May 25, 2013
Global stocks edge up on company earnings
US and European stocks moved higher today, helped by strong earnings reports and signs American lawmakers were close to raising the federal debt limit.
On Wall Street, the Dow Jones industrial average was up 53.99 points, or 0.39 percent, at 13,766.20. The Standard & Poor's 500 Index was down 0.20 point, or 0.01 percent, at 1,492.36. The Nasdaq Composite Index was up 8.85 points, or 0.28 percent, at 3,152.03
European shares continued to trade in a tight range as the FTSEurofirst 300 index lingered around 22-month highs, with positive earnings from the likes of Unilever and Novartis offsetting worries about telecoms.
The MSCI index of global markets was off 0.13 percent. But Europe's FTSEurofirst 300 index was up 0.2 percent, near a 22-month high on Wednesday. Germany's DAX , which is close to its 2008 high, was up 0.15 percent, and Britain's FTSE 100 index gained 0.3 percent, having briefly reached a 2013 peThe Nikkei average fell a third straight day, reaching a three-week closing low today after the Bank of Japan's easing steps fell short of expectations, triggering profit-taking in shares bought in anticipation of the central bank decision.
The Nikkei dropped 2.1 percent to 10,486.99, logging its biggest one-day percentage fall in a week. Today's retreat took the index further from its 32-month high of 10,952.31 on January 15.
The broader Topix dropped 1.5 percent to 887.79 in relatively thin trade, with 3.38 billion shares changing hands, slightly lower trading volume than last week's daily average of 3.73 billion shares.