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Friday 21st of November 2008
May 1, 2006

Wall Street higher


by Elaine Frei

At midday on Monday, the New York equities markets were up on new economic data that came in higher than expected as well as continued stronger-than-predicted earnings results. Hints that inflationary pressures are rising did not seem to worry investors. The Dow Jones Industrial Average was up 0.3 percent to 11,403.24 at mid-session, while the Nasdaq composite had added 0.1 percent to 2,323.81 and the S&P 500 had gained 0.2 percent to 1,313.04.

Ethanol producer Archer Daniels Midland was up 4 percent to $37.79, mostly on the fact that more and more ethanol is being added to gasoline as well as on government attempts to promote the use of alternative fuels. ADM is up more than 50 percent since the beginning of the year.

Chevron, meanwhile, added 1 percent to $61.61after its report that it saw an increase of 48 percent in net income in the first quarter, partly due to its purchase of Unocal.

In the retail sector, Wal-Mart gained 3 percent to $46.37 on its report of a 6.8 percent gain in same-store sales in April over the same period last year.

Tractor-maker Agco was up 12.9 percent to $26.73 after reporting a decline in quarterly profits that was smaller than had been predicted. The news helped other farm-machinery manufacturers, with John Deere adding 32.7 percent and CNH up by 5.8 percent.

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