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Wednesday, 8 January 2014

Stocks finish higher, with S&P 500 halting three-day losing streak

The Dow Jones Industrial Average rose 105.84 points, or 0.6 percent, to 16,530.94, with UnitedHealth Group leading gains that included 24 of the blue-chip index's 30 components.

The S&P 500 rose 11.11 points, or 0.6 percent, to 1,837.88, with health care and technology leading gains that included all but one -- materials -- of its 10 major industry sectors.

The Nasdaq advanced 39.50 points, or 1 percent, to 4,153.18, led by Neurocrine Biosciences, up nearly 90 percent after the company late Monday said one of its experimental drugs helped treat the symptoms of an illness that causes involuntary spasms.

For every share that fell, two rose on the New York Stock Exchange, where 699 million shares traded. Composite volume hit 3.5 billion.

The U.S. dollar edged higher against the currencies of major trading partners and the 10-year Treasury yield used in determining mortgage rates and other consumer loans fell 2 basis points to 2.945 percent.

On the New York Mercantile Exchange, crude-oil futures gained 46 cents, or 0.5 percent, to $93.05 a barrel; gold futures declined $8.40, or 0.7 percent, to $1,229.60.

1 comment:

  1. Blue chips flounder as pennies lead

    STI makes a modest recovery before ending down for a third straight session

    By R Sivanithy

    HAVING already dropped 52 points in total on Friday and Monday, the Straits Times Index yesterday initially managed a modest rebound, probably thanks to short-covering.

    As the session progressed, however, the selling resumed, dragging the index to a third consecutive loss, this time 2.94 points at 3,120.88.

    Unit turnover remained elevated at 3.9 billion units due largely to penny punting, and dollar turnover was raised past the billion dollar mark at $1.2 billion thanks to increased volume done in OCBC - about 19 million. The counter ended 12 cents down at $9.75 after the bank said it is in talks to possibly take over Hong Kong's Wing Hang Bank, and its trades contributed $182 million towards total turnover.

    Excluding warrants there were 232 rises versus 193 falls in the whole market. Penny stocks in play included Federal International, KLW and Charisma Energy.


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