07 July 2010 21:40 [Source: ICIS news]
HOUSTON (ICIS news)--Chemical stocks moved sharply higher on Wednesday as the US Dow Jones Industrial Average rose by 2.8%, following optimistic signs for the upcoming earnings season.
The Dow Jones climbed 275 points to break the 10,000 mark, closing at 10,018.
Money management firm State Street projected second-quarter profits well above analyst forecasts, citing an improvement in revenue trends. That boosted the financial sector, and subsequently the market as a whole.
All North American chemical companies followed by ICIS moved higher in trading.
Among the majors, Dow Chemical gained 5.3% and DuPont jumped 3.5%.
Plastics firm PolyOne led the way with a 13% surge, while fertilizer major Mosaic moved up by 9.2%.
Many companies rose by more than 5%, including Ashland, Celanese, Calumet, Cytec Industries, Ferro, HB Fuller, Georgia Gulf, WR Grace, Huntsman, Kronos, Monsanto and Solutia.
Analysts noted that Wednesday’s gains reflected sentiment that the US market had been oversold following a 13% drop in the Dow Jones from its 2010 peak in late April.
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