1:30 PM Market indexes on Wall Street jumped on a rebound in tech stocks and the two familiar news topics resurfaced. Investors played a guessing game on the next rate move by the Fed and the EU officials denied reports that lenders are working with Greece in finalizing a loan agreement.
Stocks on Wall Street traded generally higher and investors reacted to earnings specific news.
Market indexes advanced a day after the S&P 500 index dropped the most in three weeks on a rebound in tech stocks.
Two familiar headline dominating news topics, the U.S. Fed and Greece, resurfaced. European Union officials denied that a group of international lenders are drafting a final proposal with Greece after the officials in the troubled nation said otherwise.
Also, investors ran hot and cold when the U.S. Fed is likely to make a first rate increase, early July or later in the year.
On Wall Street, Tollbooth Strategy Index jumped 0.7% or 78.48 to 10,773.94.
S&P 500 index gained 0.7% or 15.16 to 2,119.43 and the Nasdaq Composite Index increased 0.9% or 47.09 to 5,079.75.
Crude oil in New York slid 0.17 cents to $57.86 a barrel and gold fell 0.80 to $1,187 an ounce.
Reynolds American, Inc
) gained 1.6% or $1.20 to $76.62 after the tobacco products maker won the U.S. antitrust commission approval to proceed with its $25 billion acquisition of smaller rival Lorillard Inc.
Tiffany & Co
) surged 11.5% or $9.88 to $95.41 after the jewelry retailer reported net sales in the first-quarter ending in April dropped 5% to $962.4 million from a year ago period.
Comparable store sales in the quarter slipped 1%.
Net income in the quarter plunged 16.4% to $105 million or 81 cents per diluted share compared to $125.6 million or 97 cents from the same quarter last year.
Market indexes across the euro zone advanced and energy stocks led the gainers after oil prices extended rally in the week.
Italys largest insurer Generali said it plans to pay cumulative dividend to the end of 2018 of 5 billion and the company is going to focus on building its cash position.
In London trading, FTSE 100 index gained 0.6% or 43.41 to 6,992.40 and in Frankfurt the DAX index rose 0.2% or 23.76 to 11,648.89.
In Paris, CAC 40 index increased 0.7% or 36.92 to 5,120.46.
The benchmark index in Athens jumped after Greece said it has begun the process of finalizing agreement with international creditors.
Aer Lingus Group Plc
jumped 2.4% to 2.43 after the British Airways parent International Consolidated Airlines Group S.A. intends to acquire Ireland-based smaller rival airline Aer Lingus.
The offer is with a premium of 40% to closing price of 1.82 per share on December 17.
IAG offered 2.55 per share in cash comprising and a cash dividend of 0.05 per share that values Aer Lingus for about 1.36 billion or $1.52 billion.
Earlier Aer Lingus board rejected initial offer of 2.30 per share of December and a revised offer in this month at 2.40 per share.
De La Rue Plc
tumbled 8.8% to 504.50 pence after the U.K.-based commercial banknote and passport printer reported revenues in the year declined 8% to £472.1 million from £513.3 million in a year ago period.
Net profit in the year plunged 27.5% from a year ago to £34.3 million compared to £47.3 million and diluted earnings per share slumped to 33.4 pence from 47 pence.
Nikkei average gained for the ninth day in a row and extended rally to a 4.5% advance. The yen dropped to a low not seen since July 2007.
Mitsubishi Gas said it plans to spend 9 billion yen to buy back its stock. Seibu Holdings estimated fiscal year profit to jump 10%.
Nikkei index in Tokyo closed higher and extended rally to the ninth day in a row but the index struggled to eke out more gains on the weak yen.
The Nikkei 225 Stock Average gained 35.10 or 0.2% to 20,472.58 and the broader Topix index edged up 1.76 to 1,661.33.
The yen closed at 123.03 against a dollar, a low not seen since July 2007.
Stocks in Mumbai advanced and investors reacted to corporate earnings but rupee continued to slide on the rising prices of crude oil in international markets.
Rupee weakened 5 paisa to 64.03 against one U.S. dollar.
The Sensex Index increased 33.25 to close at 27,564.66. The CNX Nifty slid 4.75 to 8,334.60.
Bharat Heavy Electricals Limited
advanced 1.5% to ₹244.55 after the power generation equipment maker said net in the fourth-quarter surged 317.9% to ₹888.35 crore.
Total revenues in the quarter soared 104.7% to ₹12,686.03 crore.