CORRECT: US Stocks End At Multiyear Highs On US Manufacturing Report
02 Abril 2012 - 8:28PM
Dow Jones News
NEW YORK (Dow Jones)--Stocks rose to multiyear highs on the
first session of the new quarter after a solid reading on domestic
manufacturing.
Major indexes started near the flat line but drifted higher as a
result of the report on March manufacturing activity. The Dow Jones
Industrial Average climbed 52.45 points, or 0.40%, to 13264.49, its
highest close since December 2007.
On Friday, the Dow rose 66 points to close out the best
first-quarter point gain--994.48 points--in its history, and the
best first-quarter percentage performance--8.1%--since 1998.
The Standard & Poor's 500-stock index gained 10.57 points,
or 0.75%, to 1419.04, its highest finish since May 2008. The Nasdaq
Composite rose 28.13 points, or 0.91%, to 3119.70.
"After a massive run, what's better than putting a cherry on
top?" said Barry James, president of James Investment Research.
"When you've got the market running higher, it likes to keep going
higher until something really takes place. From an economic
standpoint, there are enough positive markers for people to say
that's OK right now."
All 10 sectors of the S&P 500 advanced, paced by the
materials and technology sectors. Oil-and-gas company Denbury
Resources rose, while coal producer Alpha Natural Resources
increased.
Beauty-products seller Avon Products led the index higher,
climbing 17% after receiving a $10 billion buyout offer from Coty,
a closely held fragrance company. Avon rejected the bid, saying it
was opportunistic and substantially undervalued the company.
The U.S. manufacturing sector's expansion continued in March and
employment perked up, according to data released by the Institute
for Supply Management. "The ISM number is a positive sign for the
market but still pretty much flat," said Joe Bell, senior equity
analyst at Schaeffer's Investment Research. "It's probably going to
be a slow week, with a lot of eyes on the unemployment results on
Friday."
But spending on construction projects in the U.S. fell for the
second straight month in February, showing the sector is struggling
to build on momentum late last year. The drop was the biggest since
July and fell short of economists' average forecast for an
increase.
In Europe, the Stoxx Europe 600 index gained 1.5%, with the U.S.
manufacturing data providing a boost. The U.K.'s FTSE 100 index
rose 1.9% and Germany's DAX index advanced 1.5%.
Asian bourses were mixed following a reading of Chinese
manufacturing activity. The government's survey showed a strong
expansion in activity in March, but that was in contrast to
readings of contraction shown by an HSBC survey over a week ago.
Hong Kong's Hang Seng Index slipped 0.2% while Japan's Nikkei Stock
Average tacked on 0.3%.
Crude-oil prices rose 2.1%, to settle at $105.23 a barrel, while
gold prices rose 0.5% to settle at $1,677.50 a troy ounce. The
dollar gained ground against the euro but slipped against the yen.
The yield on the 10-year Treasury note fell to 2.196%.
In other corporate news, Groupon slumped 17% after the online
coupon provider revised lower previously reported fourth-quarter
earnings and revenue as a result of an increase to its refund
reserve accrual. In addition, Groupon said its independent auditor
included a statement of a material weakness in its internal
controls in its annual 10-K filing with the Securities and Exchange
Commission.
Keryx Biopharmaceuticals plunged 65% after the company said a
Phase III trial to evaluate its treatment for colorectal cancer
didn't meet the primary endpoint. Keryx is the licensee partner of
Canada's Aeterna Zentaris, which also tumbled.
Theravance climbed 19% as it entered into a deal in which
GlaxoSmithKline would increase its ownership in Theravance by 10
million shares. Following the purchase, Glaxo would own 25.81
million, or about 26.8% of outstanding Theravance shares.
Hartford Financial Services Group rose 4.1% after agreeing to
pay $2.43 billion to buy back securities it sold to Allianz in the
depths of the financial crisis. The agreement allows Hartford to
replace $1.75 billion it owes to Allianz with new debt at a lower
cost.
Express Scripts added 2.4% after closing its $29.1 billion
acquisition of peer Medco Health Solutions. The deal followed a
Federal Trade Commission decision that the combination of the two
largest pharmacy-benefits management companies in the U.S. wouldn't
change the competitive landscape in the sector.
Wireless broadband network services provider Towerstream jumped
9.9% after disclosing a Wi-Fi agreement with a national wireless
carrier.
Abercrombie & Fitch climbed 4.1% after Brean Murray analysts
raised their rating on the teen clothing-retailer's stock to "buy,"
saying the "worst appears over" for the company.
Regional carrier Pinnacle Airlines tumbled 49% after filing for
Chapter 11 bankruptcy protection. The Memphis, Tenn.-based carrier
is seeking to restructure its agreements with Delta Air Lines and
cut ties with United Airlines and US Airways Group.
-By Matt Jarzemsky, Dow Jones Newswires; 212-416-2240;
matthew.jarzemsky@dowjones.com
Medco (NYSE:MHS)
Gráfico Histórico do Ativo
De Ago 2024 até Set 2024
Medco (NYSE:MHS)
Gráfico Histórico do Ativo
De Set 2023 até Set 2024