Stocks Strengthen On Overseas Hopes

Includes: DIA, QQQ, SPY
by: Midnight Trader
  • Dow Jones Industrial Average up 125.86 (+1.01%) TO 12,580.69
  • S&P 500 up 4.60(+1.11%) to 1,332.42
  • Nasdaq Composite Index up 33.46(+1.18%) to 2,870.99


  • Hang Seng Index up 1.35%
  • Shanghai China Composite Index up 1.20%
  • FTSE 100 up 0.65%

U.S. stocks ended higher today, supported by positive economic data at home and rising confidence Greece will stay in the euro common currency. All 10 industry sectors in the S&P 500 finished with gains, with energy and financial stocks posting the best gains. Commodities are slightly lower today.

Equities rose as home values in 20 U.S. cities fell in the 12 months ended March at the slowest pace in more than a year, according to the Case-Shiller Index. Greece's New Democracy, which supports the austerity plan negotiated with international lenders, placed first in all six polls published on May 26 as campaigning continued for June's election.

In company news, shares of Sanofi (NYSE:SNY) and Isis Pharmaceuticals Inc. (ISIS) are both higher in late trading and the U.S. Food and Drug Administration accepting the companies' New Drug Application for their Kynamro medication to treat a genetic form of high cholesterol in certain individuals.

The application triggered a $25 million milestone payment to ISIS from SNY's Genzyme subsidiary. Specifically, Kynamro is intended to treat homozygous familial hypercholesterolemia, which is a rare genetic condition affecting patient's ability to remove low-density lipoprotein, more often known as "bad" cholesterol, from the bloodstream.

Genzyme is jointly developing Kynamro with ISIS, submitting an application for U.S. marketing approval in March. It also submitted an application for European Union marketing approval in July.

July crude closed 12 cents lower at $90.75 a barrel while July natural gas fell 14 cents to $2.48 per 1 million BTU. July heating oil fell 2 cents to $2.81. June gold fell $19.90 to finish at $1548.90, July silver fell $0.67 to $27.75, and July copper rose 2 cents to $3.46.


(+) LCRY, Inks merger agreement with Teledyne.

(+) IBI, Acquired by private equity firms for $25.50/share in cash.

(+) AMRN, USPTO issues patent.


(-) VRTX, Restates cystic fibrosis trial data.

(-) HMPR, Share plunge on $90-million offering priced well under current share price.