Shares rise on Wall Street
New York - Stocks rose on Wall Street Thursday led by computer chip maker Intel after analysts said there was rising demand for the product.
"If we can get through this high-risk period of a US recession, and we appear to be skirting that, technology will be a likely beneficiary," David Chalupnik of First American Funds told Bloomberg financial news. "We are positive on the retailers. The consumer is not totally rolling over."
Oil shares also gained after being labelled by observers as a good value, and retailers, including jeweler Tiffany & Co and department store JC Penney & Co, added value after their quarterly profits beat analysts' expectations amid weaker consumer spending.
The blue-chip Dow Jones Industrial Average added 94.28 points, or 0.7 per cent, to 12,992.66. The broader Standard & Poor's 500 Index gained 14.91 points, or 1.1 per cent, to 1,423.57. The technology- heavy Nasdaq Composite Index picked up 37.03 points, or 1.5 per cent, to 2,533.73.
The dollar gained to 64.71 euro cents from 64.61 on Wednesday fell against the Japanese currency to 104.73 yen from 105.08 yen.
Gold add 13.50 dollars to 880 dollars per fine ounce. (dpa)