Mergers Drive Stock Market Higher Today

US Stocks pushed up higher today, supported by better than expected quarterly results and, as seen on the European stock markets, an acceleration of growth in China.

The Dow Jones gained 60.69 points, to 17,121.37. The S&P500 end 1,981.62 and the Nasdaq Composite at 4440.02 points.

China’s growth was slightly above expectations in the second quarter to 7.5% year on year, thanks to measures to support activity adopted by the authorities.

Side of U.S. macroeconomic indicators, producer prices rose 0.4% in June in the United States, twice more than expected, while the increase in industrial production for the month is lower than expected.

Investors will also be attentive to hear the president of the Federal Reserve Janet Yellen before the Committee on Financial Services of the House of Representatives.

The president of the Fed could repeat remarks of Tuesday to the Senate, where she explained that the current economic conditions warrant further ultra-accommodative monetary policy.

In company news, the announcement of the will of redemption by media mogul Rupert Murdoch and Time Warner, whose stock has soared more than 17%, was also at the center of attention Wednesday. According to the New York Times, the offer was approximately $80 billion and the media tycoon is determined to seize the media giant.

International Game Technology climbed 8% after announcing the acquisition of the manufacturer of slot machines Italian GTech.

Abbott Laboratories gained after beating consensus in the second quarter and raised its forecast.

IBM gained 1.4% as Apple. The two groups will work together to sell iPhone and iPad equipped with applications for corporate clients.

The world’s leading asset management Blackrock advanced 1.3% after announcing a 11% jump in earnings in the second quarter.

On the downside, Bank of America fell 1.4% after disappointing the market with a 43% drop in earnings in the second quarter.

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Pete Southern

About Pete Southern

Pete is an active investor with knowledge of all sectors but his first love are IPO's. A failed day trader who now understands research. A love of economics and writing seen Pete begin to publish content for various finance blogs. Our main editor and collator of contributions, he is your point of contact via editorial at stockpricetoday.com

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