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Wednesday, October 17, 2012

US Stocks gain ground on solid earnings (ext.CNN)

NEW YORK (CNNMoney) -- U.S. stocks ended the day higher Tuesday as investors welcomed a batch of strong corporate earnings and digested the latest inflation data.

The Dow Jones industrial average added 0.9%, while the S&P 500 and Nasdaq increased more than 1%.
Better-than-expected earnings from several companies drove the gains.

Meanwhile, the September reading of the Consumer Price Index, the government's key metric for inflation, rose 0.6%. That's higher than the 0.5% increase that economists polled by had been expecting. Compared to a year earlier, prices have risen 2%. Based on this data, the Social Security Administration announced that recipients will receive a 1.7% cost-of-living increase in 2013.

Industrial production rose 0.4% in September, according to the Federal Reserve. The reading was better than analysts were expecting.

Currencies and commodities: The dollar slipped against the euro and the British pound, but gained versus the Japanese yen.

Oil for November delivery rose 24 cents to settle at $92.09 a barrel.

Gold futures for December delivery rose $8.70 to settle at $1,749.20 an ounce.


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