US stocks rise on retail sales figures, technology hopes

Business Materials 11 April 2008 03:36 (UTC +04:00)

(dpa) - US stock indices were up Thursday after retailer Wal-Mart reported higher monthly sales and analysts forecast improved technology earnings.

Wal-Mart said sales in March climbed 0.7 per cent and boosted its first-quarter earnings forecast. Costco, another discount chain, also reported higher monthly sales.

Technology companies Intel and Cisco Systems were both forecast to report better-than-expected earnings in the first three months of the year.

The blue-chip Dow Jones Industrial Average rose 54.72 points, or 0.44 per cent, to 12,581.98. The broader Standard & Poor's 500 Index was up 6.06 points, or 0.45 per cent, to 1,360.55. The technology- heavy Nasdaq Composite Index climbed 29.58 points, or 1.27 per cent, to 2,351.70.

The US currency rose against the euro to 63.52 euro cents from 63.22 euro cents on Wednesday. The dollar also climbed against the Japanese currency to 101.98 yen from 101.81 yen on Wednesday.

Gold lost 5.70 dollars to 931.80 dollars per fine ounce.