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Rediff.com  » Business » 'Bogus' tweet gives Wall Street a hiccup

'Bogus' tweet gives Wall Street a hiccup

April 24, 2013 07:25 IST

An AP tweet, which an AP spokesman says was "bogus," had said there were two explosions at the White House.


Stocks turned volatile on Tuesday, sharply cutting gains for a few minutes and then bouncing back, after a "bogus" Associated Press report about explosions at the White House.

An AP tweet, which an AP spokesman says was "bogus," had said there were two explosions at the White House.

Earlier, earnings drove Wall Street's one per cent advance, with Netflix Inc and Coach Inc among the S&P 500's top percentage gainers. Netflix soared 25.3 per cent to $218.52, while Coach jumped 11 per cent to $56.16. Both companies posted profits that beat expectations. Netflix also reported strong subscriber growth.

The S&P's index of information technology stocks gained 1.5 per cent, while Apple rose 1.7 per cent to $405.39 ahead of its results, due after the closing bell. Tech has lagged other S&P 500 sectors in the last month as investors sought more defensive areas.

The Dow Jones industrial average gained 143.61 points, or 0.99 per cent, to 14,713.70. The Standard & Poor's 500 Index rose 15.89 points, or 1.02 per cent, to 1,578.39. The Nasdaq Composite Index climbed 39.29 points, or 1.22 per cent, to 3,272.84.

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