Wealth Manager - the site for professional investment managers

Register to get unlimited access to all of Citywire’s Fund Manager database. Registration is free and only takes a minute.

Overnight Markets: Wall Street ends strong quarter

Overnight Markets: Wall Street ends strong quarter

The S&P 500 and the Nasdaq Composite indexes scored a sixth straight quarter of gains on Monday, a streak not seen since 1998, as a surge in pending home sales offset weaker-than-forecast manufacturing data.

The three major US stock indexes, however, closed little changed for the day, following a set of mixed economic data. The Dow Jones industrial average fell 25 points or 0.15%, to 16,827. The S&P 500 was little changed at 1,960. The Nasdaq Composite added 10 points or 0.23%, to 4,408.

The market barely reacted yesterday after data from the Institute for Supply Management-Chicago showed the pace of business activity in June in the US Midwest dipped more than expected from a seven-month high, and the National Association of Realtors' pending home sales index showed contracts to buy previously owned US homes hit an eight-month high in May.

General Motors Co (GM.N) shares fell 0.9% after the US automaker expanded the list of older models it is recalling for potentially deadly ignition switches.

Bank of New York Mellon (BK.N) shares rose 3.5% after Trian Fund Management LP disclosed in an amended regulatory filing it had acquired a stake of more than nine million shares of the bank.

Shares of MannKind Corp (MNKD.O) surged 9.6% following the US Food and Drug Administration's approval on Friday of Afrezza, the company's inhaled insulin product, which is delivered via a whistle-sized inhaler.

D.R. Horton Inc. rallied 3.2%, leading gains among homebuilders. Yahoo! Inc. (YHOO) rose 2.6% after Piper Jaffray Cos. recommended buying the stock. Allergan Inc. declined 2.7% following regulatory decisions on its drugs.

PPG Industries Inc. (PPG) increased 3% after agreeing to buy Consorcio Comex SA for about $2.3 billion.

In Asia, shares gained on Tuesday in morning trade as Japanese stocks rallied with investors weighing a survey of business sentiment.

The MSCI Asia Pacific Index gained 0.4% to 146 as of 10:57 a.m. in Tokyo. South Korea’s Kospi index lost 0.3%. Australia’s S&P/ASX 200 Index added 0.2% before the Reserve Bank of Australia is projected to keep its key interest rate at a record low today. New Zealand’s NZX 50 Index climbed 0.1%.

Taiwan’s Taiex index rose 0.2%, while Singapore’s Straits Times Index slid 0.4%. The Shanghai Composite Index lost 0.1%. Markets in Hong Kong and Thailand are closed for holidays.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Volatility spike: How ETFs can soften the blow

Volatility spike: How ETFs can soften the blow

ETFGI’s Deborah Fuhr discusses the role of ETFs in client portfolios during volatile market conditions

Play Winter market warmers, the post QE world and timing the FED

Winter market warmers, the post QE world and timing the FED

This week’s episode of Investment Pulse looks at the winding down of quantitative easing, whether to try and time a Federal Reserve rate rise and if strong seasonal performers can reverse recent market slumps

Play JPM’s Negyal: Back divis to temper EM volatility

JPM’s Negyal: Back divis to temper EM volatility

Omar Negyal, co-manager of the JPMorgan Global Emerging Markets Income trust, says a dividend approach to emerging markets reduces the volatility of investing in the asset class.

Wealth Manager on Twitter