UpdateDow Jones closes above 2%, US chem stocks rise

02 January 2013 21:31  [Source: ICIS news]

(adds details throughout)

HOUSTON (ICIS)--US chemical stocks rose with the Dow Jones Industrial Average, which increased by 2.35% on Wednesday, a day after Congress avoided the fiscal cliff by passing a bill to prevent automatic tax rises and public spending cuts.

The US House of Representatives approved a bill late on Tuesday to delay $109bn (€82.8bn) in spending cuts for two months, as well as extending existing middle-class tax cuts and tax credits for working families. The bill also raises taxes for the wealthy.

The index closed at 13.412.55, up 308.41 points.

The Dow Jones US Chemicals Index rose 10 points, a 2.58% increase to 398.05.

PolyOne was the biggest winner with an 8.72% gain, followed by Tronox and Spartech, each with increases exceeding 6%.

Other companies with gains of about 5% included Quaker Chemical, Ashland and WR Grace.

Chemical major Eastman Chemical posted a 2.54% boost, while Dow Chemical had a 2.23% gain. DuPont stocks increased by 1.98%, and Praxair stocks were up 2.86%

($1 = €0.76)

By: Tracy Dang
+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