The stock markets in the United States finished trading today with strong gains led by the technology sector. The surge in the stock markets was due to optimism regarding corporate acquisitions in China, and the country’s exports data outperformed the estimates of economists.
According to the General Administration of Customs in China, the country’s exports in August was 7.2%, higher than the 5.5% average forecast of economists based on data compiled by Bloomberg.
In a telephone interview, James Butterfill of Coutts & Co. in London commented, “Economic data out of Asia seems to be supporting markets, but no doubt investors will remain vigilant in the short term about any developments in the Syria situation and the next move from the Federal Reserve.”
On the other hand, Banyan Partners Chief market Strategist, Robert Pavlik expressed a similar view. He said, “We’re latching on to the better trading in Asia after the Chinese data. The fact that nothing has transpired in Syria is also a positive in a strange sense. The Street is somewhat relieved that the U.S. hasn’t engaged in military action yet.”
- Dow Jones Industrial Average (DJIA)- 15,063 (+0.94%)
- S&P 500- 1,671 (+1.00%)
- NASDAQ- 3,706 (+1.26%)
- Russell 2000- 1,044 (+1.49%)
- EURO STOXX 50 Price EUR- 2,798 (-0.18%)
- FTSE 100 Index- 6,530 (-0.25%)
- Deutsche Borse AG German Stock Index DAX- 8,276 (+0.01%)
Asia Pacific Markets
- Nikkei 225- 14, 205 (+2.48%)
- Hong Kong Hang Seng Index- 22, 750 (+0.57%)
- Shanghai Shenzhen CSI 300 Index- 2, 440 (+3.51%)
Stocks in focus
The stock price of BlackBerry Ltd (NASDAQ:BBRY) (TSE:BB) advanced by nearly 7% to $11.53 per share on reports that Prem Watsa is willing to buyout the Canadian smartphone manufacturer. Watsa stepped down as director of BlackBerry after the company announced its decision to explore alternative strategic options, including a sale or taking the company private to prevent conflict of interest.
Fusion-IO, Inc. (NYSE:FIO) surged by more than 25% to $13.60 per share after analysts at FBN Securities upgraded their rating for the stock to outperform with $15 price target due to potential buyout value following Western Digital Corp (NASDAQ:WDC) acquisition of Virident Systems for $685 million.
The stock value of Molex Incorporated (NASDAQ:MOLX) climbed by nearly 32% to $38.63 per share after the company agreed to be acquired by Koch Industries for $7.2 billion. Molex manufactures electronic components for different products such as the iPhone.
Apple Inc. (NASDAQ:AAPL) gained 1.60% to $506.17 a share. The tech giant is expected to launch its new products including its latest flagship iPhone 5S and cheaper iPhone 5C. Some analysts indicated that new iPhones are integrated with a fingerprint authentication.