US stocks end at records, lead global equities higher

NEW YORK, United States — All three major US equity indices rose to fresh records Wednesday on solid earnings and higher oil prices, concluding a sunny session for global equities.

The Dow, S&P 500 and Nasdaq all ended at new peaks as investors shrugged off worries about Washington, where President Donald Trump’s agenda has languished amid opposition to his health care reform proposal.

Bourses in Europe were higher ahead of Thursday’s European Central Bank meeting. Tokyo, Hong Kong and Shanghai also all rose.

Earnings growth among companies in the S&P 500 has thus far been “much better” than expected, said Art Hogan, chief market strategist at Wunderlich Securities.

“That is helping the stock market and is the focus this week,” Hogan said.

Other elements that helped boost stocks included better-than-expected housing data and a bullish US oil inventory report that supported oil prices and boosted shares of petroleum-linked companies.

Maris Ogg, president of Tower Bridge Advisors, said sentiment has also been boosted by the improved outlook in Europe following the election of French president Emmanuel Macron as well as the recognition that Trump is a business-friendly president, even if his agenda looks uncertain.

“The market is recognizing we are in a pretty good environment and we are at the beginning of a cycle that could on for quite a while,” Ogg said.

Among US companies reporting results, Morgan Stanley surged 3.3 percent, but IBM and United Continental fell 4.2 percent and 5.3 percent after investors found fault with results.

Euro pulls back

The euro surged Tuesday to a near 15-month pinnacle at $1.1583, but pulled back to $1.1513 on the eve of the ECB.

ECB chief Mario Draghi has expressed greater confidence in the economy in recent weeks and analysts are looking for him on Thursday to continue to prepare the ground for an eventual shift away from easy-money policy later this year through a tapering of the bond purchases.

Still, Kathy Lien, managing director of BK Asset Management, said ECB officials have been unnerved by the rise of the euro of late and warned the central bank will want to avoid giving the currency a further boost.

“It is in their best interest to halt the one-way move, ease the euro off its highs by repeating that inflation is not on a self-sustainable path, and then gradually set expectations for taper from a lower base,” she said.

“That way… they could take the steam out of the rally.” CBB

source: business.inquirer.net

Asian markets lower, rattled by rising tensions in Koreas

SEOUL, South Korea — Asian stocks were lower on Friday as investors fretted over rising geopolitical tensions and the situation on the Korean Peninsula. Many markets were closed for public holidays.

KEEPING SCORE: Tokyo’s Nikkei 225 finished 0.5 percent lower at 18,335.63 and South Korea’s Kospi slipped 0.6 percent to 2,134.88. The Shanghai Composite index dropped 0.9 percent to 3,246.07. Markets in Hong Kong, Singapore and other Southeast Asian countries were closed.

NORTH KOREA: Analysts said investors were seeking safe havens on concern North Korea may be planning a nuclear test. As it prepares for the 105th anniversary of the birth of its founder Kim Il Sung on Saturday, North Korean has intensified its rhetoric, warning of strong retaliation against any aggression as U.S.-South Korea hold military exercises.

ANALYST’S VIEWPOINT: “Geopolitics seemed to dominate over the past week with the ramifications of the U.S.’ missile strike on Syria still reverberating and tensions around North Korea steadily building,” Shane Oliver, chief economist at AMP Capital, said in a commentary. “The issues around Syria are likely to settle down assuming U.S. involvement does not escalate, but North Korea is more risky.”

WALL STREET: U.S. stocks finished lower for the third straight day on Thursday as energy stocks led the decline. The Standard & Poor’s 500 index slid 0.7 percent to 2,328.95. The Dow Jones industrial average fell 0.7 percent to 20,453.25. The Nasdaq composite index lost 0.5 percent to 5,805.15. U.S. markets will be closed Friday for the Good Friday holiday.

OIL: On Friday, the New York Mercantile Exchange and the London Metal Exchange were closed. On Thursday, benchmark U.S. crude rose 7 cents to close at $53.18 per barrel in New York. Brent crude, used to price international oils, added 3 cents to close at $55.89 per barrel in London.

CURRENCIES: The dollar resumed its fall after briefly bouncing back from its slide. The dollar has continued its slide following President Donald Trump’s comment in an interview with The Wall Street Journal that the dollar was “getting too strong.” The dollar was trading at 108.93 yen, down from 109.12 yen. The euro rose slightly to $1.0620 from $1.0616.

source: business.inquirer.net

US stocks post biggest drop of 2017 on doubts about Trump agenda

NEW YORK, United States — Wall Street stocks suffered their worst declines of the year Tuesday as doubts increased about President Donald Trump’s ability to advance his agenda in Washington.

All three major US indices fell sharply, with the Nasdaq tumbling the most with 1.8 percent decline, two days ahead of a key congressional vote on health care policy.

European equity markets also dropped, along with Japan’s Nikkei. Analysts said sinking oil prices also weighed on stocks.

Trump traveled to Capitol Hill to try to coax support from fellow Republicans for his health care bill, warning the party could lose its majority if it fails to repeal and replace Obamacare in Thursday’s vote.

Analysts fear a setback on health care will dim momentum for the rest of Trump’s agenda, including highly-anticipated tax cuts and deregulation.

“The markets have reversed” because of growing concern about possible opposition to Trump’s reforms within Republican party, said Gregori Volokhine of Meeschaert Financial Services.

Banking shares were especially weak, with Bank of America dropping 5.8 percent and Goldman Sachs losing 3.8 percent. The sector had been a highflyer after the election in anticipation of regulatory rollbacks promised by Trump.

“There seems to be doubt creeping in investors’ minds whether or not the deregulation that Trump talked about will be put into effect, as well as tax reform and lower tax rates,” said Bill Lynch, director of investment at Hinsdale Associates.

Elsewhere, London finished down 0.7 percent after official data showed British 12-month inflation soared to 2.3 percent in February, the highest level since 2013.

The news sent sterling flying higher on expectations of rising interest rates, putting pressure on FTSE companies.

The euro strengthened after a strong debate performance by French presidential candidate Emmanuel Macron lifted hopes the centrist could hold off far-right leader Marine Le Pen in the coming elections.

Paris equities slipped 0.2 percent, while the German DAX lost 0.8 percent.

Tokyo fell 0.3 percent as a rising yen hit export-oriented stocks.

US oil prices finished at their lowest price of the year at $47.34 per barrel, down 88 cents, on worries about rising US oil production. CBB

source: business.inquirer.net

Wall Street set to open higher on robust jobs data

U.S. stocks looked set to open higher on Friday after an upbeat monthly jobs report underscored the strength of the U.S. economy and firmed the odds for the first interest rate hike this year.

