FX.co ★ The US stock market review for December 08, 2010

On Wednesday the US stock indices closed up. The Dow Jones Industrial Average rose by 13.32 points, or by 0.12%, to 11372 points. The Standard & Poor’s 500 grew by 4.53 points, or by 0.37%, to 1228.28 points, whereas the Nasdaq Composite gained 10.67 points, or 0.41%, to 2609.16 points. The US dollar has also continued to increase, which caused the decrease in prices for commodities and hit the shares of material, energy and industrial companies.
The stocks of consumer sector closed down, their falling was caused by plunge of McDonald’s stocks by $1.60, or by 2%, to $78.74 per share. In November McDonald’s profit advanced by 4.8%, but turned out to be lower than the forecasts.
Financial stocks led the increase due to strengthening of the regional banks shares. Lincoln National stocks edged up $1.90, or 7.5%, to $27.24, Fifth Third Bancorp added 85 cents, or 6.5%, to $13.93, Zions Bancorp stocks ascended by $1.17, or by 5.5%, to $22.45. The shares of Regions Financial, Keycorp and PNC Financial Services soared 2.9-5.3%. The quotes of Morgan Stanley strengthened by 81 cents, or 3.2%, to $26.47, after the company received the necessary approval to purchase 34.3% of China International Capital. Bank of America stocks surged by 43 cents, or by 3.7%, to $12.00, having led the growth of Dow components. J.P. Morgan shares rose by $1.01, or by 2.6%, to $40.26. Nevertheless, American International Group lost $1.72, or 3.9%, and fell to $42.23, since The Wall Street Journal announced that the US government plans to sell at least 15 billion dollars of its shares in American International Group. The possibility that tax benefits will remain influenced the US treasury bonds. The yield of 10-year treasuries exceeded 3.3% having ended the session at 3.236%, which is the highest level since June.