Stocks on Wall Street finished the week on a strong note as European bank stress-tests eased fears and corporate earnings continued the flow of good news.The S&P 500 index climbed above the psychologically significant 1100 level for the first time thi
Stocks on Wall Street finished the week on a strong note as European bank stress-tests eased fears and corporate earnings continued the flow of good news.
The S&P 500 index climbed above the psychologically significant 1100 level for the first time this month, closing 0.8% up at 1102.66.
The measure was led by its industrial sector, which was boosted by a 3.8% jump in GE after it boosted its quarterly dividend. This was GE's first dividend increase since its historic slashing more than a year ago. The company also announced it will restart stock buybacks this quarter after nearly two years.
GE boosted the Dow Jones Industrial Average, which ended up 102.32 points, or 1%, to 10,424.62.
Leading the Dow's gains, Verizon Communications jumped 3.9% after its earnings excluding charges beat analysts' forecasts.
The Nasdaq Composite advanced 1.1% to 2269.47.
Other markets: Europe, Asia up
European shares ended the day and the week with gains after better-than-expected readings on German business confidence and UK gross domestic product.
Traders also reacted positively to media reports of European banks stress-tests, which all but a handful passed. Five regional savings banks in Spain failed along with one each in Greece and Germany
Banks gained this week but ended broadly flat on Friday, with Commerzbank shares up 2% and Credit Agricole down 1.9%. Metal futures and miners advanced, with Xstrata up 1.9%.
The Stoxx Europe 600 index rose 0.6% to 255.85, up for the fourth straight session. It added 3.2% over the week.
The French CAC-40 index ended up 0.2% at 3607.05, the German DAX index advanced 0.4% to 6166.34 and the UK FTSE 100 index ended flat at 5312.62.
In Asia, Chinese shares rose for a fifth straight session and triggered a rebound in Japanese stocks that more than erased losses suffered earlier this week.
Japan's Nikkei Stock Average rose 2.3% to 9430.96 after a five-session losing streak, Australia's S&P/ASX 200 climbed 1.9% to 4458.39 and Korea's Kospi advanced 1.3% to 1758.06.
Taiwan's Taiex rose 1.2% to 7761.22, the Shanghai Composite climbed 0.4% to 2572.03 and Hong Kong's Hang Seng Index advanced 1.1% to 20,815.33.
India's Sensex added 0.1% to 18,130.98 and the Singapore Straits Times rose 0.60% to 2973.47.
Commodities: Oil, gold down
Crude futures settled slightly down, in light of waning concerns about a tropical storm approaching the Gulf of Mexico.
Light, sweet crude for September delivery settled 32USc, or 0.4%, lower at $US78.98 a barrel in New York. Brent crude on the ICE futures exchange settled 37USc lower at $US77.45 a barrel.
Gold futures extended slight losses and industrial commodities fluctuated in a narrow range after regulators affirmed the health of most European banks.
The most actively traded gold contract for August delivery fell $US7.80, or 0.7%, to settle at $US1187.80 an ounce in New York.
Currencies: Euro, pound up
The euro posted a modest advance after most European banks passed regulatory stress tests and US stocks rallied.
The euro traded at $US1.2916, from $US1.2892 late on Thursday, after ranging from $US1.2794 to $US1.2967.
The dollar strengthened to ¥87.37 from ¥86.90, while the euro strengthened to ¥112.84 from ¥111.98.
The UK pound leapt to $US1.5423 from $US1.5264.
