Blue chips shine on earnings, new US data

0 Comments | AFP, August, 2005

NEW YORK (AFP) — Blue-chip shares added to early gains in New York, boosted by a pullback in the price of oil, positive income and factory data, and better-than-expected earnings from Comcast.

The Dow Jones Industrial Average was up 55 points to 10,678 at midday and the tech-heavy Nasdaq Composite Index rose 16 points to 2,211.

"Earnings continue to come in better than expectations, the economic numbers continue to remain firm and it's certainly helping the market overcome the higher oil prices," said Paul Mendelsohn, chief investment strategist at Windham Financial Services.

Within the Dow industrials, Alcoa Inc. was the biggest percentage gainer, up 3.5 percent after Credit Suisse First Boston upgraded mining stocks.

Intel Corp. rose 1.5 percent,...