Closing Update: Stocks Extend Advance For Another Session, Lifting S&P 500, Dow to Fresh Records

By Staff,

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Stocks closed higher for a sixth day Friday, with the Dow Jones Industrials and the S&P 500 both hitting record highs. After underperforming much of the session, the Nasdaq Composite index climbed late to pass the other major market gauges, overcoming an earnings miss by Oracle ( ORCL ) and lackluster reviews for's ( AMZN ) new smartphone with new deal speculation and another well received initial public offering boosted biotech stocks.

Volume surged Friday, especially over the final hour of the session, with the monthly and quarterly expiration of equity and commodity options and futures contracts today. There were no economic reports released today.

Crude oil for August delivery settled 76 cents at $106.81 per barrel while July natural gas was down 5 cents to $4.53 per 1 million BTU. August gold rose $2.30 to $1,316.60 per ounce while July silver added 28 cents to finish at $20.95 per ounce. July copper climbed 4 cents, settling at $3.12 per pound.

Here's where the U.S. markets stood at end-of-day:

Dow Jones Industrial Average up 25.62 (+0.15%) to 16,947.08

S&P 500 up 3.39 (+0.17%) too 1,962.87

Nasdaq Composite Index up 8.71 (+0.20%) to 4,368.04


Hang Seng Index up 0.11%

Shanghai China Composite Index up 0.15%

FTSE 100 Index up 0.25%


(+) KITE, Drug-maker soars in market debut, climbing nearly 75% after pricing an upsized initial public offering of 7.5 mln share at $17 each. Deal prices $1 over its expected price range, also selling an extra 1.5 mln shares above initial plans.

(+) SHPG, Rejects three buyout offers from rival drugmaker AbbVie ( ABBV ), one as high as $46 bln in cash and stock. ABBV is now considering a fourth offer, two people with knowledge of matter tell Bloomberg. ABBV also is higher.

(+) FLML, Reaches new 52-week high after U.S. regulators approve Aug. 6 Prescription Drug User Fee Act date for the company's second New Drug Application - reportedly an alternative treatment for narcolepsy.


(-) MACK, Regains global development and commercialization rights to its MM-121 prospective cancer treatment from Sanofi ( SNY ), which agreed to continue funding Phase II testing for the next six months.

(-) HERO, Terminates drill-rig contract with Sonangol EP, costing the company an estimated $91.8 million, after the Angolan state-owned energy concern failed to secure the necessary visas for its employees to work in the west African country.

(-) EMES, Prices secondary public offering of 3.52 mln equity units at $109.06 each. Selling unitholders include Superior Silica Resources, which cut its ownership by nearly 30% to 6.6 mln units, or about 27.8% of the company.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing Commodities
Referenced Stocks: ORCL , AMZN , ABBV , SNY

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