Strong profits rise in US stocks

Strong profits rise in US stocks
Strong profits rise in US stocks

US stocks rose slightly at the open (on Wednesday), supported by a fresh batch of strong earnings reports.

The Dow Jones Industrial Average rose 78.55 points, or 0.22%, to open at 3,5835.43 points, the Standard & Poor’s 500 Index increased 5.43 points, or 0.12%, to 4,580.22 points, and the Nasdaq Composite Index rose 40.29 points, or 0.26%, to 15,276 points.

European shares fell, and mining companies topped the losses after fears of the Chinese government’s intervention, which affected metal prices, while mixed earnings data for companies kept investors in a cautious state.

The pan-European STOXX 600 index fell 0.2%, but settled just below its August high, and Asian technology stocks fell on an increase in the yield on short-term US Treasuries and fresh regulatory concerns in China.

The European mining sector index was the most declining, down 1.4%, affected by the decline in Chinese steel futures, as well as the decline in raw materials prices after the government’s intervention to calm commodity prices.

Deutsche Bank fell 2.9%, despite recording better-than-expected quarterly profits, while the Sweden Stock Exchange-listed Kindred Group, which operates online gambling services, plunged 12.7% to be the most declining on the Stoxx 600 index after announcing quarterly results.

On the other hand, the share of Schneider Electric, the manufacturer of electrical appliances, jumped 3.1% after achieving better than expected quarterly results.

Swiss software firm Temenos rose 14.1% after a report that AQTAP was in the early stages of considering a bid.

In addition, the Japanese Nikkei index compensated for its previous losses, to end trading unchanged, as the strong results of companies supported the market, despite the impact of the state of caution and anticipation ahead of the parliamentary elections at the beginning of the week.

The index fell 8 points, to close at 29,098.24 points, maintaining most of its gains made in the past days, which amounted to about 500 points. The index had fallen earlier today to 28,870.25 points, but the broader Topix index fell 0.23% to 2013.81 points.

Shares of Shinko Electric Industries led the gains in the Tokyo Stock Exchange, increasing 14.9%, and Maruwa Electronics shares 12.4%.

On the other hand, Canon’s share fell 5.9%, and Nidec Automotive’s share fell 2.9%.

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