U.S. Stocks Rally, Dow Tops 9,000 for First Time Since January

Matt Townsend
Bloomberg
Thursday, July 23, 2009

July 23 (Bloomberg) — U.S. stocks rose, sending the Dow Jones Industrial Average above 9,000 for the first time since January, as EBay Inc., Ford Motor Co. and AT&T Inc. posted better-than-estimated results and home resales increased more than forecast.

EBay rallied 9.7 percent as its earnings signaled consumers’ appetite for online commerce is starting to recover. Ford jumped 9.9 percent after topping analyst estimates by paring expenses and adding market share. AT&T added 3.2 percent as new customers of Apple Inc.’s iPhone bolstered profit. D.R. Horton Inc. led homebuilders higher after sales of existing homes increased for a third straight month.

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The S&P 500 advanced 2.3 percent to 975.64 at 11:41 a.m. in New York, the highest intraday level since Nov. 5. The Dow Jones Industrial Average gained 181.98 points, or 2.1 percent, to 9,063.24. The Nasdaq Composite Index surged 2.3 percent for a 12th straight gain, its longest streak since 1992. Benchmark indexes for Asia and Europe also rose.

“It’s been a good earnings season, given the backdrop that was there,” said Sarah Hunt, a money manager who helps oversee about $6 billion for Purchase New York-based Alpine Mutual Funds. “When you look at some of the estimates, they are expecting a better second half.”

Full story here.

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