The Labor Department data showed 235,000 jobs were added in the public and private sectors in February, blowing past economists' average estimate of 190,000 as the construction industry recorded its largest gain in nearly 10 years.

Unemployment rate stood at 4.7 percent, while average earnings edged up 0.2 percent.

"I suspect that there is a positive impact from milder weather in February which may have skewed this number to the high side," said Alan Gayle, director of asset allocation at Ridgeworth Investments in Atlanta, Georgia.

"But the operative message is that the jobs market continues to strengthen, and that is likely to give the FOMC a green light to raise rates when they meet next week."

A slew of recent robust data has encouraged the Federal Reserve to turn more hawkish on interest rates.

The odds of a rate hike during the Fed's meeting next week edged up to 89.7 percent after the report, according to Reuters data.

Fed Chair Janet Yellen's conference after the two-day meeting next week will be closely watched for clues on the pace of future rate hikes.

Dow e-minis were up 88 points, or 0.42 percent, at 8:32 a.m. ET (1332 GMT), with 18,690 contracts changing hands.

S&P 500 e-minis were up 10.5 points, or 0.44 percent, with 191,460 contracts traded.

Nasdaq 100 e-minis were up 21 points, or 0.39 percent, on volume of 15,479 contracts.

In the 49 days of Donald Trump's presidency, the Dow Jones Industrial Average broke above 20,000 points and the S&P 500 crossed $20 trillion in market value on bets that he would usher in an era of tax cuts, simpler regulations and higher infrastructure spending.

However, the lack of detail on Trump's plans has raised questions about valuations and taken the heat off the post-election rally.

Wall Street closed little changed on Thursday as a late rebound in oil prices cut losses in the energy sector. Oil was up 0.7 percent on Friday.

Shares of big U.S. banks, including Goldman Sachs, Bank of America and Morgan Stanley, were up more than 1 percent in premarket trading.

Alexandria Real Estate Equities was off 5 percent at $108.04 after the REIT priced an offering of 6.1 million shares at $108.55 per share - a 4.5 percent discount to its Thursday close.

Finisar Corp dropped 17 percent to $29.11 after the network equipment maker issued disappointing revenue and profit forecasts for the current quarter. — Reuters

source: gmanetwork.com

Trump fears hang over global stocks

NEW YORK, United States — Wall Street stocks were pressured for a second session in a row Tuesday on a combination of worries about Trump administration policies and disappointing earnings.

Markets in Japan and Europe dropped with analysts citing worries about Trump’s controversial executive order on immigration. Fresh comments criticizing Germany from a White House economic advisor also dented sentiment on European bourses, analysts said.

“It’s a combination of disappointing earnings, Trump worries and macro news,” said Peter Cardillo, chief market economist at First Standard Financial.

US stocks were down most of the day, but finished above session lows. The stock moves came ahead of a Federal Reserve policy decision Wednesday that is expected to keep interest rates unchanged.

Among those to report disappointing results were oil giant ExxonMobil, which suffered a nearly 40 percent fall in fourth-quarter earnings to $1.7 billion and announced it was writing down the value of some assets due to low oil and natural gas prices.

Package shipping giant UPS was another loser, slumping nearly seven percent as it reported a loss of $239 million in the fourth quarter and projected weaker-than-expected 2017 profits due in part to ramped-up capital investments to improve e-commerce business.

Offsetting those declines was the benign response of pharma stocks to Trump comments in a meeting of top industry executives, reiterating a pledge to lower drug prices, but also saying he would work to slash regulations to streamline the drug-approval process. Most pharma equities ended higher.

Meanwhile, European markets reacted nervously to the latest broadside from a Trump economic advisor Peter Navarro, bashing Germany for exploiting an undervalued euro to take advantage of its trading partners.

Frankfurt dropped 1.3 percent, while Paris lost 0.8 percent.

The Navarro comments also boosted the euro against the dollar, analysts said.

“The Trump administration appears to be targeting currencies as part of its goal of realigning global trade back in favor of the US worker,” said London Capital Group analyst Jasper Lawler.

“Trump’s team criticizing the euro in the context of Brexit and populist candidates in upcoming European elections puts ‘eurozone breakup risk’ at the highest since the bloc’s inception,” he said.

Markets already were jittery after Trump’s much criticized executive order suspending the arrival of all refugees for a minimum of 120 days, Syrian refugees indefinitely and barring citizens from Iran, Iraq, Libya, Somalia, Sudan, Syria and Yemen for 90 days.

“Trump is proving to be even more erratic and unpredictable than many feared,” said XTB analyst David Cheetham. CBB

source: business.inquirer.net

US stock indexes slide in afternoon trading; oil rises

U.S. stocks moved broadly lower in afternoon trading Thursday, giving back the market’s gains from the day before. Financial, industrial and technology stocks were down the most, while phone company and real estate stocks edged higher. Investors were turning their focus to the next wave of corporate earnings reports in the weeks ahead.

KEEPING SCORE: The Dow Jones industrial average slid 105 points, or 0.5 percent, to 19,849 as of 1:28 p.m. Eastern Time. The Standard & Poor’s 500 index lost 10 points, or 0.5 percent, to 2,264. The Nasdaq composite index fell 33 points, or 0.6 percent, to 5,530.

BANK WOES: Banks and other financial companies were down as the yield on the 10-year Treasury note fell. Lower yields mean lower interest rates on loans and lower profits for banks. Cincinnati Financial shed $4.73, or 6.3 percent, to $70.16. PNC Financial Services Group lost $3.02, or 2.5 percent, to $117.76. Zions Bancorporation fell $1.22, or 2.8 percent, to $42.70.

HEFTY CHARGE: Hess slid 4.3 percent after the oil company said it will take a $3.8 billion charge in the fourth quarter. The stock fell $2.68 to $59.16.

UNDERCUT: Mylan fell 1.6 percent on news that rival CVS is now selling a generic version of Mylan’s EpiPen at about a sixth of its price. Mylan’s stock shed 59 cents to $36.70.

RED FLAG: Investors sold shares in KB Home after the homebuilder’s latest margins and outlook for this year fell short of Wall Street’s expectations, overshadowing the company’s improved earnings and sales. The stock slid 35 cents, or 2.1 percent, to $16.25.

ROAD HAZARD: Fiat Chrysler tumbled 16.1 percent on news that the U.S. government is accusing the automaker of violating vehicle emission laws. The Environmental Protection Agency said Thursday that Fiat Chrysler failed to disclose software in some of its vehicles with diesel engines that allows them to emit more pollution than allowed under the Clean Air Act. Shares in Fiat slid $1.69 to $8.78.

