|09-04-2014, 01:08 AM||#1|
Wall Street climbs, S&P 500 hits record on Ukraine `cease-fire` hopes
Wall Street edged higher on Wednesday early trade as investors found optimism on talks of a permanent cease-fire agreement between Ukraine and pro-Russian forces in eastern Ukraine.
An early version of an agreement between Ukrainian President Petro Poroshenko and Russian President Vladimir Putin had reportedly been struck on Wednesday.
Even with terms on the cease-fire unclear yet, global equities found heart in hopes of an agreement.
The Stoxx Europe 600 gained 0.8% and the German DAX added 1.35%. Asian shares ended mostly higher, boosted by positive data from China. The HSBC China services purchasing managers index for August climbed to a 17-month higher.
-The Dow Jones Industrial Average advanced 0.32% or 54.01 points to 17121.53
-The S&P 500 Index advanced 0.28% or 5.66 points to 2007.78
-The NASDAQ Composite Index fell 0.14% or 6.44 points to 4592.08 . As of 10:32 a.m. ET
The U.S. dollar was down for the session after earlier hitting the highest in over a year. 10-year Treasury yields climbed 1.6 basis points to 2.437%.
Data on factory orders showed a 10.5% increase in July, roughly in line with forecasts by Bloomberg at 11%.
Infinity Pharmaceuticals Inc. soared after the biotech company announced a new collaboration with AbbVie Inc. to develop and commercialize Infinity’s duvelisib, a treatment for blood cancers.
Coca-Cola Enterprises Inc. shares fell after the bottler of Coca-Cola beverages said its full-year sales and profit growth will be at the lower end of previously provided forecasted ranges, due to a “challenging” market environment.
Toll Brothers Inc. said fiscal third-quarter earnings more than doubled and shares rose.
Shares of Concur Technologies Inc. surged after Bloomberg late Tuesday said the software firm is considering a sale of the company and has approached potential buyers. A representative for Concur wasn’t immediately available to comment.
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