Wealth Manager - the site for professional investment managers

Register for full access to Citywire’s Fund Manager database, news and analysis. Registration is free and only takes a minute.

Overnight Markets: Wall Street gains on merger news

Overnight Markets: Wall Street gains on merger news

Wall Street gained on Wednesday, sending the Dow Jones Industrial Average to an all-time high, boosted by the latest merger news and some strong corporate earnings.

The Dow Jones industrial average rose 78 points or 0.45%, to end at 17,138, surpassing the record it had set on 3 July. The S&P 500 gained eight points or 0.42%, to 1,982. The Nasdaq Composite added 10 points or 0.22%, to 4,426.

In corporate news, Time Warner Inc shares surged 17.1% and ranked as the S&P 500's best performer after Twenty-First Century Fox confirmed it made an $80 billion takeover offer for the company that was turned down. Twenty-First Century Fox shares fell 6.2%.

Intel Corp jumped 9.3%, leading gains in semiconductor companies, after the world's largest chipmaker reported second-quarter results that topped analysts' estimates. Shares of Micron Technologies rose 1.8%. Other technology shares also gained.

After the bell, eBay Inc reported a 13% rise in quarterly revenue and its stock advanced 1.8% in extended-hours trading.

Shares were also boosted during the regular session after a partnership was struck between IBM and Apple Inc, wherein IBM will exclusively sell iPhones and iPads loaded with applications designed for business clients. IBM shares gained 2.1%, while Apple fell 0.6%.

Bank of America lost 1.9% after the second-largest US bank by assets reported a 43% drop in second-quarter profit as mortgage revenue fell and litigation costs increased.

General Electric Co is in talks to sell its century-old household appliances business for as much as $2.5 billion, sources said. The stock rose 1.5%.

In Asia, shares gained for a fourth day on Thursday as material and industrial shares led the advance.

The MSCI Asia Pacific Index gained 0.2% to 147 as of 9:33 a.m. in Hong Kong. Japan’s Topix index and South Korea’s Kospi index rose 0.3%. New Zealand’s NZX 50 Index was little changed and Australia’s S&P/ASX 200 Index added 0.5%. Taiwan’s Taiex index sank 0.5% and Singapore’s Straits Times Index added 0.1%.

Hong Kong’s Hang Seng Index slipped 0.1%, while the Shanghai Composite Index dropped 0.5%.

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 Investment Pulse: the highs and lows of 2014

Investment Pulse: the highs and lows of 2014

This week's Investment Pulse looks back at some of the biggest stories of the year as well as looking forward to 2015.

Play Inside ETFs: Why the US bull-run still has legs

Inside ETFs: Why the US bull-run still has legs

Global equities suffered a sharp sell-off in the third quarter but exchange traded fund investors are continuing to back the US to outperform in 2015

Play Paul Niven: I won't rip up the Foreign & Colonial Trust history book

Paul Niven: I won't rip up the Foreign & Colonial Trust history book

The newly appointed manager of the Foreign & Colonial trust talks about his plans for UK's oldest investment company.

Your Business: Cover Star Club

Manchester wealth firm hires Coutts director for London launch

Manchester wealth firm hires Coutts director for London launch

Former Coutts director Tony Robinson has joined Chartered Wealth Management to head the company’s newly opened London office.

Wealth Manager on Twitter