RESPLENDENT RISER: Tiffany & Co. was one of the biggest gainers in the S&P 500, rising $3.01 or 3.9 percent, to $80.75.

MARKETS OVERSEAS: In Europe, Germany’s DAX fell 1.1 percent, while France’s CAC 40 slid 0.5 percent despite new data showing eurozone industrial production jumped 1.5 percent in November. Britain’s FTSE 100 was flat. In Asia, Japan’s benchmark Nikkei 225 dropped 1.2 percent. Hong Kong’s Hang Seng dipped 0.5 percent, while Australia’s S&P/ASX 200 slipped 0.1 percent. South Korea’s Kospi bucked the trend to rise 0.6 percent.

ENERGY: Benchmark crude oil was up 78 cents, or 1.5 percent, at $53.03 a barrel in New York. Brent crude, which is used to price oil sold internationally, was up 91 cents, or 1.7 percent, at $56.01 a barrel in London.

BONDS: Bond prices rose. The yield on the 10-year Treasury slipped to 2.33 percent from 2.37 percent late Wednesday.

CURRENCIES: The dollar fell to 114.30 yen from 115.43 on Wednesday. The euro was rising at $1.0637 from $1.0576. The pound, which had been weakening recently amid concern that Britain might break off completely from the European Union’s single market, was moving higher versus the dollar Thursday. The British currency was down to $1.2176 from $1.2208. TVJ

source: business.inquirer.net

US stocks, dollar slide after weak jobs report

A slide in financial and consumer stocks led U.S. indexes lower in late morning trading Friday as investors weighed the implications of a key government report showing that hiring slowed sharply in May. The downbeat job survey was a sign of economic weakness that could dissuade the Federal Reserve from raising interest rates this month. The dollar fell sharply against most major currencies, while bond prices surged as investors sought safety in U.S. government-backed debt.

KEEPING SCORE: The Dow Jones industrial average fell 92 points, or 0.5 percent, to 17,745 as of 11:20 a.m. Eastern time. The Standard & Poor’s 500 index shed 13 points, or 0.7 percent, to 2,091. The Nasdaq composite index lost 46 points, or 0.9 percent, to 4,925.

US ECONOMY: The Labor Department reported that the U.S. economy added only 38,000 jobs in May, the lowest amount in five years. The unemployment rate fell to 4.7 percent from 5 percent, but mainly because about half a million unemployed people stopped looking for work. Separate reports out Friday also showed a mixed snapshot of the economy. The Institute of Supply Management said U.S. services firms grew in May at the slowest pace in more than two years, while the Commerce Department said orders to U.S. factories rose in April by the largest amount in six months.

THE QUOTE: The jobs report is likely to push the Federal Reserve to hold off raising its key interest rate any time soon, said Terry DuFrene, global investment specialist at J.P. Morgan Private Bank.

“It certainly takes off the table any kind of chance of a rate movement at all in the month of June,” DuFrene said. “Now that’s got to be pushed out until maybe the early fall before there’s any sort of rate movement at all.”

FINANCIALS STUMBLE: Several banks and financial services companies fell amid speculation that the Fed will opt not to raise its benchmark interest rate. Lower interest rates make it harder for banks to make money from loans. ETrade Financial slumped $1.68, or 6 percent, to $26.45, while Charles Schwab lost $1.85, or 6 percent, to $28.99. Citigroup fell $2.38, or 5.1 percent, to $44.59.

GOLD RUSH: Mining companies were among the biggest gainers as the price of gold, silver and copper surged. Newmont Mining gained $2.56, or 7.9 percent, to $34.91, while Freeport-McMoRan added 34 cents, or 3.2 percent, to $11.

NOT SO BAD: Gap rose 3.2 percent a day after the clothing chain operator said sales at established stores declined 6 percent in May, better than the 7 percent drop forecast by financial analysts. The stock added 59 cents to $18.92.

BONDS AND CURRENCIES: U.S. government bond prices rose. The yield on the 10-year Treasury note fell to 1.71 percent from 1.80 late Thursday, a large move. In currency markets, the dollar was among the biggest movers, falling to 106.71 yen from 108.91 the day before. The euro jumped to $1.1335 from $1.1148.

ENERGY: Benchmark U.S. crude oil was down 47 cents, or 1 percent, to $48.78 a barrel in New York. Brent crude, which is used to price international oils, was down 60 cents, or 1.2 percent, at $49.44 a barrel in London.

MARKETS OVERSEAS: In Europe, major stock indexes mostly fell. Germany’s DAX fell 1.2 percent, while France’s CAC 40 lost 1.1 percent. Britain’s FTSE 100 slipped 0.1 percent. Earlier in Asia, Japan’s benchmark Nikkei 225 added 0.5 percent, while South Korea’s Kospi inched up 0.04 percent. Hong Kong’s Hang Seng added 0.4 percent. The S&P/ASX 200 of Australia jumped 0.8 percent.

source: business.inquirer.net

Global Markets: Alphabet set to open at record high; mobile ads drive revenue

New revenue streams such as mobile and video advertising should continue to propel earnings of Google parent Alphabet Inc (GOOGL.O), whose shares were set to open at a record high on Friday following better-than-expected results, analysts said.

The company's search traffic on mobiles surpassed desktop traffic worldwide for the first time in the latest quarter.

Alphabet's shares were up nearly 10 percent at $746.95 in premarket trading, far above the $713.33 record high set by Google - the company's former name - in regular trading in July.

A 10 percent rise equates to about $46 billion in market value. This would give Alphabet a market cap of about $519 billion, cementing its position as the second-most valuable stock after Apple Inc (AAPL.O), worth about $660 billion.

Shares of Amazon.com Inc (AMZN.O) and Microsoft Corp (MSFT.O), which also posted better-than-expected quarterly results on Thursday, also jumped in premarket trading, pushing up U.S. stock index futures.

At least 14 brokerages raised price targets on Alphabet's stock on Friday. J.P. Morgan and Jefferies were the most bullish, both raising their targets to $900.

"We think it's not long before mobile clicks surpass desktop, which we expect will provide a nice tailwind to cost-per-clicks, magnified by a tighter gap between mobile and desktop ad pricing," J.P. Morgan analyst Doug Anmuth said.

Alphabet said the number of paid clicks, which require advertisers to pay only if a user clicks on the ad, rose 23 percent, compared with 18 percent in the previous quarter.

With rivals such as Facebook Inc (FB.O) nipping at its heels, Alphabet had been trying to pump up advertising revenue from its mobile and video businesses, which have been much less profitable than its desktop business.

