S&P 500 hits two month high - New York Report

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Stronger-than-expected earnings from several top companies relieved investors’ concerns yesterday about the profit outlook, pushing the S&P 500 to its highest level in two months.

The Dow Jones industrial average rose 320.55 points, or 1.87 per cent, to 17,489.16, the S&P 500 gained 33.57 points, or 1.66 per cent, to 2,052.51 and the Nasdaq Composite added 79.93 points, or 1.65 per cent, to 4,920.05.

McDonald’s shares jumped 8.1 per cent to $110.87, giving the Dow its biggest boost, after its quarterly results beat estimates as demand recovered in China.

Ebay rose 13.9 per cent to $27.58 after it reported better-than-expected results late on Wednesday.

Dow Chemical rose 5.1 per cent to $49.92 after it posted better-thanexpected results.

In another sign of diminished concerns, the CBOE Volatility Index – the fear index, the market’s favoured barometer of volatility – closed at a two-month low.