Latest Stories

US stocks rally on economic data, Fed comments

In this May 28, 2013, file photo, trader William McInerney works on the floor of the New York Stock Exchange. US stocks closed solidly higher Thursday, June 27, 2013, for a third straight day following positive economic data and comments from a top Federal Reserve official that the Fed would not hastily end its stimulus program. AP PHOTO

NEW YORK—US stocks Thursday closed solidly higher for a third straight day following positive economic data and comments from a top Federal Reserve official that the Fed would not hastily end its stimulus program.

The Dow Jones Industrial Average rose 114.35 (0.77 percent) to 15,024.49, closing above 15,000 for the first time since June 19.

The broad-based S&P 500 added 9.94 points (0.62 percent) to 1,613.20, while the tech-rich Nasdaq Composite Index increased 25.64 (0.76 percent) to 3,401.86.

The gains followed a drop in jobless claims and a big increase in pending home sales, fresh evidence that economic growth remains steady.

Suggesting that markets had over-reacted to Fed policy statements last week, William Dudley, chief of the Fed’s New York branch, emphasized that it would not end its bond-buying stimulus program if the economy does not live up to current forecasts.

Most of the companies in the Dow ended higher, including Boeing (up 2.4 percent) and UnitedHealth Group (up 2.0 percent).

Bank of America added 2.0 percent, JPMorgan Chase 1.2 percent, and Wells Fargo 1.3 percent.

Dish Network rose 3.1 percent after it withdrew its bid to acquire Clearwire, clearing the path for Sprint’s full takeover of Clearwire. Clearwire fell 2.1 percent, while Sprint slipped 0.1 percent.

ConAgra Foods rose 5.1 percent after reporting earnings of 60 cents per share, one cent above expectations. The company expects higher profits in 2014 and at least 10 percent per-year profit growth in fiscal 2015-2017.

Research in Motion fell 2.9 percent one day ahead of a company earnings report that is expected to reveal how the company’s much-advertised smartphone is performing.

Bed Bath & Beyond dipped 0.2 percent after reporting earnings of 93 cents per share, 21 cents less than expected.

Payroll processor Paychex fell 3.7 percent after missing earnings estimates by 11 cents per share and posting revenues of $585.3 million, below the $610.8 million expected.

Bond prices rose. The yield on the 10-year US Treasury fell to 2.48 percent from 2.54 percent late Wednesday, while the 30-year declined to 3.55 percent from 3.57 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: Finance , lose , 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


  • 2 teenagers killed in Mlang, North Cotabato
  • No sympathy from North Korea over ferry disaster
  • 4 French journalists freed from Syria captors home
  • De Lima on Gigi Reyes: Let’s wait and see
  • South Korean relatives divided over whether to raise ferry
  • Sports

  • Pacquiao courtesy call to Aquino set for Monday
  • Nick Calathes suspension a reminder of supplement risk
  • Teague scores 28 as Hawks soar past Pacers in Game 1
  • Warriors beat Clippers in playoff opener
  • Pacquiao top Mayweather contender
  • Lifestyle

  • Britain’s baby Prince George visits Australian zoo
  • Noli Yamsuan, Cardinal Sin’s ‘official’ photographer: ‘I could smell the aftershave lotion of the Pope’
  • Simplifying and lightening life
  • Where to go for Easter night-out
  • Joe de Venecia visits the Queen Mother of Cambodia
  • Entertainment

  • Show-biz celebrities’ other choices of summer getaway
  • Why ‘Noah’ can’t dock his ark at Philippine theaters
  • Acclaimed artist goes wild while on holiday
  • Believing in this mermaid
  • Missing Xian
  • Business

  • Top-selling insurance agent opens her dream café
  • Connecting and transacting with one another
  • Building wealth for health
  • Why Mandaue Foam buys, rather than rents, space
  • A workplace of new possibilities
  • Technology

  • Nasa’s moon-orbiting robot crashes down
  • Netizens pay respects to Gabriel Garcia Marquez
  • Nokia recalls 30,000 chargers for Lumia 2520 tablet
  • Facebook rolls out ‘nearby friends’ feature
  • Netizens seethe over Aquino’s ‘sacrifice’ message
  • Opinion

  • Epiphany
  • Unpaid creditor vs distressed debtor
  • Moving on
  • From culinary desert to paradise
  • Response to China: ‘Usjaphil’
  • Global Nation

  • Asia seeks Obama’s assurance in territorial spats
  • Cesar Chavez movie sparks memories of Fil-Am labor leaders
  • Filipinos in US poised for success
  • Visas for priests and other faith leaders
  • DOH to continue tracking co-passengers of OFW infected with MERS virus
  • Marketplace