In a sign the company was becoming more sensitive to shareholders, Alphabet also announced on Thursday a $5.1 billion share buyback, its first ever.

Alphabet's new transparent reporting structure, to come into effect in the current quarter, also shows the company is becoming more shareholder-friendly, analysts said.

"The market has wanted four things from GOOGL – consistent revenue growth, margin stabilization, greater disclosure and cash back. What the market wants, the market gets," said RBC Capital Markets analyst Mark Mahaney.  — Reuters

Wall Street edges up in quiet session; Nasdaq ends at record

U.S. stocks ended with slight gains on Tuesday, with the Nasdaq eking out another record close while investors continued to await clarity on whether Greece could reach a deal to prevent defaulting on its loans.

The day's action was quiet, with trading volume below average. While energy shares rose alongside a jump in the price of crude oil, a sharp rise in the U.S. dollar capped broader gains.

While there were no major developments involving Greece, investors continued to hope that the country's newest budget proposals - introduced on Monday - would avert a looming default.

Greece needs fresh funds to avoid defaulting on a $1.8 billion debt repayment to the International Monetary Fund on June 30. Equities have been largely driven by Greece lately, with investors concerned that if the country defaults, it may have to leave the euro or the European Union, potentially shaking the region's economic foundations.

"The market seems to expect that this will end favorably, or at least benignly, but I think people need to be nimble right now as circumstances could change at any time," said Steve Sosnick, equity-risk manager at Timber Hill/Interactive Brokers Group in Greenwich, Connecticut.

"Greece may not be all that meaningful to the U.S. market, but it could have a big impact on the euro and the dollar, and it is unclear how big of an impact that will have on stocks."

The U.S. dollar index .DXY, which measures the greenback against a basket of currencies, rose 1.1 percent. A strong dollar is considered a headwind for equity prices as it weighs on the profits of multinational corporations.

U.S. crude futures settled up 1 percent at $61.01 per barrel, lifted ahead of U.S. inventory data expected to show strong demand for gasoline. The S&P energy index .SPNY rose 0.3 percent and was one of the day's top-performing sectors. Halliburton Co (HAL.N) rose 0.9 percent to $44.49.

AT&T Inc (T.N) rose 2.5 percent to $35.91 and was one of the biggest percentage gainers on the S&P 500 after at least two brokerages upgraded the stock.

Facebook Inc (FB.O) shares rose 3.7 percent to $87.88, a record close. With the day's gains, the social network's market value is now bigger than that of Dow component Wal-Mart Stores Inc (WMT.N).

The Dow Jones industrial average .DJI rose 24.29 points, or 0.13 percent, to 18,144.07, the S&P 500 .SPX gained 1.35 points, or 0.06 percent, to 2,124.2 and the Nasdaq Composite .IXIC added 6.12 points, or 0.12 percent, to 5,160.10. The Nasdaq ended at a record while the S&P 500 closed 0.3 percent below its own record.

Advancing issues outnumbered declining ones on the NYSE by 1,772 to 1,276, for a 1.39-to-1 ratio on the upside; on the Nasdaq, 1,567 issues rose and 1,203 fell for a 1.30-to-1 ratio favoring advancers.

The S&P 500 posted 43 new 52-week highs and 2 new lows; the Nasdaq Composite recorded 180 new highs and 23 new lows.

About 5.4 billion shares traded on all U.S. platforms, according to BATS exchange data, below the month-to-date average of 6.15 billion. — Reuters

Nasdaq tops dotcom high on buoyant data, Greece hopes

The Nasdaq Composite index surpassed the 15-year all-time high it set during the peak of the dotcom bubble as more data on Thursday showed the U.S. economy was gathering steam.

The index hit 5,143.31, topping the previous high of 5,132.52 it touched on March 10, 2000. The S&P and Dow were at their highest levels in about a month.

Brian Fenske, head of sales trading at ITG in New York, said the Nasdaq was on firmer footing and there were no similarities between its rally in 2000 and the surge in recent months.

"The current rally is more durable. It is incredibly tough to go public in this market. We just didn't have this kind of scrutiny back in 2000," said Fenske.

U.S. stocks briefly extended their rally on an unconfirmed report in German daily, Die Zeit, that Greece's aid will be extended until year-end but the IMF would not take part in the financing for the "time being".

Greek Finance Minister Yanis Varoufakis presented new proposals to counterparts in the euro zone meeting in Luxembourg, a Greek government official said.

The Fed said on Wednesday that the U.S. economy was likely strong enough to withstand an interest rate increase later this year but cut its economic growth forecasts for 2015.

Even though a majority of Fed officials continue to see higher rates by the end of 2015, they expect rates to rise slightly less by the end of 2016 and 2017 than they did in their March forecasts.

U.S. consumer prices in May recorded their largest increase in more than two years as gasoline prices surged, while factory activity in the U.S. mid-Atlantic region expanded in June at a faster pace than expected.

Other data showed the labor market tightened as first-time applications for unemployment benefits declined to a near 15-year low last week.

At 13:31 p.m. ET (1731 GMT) the Dow Jones industrial average was up 188.94 points, or 1.05 percent, at 18,124.68, the S&P 500 was up 19.16 points, or 0.91 percent, at 2,119.6 and the Nasdaq Composite was up 63.62 points, or 1.26 percent, at 5,128.50.

All the 10 major S&P 500 sectors were higher with the health index leading with a 1.4 percent rise.

Microsoft's 1.4 percent rise lifted the Nasdaq and the S&P 500, while 3M's 1.9 percent gain was the biggest boost to the Dow. All 30 Dow components were in the black.

Fitbit shares ran up as much as 60 percent to $31.90 in their debut, valuing the maker of popular wearable fitness-tracking devices at $6.5 billion.

Oracle shares fell as much as 8.7 percent to $40.97 - a nearly six-month low - a day after the company forecast a quarterly profit below analysts' estimates.

Advancing issues outnumbered decliners on the NYSE by 2,228 to 775. On the Nasdaq, 1,978 issues rose and 761 fell.

The S&P 500 index showed 40 new 52-week highs and two new lows, while the Nasdaq recorded 144 new highs and 25 new lows.  — Reuters

Wall Street ends higher as jitters about earnings and oil recede

NEW YORK - U.S. stocks closed higher on Wednesday, fueled by gains in oil companies and speculation that upcoming first-quarter earnings reports might not be quite as weak as previously thought.

All 10 major S&P 500 sectors gained, with the energy index leading, up 2.3 percent. U.S. crude jumped more than 5 percent after a lower-than-expected build of U.S. crude stockpiles.

