Stocks rise on earnings, economic reports
Stocks climb after Home Depot, Wal-Mart report profit; wholesale prices inch higher
Stephen Bernard, AP Business Writer
NEW YORK (AP) — Investors regained their enthusiasm for stocks Tuesday, sending prices sharply after reports showed a slight improvement in the housing market and a big jump in industrial production.
Investors were also encouraged by earnings from Home Depot Inc. and Wal-Mart Stores Inc. that were better than expected. The Dow Jones industrial average rose 144 points in midday trading. All the major stock indexes were up more than 1 percent.
Economic reports in recent months have almost exclusively pointed to slowing growth. Weakening data has led some investors to worry that the country could fall back into recession. The data Tuesday provided a slice of optimism and some reassurance that the economy continues to expand, albeit slowly.
“The data and earnings should ease people’s concerns about a double-dip” recession, said Peter Bible, a partner at EisnerAmper. “We’re anemic; we’re slow; we’re crawling, but we’re not going backward.”
Yesterday’s Top Performing Small Cap Stock:
Oramed Pharmaceuticals Inc. (OTCBB: ORMP)
Oramed Pharmaceuticals Inc. was a SmallCapVoice.com top performer closing up over 5% on trading volume of 7,483 shares.
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