US stocks rebound from slump

United States stocks rose on Monday, rebounding from a big slump on Friday. Good first-quarter earnings reports gave the market a boost.

The Associated Press reported that Hasbro was among the biggest gainers after the toy maker reported results that were better than analysts had been expecting. Morgan Stanley and Halliburton also reported earnings that beat forecasts.

The Standard & Poor’s 500 Index climbed 21 points, or 1.1 per cent, to 2,102 as of 1:24pm. The Dow Jones industrial average gained 236 points, or 1.3 per cent, to 18,061. The Nasdaq composite climbed 59 points, or 1.2 per cent, to 4,990.

Hasbro gained after reporting better-than-expected earnings as sales of Transformers and other toys climbed. The toy maker is battling a shift toward video gaming, but managed to boost sales of toys targeted at boys and pre-school children. The stock jumped $6.62, or 10 per cent, to $72.50.

Royal Caribbean was one of the day’s big losers. It’s stock slumped $5.90, or 7.5 percent, to $73.15 after the cruise operator cut its full-year earnings outlook, citing the impact of a strengthening dollar and higher fuel costs.

Investors will be focusing on earnings this week, as 147 companies, close to one-third of the companies in the S&P 500, report their first-quarter results.

Source : Punch

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