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


  • Luzon grid power reserve ‘enough’ for Holy Week
  • Pimentel proposes incentives for companies that will hire ex-convicts
  • State seeks guilty verdict for Abalos
  • SBMA execs, 2 others face graft raps
  • Pangasinan beachgoers warned vs jellyfish
  • Sports

  • My ideal weight is 140, declares Pacquiao
  • Freddie Roach: I’m satisfied; Manny Pacquiao did well
  • New-look Azkals tie Qatari side
  • San Miguel Beermen eye No. 2 slot, battle Air21 Express
  • Filipinos yield to Iraqis anew Asian club volley
  • Lifestyle

  • Celebrate Easter Sunday at Buddha-Bar Manila
  • Moriones feast: A slow, steady transformation
  • Weaving ‘palaspas’ a tradition kept alive in Tayabas City
  • Finalists announced for best translated books
  • Summer treat for your aspiring astronomers
  • Entertainment

  • Miley Cyrus hospitalized, cancels US concert
  • Otaku Summer Jam 2014: Summer’s hottest J-rock/Cosplay event
  • 2NE1 returns to Manila with “All Or Nothing” Tour
  • Gary Valenciano just keeps moving
  • Noisy celeb spews venom, backs off when confronted
  • Business

  • Longer TRO sought on rate hike
  • Make a stylish statement with the all-new Yaris
  • Hearing set in Olarte case
  • BOC sues steel importers
  • BIR continues to miss collection target
  • Technology

  • Tech company: change passwords or suffer ‘Heartbleed’
  • Filling the digital talent gap
  • SSS to shut down website for Holy Week
  • Another reason to quit social media this Holy Week: your safety
  • Philippines may watch ‘blood moon’ online
  • Opinion

  • We may never know
  • Couple of things
  • Mommy D’s magic
  • Stop bizarre and bloody Good Friday rituals
  • Holy Week taboos
  • Global Nation

  • No travel restrictions to Middle East amid MERS-CoV scare
  • Measures set against entry of MERS-CoV
  • Japan backs PH in case before UN
  • Las Vegas union starts pickets over wages, benefits
  • Fil-Am Daly City councilor has eye on Superior Court seat
  • Marketplace