Markets Open Higher; Burger King In Talks To Buy Tim Hortons
Following the market opening Monday, the Dow traded up 0.62 percent to 17,106.28 while the NASDAQ surged 0.59 percent to 4,565.08. The S&P also rose, gaining 0.56 percent to 1,999.52.
Leading and Lagging Sectors
In trading on Monday, basic materials shares gained by just 0.10 percent. Meanwhile, top decliners in the sector included Greif (NYSE: GEF), down 5.7 percent, and Noranda Aluminum Holding (NYSE: NOR), off 2.1 percent.
A potential deal would create the third-largest fast food chain in the world. The new company would be headquartered in Canada.
Equities Trading UP
Tim Hortons (NYSE: THI) shares were also up, gaining 17.97 percent to $74.13 following the confirmation of merger talks.
Equities Trading DOWN
Shares of Qihoo 360 Technology Co (NYSE: QIHU) were down 7.90 percent to $93.71 after the company reported Q2 results. Qihoo 360 reported Q2 adjusted EPADS of $0.50 on revenue of $317.90 million.
Greif (NYSE: GEF) shares tumbled 5.49 percent to $47.54 after the company cut its FY14 earnings forecast.
Leju Holdings (NYSE: LEJU) was down, falling 6.82 percent to $17.16 after surging around 36.2% in the previous month.
In commodity news, oil traded up 0.06 percent to $93.71, while gold traded down 0.11 percent to $1,278.80.
Silver traded down 0.12 percent Monday to $19.44, while copper rose 0.19 percent to $3.23.
European shares were higher today. The eurozone’s STOXX 600 gained 0.75 percent, the Spanish Ibex Index climbed 1.21 percent, while Italy’s FTSE MIB Index surged 1.47 percent. Meanwhile, the German DAX rose 1.16 percent and the French CAC 40 surged 1.27 percent while UK shares dropped 0.04 percent.
The Chicago Fed National Activity Index rose to 0.39 in July, versus economists’ expectations for a reading of 0.20.
The preliminary reading of the Markit services PMI fell to 58.50 in August, versus a prior reading of 60.80. However, economists were expecting a reading of 58.00.
Sales of new US homes declined 2.4% to an annual rate of 412,000 in July. However, economists were expecting a sales rate of 430,000 in July.
The Treasury is set to auction 3-and 6-month bills.
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