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 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 Potential US rate rise, cheap oil & the Europe opportunity

Potential US rate rise, cheap oil & the Europe opportunity

This week we analyse the implications of a possible rise in US interest rates, the impact of cheap oil and the European equity opportunity.  

Play Carmignac's Crowl: what QE could mean for Europe

Carmignac's Crowl: what QE could mean for Europe

The ECB is widely expected to finally fire its QE gun this week. Carmignac's Sandra Crowl discusses the implications for the eurozone.

Play Grexit worries, currency wars and a grizzly outlook for 2015?

Grexit worries, currency wars and a grizzly outlook for 2015?

The first Investment Pulse of the year looks at the potential impact of Greece leaving the euro, volatility in currency markets and the UK’s economic prospects.

Your Business: Cover Star Club

Profile: DIY investing is biggest threat to industry, says Whitechurch

Profile: DIY investing is biggest threat to industry, says Whitechurch

The industry is at risk of pushing potential investors down the DIY route unless it does more to make its services accessible says the Whitechurch Securities boss

Wealth Manager on Twitter