Stocks on Wall Street pushed higher as a rally in the tech sector offset lagging consumer stocks.The Dow Jones Industrial Average finished 29.78 points, or 0.3%, higher at 10,710.55, above last Friday's 15-month high. Four technology components were among
Stocks on Wall Street pushed higher as a rally in the tech sector offset lagging consumer stocks.
The Dow Jones Industrial Average finished 29.78 points, or 0.3%, higher at 10,710.55, above last Friday's 15-month high.
Four technology components were among the Dow's top performers, including Intel, up 1.3%, before the microchip maker released sharply increased earnings after the closing bell.
IBM was up 1.1% while Microsoft and Hewlett-Packard were also strong. Merck led the measure, up 1.7%.
Consumer stocks Wal-Mart, Walt Disney and McDonald's kept the Dow's gains in check as the Commerce Department reported an unexpected 3% drop in US retail sales in December from the previous month. Economists had forecast a 0.5% increase.
Wal-Mart dropped 0.8%, while Walt Disney fell 0.7% and McDonald's slipped 0.4%.
The S&P 500-share index was uo 0.2% to 1148.46, with its materials sector weighing, but its health care and technology sectors providing a lift.
Monsanto, named the company of 2009 by Forbes magazine, fell 1.3% after the US Justice Department requested information about its GM soybean seed business.
The technology-heavy Nasdaq Composite climbed 0.4% to 2316.14.
European shares held on to small gains to close slightly higher, boosted by miners, while signs remained of a patchy global economic recovery.
The pan-European Dow Jones Stoxx 600 index rose 0.7% to close at 258.84, the second straight day of gains.
In the UK, Cadbury shares rose in a broadly higher British share market on Thursday, after a report signaled that another U.S. firm could be set to bid for the British chocolate maker.
Takeover target Cadbury rose 1.2% to 799p a share after a report that US company Hershey has authorised a counter bid to that of Kraft Foods. Meanwhile, Italy’s Ferrero has flagged any move.
Kraft Foods earlier released earnings guidance that was stronger than initially projected.
The UK FTSE 100 index settled 0.5% higher at 5498.20. The German DAX index rose 0.4% to close at 5988.88, while the French CAC-40 advanced 0.4% to end at 4,015.77.
Commodities: Oil down, gold up
Crude oil futures were down, after falling below $US80 a barrel on Wednesday. The February delivery contract eased 41USce, or 0.5%, lower at $US79.24 a barrel in New York. Brent crude on the ICE futures exchange traded 69USc, or 0.9%, lower at $US77.62 a barrel.
Gold futures were higher as an unexpected drop in US retail sales eased expectations that an early US Federal Reserve rate increase might curtail gold investment.
January gold was up $US3.40 at $US1139.80 an ounce in New York while the more-active February hit a one-week low of $US1118.50 an ounce.
Currencies: Dollar, euro down
The US dollar was lower against the yen and currencies from commodities-rich countries after disappointing economic data fuelled expectations that the Fed will keep interest rates on hold.
The dollar tumbled to its lowest level in almost two months against the Australian currency, while it hit fresh intraday lows against the yen and the Canadian dollar.
The yen benefited from a drop in US Treasury yields, while the euro was the worst performer among the majors, sliding against the dollar and the yen.
The euro was at $US1.4470 from $US1.4511 late on Wednesday. The dollar was at ¥91.10 from ¥91.45, while the euro was at ¥131.85 from ¥132.71.
The UK pound was at $US1.6312 from $US1.6288.
Canada’s dollar advanced to $C1.0254 from $C1.0309 per US dollar. One Canadian dollar purchases 97.52USc.