Intel jumped 4.25 percent to $32.83 after the chipmaker said late on Tuesday it expects flat revenue for the entire year despite some weakness in the first quarter.

Investors have feared the March-quarter earnings season, just getting under way, would be crippled by low oil prices, a strong dollar and extreme weather in the eastern United States. First-quarter profits for S&P 500 companies are seen dropping 2.6 percent, according to Thomson Reuters data.

"Companies can jump over a bar that's about as low as a limbo stick," said Jack Ablin, chief investment officer at BMO Private Bank in Chicago. "Beating expectations should be relatively easy."

Of the 36 companies in the S&P 500 that have reported so far, 81 percent beat expectations, better than the 63 percent of companies exceeding expectations in a typical quarter.

But just 47 percent of companies exceeded revenue expectations, worse than 61 percent seen in a typical quarter. That suggests companies are bolstering their bottom lines by cutting costs instead of by expanding their businesses.

U.S. shares also benefited after the European Central Bank said it remained committed to its full asset-buying program to revive the euro zone economy.

The strong dollar hurts U.S. companies dependent on overseas sales, while slumping oil prices erode the profits of energy companies.

But many industrial and transportation companies benefit from cheap oil and its derivatives. Delta Air Lines posted first-quarter profit above analysts' expectations and its stock rose 2.60 percent to end at $44.20.

The Dow Jones industrial average rose 75.91 points, or 0.42 percent, to close at 18,112.61. The S&P 500 gained 10.79 points, or 0.51 percent, to 2,106.63 and the Nasdaq Composite added 33.73 points, or 0.68 percent, to end the day at 5,011.02.

Wednesday's gains bring the Nasdaq to within striking distance of its record-high close of 5,048.62 points set in 2000 during the dot-com boom.

Bank of America's shares ended down 1.14 percent at $15.64. First-quarter profit at the No. 2 U.S. bank by assets narrowly beat analysts' estimates.

After the bell, video streaming company Netflix posted quarterly results that sent its shares 12 percent higher.

On Wednesday, advancing issues outnumbered declining ones on the NYSE by 2,037 to 1,011, for a 2.01-to-1 ratio; on the Nasdaq, 1,821 issues rose and 928 fell for a 1.96-to-1 ratio.

The S&P 500 posted 18 new 52-week highs and 1 new low; the Nasdaq Composite recorded 107 new highs and 18 new lows.

About 6.7 billion shares changed hands on U.S. exchanges, above the 6 billion daily average for the month to date, according to BATS Global Markets.  — Reuters

Wall St advances as Nasdaq touches 5,000 mark

NEW YORK - U.S. stocks advanced on Monday to push the Nasdaq above the 5,000 mark for the first time in fifteen years, as a round of mixed data pointed to a slowly accelerating economy.

The Nasdaq hit a high of 5,000.33 before retreating, the first time above that level since March 27, 2000, at the height of the dot.com bubble.

"Five thousand on the Nasdaq, it's been a long time coming," said Peter Kenny, chief market strategist at Clearpool Group in New York.

"Now that data point, or psychological barrier, has been breached, investors are going to look at the likelihood we will continue to see the move higher in the Nasdaq and the degree to which the Nasdaq will outperform the broader market."

U.S. consumer spending fell for a second month in January, with lower gasoline prices dampening inflation pressure while personal income fell just short of expectations, showing a rise of 0.3 percent.

Separate gauges of manufacturing were conflicting, as financial data firm Markit's final U.S. Manufacturing Purchasing Managers' Index hit a four-month high while a reading from the Institute for Supply Management fell to its lowest in 13 months.

Construction spending also softened, falling at a 1.1 percent annual rate, below expectations calling for a 0.3 percent increase in January.

The Dow Jones industrial average rose 110.97 points, or 0.61 percent, to 18,243.67, the S&P 500 gained 7.1 points, or 0.34 percent, to 2,111.6 and the Nasdaq Composite added 29.90 points, or 0.6 percent, to 4,993.43.

Chip maker NXP Semiconductors NV has agreed to buy smaller peer Freescale Semiconductor Ltd and merge operations in a deal valuing the combined company at over $40 billion. NXP shares jumped 16.5 percent to $98.90 while Freescale advanced 10.9 percent to $40.05.

Lumber Liquidators plunged 23.5 percent to $39.67 after a report by television news program "60 Minutes" said the retailer of hardwood flooring in North America sold flooring with higher levels of formaldehyde than permitted under California's health and safety standards.

Boston Scientific Corp said it will acquire Endo International Plc's American Medical Systems urology portfolio for up to $1.65 billion. Boston Scientific rose 1.6 percent while Endo gained 2.2 percent to $87.50.

Cardinal Health said it would buy Johnson & Johnson's Cordis vascular technology unit for $1.9 billion and the acquisition would boost 2017 earnings by 20 cents per share. Cardinal Health gained 1.4 percent to $89.26 and JNJ added 0.6 percent to $103.15.

Advancing issues outnumbered declining ones on the NYSE by 1,747 to 1,198, for a 1.46-to-1 ratio; on the Nasdaq, 1,750 issues rose and 847 fell, for a 2.07-to-1 ratio favoring advancers.

The S&P 500 posted 42 new 52-week highs and 4 new lows; the Nasdaq Composite recorded 109 new highs and 18 new lows. — Reuters

Wall St. ends sharply higher on tech, Ukraine deal

NEW YORK - US stocks ended sharply higher on Thursday, with a rally in technology stocks leading the Nasdaq to a 15-year high, while a ceasefire agreement between Russia and Ukraine also eased tensions.

The day's gains were broad, with eight of the 10 primary S&P 500 sectors rising, and the S&P information technology sector .SPLRCT rose 1.6 percent in its third straight daily advance. Cisco Systems (CSCO.O) climbed 9.4 percent to $29.46 in the network equipment maker's biggest one-day jump since May 2013 after earnings and revenue beat expectations.

TripAdvisor Inc (TRIP.O) soared 22.5 percent to $82.40 a day after revenue topped forecasts. Fellow online travel company Expedia (EXPE.O) jumped 14.5 percent to $89.57. Earlier, Expedia agreed to buy Orbitz Worldwide (OWW.N) for about $1.33 billion.

With 76 percent of the S&P 500 having reported, about 71.4 percent of companies have topped earnings expectations, according to Thomson Reuters data, while 56.8 percent have topped on revenue. That compares to the long-term average of 63 percent for earnings and 61 percent for revenue.

Overseas, leaders of Germany, France, Russia and Ukraine agreed on a deal to end fighting in eastern Ukraine, potentially removing a concern for global investors, although the pact remained fragile. The news contributed to oil prices CLc1 advancing 4.9 percent, which in turn lifted the S&P energy index .SPNY 1.3 percent.

