Stocks Are Rallying Into The Weekend
The Dow is up 121 points, the S&P 500 is 19 points, and the Nasdaq is up 65 points.On a percentage basis, the Nasdaq is leading the day's gains, with the tech index currently up more than 1.5%. Some of the Nasdaq's biggest gainers include Google, up more than 4% after last night reporting earnings per share that missed expectations but revenue that beat estimates.
In economic news, the University of Michigan's preliminary consumer confidence survey for July missed expectations, coming in at 81.2 down from 82.5 in June. Expectations were for a reading of 83.0.In stock news, AbbVie reached an agreement to acquire Shire in a $55 billion pharmaceutical merger that will allow the company to move its tax base from the U.S. to the U.K.
The volatility index, or VIX, is also down 16% after surging more than 30% yesterday.Yesterday, the S&P 500 broke its 62-session streak of not closing up or down more than 1%, and after falling 1.2% yesterday, the benchmark index is currently flirting with logging gains better than 1% in the week's final trading day.
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- Fourth round of farmer negotiations kicks off with union ministers Piyush Goyal and Narendra Singh Tomar at the helm
- Jharkhand is the only state holding out against the Indian government's suggested formula on GST compensation
- PhonePe raises $700 million at a $5.5 billion valuation, will operate as a separate entity
- The mascot for Indian masala is no more — some pics that take you on a trip through the icon’s journey