News Column

COUTTS-US Close: Wall St closes at record highs after ECB rate cuts

June 6, 2014

ENP Newswire - 06 June 2014

Release date- 05062014 - US Close: Wall St closes at record highs after ECB rate cuts.

Dow Jones and S&P500 close at record highs after ECB rate cuts - Initial US weekly unemployment claims increase - Twitter jumps after broker advises investors to buy its shares Dow Jones: +0.59% Nasdaq: +1.05% S&P 500: +0.65% Wall Street closed at record highs on Thursday after the European Central Bank (ECB) announced rate cuts. The Dow Jones Industrial Average closed 98.6 points up at 16,836.1 and the S&P 500 gained 12.57 points or 0.65% to 1,940.45 as traders took heart from the ECB's decision to cut interest rates and to lower the deposit rate into negative territory, meaning banks will have to pay to deposit money. The Frankfurt-based central bank is hoping the moves will boost lending to consumers, kick-start the European economy and stave off a damaging bout of deflation. The news helped to boost gold prices to about $1,254 an ounce. Chris Beauchamp at spread betting firm IG said: 'Gold bugs are rubbing their hands at the thought of the ECB finally joining the global quantitative easing party, just as the Federal Reserve begins to make its exit and the Bank of England nervously eyes the door.' Investors shrugged off news that initial US weekly unemployment claims increased by 8,000 in the week ended May 31st, to reach 312,000, according to the US Department of Labor. The previous week was revised higher to show 304,000 claims, versus the 300,000 from the preliminary estimate. It comes ahead of the Labor Department's private payrolls report, on Friday, which may reveal private payrolls, which exclude government agencies, increased by 210,000 in May after a rise of 273,000 a month earlier, according to forecasts. Federal Reserve policymakers are monitoring the labour market closely to determine whether to continue tapering bond purchases and the timing of the first interest rate increase since 2006. Twitter, Ciena Twitter jumped after Pacific Crest Securities started coverage of the company by suggesting investors buy the shares.

Ciena Corp.

advanced 18% as the provider of fibre-optic networking gear for carriers such as AT&T Inc.

reported second-quarter revenue and profit that exceeded analyst forecasts. Chemist chain Rite Aid Corp fell 7% as it cut its earnings guidance for the year after it faced higher-than-expected drug costs. Sprint Corp.

declined 4% after reports that it is nearing a price agreement for a potential acquisition of T-Mobile US. The US 10-year yield fell one basis point to 2.59%. West Texas Intermediate crude futures dropped $0.14 to $102.5 per barrel, according to the ICE. PW S&P 500 - Risers Amazon.Com Inc.

(AMZN) $323.66 +5.36% Broadcom Corp.

(BRCM) $37.61 +4.82% Whole Foods Market Inc.

(WFM) $40.08 +4.43% Tenet Healthcare Corp.

(THC) $49.43 +4.09% Celgene Corp.

(CELG) $161.72 +3.99% TripAdvisor Inc.

(TRIP) $103.03 +3.70% CONSOL Energy Inc.

(CNX) $47.41 +3.61% Discovery Communications Inc.

Class A (DISCA) $80.28 +3.15% Western Digital Corp.

(WDC) $91.95 +3.14% Janus Capital Group Inc.

(JNS) $12.29 +3.02% S&P 500 - Fallers PVH Corp.

(PVH) $120.09 -8.10% Ensco Plc.

(ESV) $51.80 -2.37% CenturyLink Inc.

(CTL) $37.18 -2.24% CME Group Inc.

(CME) $69.51 -2.08% Wynn Resorts Ltd.

(WYNN) $205.85 -2.07% Medtronic Inc.

(MDT) $62.04 -1.87% Coca-Cola Enterprises Inc.

(CCE) $45.10 -1.85% Delta Airlines Inc.

(DAL) $41.50 -1.59% Frontier Communications Co.

(FTR) $5.72 -1.55% GameStop Corp.

(GME) $36.69 -1.53% Dow Jones I.A - Risers Caterpillar Inc.

(CAT) $106.96 +2.54% Microsoft Corp.

(MSFT) $41.21 +2.21% JP Morgan Chase & Co.

(JPM) $56.63 +1.71% Boeing Co.

(BA) $136.82 +1.10% American Express Co.

(AXP) $92.80 +1.08% 3M Co.

(MMM) $143.71 +1.02% Chevron Corp.

(CVX) $123.52 +0.96% United Technologies Corp.

(UTX) $118.17 +0.88% General Electric Co.

(GE) $26.77 +0.83% International Business Machines Corp.

(IBM) $185.98 +0.80% Dow Jones I.A - Fallers Unitedhealth Group Inc.

(UNH) $79.80 -0.88% Nike Inc.

(NKE) $75.87 -0.34% Home Depot Inc.

(HD) $80.38 -0.20% Nasdaq 100 - Risers Amazon.Com Inc.

(AMZN) $323.66 +5.36% Broadcom Corp.

(BRCM) $37.61 +4.82% Whole Foods Market Inc.

(WFM) $40.08 +4.43% Celgene Corp.

(CELG) $161.72 +3.99% TripAdvisor Inc.

(TRIP) $103.03 +3.70% Discovery Communications Inc.

Class A (DISCA) $80.28 +3.15% Western Digital Corp.

(WDC) $91.95 +3.14% Illumina Inc.

(ILMN) $164.08 +2.82% Maxim Integrated Products Inc.

(MXIM) $35.35 +2.61% Staples Inc.

(SPLS) $11.20 +2.28% Nasdaq 100 - Fallers Wynn Resorts Ltd.

(WYNN) $205.85 -2.07% Dish Network Corp.

(DISH) $58.31 -1.59% Henry Schein Inc.

(HSIC) $119.18 -1.08% Regeneron Pharmaceuticals Inc.

(REGN) $308.54 -1.07% Cerner Corp.

(CERN) $53.80 -0.94% Symantec Corp.

(SYMC) $21.47 -0.69% Sirius XM Holdings Inc (SIRI) $3.32 -0.60% Intuitive Surgical Inc.

(ISRG) $368.84 -0.57% Sba Communications Corp.

(SBAC) $100.08 -0.43% NetApp Inc.

(NTAP) $36.12 -0.39%

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Source: ENP Newswire

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