Market Update July 16 – Business Insider
The sharp rebound in manufacturing in February in March left the sector well positioned heading into Q2. Following the report, our Q2 GDP tracking estimate remained at 3.0%, in line with our revised forecast for second-quarter growth.” 5) Federal Reserve Chair Janet Yellen was on Capitol Hill for the second straight day, this time speaking in front of, and taking questions from, the House Committee on Financial Services. 6) The Federal Reserve also released its latest Beige Book report , a collection of economic anecdotes from across the country. The report showed that the economy showed “modest growth” in most of the Fed’s regions. From the Beige Book,”The pace of economic growth was characterized as moderate in New York, Chicago, Minneapolis, Dallas, and San Francisco, while the remaining Districts reported modest expansion. Compared to the previous reporting period, Boston and Richmond noted a slightly slower pace of growth.
US STOCKS-Wall St gains on M&A, results; Dow ends at record high – Yahoo Finance
“There’s a lot of good news to go around today, but given all the worries there were about China, the data there is especially a positive,” Colas said. The MSCI International ACWI Price Index rose 0.5 percent on the day. The Dow Jones industrial average gained 77.33 points, or 0.45 percent, to 17,138.01, the S&P 500 rose 8.26 points, or 0.42 percent, to 1,981.54 and the Nasdaq Composite added 9.58 points, or 0.22 percent, to 4,425.97. The U.S. 10-year Treasury note rose 5/32 in news price, yielding 2.5323 percent.
GLOBAL MARKETS-Stocks up around the world on China data, M&A – Yahoo Finance
Stocks are higher on a busy day that has seen huge merger news and the second day of Federal Reserve Chair Janet Yellen speaking on Capitol Hill. The Dow up 62 points, the S&P 500 is up 7 points, and the Nasdaq is up 17 points. The biggest news of the day is Rupert Murdoch’s offer to buy Time Warner for $80 billion, which Time Warner rejected. Excluding food and energy, prices rose 0.2%. Homebuilder confidence in July rose to 53 from 49 , according to data from the NAHB, better than the 50 that was forecast by economists and the first reading above 50 since January. Industrial production data showed that in June, production slowed to 0.2% , below expectations for a gain of 0.3% and down from May’s revised reading of a 0.5% increase. CNBC is also hosting its Delivering Alpha conference today, featuring a number of noted hedge fund managers, including Leon Cooperman, who gave his 12 favorite stock picks , which included KKR, Citigroup, and Thermo Fisher. Our wall-to-wall coverage of Delivering Alpha will be on Clusterstock all day .
Twenty-First Century Fox shares fell 6.2 percent to $33.00. An index of semiconductors shot up 1.1 percent and hit an intraday high of 652.28, its highest since August 2001. The index was led higher by gains in Intel Corp, up 9.3 percent at $34.65. The world’s largest chipmaker reported second-quarter results that topped analysts’ estimates.
US stocks move higher on earnings reports; Time Warner soars on Murdoch bid | Fox Business
Investors are keeping an eye on Federal Reserve Chair Janet Yellen, who is testifying to Congress for a second day. The Dow Jones industrial average rose 65 points, or 0.4 percent, to 17,125 in the first few minutes of trading Wednesday. The Standard & Poor’s 500 index rose nine points, or 0.5 percent, to 1,982. The Nasdaq rose 29 points, or 0.7 percent, to 4,445.