U.S. stocks ended higher Tuesday, with equities in the Standard
& Poor's 500 Index climbing to their best levels in five years,
fueled by another round of dealmaking and data showing rising
investor confidence in Germany.
The S&P 500 climbed over 10 points to close over 1530 while
the Nasdaq Composite Index added 16 points to to 3208. The Dow
Jones Industrials Index also rose, with gains across all industry
sectors except mining stocks. Energy issues had the best gains,
rising over 1% as a group. Banks and consumer shares also were
Shares of OfficeMax Inc. (
) and OfficeDepot rose sharply today following reports the
office-supplies chains are in advanced talks for a stock-for-stock
merger. Precise terms of the deal are not yet known, including the
share of the combined companies shareholders from each firm would
own. Shares of rival Staples (
) also advanced today.
More than $158 billion in deals has been announced so far in
2013, more than double the activity in the same period last year
and accounting for 57 percent of global deal volumes, according to
Thomson Reuters Deals Intelligence.
Stocks also were supported by new data showing German investor
confidence rising to a three-year high, in possibly a sign the
euro-zone economy may soon emerge from its long slump. The ZEW
Center for European Economic Research in Mannheim said its index of
investor and analyst expectations climbed to a 48.2 reading this
month from a 31.5 score in January and topping analyst projections
for a 35 reading this month, according to a Bloomberg survey.
Homebuilder stocks struggled session-long after the National
Association of Home Builders/Wells Fargo builder confidence index
fell by a full point to 46 from last month's score. The median
forecast in a Bloomberg survey of 50 economists called for a rise
Commodities were mixed. Crude oil for March delivery settled 80
cents higher at $96.66 per barrel. March natural gas added 11.9
cents to $3.272 per 1 million BTU. Apr gold fell $5.10 to $1604 per
ounce while March silver was off $0.44 to $29.42 per ounce. Mar
copper fell 8 cents to $3.65 per pound.
Here's where the U.S. markets stood at end-of-day:
Dow Jones Industrial Average Up 0.39% to 14,035.67
S&P 500 Up 0.73% to 1,530.94
Nasdaq Composite Index Up 0.68% to 3,213.59
Hang Seng Index down 1.02%
Shanghai China Composite Index down 1.60%
FTSE 100 Index up 1.05%
(+) NVGN, Said its experimental anti-ovarian cancer drug CS-6
was highly active against ovarian cancer stem cells in clinical
(+) RRGB, Q4 net income more than doubles from year-ago levels,
topping Wall Street expectations.
(+) PVFC, Agrees to be acquired by F.N.B. Corp (
) in an all-stock transaction valued at $106.4 mln.
(-) PPHM, Updated Phase II data indicates patients with
second-line, non-small cell lung cancer who were treated with the
company's bavituximab drug candidate survived a median 11.7 months,
or about 4.4 months longer than patients in the control arm of the
(-) DGIT, Said a strategic review of options failed to produce a
potential buyer. Also reports a $0.75 per share net loss in Q4,
reversing a $0.16 profit in the year-ago quarter and missing
(-) DAKT, Reports 9.6% year-over-year decline in fiscal Q3 net
sales to $111.1 mln, trailing analyst forecasts by about $12.73
mln. Net income of $0.06 per share also lagged the Street view by a
penny. Guides Q4 sales below consensus.
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