Stocks up after China growth report, Asia dawdles – Yahoo News
Meanwhile, Federal Reserve Chair Janet Yellen was back on Capitol Hill today for her second day of testimony to Congress. Yellen didnt rock the boat when it came to equity valuations, like she did on Tuesday. However, she defended the central bank’s independence when grilled by Republican lawmakers about legislation to make the Fed more transparent. Time Warner ( TWX) shares gained 17%, or $12.12, $83.13 after the media conglomerate said it rejected an $80 billion takeover offer from Rupert Murdochs 21stCentury Fox ( FOXA ). IBM ( IBM ) shares rose $3.87 to $192.36 while Apple ( AAPL ) shares fell 54 cents to $94.78 after the former rivals announced they would join forces to develop apps for iPhones and iPads to sell to business customers.The news of the partnership drove down shares of Blackberry ( BBRY ) down by $1.33, or 11.8%, to $9.97. Intel ( INTC ) shares gained $2.94 — more than 9% — to close at $34.65 after the chipmaker reported better-than-expected earnings and revenue and provided an upbeat outlook for its current quarter. It cited a pickup in demand for PCs and growth in its data-center businesses for the improved outlook and said it will buy back $20 billion worth of stock.
Stocks move higher in early trading; Citi climbs – Yahoo News
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Stocks Slip as Investors Digest Earnings | TheLedger.com
In remarks to Congress, Fed Chair Janet Yellen raised the possibility the Fed could raise its key short-term interest rate sooner than currently projected. The Standard & Poor’s 500 index fell three points, or 0.2 percent, to close at 1,973 Tuesday. The Dow Jones industrial average rose five points, or 0.03 percent, to 17,060 and the Nasdaq composite slid 24 points, or 0.5 percent, to 4,416. JPMorgan Chase and Goldman Sachs rose after the banks reported results that were better than investors were expecting.
Stocks move higher on earnings, acquisition news – Yahoo News
The world’s second-largest economy expanded 7.5 percent over a year earlier in the April-June quarter, picking up slightly from 7.4 percent growth in the first quarter, and suggesting the government’s mini-stimulus measures had helped to offset a housing slowdown. In Europe, Britain’s FTSE 100 added 0.9 percent to 6,770.58 and the CAC-40 in France surged 1.4 percent to 4,363.72. Germany’s DAX rose 1.2 percent to 9,835.02. Wall Street was poised for gains.
Investors cheered Citigroup’s latest earnings as well as acquisitions such as generic drug developer Mylan’s $5.3 billion bid for Abbott Laboratories. KEEPING SCORE: The Standard & Poor’s 500 index gained nine points, or 0.5 percent, to 1,977 as of 1:19 p.m. Eastern Time. The Dow Jones industrial average rose 118 points, or 0.7 percent, to 17,062. The Nasdaq composite added 24 points, or 0.6 percent, to 4,440.