologies (AKAM<\/a>), which dropped 14% after the company warned that sales would fall short of expectations. Still the Nasdaq closed at its highest level since December 2000.<\/p>\n

Investors said Thursday’s gains were in part a continuation of Wednesday’s session, when stocks hit new highs<\/a> following Fed chief Ben Bernanke’s first post-policy meeting press conference.<\/p>\n

“A lot of the action is a repeat of what we had yesterday following the Fed announcement, we got the dollar declining, stocks rising and gold heading higher,” said Brian Gendreau, market strategist with Financial Network.<\/p>\n

The U.S. dollar<\/a> fell against the euro, British pound and Japanese yen, with the U.S. Dollar Index, a security that tracks the dollar’s value against other major currencies, struck its lowest level in 21 months.<\/p>\n

Economy:<\/strong><\/a> The dollar’s decline was in part due to the weaker-than-expected economic data that was out on Thursday.<\/p>\n

The Department of Commerce released its report on first-quarter gross domestic product, showing that first-quarter GDP expanded<\/a> at an annual rate of 1.8%, falling short of the 2% growth economists surveyed by CNNMoney had forecast.<\/p>\n

The government also reported its weekly initial jobless claims<\/a> data. The Labor Department reported that jobless claims totaled 429,000 last week.<\/p>\n

That was worse than expected and also marked the third week in a row that jobless claims came in above the key 400,000 level.<\/p>\n

A report from the National Association of Realtors showed a 5.1% rise in pending home sales for March, much higher than the 1.7% rise economists had expected.<\/p>\n

Companies<\/strong><\/a>:Citrix Systems (CTXS<\/a>) shares jumped 9.7% on Thursday, making it the best performer on the S&P 500, after the software supplier posted a strong jump in profits and higher-than-expected revenue.<\/p>\n

Norfolk Southern (NSC<\/a>, Fortune 500<\/a>)’s stock rose 8% after the company reported better-than-expected earnings and revenue.<\/p>\n

After the closing bell, Microsoft (MSFT<\/a>, Fortune 500<\/a>) reported a quarterly profit of $5.2 billion, up 31% from a year earlier, on sales of $16.4 billion. Earnings and revenue topped forecasts.<\/p>\n

Shares of Research in Motion (RIMM<\/a>) plunged 12% in after-market trading after the BlackBerry maker cut its revenue forecast, citing lower than expected demand for smartphones.<\/p>\n

Exelon (EXC<\/a>, Fortune 500<\/a>) an electric utility, announced a merger with Constellation Energy (CEG<\/a>, Fortune 500<\/a>), a supplier of natural gas and other energy products. The deal is worth $7.9 billion. Constellation’s stock rose 3.5%.<\/p>\n

World markets:<\/strong><\/a> European stocks closed higher. Britain’s FTSE 100 rose less than 0.1%, the DAX in Germany added 1% and France’s CAC 40 advanced 0.9%.<\/p>\n

Asian markets ended mixed. Japan’s Nikkei index rallied 1.6%, but the Shanghai Composite dropped 1.3% and the Hang Seng in Hong Kong edged down 0.4%.<\/p>\n

Currencies<\/strong><\/a> and commodities:<\/a><\/strong> Oil for June delivery rose 11 cents to $112.68 a barrel.<\/p>\n

Gold futures for June delivery rose $14.20 to settle at a record high of $1,531.20 an ounce. Earlier, gold hit a new intraday record of $1,535.50 an ounce and moved even higher in electronic trading.<\/p>\n

Silver jumped more than 5% to $48.29 an ounce on Thursday.<\/p>\n

Bonds<\/strong><\/a>:<\/strong> The price on the benchmark 10-year U.S. Treasury rose, pushing the yield down to 3.30% from 3.37% late Wednesday. \u00a0\"To<\/a><\/p>\n

First Published: April 28, 2011: 9:48 AM ET<\/p>\n<\/div>\n

<\/p>\n

Read more here:
\nStocks hit fresh highs as dollar weakens<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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