The stock markets in the United States gained due to the alleviation of geopolitical conflicts particularly between Russia and Ukraine.
Ukraine’s Foreign Minister Pavlo Klimkim met with his Russian counterpart Sergei Lavrov in Berlin for five hours. The officials discussed how to reduce the conflict after the government of Ukraine announced that its troops attacked and partially destroyed an armed convoy from Russia.
According to Klimkim, his meeting with Lavrov brought moderate progress and urged Russia to accompany its words with actions.
Commenting on the issue, Marshall Front, chief investment officer at Barnett Associates told Bloomberg, “People that were concerned about the possibility of a serious deterioration of the Russia-Ukraine situation and had no idea what was going to happen over the weekend came in this morning with a different perspective. He added, “The market opened up higher, and we’ve been creeping up since then with some positive housing sentiment figures that added to it.”
On the other hand, Patrick Spencer, head of U.S. equity sales at Robert R. Baird & Co. commented, “We’ve seen very good earnings, and geopolitical tensions are not as elevated at the moment. There’s been a lot of talk about a correction for equities, but markets are already a couple of points off their highs.”
- Dow Jones Industrial Average (DJIA)- 16,838.74 (+1.06%)
- S&P 500- 1,971.73 (+0.85%)
- NASDAQ- 4,508.31 (+0.97%)
- Russell 2000- 1,156.70 (+1.32%)
- EURO STOXX 50 Price EUR- 3,073.45 (+1.32%)
- FTSE 100 Index- 6,741.25 (+0.78%)
- Deutsche Borse AG German Stock Index DAX- 9,254533 (+1.68%)
- Nikkei 225- 15,322.60 (+0.03%)
- Hong Kong Hang Seng Index- 24,955.46 (0.00%)
- Shanghai Shenzhen CSI 300 Index- 2,3874.56 (+0.59%)
Stocks in Focus
The stock price of Dreamworks Animation Skg Inc (NASDAQ:DWA) rose 9.41% to $22.55 per share after the company announced the appointment of Fazal Merchant as new CFO, the former vice president and CFO of the operations of DIRECTV (NASDAQ:DTV) in Latin America. Merchant will assume his new role at Dreamworks on September 15.
The shares of Dollar General Corp. (NYSE:DG) increased 11.63% to $64.14 per share after the discount retailer offered to acquire Family Dollar Stores, Inc. (NYSE:FDO) for $78.50 per share. Its proposal is higher than the $74.50 per share takeover bid by Dollar Tree, Inc. (NYSE:DLTR).
The stock value of Family Dollar Stores, Inc. (NASDAQ:FDLR) rose 4.93% to $79.81 a share while the shares of Dollar Tree, Inc. (NASDAQ:DLTR) dropped 2.42% to $54.26 per share due to the report.
Monster Beverage Corp (NASDAQ:MNST) declined 5.40% to $88.40 per share today after Jefferies Group downgraded its rating for the stock from Buy to Hold citing the reason that it is fully valued. The shares of the company climbed 30% last week after The Coca-Cola Company (NYSE:KO) acquired a 16.7% stake.