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Overnight Markets: Wall Street gains on upbeat earnings

by Himanshu Singh on Apr 30, 2014 at 04:26

Overnight Markets: Wall Street gains on upbeat earnings

Wall Street gained on Tuesday in response to upbeat results from companies including Merck & Co and a rebound in Facebook and other high-growth shares.

The Dow Jones industrial average rose 87 points or 0.53%, to 16,535, the S&P 500 gained nine points or 0.48%, to 1,878 and the Nasdaq Composite added 29 points or 0.72%, to 4,104.

Internet shares rallied for the first time in five days and results from Merck & Co. to Sprint Corp. topped estimates before a Federal Reserve decision on monetary policy.

Merck & Co (MRK.N)'s shares climbed 3.6%, giving the S&P 500 its biggest lift, after it reported stronger-than-expected earnings.

Further deal activity on the healthcare front also lifted the market. Britain's Reckitt Benckiser Group Plc (RB.L) confirmed talks to acquire Merck's consumer health business, the latest asset up for grabs in a wave of recent pharmaceutical deals.

Shares of Facebook (FB.O) were up 3.6%, a day after selling off along with a host of other momentum names.

Shares of Twitter (TWTR.N) jumped 4.6% ahead of its results after the bell, when it reported 255 million monthly active users, up from the previous quarter but not enough to satisfy investors.

Also after the bell, shares of eBay (EBAY.O) fell 3.8% as its second-quarter forecast fell short of estimates.

During the regular session, Sprint Corp (S.N) shares jumped 11.3% after the No. 3 US mobile provider reported an increase in quarterly revenue.

On the down side, Coach Inc (COH.N) reported a sharp drop in North American sales and the stock slumped 9.3%.

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