"There’s definitely a feel-good situation leading from the reduction in geopolitical risk, while the rise we're seeing in the energy sector is really helping the overall benchmark," said Michael Mullaney, chief investment officer at Fiduciary Trust Co in Boston.

U.S. economic data was tepid, as initial jobless claims rose more than expected in the latest week, while retail sales barely rebounded in January. In addition, business inventories rose less than expected in December.

The Dow Jones industrial average .DJI rose 110.24 points, or 0.62 percent, to 17,972.38, the S&P 500 .SPX gained 19.95 points, or 0.96 percent, to 2,088.48, and the Nasdaq Composite .IXIC added 56.43 points, or 1.18 percent, to 4,857.61.

The Nasdaq ended at its peak of the session, the highest level for the index since March 2000, while the S&P 500 ended about 0.1 percent below closing record, set on Dec. 29.

Tesla Motors (TSLA.O) dropped 4.7 percent to $202.88 after it missed fourth-quarter sales targets and analysts' profit expectations.

American Express (AXP.N) shares dropped 6.4 percent to $80.48 as the biggest drag on the Dow after it said Costco Wholesale (COST.O) would stop accepting its cards in the United States from next April, after a renewal agreement could not be reached.

NYSE advancers outnumbered decliners 2,403 to 685, for a 3.51-to-1 ratio; on the Nasdaq, 1,931 issues rose and 806 fell, a 2.40-to-1 ratio.

The S&P 500 posted 69 new 52-week highs and no new lows; the Nasdaq Composite recorded 123 new highs and 20 new lows.

About 6.72 billion shares traded on all U.S. platforms, according to BATS exchange data, below the month-to-date average of 7.31 billion.  — Reuters

Wall St. ends down in volatile session; materials a drag

NEW YORK -U.S. stocks ended down slightly in a volatile session on Tuesday, led by a drop in materials and energy shares following further weakness in commodity prices.

The S&P 500 slipped under its 50-day moving average of 2,046 around midday, triggering weakness, while volume also picked up. All three indexes fell from highs of more than 1 percent during the session, with the S&P 500 moving more than 48 points from its high for the day to its low, its widest range since Oct. 15.

Shares of homebuilders .HGX fell 1.5 percent after KB Home (KBH.N) forecast a drop in gross margins for the first quarter. Homebuilder stocks had been up earlier in the session, but KB Home dropped 16.3 percent to $13.87, its biggest percentage fall since 1992. [

Shares of Freeport McMoran Copper & Gold (FCX.N) slid 7.5 percent to $21.04, and were the S&P 500's biggest percentage decliner. The S&P materials index .SPLRCMA fell 1.2 percent and was the S&P 500's worst-performing sector.

Copper prices dropped further below $6,000 per tonne to their weakest level in more than five years, while oil prices tumbled to near six-year lows before recovering.

"We're seeing commodity prices continue to go down, not only in oil but across the board. So it's this fear of lower commodity prices leading to global deflation which is leading this nervousness," said Peter Cardillo, chief market economist at Rockwell Global Capital in New York.

The S&P energy index .SPNY was down 0.7 percent, with shares of Exxon Mobil (XOM.N) down 0.4 percent at $90.

The Dow Jones industrial average .DJI fell 27.16 points, or 0.15 percent, to 17,613.68, the S&P 500 .SPX lost 5.23 points, or 0.26 percent, to 2,023.03 and the Nasdaq Composite .IXIC dropped 3.21 points, or 0.07 percent, to 4,661.50.

The losses extended the recent decline to a third day. The S&P 500 is now down 3.2 percent since its Dec. 29 record high, marked by concerns about plunging oil prices, global economic weakness and Greece's potential exit from the euro zone.

A reduction in the amount to hedging in the market as shown by options on the CBOE Volatiity index .VIX suggests some investors may be more exposed to big fluctuations in the stock market, said Joe Bell, senior equity analyst at Schaeffer's Investment Research in Cincinnati. The VIX ended the day up 4.9 percent at 20.56.

Results have begun rolling in for U.S. quarterly earnings, though estimates have fallen sharply in recent months as oil prices sold off.

Goodyear Tire & Rubber (GT.O) stumbled 7.1 percent to $26.05 after the company estimated full-year operating income growth "slightly below" its forecast of 10 to 15 percent.

About 7.8 billion shares changed hands on U.S. exchanges, above the 7.2 billion average for the last five sessions, according to BATS Global Markets.

NYSE decliners outnumbered advancers 1,627 to 1,460, for a 1.11-to-1 ratio; on the Nasdaq, 1,393 issues fell and 1,326 advanced, for a 1.05-to-1 ratio favoring decliners.

The S&P 500 posted 57 new 52-week highs and 21 new lows; the Nasdaq Composite recorded 113 new highs and 105 new lows.  — Reuters

Wall St retreats after two-day advance; jobs data mixed

NEW YORK - U.S. stocks fell on Friday following a two-day rally as December's jobs report gave a mixed view of the economy, with financial shares leading the way lower.

All three major indexes posted slight losses for the week and fell back into negative territory for 2015.

U.S. nonfarm payrolls rose in December, topping Wall Street expectations, but wages unexpectedly fell.

"There was this tale of two cities, with very strong job gains but on the flip side a continued real moderation in wage growth. I think the market looked at that and was sort of confused about what that means," said Burt White, chief investment officer for LPL Financial in Boston.

"I actually think it's the best-case scenario. It showcases the U.S. economy is continuing to grow and repair the labor market, but at the same time, the muted wage growth means the Fed's going to stay lower for longer."

Fourth-quarter results from S&P 500 companies pick up next week, including JPMorgan Chase & Co and Wells Fargo . Both were among the biggest drags Friday, with JPMorgan down 1.7 percent at $59.34 and Wells Fargo down 1.6 percent at $52.68. The S&P financial index lost 1.3 percent, the day's worst-performing major sector.

The Dow Jones industrial average fell 170.5 points, or 0.95 percent, to 17,737.37, the S&P 500 lost 17.33 points, or 0.84 percent, to 2,044.81 and the Nasdaq Composite dropped 32.12 points, or 0.68 percent, to 4,704.07.

Friday's decline followed two days of more than 1 percent gains for the market, a rally fueled in part by minutes from the last Federal Reserve meeting, which reassured investors the central bank was in no hurry to start raising interest rates.

For the week, the Dow and Nasdaq were down 0.5 percent, while the S&P 500 lost 0.6 percent.

