Quantcast
Latest Stories

US stocks surge, dismissing Japan’s plunge



In this Monday, June 10, 2013, photo, traders Joel Lucchese, left, and Brandon Barb confer on the floor of the New York Stock Exchange. US stocks gained their footing after a rocky start Thursday to put on strong gains in their first positive day this week, shrugging off the 6.4 percent plunge in Japanese markets. AP PHOTO/RICHARD DREW

NEW YORK—US stocks gained their footing after a rocky start Thursday to put on strong gains in their first positive day this week, shrugging off the 6.4 percent plunge in Japanese markets.

The Dow Jones Industrial Average was up 180.85 points (1.21 percent) at 15,176.08.

The broad-based S&P 500 gained 23.84 (1.48 percent) at 1,636.36, while the tech-rich Nasdaq Composite added 44.94 (1.32 percent) at 3,445.37.

US retail sales were up 0.6 percent in May over April, beating expectations, and were a positive for the economy, driven by a surge in auto sales.

“Car sales and retail sales in general are decent, suggesting consumers are recovering from the pain of higher taxes,” said Chris Low of FTN Financial.

Still, questions remained over whether that pace can be sustained and what it means for the Federal Reserve’s stimulus program, analysts said.

Grocery chain Safeway jumped 7.4 percent after saying it would sell its Canadian stores to retailer Sobeys for $5.7 billion in cash and use the funds to pay down debt and buy back stock.

Shares in cosmetics company Coty finished their first day of trade down 0.8 percent at $17.36 after raising around $1 billion in an IPO priced at $17.50.

Myriad Genetics jumped 10 percent immediately after a US Supreme Court decision that rejected its patent claims on natural DNA but allowed protection for its synthesized DNA—cDNA—and left in place its lucrative diagnostic business for the potential cancer marker BRCA1.

But the shares tumbled in the final hour and ended 5.5 percent lower.

Clearwire shares rose 2.3 percent following the board’s recommendation that shareholders accept Dish Networks’s newest bid for the company instead of Sprint’s. Dish shares gained 2.0 percent and Sprint fell 0.4 percent.

Gannett shares soared 34.0 percent after the newspaper group boosted its effort to diversify by buying Belo Corp., a Dallas-based chain of 20 television stations, for $1.5 billion.

Belo shares jumped 28.3 percent.

Investment guru Warren Buffett’s Berkshire Hathaway B shares rose 1.9 percent.

Bond prices rebounded from Wednesday’s losses. The yield on the 10-year US Treasury fell to 2.17 percent from 2.23 percent, while the 30-year dropped to 3.33 percent from 3.38 percent. Bond prices move inversely to yields.


Follow Us


Follow us on Facebook Follow on Twitter Follow on Twitter


Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

Tags: close , Stock Activity , stocks , US



Copyright © 2014, .
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94
Advertisement
Advertisement

News

  • Camilla’s brother dies of NYC head injury
  • Nepal officials go to Everest to try to end crisis
  • Escudero ready to defend self should name appear in Napoles’ list
  • Obama calls for peaceful end to island dispute
  • Russia not abiding by agreement on Ukraine—Obama
  • Sports

  • Promoters Dela Hoya, Arum in talks for Pacquiao-Alvarez—report
  • Benzema guides Madrid to 1-0 win over Bayern
  • Suns’ Goran Dragic win NBA’s Most Improved Player award
  • Heat go up 2-0, hold off Bobcats 101-97
  • Ronaldo shakes off injury fears to play Bayern
  • Lifestyle

  • Photos explore dynamics of youths’ sexual identity
  • 12th Philippine Food Expo set at the World Trade Center
  • No tourist draw, Malang the croc will remain wild
  • The best flavors of summer in one bite, and more
  • Homemade yogurt, bread blended with pizza, even ramen
  • Entertainment

  • Has Ai Ai fallen deeply with ‘sireno?’
  • Sony developing live-action Barbie comedy
  • California court won’t review Jackson doctor case
  • Return of ‘Ibong Adarna’
  • Practical Phytos plans his future
  • Business

  • Facebook profits triple as mobile soars
  • Insular Honors Sales Performers at Testimonial Rites
  • Apple increases stock buyback, will split stock
  • Cost-recovery provisions for affected gencos urged
  • This time, BIR goes after florists
  • Technology

  • Enrile in Masters of the Universe, Lord of the Rings?
  • Top Traits of Digital Marketers
  • No truth to viral no-visa ‘chronicles’
  • ‘Unlimited’ Internet promos not really limitless; lawmakers call for probe
  • Viber releases new design for iPhone, comes to Blackberry 10 for the first time
  • Opinion

  • Editorial cartoon, April 24, 2014
  • Talking to Janet
  • Respite
  • Bucket list
  • JPII in 1981: walking a tightrope
  • Global Nation

  • PH-HK relations repaired, but families of victims still being courted
  • Filipinos in Middle East urged to get clearance before returning
  • PH seeks ‘clearer assurance’ from US
  • China and rivals sign naval pact to ease maritime tensions
  • What Went Before: Manila bus hostage crisis
  • Marketplace