Date: Thursday 10 Jun 2010
US shares powered forward as oil stocks rebounded following yesterday’s sell-off and investors took comfort from a solid performance by the euro after the latest ECB rate decision.
The euro held above $1.20 for the first time in a week after ECB president Jean-Claude Trichet would maintain its current monetary policy.
BP shares led the rally in the US, but were down in the UK. Wednesday’s plunge in the value of its US stock shocked BP into issuing a statement this morning claiming it knows of no reason for the 16% slump in its US shares yesterday.
Chevron, Anadarko Petroleum, Baker Hughes, Halliburton and Diamond Offshore Drilling were all sharply higher on the day. Miners, including Cliffs Natural Resourcesand Alcoa, were also higher.
On the economic front, the weekly jobless claims showed unemployment fell by a less-than-forecast 3,000 to a seasonally adjusted 456,000
The Commerce Department said the trade gap widened to $40.3bn from a downwardly revised $40bn the previous month.
Across the markets, the Dow Jones surged 273 points to 10,172 with the Nasdaq rising 60 points to 2,218. The S&P 500 was up 31 points at 1,086.
China's export figure also lifted sentiment. Figures showed exports rose in May, reassuring investors the global economy has not been slowed by the European sovereign debt crisis.
Walt Disney rose on the back of improved advertising revenues for its television network ABC.
Canned fruit supplier Del Monte Foods increased its quarterly dividend from 5 cents a share to 9 cents a share.
US drug store chain Walgreen has been downgraded by Barclays. The share 
S&P 500 - Risers
Anadarko Petroleum (APC) $39.15 +12.40%
Baker Hughes International (BHI) $42.42 +10.61%
CF Industries Holdings Inc. (CF) $64.28 +9.00%
N Y Times Class A (NYT) $9.09 +8.73%
S&P 500 - Fallers
Goldman Sachs Group Inc. (GS) $133.77 -2.21%
Autozone Inc. (AZO) $187.72 -0.46%
Stryker Corp. (SYK) $49.36 -0.24%
Electronic Arts Inc. (ERTS) $15.19 -0.16%
Dow Jones I.A - Risers
Caterpillar Inc. (CAT) $59.95 +5.53%
American Express Inc. (AXP) $40.03 +5.04%
Chevron Corp. (CVX) $74.17 +4.77%
Alcoa Inc. (AA) $11.25 +4.17%
Dow Jones I.A - Fallers
Cisco Systems Inc. (CSCO) $22.75 -0.13%
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