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Overnight Markets: Wall Street climbs as industrial shares surge
ADT soared 47.5% after private equity firm Apollo Global Management agreed to buy the electronic security services provider for $7 billion.
Wall Street registered its second straight session of solid gains on Tuesday, as investors bought shares broadly and favoured some of the month’s most-battered sectors, like finance and technology.
The Dow Jones industrial average rose 223 points, or 1.39%, to 16,196, the S&P 500 gained 31 points, or 1.65%, to 1,896 and the Nasdaq Composite added 98 points, or 2.27%, to 4,436.
All 10 S&P sectors closed higher following an extended holiday weekend. Financials, healthcare and materials also posted gains of more than 1.5%.
Oil prices erased early gains on Tuesday after Russia and Saudi Arabia dashed expectations of an outright supply cut, but some investors took solace from the fact that the producers were in discussions.
In company news, Boeing (BA.N) shares gained 3.7% and were the biggest boost to the Dow. ADT (ADT.N) soared 47.5% after private equity firm Apollo Global Management (APO.N) agreed to buy the electronic security services provider for $7 billion. Apollo rose 5.4%.
Community Health Systems (CYH.N) slumped 22.1% and weighed on other hospital operators after posting an unexpected quarterly loss.
Groupon (GRPN.O) surged 41.2% after Alibaba (BABA.N) disclosed a 32.9 million share stake in the company. Alibaba was up 8.9%.
Burger King owner Restaurant Brands International added 6.1% after posting better-than-expected profits. Shares of Hormel Foods rose 7.1% after the food company reported an increase in profits and lifted guidance for the year.
In commodities news, oil futures fell after Saudi Arabia, Russia, Qatar and Venezuela said they wouldn’t increase crude-oil output above January’s levels.
In Asia, shares gained on Wednesday in morning trade, taking a lead from Wall Street where investors took some comfort from a decision by major oil producers to freeze production.
The Nikkei 225 and broader Topix were both down by 0.2%. Hong Kong’s Hang Seng was up 0.6%, while Australia’s S&P/ASX 200 had a shaky session and was 0.1% higher. On the mainland, China’s Shanghai Composite was up 0.5%.
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