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THE Dow Jones industrial average eked out another record closing... [Derived headline]

June 11, 2014

THE Dow Jones industrial average eked out another record closing high as it rose 2.82 points or 0.02 per cent, to 16,945.92, its fourth straight record closing high.

The S&P 500 dipped 0.48 of a point or 0.02 per cent, to finish at 1,950.79. The Nasdaq Composite added 1.75 points or 0.04 percent, to 4,338.

Volume was again below average. With just 5.2 billion shares changing hands on US exchanges, yesterday's volume was below the 5.76 billion average for the last month, according to data from BATS Global Markets.

The CBOE Volatility Index ended down 1.4 per cent at 10.99.

Shares of eBay fell 2.7 per cent to end at $48.25, ranking as the second-biggest drag on the S&P 500. The stock's slide came after news that David Marcus, who has led eBay's fast-growing payments unit PayPal for the past two years, will step down this month to run Facebook's messaging products. Facebook Inc shares rose 4.6 per cent to $65.77.

Other momentum stocks ranked among the day's biggest outperformers, included Netflix Inc, up 1.2 per cent at $428.29.

Achillion Pharmaceuticals Inc was among the Nasdaq's most-active names, surging 83.3 per cent to $7.79. The company said the US Food and Drug Administration let it resume the development of one of its hepatitis C drugs. JMP Securities upgraded the stock to "market outperform" from "market perform."

Receptos Inc shot up 36.8 per cent to $39.94 after the company's experimental multiple sclerosis drug met its main goal in a mid- stage trial.


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Source: Herald, The (Scotland)


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