Russell, Dow higher
The Russell 2000 (NYSE: IWM) is gaining and the Dow Jones Industrial Average (INDU) is flirting with 14,000 on news of upbeat earnings reports.
At 10:27 a.m. ET the Russell 2000 was up 5.23 points, or 0.62%, to 851.14. The Dow Jones Industrial Average had added 74.47 points, or 0.54%, to 13,992.69.
The bulls welcomed news that Armonk, N.Y.-based IT giant IBM Corp. (Nasdaq: IBM) saw its quarterly profit add 12%, the biggest rise in five years, and increased its yearly guidance.
More good news came out of the tech sector when German business software solutions provider SAP AG (NYSE: SAP) posted a 10% rise in quarterly profit, outpacing projections.
Bank of America Corp. (NYSE: BAC) reported that its second-quarter net income increased 5.2%, and aerospace products maker Honeywell International Inc. (NYSE: HON) lifted its sales and announced earnings that surpassed Wall Street’s projections.
The U.S. Federal Reserve Chairman Ben Bernanke is currently addressing the Senate Committee on Banking, Housing and Urban Affairs as part of his two-day semiannual report on monetary policy.
