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Investors are watching earnings results for the second quarter, which ended 10 days ago. Analysts expect earnings growth to average 2.8 percent for companies in the S&P 500, according to data from S&P Capital IQ. The expected growth isn't spectacular and that makes it more likely that companies could beat analysts' estimates, said Eric Wiegand, senior portfolio manager at U.S. Bank Wealth Management. "We have very low expectations," Wiegand said. Family Dollar Stores was a case in point. The discount retailer said Wednesday that its quarterly earnings fell 3 percent. But the results topped analysts' estimates, and the stock surged $4.55, or 7.1 percent, to $68.50, making it the biggest gainer in the S&P 500. Dollar General was the second-biggest gainer in the index, rising $2.98, or 5.75 percent, to $54.78. In government bond trading, the yield on the 10-year Treasury note rose to 2.68 percent from 2.64 percent late Tuesday. As recently as early May, the yield was 1.63 percent. The price of crude oil jumped almost 3 percent to the highest level in 16 months after the U.S. government reported another steep decline in the nation's supplies. Oil rose $2.99 to $105.71 a barrel in New York. The price of gold rose $1.5, or 0.1 percent, to $1,247.40 an ounce. Among stocks making big moves: Hewlett-Packard rose 46 cents, or 1.8 percent, to $25.93 after a Citigroup analyst raised his rating on the company. The analyst doubled his price target for the stock, saying the PC maker's turnaround efforts are taking hold. Fastenal, an industrial and construction supplies distributor, fell $1.33, or 2.8 percent, to $45.77 after the company reported that its second-quarter revenue fell short of analysts' estimates.
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