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4:44 PM, Jun 14, 2011 --

  • NYSE up 115.75 (+1.4%) to 8,132.77
  • DJIA up 123.14 (+1%) to 12,076.11
  • S&P 500 up 16.04 (+1.3%) to 1,287.87
  • Nasdaq up 39.03 (+1.5%) to 2,678.72


GLOBAL SENTIMENT

  • Nikkei up 1.1%.
  • Hang Seng down 0.1%.
  • Shanghai Composite up 1.1%.
  • FTSE-100 up 0.6%.

UPSIDE MOVERS

(+) ERIC makes acquisition.

(+) YUII execs and directors to buy stock.

(+) NOK to settle AAPL patent litigation.

(+) AAPL gains on NOK news.

(+) BBY beats with earnings.

(+) F details European growth.

(+) DD confirms seed business view.

(+) SOLR opens new facility.

(+) GRM gets increased $25 per share offer, tops bid from Silgan.

(+) OMCL upgraded.

(+) MGM upgraded.

DOWNSIDE MOVERS

(-) CSCO downgraded but trading a touch higher.

(-) KMP selling shares.

(-) DTG down amid Avis Europe buy.

(-) PCRX down as FDA extends review of Exparel.

MARKET DIRECTION

Major stock averages close in the upper end of the day's range in a rebound session. The Nasdaq leads with a 1.5% advance as Apple (NASDAQ:AAPL) and Nokia (NYSE:NOK) gain after a resolution to a patent issue. U.S. and global economic data were supportive factors. It's the best day in June for the broader market after a weak start to the month; the S&P's gain is its strongest since April 20.

In the latest economic news, US retail sales fell 0.2% last month to $387.1 billion according to the Commerce Department this morning. The data showed the first decline after 11 straight months of gains. But figures still topped economists' call for total sales to fall 0.7% in May, according to a MarketWatch. Without a 2.9% drop in motor vehicle sales, retail sales increased 0.3%.

Also, the US Labor Department reported wholesale prices rose 0.2% last month. That is the slowest clip in the last 10 months. Economists had predicted an increase of 0.1% for overall producer prices, MarketWatch reported.

In company news:

Shares of J.C. Penney (NYSE:JCP) jumped after the Wall Street Journal noted that the retailer hired Ron Johnson, who runs Apple's (AAPL) retail stores, as its new president and, eventually, CEO. The reported cited people familiar with the situation.

Google Inc. (NASDAQ:GOOG) is higher after it said it plans to invests up to $280 million to help homeowners supplement energy costs with solar panels fitted to their homes. The panels won't cost homeowners anything upfront, but they must pay for the power produced by the panels. The panels must be installed by SolarCity, which is being financed by the Internet giant. A typical rooftop solar system costs $25,000 to $30,000, according to the AP.

McGraw-Hill (MHP) firms after it says it hired Morgan Stanley & Co. LLC to pursue the divestiture of its Broadcasting Group.

Pacira Pharmaceuticals (NASDAQ:PCRX) is down by double digits after it says the FDA extended the Prescription Drug User Fee Act goal date for its review of the new drug application for EXPAREL by three months. The new PDUFA goal date is October 28. The FDA requested additional information from PCRX, which the company has submitted. The FDA determined that this information constituted a major amendment.

Ford Motor (NYSE:F) is higher after declining 1.6% Monday. The company was ordered to pay damages of $2 billion to thousands of its dealers after an Ohio judge's ruling last Friday, according to the Wall Street Journal. Headlines today focus on European moves, including a $1.2 billion investment in its Spanish plant to launch two new models. Other reports say the company plans an expansion at its Kocaeli, Turkey, plant and will add 200 jobs in Germany.

Shares of Bank of America (NYSE:BAC) are down after a Department of Housing and Urban Development regional inspector general said the bank "significantly hindered" a federal review of its foreclosure practices. The accusation comes as a part of a wider lawsuit filed last December over mortgage modification programs. CNBC quoted William Nixon, an assistant regional inspector general for HUD, as saying "our review was significantly hindered by Bank of America's reluctance to allow us to interview employees or provide data and information in a timely manner."

The Commerce Department released data this morning showing US retail sales fell 0.2% last month to $387.1 billion. marking the first decline after 11 straight months of gains. But figures still topped economists' call for total sales to fall 0.7% in May, according to a MarketWatch. Without a 2.9% drop in motor vehicle sales, retail sales increased 0.3%.

Commodities finished trading higher as gold and crude oil managed to log gains before the close of trading. Oil advanced following mixed economic data.

Light, sweet crude oil for July delivery finished up 2.1% to $99.37 a barrel. In other energy futures, heating oil was up 0.27% to $3.11 a gallon while natural gas was down 1.61% to $4.57 per million British thermal units.

Meanwhile, gold futures finished higher, helped by a weaker dollar.

Gold for August delivery finished up 0.6% to $1,524.40 an ounce. In other metal futures, silver was up 1.92% to $35.40 a troy ounce while copper traded up 3.1% to $4.17.

Source: Stocks Post Best Broad Gains So Far in June