Modest inflation data helps push US stocks higher

GMT 16:51 2014 Friday ,15 August

Arab Today, arab today Modest inflation data helps push US stocks higher

People mill about Wall Street
New York - AFP

US stocks pushed higher in early trade Friday, looking toward a possible third straight gain helped by data showing the economy continues to grow with inflation in check.
About 50 minutes into trade, the Dow Jones Industrial Average was up 54.46 points (0.33 percent) to 16,768.04.
The broad-based S&P 500 gained 7.92 (0.41 percent) at 1,963.10, while the tech-rich Nasdaq Composite Index rose 26.96 (0.61 percent) to 4,479.96.
Fresh data signaled continued modest growth in the US economy, with a slowdown in the producer price index to a 1.7 percent annual pace, and another 0.4 percent monthly gain in industrial output in July, led by a 1.0 percent rise in manufacturing.
Industrial capacity utilization rose to a post-recession high of 79.2 percent, which analysts said was still below any level that would force prices higher.
Coca-Cola's purchase of a $2.15 billion, 16.7 percent share of Monster Beverage sent the energy drink maker's shares soaring nearly 30 percent to $92.93.
Shares of Coke, which locked in its distribution contract for Monster Energy in the deal, were up 2.1 percent to $41.01.
Big banana company Chiquita Brands added 0.7 percent at $13.60 a day after it rejected a $13 a share takeover offer by two Brazilian firms, calling it "inadequate". The company left open the possibility of getting a higher bid, saying it was not going to open talks with Safra Group and Cutrale Group "at this time."
The A shares of Warren Buffett's giant investment company Berkshire Hathaway eased 0.1 percent to a still-whopping $202,725.00, a day after surging past the $200,000 mark for the first time. The more affordable B shares were down 0.2 percent to $153.05.
Bond prices advanced. The yield on the 10-year US Treasury fell to 2.38 percent from 2.39 percent late Thursday, while the 30-year dropped to 3.17 percent from 3.19 percent. Bond prices and yields move inversely


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