Saturday, 03 June 2023 07:23 GMT

Wall Street ends higher as Caterpillar, Halliburton rally

U.S. stocks managed to start the week in green, following the biggest weekly decline this year as Caterpillar Inc. said production in China is rising.

Caterpillar rallied 3.3 percent as it sees increased output in Asia’s largest economy in the second quarter. Halliburton Co. jumped 5.5 percent after reporting first-quarter profit that exceeded analysts’ estimates. Eldorado Gold Corp. gained 5 percent as the price of the metal rose.

Equities slumped earlier as figures from the National Association of Realtors showed purchases of previously owned houses, tabulated when a contract closes, fell 0.6 percent to a 4.92 million annual rate last month. The median forecast of 75 economists surveyed by Bloomberg projected sales would increase to a 5 million rate. Prices climbed, reflecting more demand for higher-priced houses.

The Standard & Poor’s 500 Index gained 7.11 points or 0.46% to close at 1562.38 levels. The index reached the highest point at 1565.55 and the lowest point at 1548.19. By closing, 307 shares gained while 188 shares declined and 5 shares remained unchanged.

The Dow Jones Industrial Average index gained 19.66 points or 0.14% to close at 14567.17 levels, the index reached the highest point at 14588.83 and the lowest point at 14457.60. By closing, 17 shares increased while 12 shares declined and one share remained unchanged.

The NASDAQ Composite Index advanced 27.50 points or 0.86% to close at 3233.55 levels, the index reached the highest point at 3241.16 and the lowest point at 3198.74. By closing, 1106 shares advanced while 1054 shares declined and 273 shares remained unchanged.

The Dollar Index, which tracks the performance of the U.S. dollar against a basket of other major currencies closed at its opening levels at 82.80, after hitting a high of 83.04, and a low of 82.75.

Gold closed at $1426.22, below its opening levels at $1407.62, after hitting a high of $1438.87, and a low of $1403.80. Crude oil futures advanced to $89.31, from an opening at $88.27, after having hit a high of $89.44 and a low of $87.69.

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