S&P500 closed above 1400 for the first time since May $HD:xnys
- Published: 08 August 2012
- US stocks finished higher for the third day in a row with the S&P500 closing above the psychologically important 1400.00 mark for the first time since May. Stocks were boosted by continuing expectations that the ECB will step in and provide further stimulus to the beleaguered European economy
- Most S&P500 sectors finished in positive territory with the energy and materials sectors finishing stronger. More defensive stocks were sold off with utilities and consumer staples weaker overnight
- Fashion accessories maker Fossil rallied up 31.49% to lead the S&P500 after it forecast full year earnings that topped analysts estimates and also posted better than expected earnings for the last quarter
- Disney reported Q3 earnings with profit jumping by 24% due to strong earnings from its theme parks and action film 'The Avengers'
- US Home Systems rallied 38.3% after Home Depot said it would acquire the specialty home-improvement company for $12.50 per share
- DOW +0.39%, S&P500 +0.51% and NASDAQ +0.87%
- The US Dollar Index was relatively flat overnight and the AUD held 1.0500
- Gold eased off after three days of gains, Crude eases off 12 week highs
