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.


For more stories on investments and markets, please see HispanicBusiness' Finance Channel



Source: City A.M. (UK)


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