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US markets up while European indices drop

21 December 2009 07:53 (UTC +04:00)

Baku - APA-ECONOMICS. Wall Street broke a three-day slide as two big technology companies signalled that business was improving, raising hopes about business spending.
Tech stocks led the market higher as software company Oracle and BlackBerry maker Research In Motion each posted earnings that topped expectations.
The better results at Oracle, which makes software for large businesses, suggested that companies are becoming more willing to spend on technology.
The day began with a frenzy of buying and selling as several types of options contracts expired. Volatility was high also as several stocks were added to and dropped from the Standard & Poor’s 500 index, a widely used benchmark and the basis for many indexed mutual funds.
The Dow Jones industrial average rose 20.63 points, or 0.2 per cent, to 10,328.89.
The broader S&P 500 index rose 6.39, or 0.6 per cent, to 1,102.47, and the technology-heavy Nasdaq composite index rose 31.64, or 1.5 per cent, to 2,211.69.
European stock markets wilted on sharp falls in the banking sector as investors took profits on recent gains ahead of the anticipated withdrawal of government support for troubled lenders.
The London FTSE 100 index of leading shares shed 20.8 points, or 0.4 per cent, to 5,196.81 points.
Germany’s Dax dropped 13.23 points, or 0.23 per cent, to 5,831.21.
The CAC 40 fell 36.38 points, or 0.95 per cent to 3,794.44.
Investors were worried about the global credit situation after Greece was hit with another downgrade to its sovereign credit rating.
Resource-related shares lost ground after commodity prices weakened due to fresh worries about the outlook for the global economy.
The Nikkei-225 index fell 21.75 points, or 0.21 per cent, to 10,142.05.