The stock market initially fell this morning on continuing fears of the impact a European sovereign debt crisis could have on the world economy, but a pledge from Fed Chair Ben Bernanke to protect the U.S. economy from any collateral damage helped stocks recover. Just after 1:45 p.m. EST, the Dow Jones Industrials (INDEX: ^DJI) were up 31 points to 12,876, while the S&P 500 rose 2 points to 1,346.
Coca-Cola (NYSE: KO) was among the Dow's winners, rising 0.8%. The company posted fourth-quarter earnings results that, after adjusting for one-time items, came in better than analysts had estimated, with emerging-market growth continuing to support volume and revenue gains. The drinks giant also said that it would start a program designed to cut costs at the company.
Energy stocks were mixed, with ExxonMobil (NYSE: XOM) rising 0.5% while Chevron (NYSE: CVX) fell 0.3%. Rival BP released its Energy Outlook report, in which it said that despite increasing demand for oil from China, India, and Europe, the U.S. could become independent of foreign sources of energy by 2030, noting that natural gas supplies should allow the nation to cut its oil demand. BP also sees coal continuing to play an important energy role.
Finally, Boeing (NYSE: BA) was down about 0.5% despite winning a $1.8 billion contract to provide planes for the Indian Air Force. The stock may still be suffering from yesterday's news of possible problems on its 787 Dreamliner.
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