Stocks Rise on Good Earnings

U.S. stocks rose in the early trading on Friday as good earnings override Ebola concerns. The Dow Jones industrial average lately rose 37.07 points, or 0.22%, to 16,714.97. The S&P 500 gained 1.51 points, or 0.08%, to 1,952.33. The Nasdaq Composite added 6.81 points, or 0.15%, to 4,459.60.

Ford Motor Co’s third-quarter earnings fell 34 percent but beat Wall Street expectations on a strong showing in North America even as revenue fell due to the cost of introducing the F-150 pickup truck. Ford’s net profit of $835 million, or 21 cents per share, was down 34 percent from $1.27 billion, or 31 cents per share, a year earlier.

Procter & Gamble Co said it would split off its Duracell battery business into a separate company as it looks to focus on its faster-growing brands. Net income attributable to Procter & Gamble fell to $1.99 billion, or 69 cents per share, in the first quarter ended Sept. 30 from $3.03 billion, or $1.04 per share, a year earlier.

United Parcel Service Inc. said its revenue rose 5.7% in the latest quarter, boosted by a higher number of deliveries from overseas, and added that it expects shipments in December to jump 11% from a year ago. The company’s third-quarter results beat expectations. UPS posted a profit of $1.21 billion, or $1.32 a share, up from $1.1 billion, or $1.16 a share, a year ago. Revenue rose to $14.29 billion from $13.52 billion.

News that a New York City doctor who had been treating Ebola patients in West Africa had been taken to a New York City hospital with a high fever knocked about 80 points off of the Dow’s 300-point rally.

About the Author

has written 14556 stories on this site.

Copyright © 2012 Nine Stocks