Stocks Bounce Back, Post Weekly Gain
Midnight Trader | Jul 18, 2014 04:35PM ET
Stocks rebounded Friday, erasing Thursday'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.
Debut Activity
Friday's gains also picked up support from several well-received IPOs. Sage Therapeutics (SAGE) 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 on Friday included enterprise software firm TubeMogul (TUBE) and SunEdison (NYSE:SUNE) spinoff TerraForm Power Inc. (TERP).
Healthcare stocks continued to enjoy a boost from ongoing mergers and acquisition activity, with Shire Plc (NASDAQ:SHPG) accepting AbbVie's (NYSE:ABBV) $55 billion buyout offer while Gentiva Health Services Inc. (NASDAQ:GTIV) finished with a 16% advance after saying another suitor has emerged with a $17.25 a share offer, trumping Kindred Healthcare's (NYSE:KND) $16 bid.
In energy futures, Crude Oil for August delivery closed down slightly to $103.13 per barrel amid concerns about supply disruptions.
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.
h2 Here's Where The Markets Stood At The Close/h2US MARKETS
- 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
GLOBAL SENTIMENT
- 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.
UPSIDE MOVERS
- (+) GOOG - Despite Q2 earnings miss shares gain as revenue trumps estimates.
- (+) SWKS - Shares soar on the back of better-than-expected Q3 results, guidance.
- (+) SHPG - Inks pact to be acquired by AbbVie
DOWNSIDE MOVERS
- (-) GE - Posts in-line Q2 results, plans IPO of Synchrony Financial.
- (-) AMD - Misses Q2 earnings expectations.
After Hours Stock News From Midnight Trader .
Copyright © 2014 MT Newswires, a Division of MidnightTrader, Inc.
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.