Technology shares drive the Dow higher $IBM:xnys

Last Updated on Monday, 05 March 2012 14:47

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Better than expected earnings from tech giants IBM and Microsoft led the Dow higher, US financials were also stronger. The positive news for the week saw the S&P500 make gains of 2% and 5% for the year
IBM which counts for11% of the share price weighted Dow rose 4.4% and Microsoft rallied 5.7% on better than expected Xbox sales
General Electric erased losses of as much as 2.5% to finish flat after profit beat expectations and its order backlog grew to USD200 Billion despite the continuing European troubles
In the tech space Intel rallied after earnings beat expectations whilst Goggle fell after it failed to beat expectations despite reporting a rise of 6% in 4Q earnings. eBay also rallied on positive news, up 3.86%
Leading the moves on the Dow was MSFT, IBM, HPQ, INTC and TRV each rallying 5.65%, 4.43%, 3.61%,2.93% and 2.14% respectively
DOW +0.76%, S&P500 +0.07% and NASDAQ -0.06%
EUR fell away as the Greek debt negotiations roll on, falling to a low of 1.2852 before recovering. AUD is strong testing the 1.0500 level
Gold finished higher on Greek debt uncertainty up 0.5%. Crude fell away 2.1% on poor Chinese PMI and continuing European concerns

Published by Spectrum Live Pty Ltd | www.spectrumlive.com

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