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U.S. Stocks Rise on Profit Forecasts Before Fed Statement

Namitha Jagadeesh & Alex Barinka
Bloomberg [1]
July 30, 2013

U.S. stocks climbed as companies from Eastman Chemical Co. to Herbalife Ltd. raised their forecasts for full-year profit and investors awaited results from the Federal Reserve’s two-day policy meeting.

Eastman Chemical and Herbalife each jumped 6 percent as earnings topped estimates. Mosaic Co. and Agrium Inc. plunged at least 5.2 percent after OAO Uralkali said global prices of potash will fall about 25 percent. Coach Inc. lost 8.8 percent as discounts and weak handbag sales hurt revenue in North America.

The Standard & Poor’s 500 Index gained 0.3 percent to 1,690.83 at 10:20 a.m. in New York. The Dow Jones Industrial Average advanced 41.38 points, or 0.3 percent, to 15,563.35 today. Trading in S&P 500 stocks was 12 percent below the 30-day average during this time of day.

Full article here [1]