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Market Update

Six Day Rally Lifts S&P 500 Index to a New High

Author: Nichole Harper
Last Update: 12:16 PM ET June 20 2014

12:05 PM New York – U.S. stocks advanced and S&P 500 index gained traded at a new peak. Market indexes are set to gain for the fourth week in the last five as investors bid up cyclical stocks after the Fed announcement.

Stocks on Wall Street edged higher and the S&P 500 index advanced for the sixth day in a row to a new record and market indexes are set to close higher for the fourth weekly gain in the last five.

S&P 500 index gained 3.37 to 1,962.86 and the Nasdaq Composite Index gained 1.33 to 4,360.68.

Mitsubishi and Siemens Lifted Alstom business Offer

Siemens AG and Mitsubishi Heavy Industries Ltd lifted its cash portion of the offer for the energy business of Alstom SA, according to the statement released by the companies.

The cash portion is increased by 1.2 billion euros to 8.2 billion euros, Mitsubishi offered 3.9 billion euros for steam-turbine joint venture and Siemens would pay 4.3 billion euros for gas turbine business.

The revised proposal raised its cash component by €1.2 billion to €8.2 billion, valuing the company’s energy assets at €14.6 billion or $19.9 billion. Siemens increased its total offer by €400 million which is more than previously offer and surpassed the GE’s offer €12.4 billion.

Mitsubishi Heavy Industries now plans to buy 40% stake in the combined steam, grid and hydro units of Alstom and increased cash contribution by €800 million from €3.1 billion to €3.9 billion.

European Markets

In London trading, FTSE 100 index gained 0.4% or 29.49 to 6,837.60 and in Frankfurt the DAX index rose 0.1% or 13.87 to 10,017.87.

In Paris, CAC 40 index slid 0.05% or 2.35 to 4,560.69.

Debenhams launched £200 million 7-year senior notes offerings maturing in 2021. Sainsbury and Denmark based Netto to form a joint venture. Shire rejected £27.3 billion takeover offer. Siemens lifted cash portion of the offer for the energy business of Alstom.

Asian Markets

Stocks in Tokyo closed lower and market indexes gained in the week and extended weekly rise after the U.S. Fed estimated low rate environment to continue in the near future and the prospect of global economic growth improved.

Despite the slowdown in China and struggling economies in the euro zone, Japanese companies are still looking for higher earnings in the current fiscal year.

The Nikkei 225 Stock Average slid 11.74 to 15,349.42 and the broader Topix index inched lower 0.12 to 1,268.92.

For the week, the Nikkei 225 jumped 1.7% and the broader Topix gained 2% and advanced for the fifth week in a row, the longest stretch of increase in a year.

The yen strengthened and closed at 101.89 against one U.S. dollar.

In Mumbai trading, the Sensex Index slipped 96.29 or 0.4% to close at 25,105.51 The CNX Nifty fell 29.25 to 7,511.45. For the week, Sensex slid 0.5%.

Cairn India plans to invest $200 million in Rajasthan. Indiabulls buys property worth £155 million in a prime location in London, UK. Tata Motors invested £200 million in the UK. UPL sold its entire stake in its Brazilian subsidiary to Italy-based Sipcam.

U.S. Stocks in Review

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Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc