Utilities lift Wall Street as leadership shifts
US stocks rose for a third day, led by utilities and other defensive sectors that may drive further gains as investors bet on profit growth and set aside concerns about weakening demand.
The Dow Jones industrial average was up 75.68 points, or 0.60 percent, at 12,760.36. The Standard & Poor's 500 Index was up 10.87 points, or 0.81 percent, at 1,357.16. The Nasdaq Composite Index was up 28.64 points, or 1.01 percent, at 2,871.89.
European shares rose, with sharp gains for banks on hopes that they will not suffer any imminent writedown on their Greek debt holdings, and miners up as strong Chinese import data fuelled growth hopes.
The pan-European FTSEurofirst 300 index of top shares rose 0.8 percent to 1,149.62 points, the highest close in a week, after concern over the peripheral euro zone debt outlook had dragged shares lower in the previous session.
The benchmark Nikkei average closed up 0.3 percent at 9,818.76. Immediate resistance looms at the benchmark's 200-day moving average, now at 9,822. The broader Topix gained 0.4 percent to 856.46.
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