U.S. Stocks Rose Amid Sneaking Suspicion on Another Bailout Aid for Greece
U.S. stocks rose, cutting down the largest monthly decline for the Standard and Poor’s 500 Index since August 2010, amidst suspicion on additional assistance for Greece.
Despite weaker anticipations on regional manufacturing, consumer confidence and home prices, 30 components of the Dow Jones Industrial Average and all S&P 500 sectors posted positive figures. Health care and tech stocks contributed the highest gains with Cisco Systems adding 2.5%, Merck up 1.5% and Pfizer adding 2.5%.
The S&P 500 increased 1.1% to 1,345.20 of gains for the fourth consecutive day. The index dropped in May by 1.4%. Some 127.21 points were added by the Dow today.
In April 29, the benchmark scale dropped from nearly a three-year high on issues about the debt crisis in Europe. Still, it advanced to 7% in 2011 amid government stimulus rules and higher-than-expected corporate profits. The Federal Reserve is anticipating to complete its quantitative easing in June while it holds low interest rates for an extended period.
Intel Corp. earned 1.4% as the biggest chipmaker in the world that aims to challenge tablet makers with its ultrabook, a thinner laptop version. Apple Inc. posted 3.1% after announcing an introduction of a cloud-computing software and product to be done by chief executive officer Steve Jacobs next week in his keynote address at the company’s annual developers conference. General Dynamics Corp. rose 4.2% after obtaining a U.S. Navy contract worth $744 million.
Chicago manufacturing activity dropped to its lowest level since the month of November in 2009 alongside the decline of consumer confidence. The Federal Reserve Bank of Dallas was also assessed to have a lower-than-expected manufacturing activity.
In corporate reports, Ashland rose 12% after reaching an agreement to purchase International Specialty Products for $3.2 billion in cash. KKR advanced 0.4% after it announced its agreement to purchase Academy Sports + Outdoors, a sporting-goods retailer that was able to generate $2.7 billion revenue in 2010.
Crude-oil futures jumped 2.1% to land at $102.70 per barrel while futures for gold traded flat to almost $1,535.90 per ounce. The euro climbed against the U.S. dollar while the greenback weakens the yen. Investors are still in the move to purchase Treasuries pushing the 10-year note below 3.048%.
Meanwhile, in merger reports, Central Vermont Public Service shares surged 41% after it agreed to change hands with Fortis for $700 million.
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