All Indian ADRs end higher led by Tata Motors
US stocks ended with strong gains on Monday, 12 May 2014 at Wall Street. The best gains in nearly a month sent both the S&P 500 and the Dow Jones Industrial Average to record levels. The stock market kicked off the new trading week on an upbeat note with small caps leading the advance after showing relative weakness last week. Deal news in the food industry also boosted investor sentiment.
The Dow Jones Industrial Average closed near session highs, gaining 112.13 points, or 0.7%, to 16,695.47. The Nasdaq Composite gained the most in more than three months, adding 72 points, or 1.8% to 4,143.86. The S&P 500 added 18.17 points, or 1%, to 1,896.65. The benchmark index closed at a record level for the ninth time this year.
Eight of ten sectors finished in the green and were led by technology and industrial sector stocks.
Technology sector finished in the lead thanks to a boost from high-growth names like Facebook, LinkedIn and Yelp. Top sector members Apple and Microsoft both gained near 1.1%.
Shares in Twitter rallied 5.9% after analysts upgraded the stock to buy from neutral and said the company could use monetization of assets to compensate for slowing user growth.
Shares of Pinnacle Foods surged 13% after Hillshire Brands said it agreed to buy the company for about $4.3 billion in a stock-and-cash deal. Shares of Hillshire Brands slid 3.2%.
21st Century Fox shares rallied 3.1% after British Sky Broadcasting Group confirmed Monday it is in preliminary discussions to buy pay-TV units from the U.S. production firm.
Economic data at Wall Street was limited to the Treasury budget, which posted a surplus of $106.90 billion in April 2014, down from a surplus of $112.90 billion in April 2013. The Treasury data are not seasonally adjusted and the April surplus cannot be compared with the results from March. The consensus expected a budget surplus of $114.00 billion. The Congressional Budget Office released their monthly budget preview last week and predicted a surplus of $114.00 billion.
Bullion prices ended with strong gains on Monday, 12 May 2014. Gold futures on Monday settled higher for the first time in five sessions, finding support from turmoil in Ukraine and expectations that India may soon ease restrictions on gold imports. Continued geopolitical tensions and a stronger euro aprovided a lift for gold futures Monday.
Gold for June delivery rose $8.20, or 0.6%, to settle at $1,295.80 an ounce on the Comex division of the New York Mercantile Exchange after tapping a high of $1,304.50 in electronic trading. Prices had tallied a loss of about 1.7% in the last four trading sessions. July silver rose 42 cents, or 2.2%, to end at $19.54 an ounce, its highest in nearly a week.
Crude Oil futures logged their first session gain in three at Nymex on Monday, 12 May 2014, with the U.S. benchmark settling above $100 a barrel on continued uncertainty in Ukraine. But news that Saudi Arabia has said it could step in to make up for any shortages resulting from the turmoil kept the price rise in check.
Crude oil for June delivery rose 60 cents, or 0.6%, to settle at $100.59 a barrel on the New York Mercantile Exchange. Prices had tallied a decline of 0.8% over the past two trading sessions.
Indian ADRs ended higher on Monday. In the IT space, Infosys added 2.82% at $53.96 and Wipro added 1.6% at $12.07. Among the banking space, ICICI Bank advanced 2.35% at $49.64 and HDFC Bank rose 2.6% at $44.94. In the other sectors, Tata Motors advanced 5.44% at $40.53 and Dr Reddy's Laboratories was up 1.19% at $46.08.
Participation was well below average as less than 630 million shares changed hands at the NYSE
Tomorrow, the Retail Sales report for April and April Import/Export Prices will be released at 8:30 ET, while the Business Inventories report for March (consensus +0.4%) will cross the wires at 10:00 ET.
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