Stocks rise after earnings continue to impress
NEW YORK (AP) — Stocks rose today on stronger corporate earnings and hopes that the job market may be improving.
Software company Red Hat Inc., chip maker Micron Technology Inc. and Chef Boyardee maker ConAgra Foods Inc. all reported results that beat expectations. Earnings growth has been strong across U.S. companies, which are benefiting from lower costs and higher revenue overseas.
The government also said fewer people applied for unemployment benefits last week, evidence that layoffs are slowing. The average number of unemployment filings over the last four weeks has dropped to its lowest level since July 2008.
"Corporate earnings continue to be exceptionally strong," said Oliver Pursche, president of Gary Goldberg Financial Services. "I think the markets continue to focus on the underlying recovery of the U.S. economy."