US stocks rise on reports of big Micron bid

GMT 21:21 2015 Tuesday ,14 July

Arab Today, arab today US stocks rise on reports of big Micron bid

US stocks
New York - AFP

Wall Street stocks rose Tuesday, propelled by reports of a possible $23 billion acquisition of chipmaker Micron by Chinese investors.

At the closing bell, the Dow Jones Industrial Average was at 18,052.77, up 75.09 points (0.42 percent).

The broad-based S&P 500 advanced 9.26 (0.44 percent) to 2,108.86, while the tech-rich Nasdaq Composite Index jumped 33.38 (0.66 percent) to 5,104.89.

Micron Technology surged 11.5 percent following reports that Tsinghua Unigroup, an investment arm of one of China's leading science and technology universities, plans to offer $23 billion for the company.

Charlie Bilello, analyst at Pension Partners, said stocks also may have earned a boost from a weak US retail sales report that could push back the time-frame for the US Federal Reserve to hike interest rates.

US retail sales fell unexpectedly by 0.3 percent in June, according to the Commerce Department.

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