ExxonMobil pushes up US stocks despite Egyptian turmoil
By DPA, IANSMonday, January 31, 2011
NEW YORK - US stocks climbed Monday as better-than-expected profits from oil giant ExxonMobil overshadowed the ongoing protests in Egypt.
The world’s largest oil company ExxonMobil posted its biggest quarterly profits in more than two years, up 53 percent from the year-earlier period. Net income for the fourth quarter climbed to $9.25 billion and totalled $30.5 billion for 2010.
Stocks and oil prices gained after dropping sharply Friday, as protests by tens of thousands in Egypt, the largest Arab country, intensified. The demonstrations entered their seventh day Monday with ongoing calls for President Hosny Mubarak to resign.
The blue-chip Dow Jones Industrial Average gained 68.23 points, or 0.58 percent, to 11,891.93. The broader Standard and Poor’s 500 Index climbed 9.78 points, or 0.77 percent, to 1,286.12. The technology-heavy Nasdaq Composite Index gained 13.19 points, or 0.49 percent, to 2,700.08.
The US currency dropped against the euro to 73.04 euro cents from 73.47 euro cents Friday. The dollar inched lower against the Japanese currency to 82.09 from 82.91 yen.
