The stock market on Tuesday looked good, as the U.S. stocks rallied ahead of the much-awaited speech of Ben Bernanke, who is the chairman of the Federal Reserve. Most of the investors were looking forward to see a congressional testimony by Bernanke later in the day as the protocols, that were revealed last week, of the meeting of central banker that was held in January indicated that many of the policymakers supported an early end to the monetary easing measures suggested by Fed. The stocks for the Dow Jones reported the highest rise with a surge of 0.58 %, followed by the S&P that climbed by 0.41 %, and the Nasdaq Composite index that went up by 0.11 %.
On the other hand, the situation in the euro zone still looked bit dicey and concerning as all eyes were set on the result of the parliamentary elections held in Italy. As per the election results, the center left coalition of Italy operating under the leadership of Pier Luigi Bersani of the Democratic Party, got the highest number votes in the lower house. The center left coalition was supposed to get the mandate for forming the government, but the projection later revealed that none of the political parties could create a majority in the upper house, thereby creating a deadlock.
The stocks for Home Depot climbed up by 4.65% due to the more than expected trading seen in the home improvement retail segment. Home Depot also revealed its plans to buy back around $17 billion worth of their own shares. Macy’s, the renowned department store retailer, also surged by 4%, as its earnings for the quarter was much more than what was predicted by financial analysts.
Intel climbed by 1.64%, as it entered an agreement to manufacture chips for Altera. The stocks of Bank of America tumbled by 0.36%, while shares of JP Morgan went down by 1.01 %. Sliding by 1.47% and 2.58% in that order, Goldman Sachs and Citigroup stocks were also disappointing.
European stock markets were lower, as the EURO STOXX 50, CAC 40, DAX and FTSE plunged by 2.11%, 1.72%, 1.55% and 1.10% respectively. Asian markets also tumbled, as Hang Seng Index and Nikkei 225 Index went down by 1.32% and 2.26% apiece.