Latest Stories

US stocks rise on solid economic data

In this Friday, June 28, 2013, photo, trader Kevin Colter, left, works on the floor of the New York Stock Exchange. US stocks spent Monday, July 1, 2013, in positive territory on generally strong manufacturing data, although leading indices closed well below their intraday highs. AP PHOTO/RICHARD DREW

NEW YORK CITY—US stocks spent Monday in positive territory on generally strong manufacturing data, although leading indices closed well below their intraday highs.

The Dow Jones Industrial Average gained 65.36 (0.44 percent) at 14,974.96. The Dow rose as high as 15,083 earlier in the session.

The broad-based S&P 500 added 8.68 (0.54 percent) to 1,614.96, while the tech-rich Nasdaq Composite Index jumped 31.24 (0.92 percent) to 3,434.49.

Brent Schutte, a market strategist at BMO Private Bank, said the monthly Institute for Supply Management reading of US manufacturing activity was “pretty good.”

The ISM purchasing managers index rose to 50.9 in June from a contraction reading of 49.0 in May. At the same time, the ISM showed manufacturing employment contracted for the first time since September 2009.

“I don’t know if bad news is good news or good news is good news,” Schutte said. Markets “seem to be in this tug-of-war period.”

Cancer-drug developer Onyx Pharmaceuticals surged 51.3 percent after it rejected an unsolicited takeover bid from Amgen, potentially setting off a bidding war. Amgen fell 1.2 percent.

Celgene Corp., another biopharmaceutical company, rose 1.6 percent, while Gilead Sciences, a Celgene peer, added 0.8 percent. Both Celgene and Gilead have been mentioned as possible Onyx suitors.

Apple rose 3.2 percent after Raymond James upgraded the technology giant to “strong buy,” citing increased iPhone shipments and a belief that near-term trends will stabilize, according to Market Watch.

Online game developer Zynga rose 10.4 percent on reports that the company was set to appoint Microsoft executive Don Mattrick to a senior post. After the market closed, Zynga announced that Mattrick would become chief executive.

Electric car manufacturer Tesla jumped 9.2 percent to $117.18 after Jefferies raised its stock price target to $130 based on higher estimates of auto deliveries. “Despite the massive run in the stock…(Tesla) is one of the best growth stories in the market today,” Jefferies said.

Intuit, which provides financial management, tax and online banking services, rose 3.5 percent after announcing plans to divest its financial services division for $1 billion and to sell its health group.

Bond prices were mixed. The yield on the 10-year US Treasury was 2.49 percent, up from 2.48 percent Friday, while the 30-year slipped to 3.49 percent from 3.50 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 Market , 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


  • 12 dead, 96 injured in Holy Week accidents–NDRRMC
  • Filipino devotees re-enact crucifixion of Christ
  • Rouhani talks peace, outreach at army parade
  • Rains, thunderstorms on Good Friday
  • Carbon monoxide leak suffocates 20 in Catbalogan City
  • Sports

  • Ryu pitches Dodgers past Giants
  • Alonso sets the pace in Chinese GP practice
  • Heat seek Three-peat but Spurs, Pacers top seeds
  • Can Spurs get back at Heat? Can they survive West?
  • Hopkins, 49, seeks win for the ageless
  • Lifestyle

  • Levine designs womenswear with help from fiancee
  • Gabriel Garcia Marquez, Nobel laureate, dies at 87
  • Ford Mustang turns 50 atop Empire State Building
  • Pro visual artists, lensmen to judge Pagcor’s photo contest
  • ‘Labahita a la bacalao’
  • Entertainment

  • ‘X-men’ filmmaker slams ‘fabricated’ sex attack claims
  • Singer Chris Brown’s bodyguard on trial in DC
  • Whoopi Goldberg debuts as marijuana columnist
  • ‘X-men’ director accused of sex assault on teen boy
  • Cannes film festival launches race for 2014 Palme d’Or
  • Business

  • Italy sells luxury state cars on eBay
  • Asian shares mostly up in quiet trade
  • Dollar up in Asia on US jobs data, Ukraine deal
  • Barbie doll has a problem
  • Oil prices mixed ahead of long Easter weekend
  • Technology

  • Nokia recalls 30,000 chargers for Lumia 2520 tablet
  • Facebook rolls out ‘nearby friends’ feature
  • Netizens seethe over Aquino’s ‘sacrifice’ message
  • Filipinos #PrayForSouthKorea
  • Taylor Swift tries video blogging, crashes into fan’s bridal shower
  • Opinion

  • Editorial cartoon, April 17, 2014
  • A humbler Church
  • Deepest darkness
  • ‘Agnihotra’ for Earth’s health
  • It’s the Holy Week, time to think of others
  • Global Nation

  • WHO warns vs spread of MERS-Cov, urges vigilance in taking precautions
  • Last call for nominations to ’14 Presidential Awards
  • San Francisco business coalition slams proposed tax on sugary drinks
  • A ‘time-travel’ production of ‘Les Miserable’ at Stanford
  • Filipina Maryknoll sister honored for years of service
  • Marketplace