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US stocks rise on upbeat results US stocks rise on upbeat results
(about 3 hours later)
US stocks have risen in early trading, recovering some ground from Tuesday's falls thanks to strong results from Disney and upbeat US productivity data. US stocks have risen, recovering some ground from Tuesday's falls thanks to strong results from Disney and upbeat US productivity data.
In opening exchanges, the Dow Jones index was up 50 points, or 0.4%, to 12,317, while the Nasdaq added 0.5%. By midday, the Dow Jones index was up 74 points, or 0.6%, to 12,339.2, while the Nasdaq added 0.7%.
Analysts said Disney's latest figures and a stronger than expected rise in US worker productivity overshadowed continuing recession fears.
Data showing contraction in the service sector saw the Dow fall 3% on Tuesday.Data showing contraction in the service sector saw the Dow fall 3% on Tuesday.
In Europe, traders were cautious ahead of a UK and eurozone interest rate decision on Thursday. Earlier, the UK's FTSE 100 rose 7.4 points at 5,875.4.
Analysts said Disney's latest figures and a stronger-than-expected rise in US worker productivity overshadowed continuing recession fears.
'Natural inclination''Natural inclination'
"It's probably the natural inclination of markets to try to bounce after a bad day," said Peter Boockvar, equity strategist at Miller Tabak in New York."It's probably the natural inclination of markets to try to bounce after a bad day," said Peter Boockvar, equity strategist at Miller Tabak in New York.
We're kind of treading water right now. The market's very jittery and nervous Jim Herrick, director of equity trading at Baird & CoWe're kind of treading water right now. The market's very jittery and nervous Jim Herrick, director of equity trading at Baird & Co
"There's no question that Disney helped and productivity numbers coming in better than expected didn't hurt either.""There's no question that Disney helped and productivity numbers coming in better than expected didn't hurt either."
The latest results from media group Time Warner also pleased investors.The latest results from media group Time Warner also pleased investors.
While it reported a fall in profits for the last three months of 2007, it said it expected profit growth in 2008 to possibly exceed Wall Street estimates.While it reported a fall in profits for the last three months of 2007, it said it expected profit growth in 2008 to possibly exceed Wall Street estimates.
Yet despite the share rises, analysts cautioned that stock market turbulence was likely to return.Yet despite the share rises, analysts cautioned that stock market turbulence was likely to return.
"We're kind of treading water right now," said JimHerrick, director of equity trading at Baird & Co. "We're kind of treading water right now," said Jim Herrick, director of equity trading at Baird & Co.
"The market's very jittery and nervous.""The market's very jittery and nervous."
The main European share indexes were mixed in Wednesday afternoon trading. After a volatile session, Frankfurt's key Dax climbed 1.2% to end at 6,847.5, while the Paris-based Cac 40 had added 0.8% to finish at 4,816.
While the UK's FTSE 100 was down 31 points, or 0.5%, to 5,837, the Dax was up 0.6% and the Cac had added 0.3%. Asian shares had tumbled earlier, taking their queue from Wall Street's troubles on Tuesday.
Japan's main Nikkei 225 index had earlier finished 4.7% lower, while Hong Kong's Hang Seng lost 5.4%.Japan's main Nikkei 225 index had earlier finished 4.7% lower, while Hong Kong's Hang Seng lost 5.4%.