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Overnight Markets: Wall Street ends higher after late rebound

by Himanshu Singh on Apr 29, 2014 at 04:30

Overnight Markets: Wall Street ends higher after late rebound

Wall Street inched higher on Monday, as gains in Apple and Pfizer helped offset another round of selling in some high-growth tech shares.

The Dow Jones industrial average rose 87 points or 0.53%, to end at 16,449. The S&P 500 gained six points or 0.32%, to 1,869. The Nasdaq Composite fell one points or 0.03%, to 4,074.

A flurry of merger and acquisition activity in the pharmaceutical sector increased speculation of further deal-making. Pfizer rose 4.2% after the US drugmaker was said to be working on its next move in a potential bid to take over Britain's AstraZeneca Plc (AZN.L).

Leading the Nasdaq down was Amazon.com (AMZN.O), which extended Friday's sharp drop a day after its earnings report. The share ended down 2.4%.

Apple's stock surged 3.9%, with the share gaining 13.2% since the close on Wednesday, when the iPhone maker reported results after the bell.

Bank of America shares tumbled 6.3% after the company said it will suspend a planned increase in its quarterly dividend as well as its latest stock-buyback programme because it miscalculated a measure of the capital on its books.

Chinese Internet stocks also declined after China's government ordered the removal of four US television shows from video websites. The US-listed shares of Baidu (BIDU.O) slid 7.4%.

In other M&A activity, Forest Laboratories Inc (FRX.N) said it would buy Furiex Pharmaceuticals Inc (FURX.O) for up to $1.46 billion. Furiex Pharmaceuticals shares surged 28.6% while Forest Laboratories shares shed 0.4%.

Agenus (AGEN.O) shares jumped 19.5% after the biotechnology company said it signed a deal with Merck & Co Inc (MRK.N) to discover and develop antibody-based treatments against cancer.

In Asia, shares oscillated between gains and losses on Tuesday as investors weighed corporate earnings and after US equities advanced.

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