Go Finance Reporting in NEW YORK - The stock price rose again on the third day this week led by the utilities sector and other sectors that can boost profits. This is because the investors in the market betting on the growth of corporate profits, so put aside concerns about weakening demand.
For now, the equity market to filter potential problems that involve debt in the eurozone and a selloff in commodity speculation is a sign of weak economic growth.
"The market has absorbed most of the negative news so far and have to push higher. Based on the facts, investors focused on revenue recovery and growth," said a partner in San Mateo, California-based Grubb & Ellis Co., Jay Leupp, quoted by Reuters , on Wednesday (05/11/2011).
On average, the Dow Jones Industrial (DJI) rose 75.68 points, or 0.60 percent at 12760.36. The broader Standard & Poor's 500 (SPX) rebounded 10.87 points, or 0.81 percent to 1357.16. While the Nasdaq Composite Index (IXIC.) rose 28.64 points, or 1.01 percent to 2871.89.
Utilities sector in the S & P 500 is a utility (GSPU) which rose 1.3 percent. Although regarded as a sector which has low growth. This sector has risen 5.4 percent since April 8 when a recent U.S. bond yields began.
Other conditions that help support the market is the news of China's trade surplus, which slid on concern global economic growth slows.
On the other hand, Microsoft Corp. shares slumped 0.6 percent to $ 25, 67 after it announced plans to buy Internet phone service Skype for $ 8, 5 billion and the price is considered too expensive. And shares of eBay Inc., which owns shares in Skype, rose 2.5 percent to USD33, 93. (GoFinance)
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