New York, Feb 8 (DPA) US stocks gained Monday, led by a rise in financial firms and what some investors viewed as easing tensions in Egypt.
US conglomerate Loews earnings rose more than expected on the back of its financial insurance arm, which said it would reinstate. The positive move from a once-struggling financial player helped push up shares in Bank of America, JP Morgan Chase and insurer American International Group (AIG).
Credit-card companies also saw their shares gain after data from the Federal Reserve showed Americans upped their credit-card use in December for the first time since 2008.
Markets were also helped by a relative day of calm in Egypt, where protests over the last two weeks have demanded the resignation of President Hosni Mubarak.
The blue-chip Dow Jones Industrial Average rose 69.48 points, or 0.57 percent, to 12,161.63. The broader Standard and Poor’s 500 Index added 8.18 points, or 0.62 percent, to 1,319.05. The technology-heavy Nasdaq Composite Index climbed 14.69 points, or 0.53 percent, to 2,783.99.
The US currency was virtually unchanged against the euro at 73.6 euro cents, compared to 73.61 euro cents Friday. The dollar rose against the Japanese currency to 82.32 yen from 82.18 yen the previous day.
