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Date Posted: 19:59:05 02/19/12 Sun
US Stocks Climb As Investors Await Greek Bailout Plan
18/02/2012 8:42AM
--DJIA, S&P 500 rise with optimism for a Greek bailout agreement
--DJIA closes 50 points below 13000, a level not hit since May 2008
--Europe's leaders voice confidence in forthcoming agreement on Greek bailout
--S&P 500 ends just shy of highest closing level since 2008; Nasdaq Composite slips
By Chris Dieterich
OF DOW JONES NEWSWIRES
NEW YORK (Dow Jones)--The Dow Jones Industrial Average pushed higher for the second day after European leaders signaled progress toward an agreement on a second bailout for Greece.
Both the Dow and Standard & Poor's 500 stock indexes made runs at multiyear milestones, but a late rally lost momentum ahead of the long, holiday weekend. The Dow advanced 45.79 points, or 0.4%, to 12949.87, within striking distance of 13000, a threshold last hit in May 2008.
The Standard & Poor's 500-stock index rose 3.19 points, or 0.2%, to 1361.23, just short of its best close in almost four years. The Nasdaq Composite fell 8.07 points, or 0.3%, to 2951.78.
Consumer-discretionary and financial stocks were the strongest performers in the S&P 500 on a percentage basis, while health-care and utility stocks lagged. Intel was the biggest percentage gainer in the Dow, rising 55 cents, or 2%, to $27.37, while Alcoa fell 13 cents, or 1.3%, to 10.15.
The Stoxx Europe 600 climbed 0.6%, trading near levels not seen since last summer, after political leaders from Germany, Italy and Greece voiced confidence that a deal on a Greek bailout could be reached by Monday.
Developments in Europe failed to spark commensurate gains in U.S. stocks, though benchmarks drifted to session highs late in afternoon trade.
"While it looks like the pieces are slowly falling into place for Greece, there are a number of things that are not fully known. Some investors seem to be tentative going into a long weekend when a lot can happen," said Alan Gayle, senior investment strategist at RidgeWorth Investments.
Developments in Europe this weekend will color next week's trading, with fourth-quarter earnings season nearly finished and few major U.S. economic data reports on the agenda next week.
Asian bourses also were broadly higher, with Japan's Nikkei Stock Average climbing 1.6% to a six-month high. Hong Kong's Hang Seng Index advanced 1%.
Gold futures lost $2.30 per troy ounce, or 0.13%, to $1724.50, while crude-oil prices settled up 93 cents, or 0.9%, at $103.23 a barrel. The dollar lost ground against the euro and strengthened against the yen. The yield on the 10-year Treasury note rose to 2.012%.
U.S. economic data showed consumer prices rose in line with expectations in January. The newly composed index of leading economic indicators in January increased for the fourth consecutive month, just shy of expectations.
In corporate news, H.J. Heinz tacked on 2.37, or 4.6%, to 54.47 after the food company reported better-than-expected fiscal third-quarter earnings and revenue, and provided an upbeat full-year earnings outlook.
General Mills shed 1.44, or 3.6%, 38.34 after it indicated fiscal third-quarter earnings would be below estimates and lowered its full-year outlook, citing weak volumes across its U.S. retail categories in December and January.
Gilead Sciences slumped 7.81, or 14%, to 47.00, making it the weakest performer on the Nasdaq 100 and the S&P 500, after the company announced disappointing results to a study of its hepatitis C treatment.
Campbell Soup's fiscal second-quarter earnings topped estimates while revenue were a bit shy. The company affirmed its full-year earnings and sales growth outlook. The stock rose 84 cents, or 2.6%, to 32.90.
First Solar climbed 2.88, or 7.3%, to 42.59 after Los Angeles County agencies approved changes to a construction permit required to build a large solar farm and complete a $1.36 billion deal with Exelon, which fell 23 cents, or 0.6%, to 39.27.
SunPower shot up 65 cents, or 8.7%, to 8.13 after the solar-panel maker reported a surprise fourth-quarter profit and revenue that was well above expectations.
Allscripts Healthcare Solutions swung to a fourth-quarter profit on prior-year charges related to its acquisition of Eclipsys. Shares fell 1.93, or 9%, 19.54, however, after the company gave a cautious profit view for the current quarter.
Qlik Technologies' fourth-quarter earnings jumped 47% as the software company reported broad revenue growth. However, shares slid 2.58, or 8.2%, to 28.73 after Qlik's adjusted profit missed its expectations, and the company issued a downbeat first-quarter outlook.
Aruba Networks' fiscal second-quarter loss widened as the WiFi-equipment maker was hurt by higher charges. Shares fell 2.47, or 10%, to 22.18.
-By Chris Dieterich, Dow Jones Newswires; 212-416-2611; christopher.dieterich@dowjones.com
(END) Dow Jones Newswires
February 17, 2012 16:42 ET (21:42 GMT)
Copyright (c) 2012 Dow Jones & Company, Inc.
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