Stocks rebounded Friday, erasing yesterday's steep sell-off as
tensions eased over the downing of a Maylasia Airlines jet and the
start of a ground offensive in the Gaza Strip by Israeli forces.
All 10 industry sectors in the S&P 500 finished in the black,
led by shares of technology and healthcare companies, which were
hit hard earlier in the week when the Federal Reserve questioned
values of so-called momentum stocks. Commodity-related stocks
underperformed as investors sought out riskier asset plays.
Today's gains also picked up support from several well-received
IPOs. Sage Therapeutics (
) rose nearly 67% in its market debut after the biopharmaceutical
firm earlier priced its initial public offering of 5 million shares
at $18 apiece, the top of its expected range. Other first-day
winners today included enterprise software firm TubeMogul (
) and SunEdison (
) spinoff TerraForm Power Inc. (
Healthcare stocks continued to enjoy a boost from ongoing
mergers and acquisition activity, with Shire plc (
) this morning accepting AbbVie's (ABBV) $55 billion buyout offer
while Gentiva Health Services Inc. (GTIV) finished with a 16%
advance after saying another suitor has emerged with a $17.25 a
share offer, trumping Kindred Healthcare's (KND) $16 bid.
In energy futures, crude oil for August delivery closed down
slightly to $103.13 per barrel amid concerns about supply
In metals futures, August gold closed down 0.57% at $1,309.40
per troy ounce, down 2.1% for the week, with September silver
settling down 1.2% to $20.89 per ounce. September copper was up
0.13% at $3.19 per pound.
Here's where the markets stood at the close:
Dow Jones Industrial Index up 123.37 (+0.73%) to 17,100.18
S&P 500 up 20.10 (+1.03%) to 1978.22
Nasdaq Composite Index up 68.70 (+1.57%) to 4,432.15
FTSE 100 was up 0.17% at 6,749.45.
Nikkei 225 was down 1.01% at 15,215.71.
Hang Seng Index was down 0.28% at 23,454.79.
(+) GOOG - Despite Q2 earnings miss shares gain as revenue
(+) SWKS - Shares soar on the back of better-than-expected Q3
(+) SHPG - Inks pact to be acquired by AbbVie
(-) GE - Posts in-line Q2 results, plans IPO of Synchrony
(-) AMD - Misses Q2 earnings expectations.
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