US stocks finish higher on global market rebound

GMT 21:23 2015 Thursday ,09 July

Arab Today, arab today US stocks finish higher on global market rebound

An investor checks stock prices
New York - AFP

US stocks finished higher Thursday, bouncing back from deep losses in the prior session following strong gains in Asian and European equity markets.

The Dow Jones Industrial Average advanced 33.20 points (0.19 percent) to 17,548.62.

The broad-based S&P 500 rose 4.63 (0.23 percent) to 2,051.31, while the tech-rich Nasdaq Composite Index gained 12.64 (0.26 percent) at 4,922.40.

US stocks were in positive territory all day, but the gains eroded in the afternoon. The S&P 500 was up by nearly 30 points during its peak earlier in the session.

"What you're seeing today is a relief rally after a very bad day yesterday," said David Levy, portfolio manager at Kenjol Capital Management.

However, both the Greek debt crisis and the Chinese stock market retreat remain "headline risks," Levy said.

Banking stocks were strong, including Dow member JPMorgan Chase (+1.0 percent) and Bank of America (+1.4 percent).

US-listed Chinese companies also rose, including e-commerce powers Alibaba (+1.4 percent) and (+8.1 percent).

Apple fell for the fifth straight session, this time by 2.0 percent. Some analysts have said iPhone sales could be dented by slowing growth in China.

Fragrance and beauty company Coty fell 4.7 percent after striking a deal to buy 43 beauty and fragrance brands from Procter & Gamble in a transaction that values the assets at about $12.5 billion. Dow member P&G dropped 0.4 percent.

Alcoa rose 0.9 percent after reporting slightly higher second-quarter earnings behind strong demand from the aerospace and auto sectors. The aluminum producer confirmed its forecast for 6.5 percent growth in aluminum demand in 2015.

Pharmacy chain Walgreens Boots Alliance jumped 4.2 percent after reporting earnings for the quarter ending May 31 of $1.02 per share, easily topping analyst forecasts for 87 cents per share.

Bond prices fell. The yield on the 10-year US Treasury rose to 2.30 percent from 2.20 percent Wednesday, while the 30-year advanced to 3.10 percent from 2.98 percent. Bond prices and yields move inversely.

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