Tag - Etq

The Russell 2000 (NYSE: IWM) managed a late-minute razor-thin gain while the major U.S. indices made solid advances on news of strong earnings and speculation of a rate cut. The small-cap index added 0.33 points, or 0.04%, to 821.72. The Dow Jones Industrial Average (INDU) gained 63.56 points, or 0.46%, to 13,870.26.

On a year-to-date basis, the Russell 2000 has increased 4.36%, while the Dow has added 11.19% and the S&P 500 has gained 8.78%.

The small-cap futures were pointing up before the start of trading following news that New York-based Verizon Communications Inc. (NYSE: VZ), the second largest U.S. telecommunications company, reported that revenue for the third-quarter increased 5.8% to $23.8 billion from $22.5 billion a year earlier.

Contributing to the bullish sentiment were retailers RadioShack Corp. (NYSE: RSH) and Best Buy Co. Inc. (NYSE: BBY), which reported upbeat third-quarter earnings.

Among small-cap companies, North American Galvanizing & Coatings (Nasdaq: NGA) rose on news that third-quarter profit more than doubled, while compact construction equipment maker Gehl Co. (Nasdaq: GEHL) fell on news of a decline in profit.

The major U.S. indices opened in positive territory and stayed there throughout the session.

However, small-caps were the exception. The Russell 2000 moved up initially but quickly stumbled and stayed in negative territory during the majority of the session, battling back into the green with just minutes before the close.