LONDON (ShareCast) - Strong GDP figures continue to push the US market higher.
US GDP rose 3.5% in the third quarter after four successive quarters of decline. Government spending and higher car sales fuelled the growth in the economy.
There
was also positive news on the unemployment front. The number of Americans receiving unemployment benefits fell to its lowest level since March. The fall of 148,000 was the biggest weekly drop since July. Initial jobless claims were also 1,000 lower at 530,000.
The Dow Jones has risen 149 to 9,911, with aluminium giant Alcoa (NYSE: AA - news) leading the way, the tech-heavy Nasdaq Composite (NASDAQ: news) is up 32, or 1.6%, to 2,092, while the broad-based S&P 500 is 18 better at 1,061.
Alcoa says that it is talking to the Commercial Aircraft Corp of China about its new C919 jet. Alcoa is studying structural concepts, designs and alloys for the jet.
Food and household goods giant Procter & Gamble jumped after it announced sales and profits beat forecasts in the first quarter, as new product launches helped stem the loss of customers to cheaper alternatives.
Net sales for the quarter fell by 6% from the same period a year ago to $19.8bn, compared with expectations of a 7% to 10% decline, said P&G whose products include Pampers nappies, Charmin toilet paper and Pringles crisps.
Traders also welcomed forecast-beating results from cereal group Kellogg (NYSE: K - news) where profit rose from $342m, or 89 cents a share, to $361m, or 94 cents a share, in the third quarter. Analysts only expected 84 cents.
Only two of the 30 Dow Jones (news) constituents are in negative territory. Exxon Mobil (NYSE: XOM - news) was hurt by a bigger than expected drop in third quarter earnings as a weak global economy and lower demand slashed oil prices.
The US giant said earnings fell 68% in the three months to $4.73bn, or 98 cents a share. Analysts had pencilled in a figure of nearer $1.03 a share.
Shares in tyre maker Goodyear fell after Bank of America (NYSE: IKJ - news) downgraded its recommendation from buy to underperform.
Internet software provider Akamai Technologies Inc was the best performing Nasdaq (NASDAQ: news) share after it forecast that fourth quarter revenues will be at least $217m, which is higher than previous forecasts.
S&P 500 - RisersLincoln Natl Corp. (LNC) $25.50 +14.60%
Genworth Financial (NYSE: GNW - news) (GNW) $9.91 +14.04%
Akamai Technologies Inc. (AKAM) $22.90 +13.59%
Motorola Inc (NYSE: MOT - news) . (MOT) $8.83 +10.93%
Manitowoc Co. (MTW) $10.46 +10.57%
Symantec Corp. (SYMC) $17.38 +10.49%
Marshall & Ilsley (MI) $5.60 +9.16%
Office Depot Inc. (ODP) $6.45 +9.14%
Alcoa Inc. (AA) $12.95 +8.55%
Hartford Fin Svc (HIG) $25.24 +8.47%
S&P 500 - Fallers
Goodyear Tire Rubber (GT) $12.81 -4.83%
Monster Worldwide Inc (NASDAQ: MNST - news) . (MWW) $15.80 -4.70%
Sprint Nxtel Corp. (S) $3.09 -4.63%
Dentsply International Inc (NASDAQ: XRAY - news) . (XRAY) $33.99 -3.85%
Meredith Corp (NYSE: MDP - news) . (MDP) $28.37 -3.63%
Cb Richard Ellis Group (CBG) $11.06 -3.49%
Pinnacle West Cap (NYSE: PNW - news) (PNW) $32.00 -3.32%
Avalonbay Communities (NYSE: AVB - news) (AVB) $67.66 -3.04%
Iron Mountain Inc. (IRM) $25.61 -2.96%
Southern Co (NYSE: SO - news) (SO) $31.61 -2.83%
Dow Jones I.A - Risers
Alcoa Inc. (AA) $12.95 +8.55%
Procter & Gamble Co. (PG) $59.57 +4.09%
American Express Inc. (AXP) $36.07 +4.04%
Caterpillar Inc (NYSE: CAT - news) . (CAT) $56.57 +3.93%
General Electric Co. (GE) $14.95 +3.68%
Boeing Co (NYSE: BA - news) . (BA) $48.83 +3.41%
Home Depot Inc (NYSE: HD - news) . (HD) $26.00 +3.13%
Bank Of America Corp. (BAC) $15.45 +2.92%
JP Morgan Chase & Co. (JPM) $43.83 +2.69%
Walt Disney Co. (DIS) $27.96 +2.64%
Dow Jones I.A - Fallers
Merck (MERK.JK - news) & Co. Inc. (MRK) $31.18 -2.72%
Exxon Mobil Corp. (XOM) $73.49 -0.47%
Nasdaq 100 - Risers
Akamai Technologies Inc. (AKAM) $22.90 +13.59%
O'Reilly Automotive Inc. (ORLY) $38.14 +13.24%
Symantec Corp. (SYMC) $17.38 +10.49%
Foster Wheeler AG (FWLT) $30.07 +5.88%
Urban Outfitters Inc. (URBN) $32.47 +5.62%
Flextronics International Ltd. (FLEX) $6.78 +5.44%
Wynn Resorts Ltd. (WYNN) $56.74 +5.33%
Express Scripts Inc (NASDAQ: ESRX - news) . (ESRX) $80.80 +4.66%
Joy Global Inc (NASDAQ: JOYG - news) . (JOYG) $53.11 +4.28%
Liberty Global Inc (NASDAQ: LBTYA - news) . Series A (LBTYA) $21.62 +4.24%
Nasdaq 100 - Fallers
First Solar Inc (NASDAQ: FSLR - news) . (FSLR) $126.43 -16.59%
Dentsply International Inc. (XRAY) $33.99 -3.85%
Activision Blizzard Inc (NASDAQ: ATVI - news) . (ATVI) $11.06 -2.90%
Garmin Ltd (NASDAQ: GRMN - news) . (GRMN) $30.99 -1.90%
Apollo Group Inc. (APOL) $58.94 -1.86%
Henry Schein Inc (NASDAQ: HSIC - news) . (HSIC) $53.03 -1.83%
Paychex Inc. (PAYX) $28.69 -1.21%
Baidu Inc (NASDAQ: BIDU - news) . (BIDU) $392.63 -1.06%
Pharmaceutical Product Development Inc. (PPDI) $21.79 -1.00%
Stericycle Inc. (SRCL) $52.65 -0.96%