Quantcast
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
Advertisement
Advertisement

News

  • Drunk passenger triggers Bali hijack alert
  • Businesswoman allegedly killed by husband, brother-in-law
  • Roxas suspended from golf club for outburst over P5,000 guest fee
  • SC reschedules oath-taking of new lawyers
  • Ex-COA chief seeks bail after arrest for plunder
  • Sports

  • Guiao fined P100,000 for ‘mongoloid’ comment vs Meralco forward
  • Hawks and Grizzlies revel in home wins
  • Floyd: Manny’s power gone
  • Michael Phelps loses to Lochte in comeback meet
  • Sharapova advances to Stuttgart quarterfinals
  • Lifestyle

  • ‘Recovered’ Banksy works on display ahead of sale
  • Marinduque: Visiting the ‘palm of the ocean’
  • First at Vatican in 60 years
  • How Jing Monis Salon gave Krissy the pixie
  • Want to be a supermodel? Work on your inner beauty, says Joey Espino
  • Entertainment

  • Paul McCartney to play at Candlestick concert
  • Kristoffer Martin: from thug to gay teen
  • Has Ai Ai fallen deeply with ‘sireno?’
  • California court won’t review Jackson doctor case
  • Cris Villonco on play adapted from different medium
  • Business

  • PAL hailed for ban on shark fin cargo
  • BSP to change tint of P100 bill
  • Nielsen sees car buying boom in the Philippines
  • How author of best-seller exposed ‘one percent’ economic elite
  • Bangko Sentral readies new bank lending rules
  • Technology

  • Cloud strength helps Microsoft earnings top Street
  • Vatican announces hashtag for April 27 canonizations
  • Enrile in Masters of the Universe, Lord of the Rings?
  • Top Traits of Digital Marketers
  • No truth to viral no-visa ‘chronicles’
  • Opinion

  • Corruption not invincible after all
  • Editorial Cartoon, April 25, 2014
  • No deal, Janet
  • Like making Al Capone a witness vs his gang
  • MERS-CoV and mothers
  • Global Nation

  • Plane lands at Bali airport in suspected hijacking—Indonesia air force
  • Obama lands in Seoul as N. Korea nuclear test fears grow
  • Militant protests vs Obama, US set
  • Filipinos second-shortest in Southeast Asia
  • China welcomes PH apology
  • Marketplace