Dow rise fuelled by McDonald’s lift

first_img whatsapp THE Dow notched a seventhstraight day of gains yesterday, but light volume suggested that investors don’t believe the more than five-month rally has the legs to keep going. Surprisingly strong sales by McDonald’s boosted optimism on consumer spending and drove the Dow’s gains on what turned out to be the quietest day of trading so far in 2011, with total volume about 17 per cent below last year’s daily average. The light volume, “textbook wise, tells you this market is running on fumes,” said Peter Boockvar, equity strategist at Miller Tabak & Co in New York. “But that doesn’t mean it can’t continue.” Weakness in energy shares limited gains in the S&P 500 and Nasdaq after China, the world’s second-biggest energy consumer, raised interest rates for the second time in six weeks. The move pressured commodities on fears of lower demand but had little market impact outside that sector. McDonald’s shares surged 2.6 per cent to $75.36 after its January same-store sales beat expectations, led by a rebound in European demand. The S&P consumer discretionary index was up 1.2 per cent and was by far the top performer among S&P sectors. The Dow Jones industrial average was up 71.52 points, or 0.59 per cent, at 12,233.15. The Standard & Poor’s 500 Index was up 5.52 points, or 0.42 per cent, at 1,324.57. The Nasdaq Composite Index was up 13.06 points, or 0.47 per cent, at 2,797.05. Just 6.99bn shares traded on the New York Stock Exchange, the American Stock Exchange and Nasdaq, well below last year’s daily average of 8.47bn. In extended trading, Dow component Walt Disney shares jumped 3.2 per cent after it reported forecast-beating first-quarter earnings and revenue, as consumers travelled to its theme parks and businesses bought up ad time on its TV networks. The S&P energy sector was by far the weakest S&P sector, down 0.5 per cent. US crude for March delivery settled down 0.6 per cent. Merger activity continued for a second straight day with Kindred Healthcare’s planned acquisition of RehabCare Group to create a post-acute healthcare services company. Kindred Healthcare jumped 28.3 per cent to $25.00 and RehabCare soared 45.5 per cent to $37.05.On the downside, US-listed shares of generic drugmaker Teva Pharmaceutical Industries’ fell 5.4 per cent to $52.02 after it reported results that fell short of forecasts. Avon Products posted a steeper-than-expected drop in quarterly profit. Tags: NULL Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryUndoPeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodayUndoMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailUndoTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoWanderoamIdentical Twins Marry Identical Twins – But Then The Doctor Says, “STOP”WanderoamUndoZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen HeraldUndoSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesUndoBrake For ItThe Most Worthless Cars Ever MadeBrake For ItUndoBetterBe20 Stunning Female AthletesBetterBeUndo whatsapp Tuesday 8 February 2011 7:53 pmcenter_img Share More From Our Partners Police Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comKamala Harris keeps list of reporters who don’t ‘understand’ her: reportnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comKiller drone ‘hunted down a human target’ without being told tonypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comWhy people are finding dryer sheets in their mailboxesnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.com Dow rise fuelled by McDonald’s lift Show Comments ▼ KCS-content last_img

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