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Market Update

U.S. Indexes Soar 1% on Manufacturing and Construction Data

Author: Nichole Harper
Last Update: 10:50 AM ET July 01 2013

10:45 AM New York U.S. market indexes gained more than 1% after construction spending increased 0.5% and a private read on U.S. manufacturing showed an improved growth outlook. Onyx Pharmaceuticals surged 50% after it received a bid from Amgen.

U.S. market indexes increased more than 1% after a manufacturing index showed an expansion.

The S&P 500 index increased 1.2% or 18.72 to 1,625.00 and the Nasdaq index gained 1.4% or 47.78 to 3,451.03

Construction spending increased 0.5% in May, Commerce Department said today in a report in Washington, D.C.

In a separate private report, the Institute for Supply Management said its manufacturing index increased to 50.9 in June from 49 in May. The reading above 50 indicates expansion.

Market sentiment was also bolstered after a latest large corporation in Japan conducted by the Bank of Japan showed an improving sentiment and Chinese statistics agency showed a slight decline in manufacturing growth in June.

European Markets

European markets traded higher after a private manufacturing survey showed better than expected growth outlook in the euro zone.

In London trading, The FTSE 100 index increased 1.4% and in Frankfurt the DAX index gained 0.6%. In Paris, CAC 40 index soared 1.1%.

The manufacturing index among the 17-nations in the euro zone increased to 48.8 in June from 48.3 in May, Markit Economics said today in London.

Nokia Oyj increased 7% after the telecom operator said it buy 50% stake held by Siemens in its venture Nokia Siemens Networks for 1.7 billion euros. Two companies agreed to end their six-year long joint venture to make telecom equipment.

Asian Markets

Markets in Asia traded higher and the Nikkei index in Tokyo gained for the third day in a row after a latest survey of large corporation conducted by the Bank of Japan showed an improving sentiment among large corporation.

The Nikkei index in Tokyo gained 1.3% and indexes in Mumbai soared more than 1.7% after the recent slump in rupee was deemed overdone and foreign investors increased holdings in industrial and utility companies.

Australian markets dropped 1.9% and markets in Seoul declined 0.4% and in Jakarta declined 1.1%. Markets in Hong Kong were closed today.

Stocks in Review

Apple Inc (AAPL) increased 2.5% after an analyst at Raymond James revised higher his rating on the stock and set $600 stock price target.

Onyx Pharmaceuticals soared 50% after the cancer drug maker Nexavar received $120-a-share offer from Amgen and may be as many as two other companies according to media reports.

Pandora Media soared 8% after positive comments from Morgan Stanley suggesting that more advertising dollars are shifting from traditional radio to digital platforms.

Tesla Inc added 7% after an analyst at Jefferies Group LLC lifted stock price target to $130 from $70 and based the revision in second quarter electric car deliveries estimate.

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