Stocks Are Higher Amid Massive Deal News
Elsa/Getty Images
The Dow up 62 points, the S&P 500 is up 7 points, and the Nasdaq is up 17 points.
The biggest news of the day is Rupert Murdoch's offer to buy Time Warner for $80 billion, which Time Warner rejected. Shares of Time Warner were up more than 15% following the news.
In economic news, the producer price index for June showed prices rose 0.4% over last month, more than the 0.2% that was expected. Excluding food and energy, prices rose 0.2%.
Homebuilder confidence in July rose to 53 from 49, according to data from the NAHB, better than the 50 that was forecast by economists and the first reading above 50 since January.
Industrial production data showed that in June, production slowed to 0.2%, below expectations for a gain of 0.3% and down from May's revised reading of a 0.5% increase.
CNBC is also hosting its Delivering Alpha conference today, featuring a number of noted hedge fund managers, including Leon Cooperman, who gave his 12 favorite stock picks, which included KKR, Citigroup, and Thermo Fisher. Our wall-to-wall coverage of Delivering Alpha will be on Clusterstock all day.
- I quit McKinsey after 1.5 years. I was making over $200k but my mental health was shattered.
- Some Tesla factory workers realized they were laid off when security scanned their badges and sent them back on shuttles, sources say
- I tutor the children of some of Dubai's richest people. One of them paid me $3,000 to do his homework.
- Move over Bollywood, audio shows are starting to enter the coveted ‘100 Crores Club’
- 10 Powerful foods for lowering bad cholesterol
- Eat Well, live well: 10 Potassium-rich foods to maintain healthy blood pressure
- Bitcoin scam case: ED attaches assets worth over Rs 97 cr of Raj Kundra, Shilpa Shetty
- IREDA's GIFT City branch to give special foreign currency loans for green projects