NEW YORK—Investors pushed stocks sharply higher, erasing all of July's losses, as investors reacted to strong corporate earnings and continued hopes for central-bank intervention. The Dow Jones Industrial Average rose 103.16 points, or 0.81%, to 12908.70. (Wall Street Journal)
A big rise by Intel after it posted a strong earnings report drove up technology stocks, especially other chip makers. Those companies, plus industrials, were responsible for much of the gains in the market Wednesday. The government reported that builders broke ground last month on the most new homes and apartments in nearly four years. The 6.9 percent jump brought the number of housing starts to the highest since October 2008.
FKLI July contract opened high this morning at 1650 and closed slightly lower at 1648.5. "The market is lacking clear direction, partly because of the earnings result season. Investors would want to look at some numbers first," says a local analyst. He tips 1650 resistance for the day.
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