Monday, May 9, 2011

Wall Street Rises As Oil Rallies, Intel (NASDAQ: INTC) Slumps

US stocks finished higher on Monday as investors cheered a rally in commodity prices.

The Dow Jones Industrial Average dropped 139.41 points, or 1.10%, to finish at 12,584.17. The S&P 500 shed 12.22 points, or 0.91%, to close at 1,335.10. The Nasdaq Composite declined 13.51 points, or 0.48%, to 2,814.72.

McDonald's Corp. (NYSE: MCD) said Monday that its April global comparable sales climbed 6%. Sales in the U.S. rose 4%; up 6.5% in Europe; and increased 6.5% in Asia, Middle East and Africa. Shares of the fast-food chain rose 61 cents, or 0.78|%, to $79.31.

Tyson Foods Inc. (NYSE: TSN) said Monday that its fiscal second-quarter earnings were flat at $159 million, or 42 cents a share, when compared to the year-ago period. Sales climbed 15.7% to $8 billion from $6.92 billion. Analysts, on average, expected the company to report earnings of 43 cents per share on revenue of $7.52 billion. Shares of the meat producer slumped $1.12, or 5.93%, to $17.77.

Shares of Intel Corp. (NASDAQ: INTC) declined 49 cents, or 2.13%, to close at $22.76.  

Meanwhile, Standard & Poor's Ratings Services on Monday cut Greece's long-term sovereign credit rating to B from BB- due to concerns euro-zone officials are looking to extend the debt payment maturities of the European Commission's portion of the nation's 110 billion euro bailout. 

European stocks closed lower. The UK FTSE dropped 34.08 points, or 0.57% to 5,942.69. The German DAX and French CAC increased 1.09% and 1.25% respectively.

Asian stocks finished mixed. The Nikkei 225 fell 64.82 points, or 0.66%, to 9,794.38. The Hang Seng index of Hong Kong climbed 176.86 points, or 0.76%, to 23,336.

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