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Dow closes above 26,000 for first time
New York, Jan 18 (IANS) US stocks closed higher with the Dow closing above 26,000 for the first time, following the release of stronger-than-expected quarterly earnings reports.
The Dow Jones Industrial Average on Wednesday added 322.79 points, or 1.25 per cent, to 26,115.65, Xinhua news agency reported.
The S&P 500 increased 26.14 points, or 0.94 per cent, to 2,802.56. The Nasdaq Composite Index was up 74.59 points, or 1.03 per cent, to 7,298.28.
Earnings season is off to a strong start thus far. According to financial research company FactSet, of the S&P 500 companies that had reported as of Friday, 69 per cent have surpassed earnings-per-share estimates while 85 per cent have beaten expectations on the top line.
Bank of America Wednesday reported adjusted earnings per share of $0.47 for the fourth quarter this year, beating market expectations of $0.44.
Citigroup on Tuesday reported adjusted earnings per share of $1.28 for the fourth quarter of 2017, beating market expectations $1.19.
Meanwhile, tech stocks got a boost from Apple, which erased losses after announcing plans to contribute to the US economy. The company said it will make a 350 billion dollar contribution to the US economy over the next five years. It promised to create 20,000 new jobs and open a new campus.Apple’ s stock closed 1.7 per cent higher.
Investors also looked at the newly-released Federal Reserve survey about fundamentals for the US economy.
US economy continued modest to moderate growth pace in late November through the start of 2018, with tight labor market but modest wage growth, according to the survey known as the Beige Book.
“The outlook for 2018 remains optimistic for a majority of contacts across the country,” the report said, noting most manufacturers reported modest growth in overall business conditions.
Wednesday’s report comes before the Fed’s next policy meeting on January 30-31. Analysts said the central bank would leave its benchmark interest rates unchanged at this meeting as US inflation remains subdued.
–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.
Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.
During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.
On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”
Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.
It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.
Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.
Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”
On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”
The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.