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Financial, technology sectors lift Wall Street higher
Date:2013/11/21      View:2118

NEW YORK, Jan. 13 (Xinhua) -- U.S. stocks rebounded Wednesday after major indexes fell the most this year on Tuesday, lifted by a rally among financial and technology shares.

U.S. stocks drifted between gains and losses in early trading Wednesday as a drop in oil prices weighed on energy shares.

As the commercial crude inventory rose more than expected, benchmark crude for February delivery fell for the third day and settled at 79.65 U.S. dollars a barrel on the New York Mercantile Exchange. It's the first time this year a barrel has closed below 80 dollars a barrel.

Major banks led the market higher as top executives of four big banks, including Goldman Sachs, JPMorgan Chase, Morgan Stanley and Bank of America appeared before the Financial Crisis Inquiry Commission to talk about the root of the financial crisis, as public discord over big bank profits and bonuses has the White House considering placing a levy on banks.

Stocks pulled higher in afternoon trading after the Federal Reserve said the economy is rebounding in more parts of the country. According to Fed's "beige book," 10 of the Fed's 12 districts reported better activity or improving conditions.

Still, the report counted a number of continuing headwinds. Labor conditions remained generally weak and credit quality deteriorated in December, indicating the economic recovery was still facing several risks and uncertainties.

Among stocks in focus, Chinese search engine company Baidu surged more than 13 percent after its main rival Google threatened to departure from China, supporting Nasdaq higher.

Airlines traded higher on hopes for cheaper fuel prices following news that crude and petroleum-product inventories rose across the board last week. UAL Corp. surged nearly 10 percent and U.S. Airways Group Inc. rose almost 8 percent.

At Wednesday's close, the Dow Jones rose 53.51, or 0.50 percent, to 10,680.77. Broader indexes also ended in positive territory. The Standard & Poor's 500 index added 9.46, or 0.83 percent, to 1,145.68 and the Nasdaq gained 25.59, or 1.12 percent, to 2,307.90.

Gold closes higher on weak dollar 

  CHICAGO, Jan. 13 (Xinhua) -- Gold futures on the COMEX Division of the New York Mercantile Exchange rose on Wednesday as U.S. dollar softened. Silver gained, but platinum went down.

  The most active gold contract for February delivery climbed 7.4U.S. dollars, or 0.7 percent, to finish at 1,136.80 dollars an ounce.

Crude futures fall below 80 USD 

  NEW YORK, Jan. 13 (Xinhua) -- Crude prices fell below 80 U.S. dollars on Wednesday as U.S. inventories increased.

  The Energy Information Administration reported that the nation's oil supply rose by 3.7 million barrels last week while gasoline supplies grew by 3.8 million barrels.

U.S. stocks higher on financials 

  NEW YORK, Jan. 13 (Xinhua) -- U.S. stocks rebounded on Wednesday after previous session's decline, as financials pared early losses and Fed said the economy was improving modestly.

  While top executives of Goldman Sachs, JPMorgan Chase, Morgan Stanley and Bank of America testified before the Financial Crisis Inquiry Commission on Wednesday, investors were expecting the banks to have a strong earnings season which starts with JPMorgan this Friday. All four banks traded higher on Wednesday.

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