Citywire for Financial Professionals
Stay connected:

View the article online at http://citywire.co.uk/money/article/a750822

Overnight Markets: US stocks climb as technology shares rally

The Dow Jones and the S&P 500 closed at record highs, while the Nasdaq jumped as shares of Internet and biotech companies advanced.

 
Overnight Markets: US stocks climb as technology shares rally

US stocks climbed on Monday, pushing the Dow Jones and the S&P 500 to record highs, while the Nasdaq rallied as shares of Internet and biotech companies advanced.

The Dow Jones industrial average gained 112 points or 0.68%, to 16,695, a record closing high. The S&P 500 rose 18 points or 0.97%, to 1,897, also a record closing high. The Nasdaq Composite climbed 72 points or 1.77%, to 4,144.

The rally came despite a vote by pro-Russian rebels in favour of self-rule in eastern regions of the country in a referendum dismissed by Kiev and Western governments as illegal. The European Union is set to step up pressure on Russia by taking steps to extend sanctions to companies, as well as individuals.

In corporate news, Biogen Idec (BIIB.O) surged 4.8% and TripAdvisor Inc (TRIP.O) rose 5.8%. Twitter (TWTR.N) gained 5.9% after news reports that brokerage SunTrust raised its rating on the stock to "buy".

In deal news, Hillshire Brands Co (HSH.N) agreed to acquire Pinnacle Foods Inc (PF.N) in a deal valued at about $6.6 billion, including debt. Pinnacle surged 13.2%, while Hillshire fell 3.2%.

US drugmaker Allergan Inc (AGN.N) fell 1% after the company, known for Botox, its popular anti-wrinkle treatment, rejected Valeant Pharmaceuticals International Inc's (VRX.TO) (VRX.N) takeover offer of $47 billion. Valeant's US-listed shares slipped 0.8%.

US-listed shares of Indian companies and India-related exchange-traded funds also rose as exit polls in India predicted that the country's main opposition party - viewed as more business friendly - would win general elections. Among ETFs, the Wisdom Tree India Earnings Fund (EPI.P) gained 3.7 percent.

After the bell, shares of DirecTV (DTV.O) gained 6.6% after a source said AT&T Inc (T.N) is in advanced talks to acquire the company.

During the regular session, shares of 21st Century Fox (FOXA.O) rose 3.1%. Britain's largest pay-TV company BSkyB (BSY.L) is in talks to buy Sky Deutschland (SKYDn.DE) and Sky Italia.

In Asia, shares gained on Tuesday as investors weighed earnings and after US equity indexes climbed to records.

The MSCI Asia Pacific Index gained 1% to 139 as of 10:40 a.m. in Tokyo. Japan’s Topix (TPX) index jumped 1.6% and South Korea’s Kospi index rose 0.8%. Australia’s S&P/ASX 200 Index advanced 0.8%, while New Zealand’s NZX 50 Index added 0.6%. Taiwan’s Taiex Index rose 0.7%. Markets in Malaysia, Singapore, Thailand and Bangladesh are closed for a holiday.

Hong Kong’s Hang Seng Index advanced 0.5% after jumping the most in seven weeks yesterday on optimism state reforms will boost equity markets. The Shanghai Composite Index gained 0.1%.

leave a comment

Please sign in here or register here to comment. It is free to register and only takes a minute or two.

News sponsored by:

The Citywire guide to investment trusts

In association with Aberdeen Asset Management

Fund managers from Standard Life Investments quizzed on investment trusts


What can SLI bring to the table for those who want to put their money into investment trusts?

More about this:

Archive

Today's articles

Tools from Citywire Money

From the Forums

+ Start a new discussion

Weekly email from The Lolly

Get simple, easy ways to make more from your money. Just enter your email address below

An error occured while subscribing your email. Please try again later.

Thank you for registering for your weekly newsletter from The Lolly.

Keep an eye out for us in your inbox, and please add noreply@emails.citywire.co.uk to your safe senders list so we don't get junked.

Sorry, this link is not
quite ready yet