Stocks climb after upbeat earnings from Deere, stronger housing numbers boost recovery hopes
By Tim Paradis, AP Business Writer , On Wednesday February 17, 2010, 5:40 pm EST
NEW YORK (AP) — A stream of good news has the stock market back on an upward path.
Encouraging corporate and economic reports Wednesday raised hopes that a recovery is taking hold although investors are still concerned about unemployment in the U.S. and debt problems in countries like Greece.
Deere & Co. and Whole Foods Market Inc. jumped after their profit reports topped expectations and the companies raised their forecasts. Upbeat reports on home construction and production at factories also helped lift the market.
The Dow Jones industrial average rose 40 points a day after it jumped 170. That rally was also in response to stronger economic and earning news. Treasury prices fell Wednesday as demand for safe investments eased.
Investors could get more insight into the economy Thursday from Wal-Mart Stores Inc. and Goodyear Tire & Rubber Co., which are scheduled to report earnings.
Stocks have fallen over the past month on overseas concerns, including Greece’s debt crisis and moves by China to keep its economy from growing too fast. Investors are still uneasy, but they’ve been able to turn their attention to a stronger domestic economy.
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