Twitter icon Email alerts icon Latest News RSS icon Magazine icon Stay connected:

View the article online at http://citywire.co.uk/wealth-manager/article/a723649

Overnight Markets: S&P 500 hits record on Fed bets amid budget talks

by Himanshu Singh on Dec 10, 2013 at 03:30

Overnight Markets: S&P 500 hits record on Fed bets amid budget talks

Wall Street gained on Monday, with the Standard & Poor’s 500 Index scaling a fresh record, as traders awaited more clues from the Federal Reserve on the timing of any cuts to stimulus amid budget negotiations in Washington.

The Dow Jones industrial average gained five points or 0.03%, to finish at 16,026. The S&P 500 gained three points or 0.18%, to end at 1,808, a record closing high. The Nasdaq Composite added six points or 0.15%, to close at 4,069.

Speeches from several policymakers on Monday signalled Fed may be closer than previously thought to trimming its $85 billion a month in bond purchases. Economists expect the US central bank to begin trimming its quantitative easing programme in March, according to a Reuters poll. The policy-setting Federal Open Market Committee will hold its final meeting of 2013 on 17-18 December.

Twitter's stock jumped 9.3%, closing at its highest level since the company went public in early November.

In deal news, Sysco Corp (SYY.N) climbed 9.7% after the food distributor said it would buy rival US Foods for about $3.5 billion and assume about $4.7 billion in debt to create a company with about $65 billion in annual revenue.

On the other hand, McDonald's (MCD.N) fell 1.1% after the fast-food restaurant chain reported weaker-than-expected global sales at established restaurants for November.

Edwards Lifesciences Corp (EW.N) fell 5.4% after the company forecast 2014 earnings below analysts' estimates.

Gilead Sciences Inc. added 1.6% after getting approval for a hepatitis C pill that may generate more than $6 billion in annual sales.

Financial stocks gained a day before five US agencies will finish the Volcker rule. JP Morgan Chase & Co. climbed 0.8% and Goldman Sachs Group Inc. added 0.3%.

In Asia, shares oscillated between gains and losses on Monday in late morning trade as investors await data on Chinese industrial production.

The MSCI Asia Pacific Index slid less than 0.1% to 141 at 9:40 a.m. in Hong Kong. Japan’s Topix index lost 0.1% and South Korea’s Kospi index dropped 0.4%. Australia’s S&P/ASX 200 Index gained 0.7% and New Zealand’s NZX 50 Index climbed 0.1%. Singapore’s Straits Times Index and Taiwan’s Taiex were little changed. Hong Kong’s Hang Seng Index fell 0.2% and China’s Shanghai Composite rose 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:

Long time coming: is the recovery here to stay?


Ian McVeigh and Steve Davies, managers of Jupiter's UK Growth fund, talk about their predictions for the UK equity space. Click here to watch a series of sponsored interviews with Jupiter's fund managers on the UK equity market.

Today's top headlines

More about this:

Archive

On the road

Click here to find out more from the Audience Development team.

Read more...

SJP soft-closes Asante and Wood funds

by Robert St George on Apr 23, 2014 at 15:28

Sorry, this link is not
quite ready yet