Oil prices resumed their slide after two days of relative calm, with Brent and U.S. crude lowest since April 2009 on persistent worry over a supply glut. The S&P energy sector fell 0.8 percent.

A number of retail shares fell after reporting December sales and providing forecasts. The S&P retail index ended down 1.7 percent.

Bed, Bath & Beyond dropped 6.7 percent to $74.09 and was among the S&P 500's biggest percentage decliners after the retailer forecast fourth-quarter earnings at the low end of expectations.

Macy's shares fell 2.8 percent to $65.92 a day after it said it would close 14 stores and cut some jobs.

About 6.3 billion shares changed hands on U.S. exchanges, below the 7.1 billion average for the last five sessions, according to BATS Global Markets.

NYSE decliners outnumbered advancers 1,916 to 1,139, for a 1.68-to-1 ratio; on the Nasdaq, 1,811 issues fell and 927 advanced, for a 1.95-to-1 ratio.

The S&P 500 posted 43 new 52-week highs and 10 new lows; the Nasdaq Composite recorded 75 new highs and 45 lows.  — Reuters

Global Markets: Stocks struggle after euro zone growth reports

LONDON - European stocks fell back on Friday and US stocks looked set to open flat after a mixed bag of euro zone growth numbers that showed France and Germany growing marginally but others like Italy still firmly in recession.

Asian stocks had fallen earlier on the latest signs that growth in China is also slowing and the European data confirmed that the outlook for much of the world economy still looks much shakier than for the United States.

Energy stocks were depressed as crude oil edged up from a near four-year low hit in Asian time and the Russian ruble, hammered in recent weeks as world oil prices fell, was down almost 1 percent, testing record lows around 48 per dollar.

Germany's economy eked out growth of 0.1 percent on the quarter, while France - generally seen as in deeper trouble than its neighbor - grew by 0.3 percent, helping the euro zone as a whole to grow 0.2 percent.

"The German number is slightly positive - in line with expectations, but it's still soft," said Patrick Jacq, a rate strategist at BNP Paribas in Paris.

"The (French) growth in Q3 is only driven by inventories. It's just a one-off positive figure in a very weak environment and therefore this is not something which could lead the market to think that the economic situation is improving in France."

European shares fell 0.4 percent, with traders saying a dip below an important technical barrier had helped spur a slump in Frankfurt mid-morning.. France performed better but was still 0.1 percent lower.

Telecom gear maker Nokia was among the big losers, down 5.6 percent as traders cited disappointment with the group's updated profit margin targets.

MSCI's broadest index of Asia-Pacific shares outside Japan slipped 0.2 percent, countered by a half-point rise in Tokyo.

A Reuters poll showed Japanese companies overwhelmingly want Prime Minister Shinzo Abe to delay or scrap a planned tax increase, a move expected to come along with a decision, expected by many, to call a new election.

The yen, down more than 3 percent against a stronger dollar this month, fell another half percent to a seven-year low of 116.385 yen per dollar.

"The argument is that delaying the sales tax hike means the impulse to CPI inflation will start to drop," said Alvin Tan, a currency strategist at French bank Societe Generale in London.

"If there's no additional sales tax hike, the impulse to higher inflation starts to fade away quite rapidly. So in order to push inflation higher, which is what everybody wants, you need the currency to weaken a lot more."

New chapter
The perception that the US economy is faring better than either Europe's or Japan's, and expectations that monetary policy there will tighten next year as a result, has helped push the dollar higher against both the euro and yen.

The euro was down 0.2 percent at $1.2429, inching back towards a two-year low of $1.2358 struck last Friday.

Oil edged up from an early four-year low below $77 a barrel, still pressured by excess supply and skepticism that OPEC would cut output at a meeting in two weeks.

The International Energy Agency, which usually refrains from predicting oil prices, said in its monthly report that prices could fall further in 2015 and pressure was building on OPEC to cut supply.

"It is increasingly clear that we have begun a new chapter in the history of the oil markets," the IEA, which advises the United States and other industrialized countries, said.

"Barring any new supply disruption, downward price pressures could build further in the first half of 2015."

Brent hit an intra-day low of $76.76 in Asian time but had recovered to trade at $78.52 as of 1248 GMT.

Global benchmark Brent is down from $115 in June and has dropped for eight weeks in a row, its longest weekly losing streak since records began in 1988, based on Reuters data. — Reuters

Dow, S&P 500 close at records after midterm vote

NEW YORK - U.S. stocks rose on Wednesday, with both the S&P 500 and Dow advancing to records, after Republicans took control of the Senate, allaying fears of drawn-out runoffs and raising investor hopes for more business- and energy-friendly policies.

A stronger-than-expected report on the labor market also helped lift stocks, but some weak tech sector earnings weighed on the Nasdaq.

The beaten-down energy sector rallied on hopes that a Republican majority could pass legislation that includes approval of oil and gas pipelines and reforms of crude and natural gas export laws. The S&P energy index .SPNY was up 1.8 percent.

"For now, the market generally likes the results. If we had uncertainty around the result, that would have been a cause for concern," said John Canally, chief economic strategist at LPL Financial.

"A little bit less business unfriendliness coming out of Washington is a clear plus," he added, noting that 88 percent of the time, stocks rise in the fourth quarter of midterm election years, regardless of the outcome.

U.S. private employers added 230,000 jobs in October, the most since June, according to the ADP National Employment report. The data could raise hopes for Friday's closely-watched payroll report. On the downside, the pace of growth in the U.S. services sector slowed more than expected in October.

Time Warner Inc (TWX.N) rose 4 percent to $77.99 after it reported revenue growth of 3 percent. Activision Blizzard Inc (ATVI.O) late Tuesday raised its full-year forecast, sending shares up 4.4 percent to $20.83.

The Dow Jones industrial average .DJI rose 100.69 points, or 0.58 percent, to 17,484.53, the S&P 500 .SPX gained 11.47 points, or 0.57 percent, to 2,023.57 and the Nasdaq Composite .IXIC dipped 2.92 points, or 0.06 percent, to 4,620.72.

Weighing on the Nasdaq, TripAdvisor Inc (TRIP.O) dropped 14.1 percent to $71.95, a day after weaker-than-expected earnings. FireEye Inc (FEYE.O) fell 15 percent to $29.12 a day after the cybersecurity company's revenue outlook was largely below expectations.

After the market closed, Tesla Motors shares (TSLA.O) gained 5.2 percent following results.

About 6.4 billion shares changed hands on U.S. exchanges, below the 7.3 billion average for the last five sessions.

