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NEW YORK – Financial shares are pulling the stock market higher after a second-quarter profit forecast from State Street Corp. topped analysts' expectations.
The climb Wednesday comes a day after the Dow Jones industrials broke a seven-day losing streak. The reversal is helping draw in traders who are looking for beaten-down stocks. The Dow is down 13 percent from its 2010 peak in late April.
State Street says it expects to report net income of 87 cents per share for the second quarter. Analysts polled by Thomson Reuters had forecast 72 cents per share. State Street shares rose 10 percent.
At midday, the Dow is up 123 at 9,866. The Standard & Poor's 500 index is up 14 at 1,041, while the Nasdaq composite index is up 25 at 2,119.
THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.
NEW YORK (AP) — Financial shares pulled the stock market higher Wednesday after State Street Corp.'s second-quarter profit forecast topped analysts' expectations.
The Dow Jones industrial average rose about 125 points in morning trading. The Dow and broader indexes gained more than 1 percent. Shares of State Street rose 10.5 percent.
The climb in stocks came a day after the Dow broke a seven-day losing streak. The reversal helped draw in traders who are looking for beaten-down stocks following a 13 percent drop in the Dow since its 2010 peak in late April.
The climb Wednesday comes a day after the Dow Jones industrials broke a seven-day losing streak. The reversal is helping draw in traders who are looking for beaten-down stocks. The Dow is down 13 percent from its 2010 peak in late April.
State Street says it expects to report net income of 87 cents per share for the second quarter. Analysts polled by Thomson Reuters had forecast 72 cents per share. State Street shares rose 10 percent.
At midday, the Dow is up 123 at 9,866. The Standard & Poor's 500 index is up 14 at 1,041, while the Nasdaq composite index is up 25 at 2,119.
THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.
NEW YORK (AP) — Financial shares pulled the stock market higher Wednesday after State Street Corp.'s second-quarter profit forecast topped analysts' expectations.
The Dow Jones industrial average rose about 125 points in morning trading. The Dow and broader indexes gained more than 1 percent. Shares of State Street rose 10.5 percent.
The climb in stocks came a day after the Dow broke a seven-day losing streak. The reversal helped draw in traders who are looking for beaten-down stocks following a 13 percent drop in the Dow since its 2010 peak in late April.
