Stock Market News

Yesterday was a significant day in the markets as the Dow Jones made history. 

Stocks gained, sending the Dow Jones Industrial Average above 13,000 for the first time ever, on expectations earnings will keep beating analysts’ estimates. Profit reports from more than half of its members including Citigroup (C) bolstered speculation that the biggest U.S. companies will weather slower economic growth.

Alcoa (AA)
was the Dow average’s best performer after the aluminium maker said it may sell its packaging, consumer products and electrical units. (AMZN) jumped the most in five years after the online retailer increased its full-year forecasts, on higher sales of electronics and clothes and a lower tax rate.

Corning (GLW) climbed to its highest level since May. The biggest maker of glass for liquid-crystal displays posted a 27% jump in quarterly profit because of higher demand for telecommunications gear. Not all companies that released earnings reports rose though.

Boeing (BA) slipped after the world’s second-largest maker of commercial airplanes said 2007 and 2008 per-share profit would be lower than analysts were expecting.

Sun Microsystems (SUNW) has its steepest decline since September 2003. The world’s third-largest maker of server computers said fiscal third quarter revenue rose 3.3% to $3.28 billion, missing the $3.41 billion average estimate.

Source: Cannacord Capital

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