U.S. Stocks Rise on Earnings Reports, Trade Deficit, Record Petroleum Exports - THANKS OBAMA!!!!
U.S. Stocks Rise on Earnings Reports, Trade Deficit
By Inyoung Hwang & Leslie Picker - Feb 8, 2013 9:05 AM CT
U.S. stocks rose, as the Standard & Poor’s 500 Index erased a weekly decline, amid corporate earnings that topped estimates and a report showing the trade deficit narrowed more than forecast.
Nine out of 10 groups in the S&P 500 rose. LinkedIn Corp. surged 18 percent after the online professional-networking service provider posted earnings that beat estimates. Activision Blizzard Inc. rose 8.5 percent after the largest U.S. video-game maker more than tripled fourth-quarter net income.
Data today showed the U.S. trade deficit narrowed more than forecast in December, led by record exports of petroleum that gave the world’s largest economy a boost at the end of 2012. The gap shrank 20.7 percent to $38.5 billion, lower than any estimate in a Bloomberg survey of 73 economists and the least since January 2010, Commerce Department figures showed today in Washington.
“Confidence is emerging here,” said James Paulsen, chief investment strategist at Minneapolis, Minnesota-based Wells Capital Management in a television interview on Bloomberg Surveillance with Tom Keene. His firm oversees $332 billion in assets. “People are finally deciding that this looks more like a sustainable recovery.”
RECORD PETROLEUM EXPORTS DUE TO HIGHER EFFICIENCY AT HOME AND RECORD DRILLING....THANKS OBAMA!!