Chem stocks surge as US Dow Jones Industrial Average jumps 2.8%

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.

Paul Hodges studies key influencers shaping the chemical industry in Chemicals and the Economy
To discuss issues facing the chemical industry go to ICIS connect


By: Ben DuBose
+1 713 525 2653



AddThis Social Bookmark Button

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly

ICIS news FREE TRIAL
Get access to breaking chemical news as it happens.
ICIS Global Petrochemical Index (IPEX)
ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index

Related Articles