News Column

Dow jumps to 15th record

July 17, 2014

US STOCKS rose yesterday, with the Dow Jones at its 15th record of the year, as deal talk lifted broader markets. The Dow Jones Industrial Average added 77.52 points, or 0.5 per cent, to 17,138.20, the S&P 500 closed 8.29 points, or 0.4 per cent, higher at 1,981.57, while Nasdaq Composite gained 9.58 points, or 0.2 points, to 4,425.97.

Time Warner shares shot higher by 17.07 per cent to $83.13 after it was reported that it had rejected a $80bn takeover bid by 21st Century Fox. Shares in the Rupert Murdochowned company fell 6.22 per cent to close on $33.

General Electric is in talks to sell its century-old household applian-ces business for $2.5bn and its stock rose 1.5 per cent to $27.02.

But Bank of America lost 1.9 per cent to $15.51 after it reported a 43 per cent drop in second-quarter profit as mortgage revenue fell and litigation costs increased.

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Source: City A.M. (UK)

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