News Column

US stocks ended one of their flattest sessions in years,... [Derived headline]

July 3, 2014

US stocks ended one of their flattest sessions in years, but the miniscule gains on the Dow and S&P 500 allowed the indexes to end at record highs.

The Dow ended 0.2 per cent below 17,000, moving within 15 points of that milestone at its session high, while the S&P 500 was less than 1.5 per cent under its own landmark of 2,000.

The Dow Jones industrial average rose 20.17 points or 0.12 per cent, to 16,976.24, the S&P 500 gained 1.3 points or 0.07 per cent, to 1,974.62 and the Nasdaq Composite dropped 0.92 points or 0.02 percent, to 4,457.73.

Constellation Brands was one of the S&P 500's biggest percentage gainers, up 2.3 per cent to $90.45 after reporting earnings beat expectations.

JPMorgan Chase fell one per cent to $56.97 after chief executive officer Jamie Dimon said he had been diagnosed with early stage throat cancer but would remain actively involved in the largest US bank's business while in treatment.

In deal news, it was reported Rackspace Hosting may take itself private, while Bloomberg reported Shutterfly was working with boutique investment bank Qatalyst Partners to find buyers. Rackspace shares rose 6.3 per cent to $35.88 while Shutterfly jumped 15 per cent to $50.

About 61 per cent of stocks traded on the New York Stock Exchange closed lower, while 53 per cent of Nasdaq-listed stocks ended in negative territory.

About 4.79 billion shares traded on all US platforms, according to BATS exchange data, well below the month-to-date average of 6.15 billion.


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Source: Herald, The (Scotland)


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