Brent crude lost 1 percent as rising supplies from Libya overshadowed renewed violence in the country. The Dow Jones industrial average rose 5.26 points, or 0.03 percent, to 17,060.68, the S&P 500 lost 3.82 points, or 0.19 percent, to 1,973.28, and the Nasdaq Composite dropped 24.03 points, or 0.54 percent, to 4,416.39. The MSCI World Index fell 0.3 percent while European shares ended down 0.4 percent, pressured by a drop in Germany’s ZEW index of economic sentiment. The MSCI International ACWI Price Index fell 0.25 percent. BANK EARNINGS While Yellen’s comments were the day’s primary driver, financial shares helped major indexes recover from early losses.(Full Story) Both JPMorgan and Goldman Sachs rose after their results.
Stocks Extend Winning Streak as Earnings, M&A Activity Continues to Buoy Wall Street – NASDAQ.com
Reynolds American ( RAI ) agreed to acquire its rival Lorillard ( LO ) for $27.4 billion, creating the second largest tobacco company in the U.S. The two companies will sell their Kool, Salem, Winston, Maverick and blu e-cigarette brands to British-based Imperial Tobacco Group ( ITYBF ) for $7.1 billion. British American Tobacco ( BTI ) will maintain its 42% stake in Reynolds. Reynolds American fell $4.34 to end at $58.84 while Lorillard finished $7.05 lower at $60.17 — a 10.5% loss.
Stocks End Mostly in Red After Yellen, Earnings, Data – Yahoo Finance
Each reading came in ahead of Wall Street forecasts. The firm saw a drop in revenue in its fixed-income, currencies, and commodities trading revenue, but that decline was not out of line with industry peers. Goldman saw improvement in its investment-banking and lending divisions. Johnson & Johnson (JNJ) reported strong second-quarter results that exceeded both Morningstar analysts’ and consensus expectations largely because of stronger-than-expected pharmaceutical sales. In particular, sales of hepatitis C drug Olysio significantly outperformed expectations.
Stocks finish mixed; Yellen’s comments hurt biotech and social media shares | Hot Stock Minute – Yahoo Finance
The Fed’s Beige Book showed a pickup in economic activity overall and a stronger labor market. Manufacturing, consumer spending and tourism were the strongest sectors, while New York, Chicago, Minneapolis, Dallas and San Francisco regions were the strongest regions. Meanwhile, Federal Reserve Chair Janet Yellen was back on Capitol Hill today for her second day of testimony to Congress. Yellen didnt rock U.S stocks to buy the boat when it came to equity valuations, like she did on Tuesday. However, she defended the central bank’s independence when grilled by Republican lawmakers about legislation to make the Fed more transparent. Time Warner ( TWX) shares gained 17%, or $12.12, $83.13 after the media conglomerate said it rejected an $80 billion takeover offer from Rupert Murdochs 21stCentury Fox ( FOXA ). IBM ( IBM ) shares rose $3.87 to $192.36 while Apple ( AAPL ) shares fell 54 cents to $94.78 after the former rivals announced they would join forces to develop apps for iPhones and iPads to sell to business customers.The news of the partnership drove down shares of Blackberry ( BBRY ) down by $1.33, or 11.8%, to $9.97.
Stocks end higher; the Dow sets another record close | Hot Stock Minute – Yahoo Finance
Energy stocks were outperforming due to a bounce in oil prices while tech issues were getting a bounce from better-than-expected earnings from Intel ( INTC ), but interest-rate sensitive sectors were again being weighed down by recent gains in Treasury yields and expectations for higher U.S. interest rates. The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc. Copyright (C) 2014 MTNewswires.com. All rights reserved.