Rally continues as investors keep focus on profits, economy

In Tuesday's trading, Caterpillar rose $2.83 to $39.48, while Texas Instruments fell 54 cents, or 2.2%, to $23.07.

Among financial companies, CIT tumbled 27 cents, or 21%, to 98 cents. Regions Financial fell 62 cents, or 15.4%, to $3.42 after it nearly tripled what it set aside for soured loans.

Comerica reported a loss as it booked a charge to pay preferred dividends to the government under the Treasury Department's financial rescue program. Shares slid $2.31, or 10.1%, to $20.51.

Other companies expected to report Tuesday include tech giants Yahoo and Apple, as well as Starbucks.

Investors still have major concerns about the economy. Unemployment remains at a 26-year high of 9.5% and the Fed predicts it will exceed 10% by year-end.

"We need a little more time and a little bit more clarity," said Frank Ingarra, co-portfolio manager at Hennessy Funds, referring to questions about how the economy will endure strains like unemployment and a weak housing market.

The dollar was mixed against other major currencies, while gold prices fell.

Oil prices rose 74 cents to settle at $64.72 a barrel on the New York Mercantile Exchange.

In other trading, the Russell 2000 index of smaller companies fell 1.74, or 0.3%, to 525.22.

Overseas, Britain's FTSE 100 gained 0.9%, Germany's DAX index rose 1.3%, and France's CAC-40 rose 1%. Japan's Nikkei stock average jumped 2.7%.

Page
  • 1
  • |
  • 2
Join the Discussion
You are using an outdated version of Internet Explorer. Please click here to upgrade your browser in order to comment.
blog comments powered by Disqus
 
You Might Also Like...