US stocks rising as earnings impress investors and oil jumps
NEW YORK (AP) — Stocks are moving higher Wednesday on some strong earnings reports and a rise in crude oil prices.
Air Transport Services jumped $2.27, or 19 percent, to $14.04 after turning in solid results and saying it will operate an air transport network for Amazon.
The restaurant chain said it closed a Massachusetts store after four employees said they were feeling ill.
Stocks have been pushed up by higher corporate earnings, though not in the past year, and by the Federal Reserve's unprecedented efforts to encourage investors to take more risk by lowering interest rates on bonds and other safer assets.
THE QUOTE: "Inflationary pressures are non-existent, and so easy money still rules," said Chief Investment Officer Krishna Memani of Oppenheimer Funds, referring to central bank policies.
Possible moves include another cut in the deposit rate for funds from commercial banks to even further below zero.
Japan's benchmark Nikkei 225 index lost 0.8 percent while South Korea's Kospi rose 0.3 percent.