News Column

Wall St rises amid talk Fed won't up rates

August 15, 2014

US STOCKS edged higher yesterday, as softer-thanexpected economic data reinforced speculation that the Federal Reserve won't rush to raise interest rates.

The Dow Jones Industrial Average gained 61.78 points, or 0.4 per cent, to 16,713.58.The S&P 500 closed up 8.46 points, or 0.4 per cent, at 1,955.18, with health-care stocks leading the gains. And the Nasdaq Composite also rose 0.4 per cent - 18.88 points - to 4,453.00.

Retail giant Wal-Mart gained 0.5 per cent to $74.39, after it said sales at stores open at least a year were stagnant in the last quarter. The company cut its 2014 profit forecast because of higher health-care costs and slow traffic at its big stores.

Kohl's advanced 3.3 per cent to $56.91, the highest since April. The department store chain posted second-quarter profit of $1.13 per share, more than the $1.07 projected by analysts.

Cisco slipped 2.6 percent to $24.54 for the biggest drop in the Dow. The world's largest networking-equipment maker forecast adjusted earnings of 51 cents to 53 cents a share, compared with the 53 cent average analyst projection.

Generic drugmaker Perrigo added 7.3 per cent for the biggest advance in the S&P 500 after it reported adjusted fourth-quarter earnings that topped estimates.

And Berkshire Hathaway was up 1.6 per cent to $202,850, an all-time high and above $200,000 for the first time, further validating Buffett's vision for building wealth at the company he's run for almost five decades.

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Source: City A.M. (UK)

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