(by Dr. Goldfinger)
U.S. stocks closed higher on Thursday.
The Dow Jones Industrial rose 12.17 points, or 0.1%, to of 10,129.24 while the Nasdaq Composite Index lifted 22.80 points, or 1.2%, to 1,881.06 and the S&P 500 rose 5.01 points, or 0.5%, to 1,100.43.
Oil prices retreated thanks to a resolution of the impasse between the Russian government and Yukos, allowing market participants to focus on rosy earnings reports from the likes of Exxon Mobil and EDS.
The S&P 500 rose 0.5 per cent to 1,100.43 and the Dow Average edged up 0.1 per cent to 10,129.24. The day’s big winner was the Nasdaq Composite, up 1.2 per cent to 1, 881.06 as tech, financials and other recent laggards regained momentum.
Exxon Mobil, The largest oil company in the US, said earnings climbed 39 per cent, in line with expectations, sending its stock up 0.5 per cent to $46.03.
The volatile tech sector was also up. JDS Uniphase shares climbed 14.7 per cent to $3.44 after the fiber-optic equipment maker - one of the leaders from the halcyon days of 199 9 - posted a smaller than expected loss. Other fiber-optic companies were up, with Ciena, the biggest decliner on the S&P 500 this year, gaining 4.5 per cent to $2.80.
Electronic Data Systems shares were up 6.8 per cent to $18.44 after the computer-systems company posted a small operating loss in line with expectations and indicated that its t urnround was continuing apace.
Aetna shares climbed 6.7 per cent to $84.25 after the insurer posted better than expected earnings. Gillette shares fell 5.6 per cent to $38.16 because the "upside surpris e" in earnings was not as robust as some had hoped.
DaimlerChrysler, meanwhile, posted a fivefold rise in its earnings but its shares were off 1.3 per cent to $44.91 after the company lowered its expectations for its Daimler divi sion. GM shares fell 3.1 per cent to $42.75, capping the Dow 30’s gains.
Krispy Kreme, the high-flying donut shop chain, shed 15.8 per cent to $15.71 after it disclosed that the Securities and Exchange Commission was investigating the company.