NEW YORK, July 7 (Xinhua) -- U.S. stocks soared on Wednesday, with the Dow Jones industrial average reclaiming 10,000, as a better-than-expected outlook from State Street Corp helped ignite optimism about the upcoming earnings season.
State Street Corp, a financial company, said before the opening bell that its quarterly earnings would far exceed expectations, which giving investors hope for a brighter earnings season. The bank's share rallied about 10 percent, lifting financials higher across the board.
Meanwhile, gains in some commodities such as crude oil and copper futures also providing support for the stock market.
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| Dow Jones industrial average index reclams 10,000 points on July 7 |
Crude oil for August delivery snapped a six-day losing streak on Wednesday, settling nearly 3 percent higher on the New York Mercantile Exchange, after the Energy Information Administration re-affirmed its forecast for world oil demand growth by about 1.5 million barrels a day in 2010 and 2011, and upwardly revised its estimates for oil consumption in 2009.
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