News Column

Major Averages Posting Moderate Gains In Early Trading

July 16, 2014



WASHINGTON (Alliance News) - Stocks have moved mostly higher in early trading on Wednesday after experiencing choppy trading for much of the previous session. The major averages have all moved to the upside, with the Dow reaching a new record intraday high.

The early strength on Wall Street reflects several positive catalysts, including better than expected Chinese economic data, upbeat earnings from Intel (INTC), and merger-and-acquisition news.

Positive sentiment was initially generated by a report from the Chinese National Bureau of Statistics showing that stronger than expected second quarter GDP growth.

Annual growth in Chinese industrial production in June and fixed asset investment for the January to June period also came in above estimates.

Traders have also reacted positively to better than expected second quarter results from Intel, with the semiconductor giant jumping by 6.5%.

Additionally, shares of Time Warner (TWX) have surged up by 17.9% amid news that the entertainment giant rejected an USD80 billion dollar takeover bid from 21st Century Fox (FOX).

Computer hardware, steel, and gold stocks are seeing considerable strength in early trading, while most of the other major sectors have shown more modest moves.

The major averages have pulled back off their highs for the young session but are currently holding on to moderate gains. The Dow is up 50.24 points or 0.3% at 17,110.92, the Nasdaq is up 21.65 points or 0.5% at 4,438.04 and the S&P 500 is up 6.44 points or 0.3% at 1,979.72.



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Source: Alliance News


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