Latest Stories

US stocks edge higher to new records

The New York Stock Exchange is shown, Monday, July 15, 2013 in New York. US stocks closed higher Monday, edging to new all-time highs as in-line Chinese economic growth data offset disappointing US retail sales figures. AP PHOTO/MARK LENNIHAN

NEW YORK CITY—US stocks closed higher Monday, edging to new all-time highs as in-line Chinese economic growth data offset disappointing US retail sales figures.

The Dow Jones Industrial Average rose 19.96 (0.13 percent) to 15,484.26.

The broad-based S&P 500 added 2.31 (0.14 percent) at 1,682.50.

It was the third straight session in which the Dow and S&P 500 closed at new all-time highs.

The tech-rich Nasdaq Composite Index picked up 7.41(0.21 percent) at 3,607.49.

David Levy, portfolio manager at Kenjol Capital Management, said Monday’s modest gains came on the heels of “mixed” economic news.

US retail sales rose just 0.4 percent in June, below the 0.7 percent expected by analysts. But China’s second-quarter gross domestic product growth came in at 7.5 percent, in line with expectations and better than what some experts feared.

Levy said the market is still digesting last week’s gains. Early earnings results have been okay, but “it’s too early in earnings season to say a trend has been established,” he said.

Citigroup surged 2.0 percent after reporting earnings of $1.25 per share compared with analyst expectations of $1.18. Revenues in securities trading and investment banking were particularly strong.

The Citi report, which followed strong earnings from peers JPMorgan Chase and Wells Fargo last week, helped fuel another rally in many banking shares. Wells Fargo rose 1.7 percent, Goldman Sachs jumped 1.8 percent and Morgan Stanley picked up 2.1 percent.

Boeing jumped 3.7 percent after British safety regulators said there was no evidence Friday’s fire in an empty parked 787 Dreamliner aircraft was related to the company’s recent battery problems. Boeing shares sank Friday after the fire revived fears about the safety of the plane.

AT&T dipped 0.7 percent after announcing a $4 billion deal to buy wireless carrier Leap Wireless. Leap shot up 112.4 percent.

Pharmaceutical company Alexion gave up 5.6 percent after jumping last week on reports that Swiss company Roche was seeking financing for a takeover of the company. Alexion had gained 12.6 percent Friday on the takeover talk.

First Solar picked up 5.5 percent on news that China plans to boost its solar capacity.

Bond prices rose. The yield on the 10-year US Treasury bond fell to 2.56 percent from 2.60 percent late Friday, while the 30-year yield dropped to 3.61 percent from 3.65 percent. Bond prices and yields move inversely.

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 , Finance , 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


  • Gloomy weather on Black Saturday–Pagasa
  • Mixed feelings for Gabriel Garcia Marquez in hometown
  • Korea ferry captain arrested, divers spot bodies
  • Enrile chief aide back in PH ‘to face charges’–report
  • Pakistan library named ‘bin Laden,’ as memory fades
  • Sports

  • Duke’s Rodney Hood joining Jabari Parker in NBA draft
  • Phelps entered in 3 events at comeback meet
  • Boston prepares for huge wave of marathon visitors
  • Motivated LeBron James preps for postseason
  • Nadal ousted by Ferrer in Monte Carlo quarters
  • 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

  • Myx TV premieres Asian American ‘docu-series’
  • A nutty finale for ‘Scandal,’ TV’s craziest show
  • EXO postpones release of mini album ‘Overdose’
  • ‘X-men’ filmmaker slams ‘fabricated’ sex attack claims
  • Singer Chris Brown’s bodyguard on trial in DC
  • Business

  • US commerce secretary spells out economic facet of ‘pivot to Asia’
  • 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
  • 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

  • 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

  • OFW from UAE tests negative for MERS-Cov–health chief
  • Multicultural flock marks Good Friday in San Francisco
  • Las Vegas ‘Pinoy Pride’ fest hails Filipino heritage
  • Marking Jesus’ journey on Good Friday
  • Filipina accomplice arrested for fake bills in Malaysia
  • Marketplace