By Dow Jones Business News,
June 13, 2014, 10:05:00 AM EDT
By Matt Jarzemsky and Tomi Kilgore
U.S. stocks edged higher, trimming the S&P 500's first weekly decline in four weeks, bolstered by gains in
The Dow Jones Industrial Average rose 13 points, or 0.1%, to 16748. The S&P 500 added two points, or 0.1%, to 1932,
and the tech-heavy Nasdaq Composite Index added 15 points, or 0.3%, to 4312.
Leading tech shares higher, OpenTable rallied 47% after Priceline Group Inc. agreed to buy the restaurant booking
service for $2.6 billion in cash.
Intel surged 6.5% after Morgan Stanley analysts raised their rating on the shares to equalweight from underweight.
Interest-rate-sensitive stocks such as utility shares declined alongside selling in 10-year U.S. Treasury bonds.
Comments by Bank of England Gov. Mark Carney on Thursday sparked fears that interest rates in the U.K. could rise sooner
than investors expect, putting some investors in U.S. government debt on edge ahead of a meeting of the U.S. central
bank's policy-setting committee next week. The yield on the 10-year Treasury note, which moves inversely to its price,
ticked up to 2.608% from 2.586% late Thursday.
On the economic front, the producer-price index for May declined 0.2% on the month, missing forecasts for a 0.2%
rise. Excluding volatile food and energy components, core PPI was flat, versus expectations of a 0.1% increase.
The preliminary Thomson-Reuters/University of Michigan consumer sentiment index for June is expected to rise to
83.0 from the final May reading of 81.9.
On Thursday, the Dow fell 110 points, or 0.7%, to suffer the biggest back-to-back point and percentage decline in
four weeks. The declines set the Dow up to suffer the first weekly loss in four weeks.
The S&P 500 fell 0.7% on Thursday to suffer a third-straight decline, the longest losing streak since the three-day
stretch ending April 7.
European markets were broadly lower as worries about Iraq and possible rate increases in the U.K. weighed on
sentiment. The Stoxx Europe 600 shed 0.5%, and was headed for the first weekly loss in nine weeks.
Asian markets showed some strength, with China's Shanghai Composite rising 0.9% after data showing bank lending
surged in May. Japan's Nikkei Stock Average climbed 0.8%.
In other corporate news, Finisar Corp. tumbled 23% after the fiber optics components maker reported late Thursday
fiscal fourth-quarter adjusted profit that missed estimates, and provided a disappointing outlook for the current
Express Inc. surged 19% after private-equity firm Sycamore Partners reported a 9.9% stake in the retailer and said
it was interested in looking into a possible buyout.
Write to Tomi Kilgore at email@example.com
(END) Dow Jones Newswires
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