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Overnight Markets: Wall Street ends strong quarter

by Himanshu Singh on Jul 01, 2014 at 04:04

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.

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