Thursday Stock Market Wrap Up

Thursday Market Close Levels:

  • S&P current trading rose 1.88% to 1,261.15.
  • Dow Jones Industrial Average gained 208.43 points to reach 12,044.50.
  • NASDAQ Index added 2.20% to reach 2,697.97.
  • US dollar fell by 0.4878% relative to the euro.
  • Gold price appreciated by $36.30 or 2.10% to reach $1,765.90 per ounce.
  • Silver gained $0.42 or 1.73% to settle at $34.53 per ounce.
  • Price of crude oil per barrel up by $1.52 to reach $94.03.
  • Price of corn jumped by 1.3% to $6.535 a bushel.

 

Top Market Stories for Today:

Dan Loeb’s Third Point Re To Merge After Years Of Losses

Nestle Dan Loeb Daniel Loeb third point capital hedge fund manager activist investor poison pen activism Yahoo corporate governance famous investorsLast week, Third Point Re insurance, which is backed by US hedge-fund manager Daniel Loeb, said it would merge with Sirius International Insurance Group in a cash-and-stock deal worth around $788 million. The deal comes at a pivotal time for both companies. Third Point Re To Merge After Years Of Losses Early last year, reports Read More


  • News from Europe lifts US stocks: US stocks advanced for the second straight day on the waves of the news that Greece had abandoned holding a vote on the bailout of the financially troubled country while the Eurozone Central Bank cut interest rates by 25 basis points to 1.25% unexpectedly thereby taking the pressure off the planned bailouts for Spain and Italy.
  • Shares of Qualcomm Incorporated (QCOM) rose 7.5% on forecast sales that beat projections.
  • Stocks of Kraft Foods Inc. (KFT) gained 3.7% upon the release of a favourable earnings estimate.
  • Estee Lauder Cos., the maker of Clinique skin care added 18% to reach $118.88 per share for boosting its dividend pay-out to $1.05 per share, making plans for stock split and for releasing an improved profit forecast.
  • Hedge Fund sector had $52.2 billion capital inflow January-August 2011 according to a report by Bloomberg.
  • Shares of hedge fund firm rose on buyback deal: Shares of the biggest publicly traded hedge fund firm, Man Group PLC (EMG), jumped just as the firm unveiled its plan to buy back $150 million of its stock.
  • Asia hedge funds gained over $1.4 billion capital inflow from global hedge fund investors in the third quarter of 2011 as hedge fund managed account continue to gain popularity in Asia according to a report by JP Morgan.
  • M&A: The processes needed for the $3.0 billion acquisition of Emdeon Inc. by Blackstone, has been completed. Emdeon is a healthcare revenue and payment cycle management provider and the transaction was duly approved by the shareholders of Emdeon at a special meeting held on Tuesday.