NYSE advancing issues outnumbered decliners 1,799 to 1,258, for a 1.43-to-1 ratio on the upside; on the Nasdaq, 1,408 issues rose and 1,278 fell for a 1.10-to-1 ratio.

The S&P 500 posted 92 new 52-week highs and 5 new lows; the Nasdaq Composite showed 113 new highs and 55 new lows.  — Reuters

Wall St gains as Ukraine worry cools, M&A lift

NEW YORK - US stocks advanced on Monday, as the threat of an escalation of tensions in Ukraine appeared to diminish and the latest flurry of merger action supported equities.

Russia said all issues related to its humanitarian convoy to Ukraine had been resolved but said no progress has been made toward a ceasefire or political solution to the fighting in the east of the country after talks between Russia, Germany, France and Ukraine on Sunday.

However, the region remained unsettled as Ukraine accused pro-Russian rebels on Monday of hitting a refugee convoy of buses with rocket fire near the eastern city of Luhansk, but the separatists denied responsibility.

Mergers and acquisitions continue to flourish and provide a lift to equities.

Discount retailer Dollar General Corp offered to buy Family Dollar Stores Inc for $8.95 billion, trumping an offer by Dollar Tree Inc. Family Dollar shares gained 4.3 percent to $79.35 while Dollar General jumped 9.4 percent to $62.87 as the best performer on the S&P 500. The S&P retail index climbed 1.1 percent.

"People left Friday unsure of whether or not the Ukrainian conflict was escalating and they seem to have come back today thinking it's not," said Rick Meckler, president of LibertyView Capital Management in Jersey City, New Jersey.

"That has been the major driver, but then you have the usual suspects of what has supported this market all along - a somewhat improving economy and continued M&A activity, giving people confidence that higher stock prices are here to stay."

Sensors and electrical controls maker Sensata Technologies Holding NV said it would buy the Schrader group of companies for an enterprise value of $1 billion. Sensata shares rose 4.9 percent to $48.44.

Ingersoll-Rand Plc, a maker of heating and air conditioning systems, said it would buy Cameron International Corp's centrifugal compression unit for $850 million. Ingersoll shares gained 1.6 percent to $61.54 and Cameron shed 0.2 percent to $72.47.

The Dow Jones industrial average rose 128.17 points or 0.77 percent, to 16,791.08, the S&P 500 gained 13.31 points or 0.68 percent, to 1,968.37 and the Nasdaq Composite added 30.18 points or 0.68 percent, to 4,495.11.

In a relatively light week for economic data, investors will closely monitor the Aug. 21-23 annual meeting of top central bankers at Jackson Hole, Wyoming, for possible insight about the path for monetary policy.

Minutes from the Federal Reserve's July meeting will be released on Wednesday.

Earnings season will effectively draw to a close this week with results from retailers including Home Depot, Target Corp and Gap Inc.

According to Thomson Reuters data through Monday, of the 467 companies in the S&P 500 that have reported earnings, 67.9 percent have topped analyst expectations, besting the 63 beat rate since 1994 and the 67 percent rate for the past four quarters. — Reuters

Wall St. opens higher, investors look to Yellen

NEW YORK - US stocks opened higher on Tuesday, boosted after earnings from JPMorgan and Goldman Sachs, though investors were looking ahead to testimony from U.S. Federal Reserve Chair Janet Yellen.

The Dow Jones industrial average rose 46.69 points or 0.27 percent, to 17,102.11, the S&P 500 gained 2.95 points or 0.15 percent, to 1,980.05 and the Nasdaq Composite added 6.92 points or 0.16 percent, to 4,447.34.

Shares of Goldman rose 1.5 percent to $169.67 while JPMorgan rose 3.8 percent to $58.41. — Reuters

source: gmanetwork.com

Wall St. edges up on Intel but posts weekly decline

NEW YORK - U.S. stocks edged up on Friday, boosted by bullish news from the tech sector, but major indexes fell for the week as unrest in Iraq kept investors on edge.

Intel Corp (INTC.O) was one of the S&P 500's biggest gainers and one of Nasdaq's most active names, but overall gains were capped as investors kept a close watch on violence in Iraq that drove oil prices CLc1 to their highest since September.

Analysts are worried about the impact a protracted period of high commodity prices could have on economic growth, especially with indexes near record levels.

President Barack Obama said on Friday he needs several days to determine how the United States will help Iraq deal with a militant insurgency, but he ruled out sending U.S. troops back into combat and said any intervention would be contingent on Iraqi leaders becoming more involved.

"The situation in Iraq is another one of these geopolitical flare-ups that have a short-term impact on the market. It will continue to create volatility in the oil market, but I don't think it will spill over that much to equities," said Randy Frederick, managing director of trading and derivatives at Charles Schwab.

The CBOE Volatility index VIX .VIX, Wall Street's so-called fear gauge, fell 3 percent to 12.18 on Friday.

Intel shares jumped nearly 7 percent to $29.87 a day after the Dow component raised its full-year revenue outlook, citing stronger-than-expected demand for personal computers used by businesses.

OpenTable Inc (OPEN.O) popped 48.3 percent to $104.48 in heavy trading after Priceline Group Inc (PCLN.O) said it would buy the company for $2.6 billion. Priceline fell 3 percent to $1,189.30.

Among other Internet names, Yelp Inc (YELP.N) jumped 13.8 percent to $74.92 and GrubHub Inc (GRUB.N) rose 7 percent to $36.00.

The Dow Jones industrial average .DJI rose 41.55 points or 0.25 percent, to 16,775.74, the S&P 500 .SPX gained 6.05 points or 0.31 percent, to 1,936.16, and the Nasdaq Composite .IXIC added 13.02 points or 0.3 percent, to 4,310.65.

For the week, the Dow was down 0.9 percent, the S&P fell 0.7 percent and the Nasdaq was down 0.25 percent.

The week's decline was the first after three weeks of consecutive gains on the S&P 500. For the year, the broad market index is up about 4.8 percent.

Brent crude LCOc1 edged further above $113 a barrel on Friday, up about $4 since the start of the week, on concerns that an insurgency in Iraq could trigger civil war and eventually hit oil exports. [O/R]

In macroeconomic news, U.S. consumer sentiment unexpectedly fell in June as views by consumers with the lowest incomes soured, according to the preliminary June read from the Thomson Reuters/University of Michigan's index.

Finisar Corp (FNSR.O) plunged 21.9 percent to $19.71 a day after forecasting weaker-than-expected earnings, citing higher capital expenditure in China.

Trading volume was at around 5.07 billion shares on U.S. exchanges, below last month's average of about 5.76 billion, according to data from BATS Global Markets.  — Reuters

source: gmanetwork.com