3:30 PM New York Ė U.S. stocks rebounded a day after indexes dropped the most in three months. Bond market turned volatile after William Gross resigned from Pimco, the firm he helped to build. World markets traded volatile after commodities dropped to new multi-year lows.
Market indexes advanced a day after posted their largest one-day declines in three months after the second quarter gross domestic product increase was revised higher.
Tollbooth Index rose 0.3% or 30.40 to 9,236.95.
S&P 500 index increased 5.52 to 1,971.56 and the Nasdaq Composite Index advanced 16.17 to 4,482.98.
Gross domestic product increased at an annual rate of 4.6% from the previous estimate of 4.2%, Commerce Department reported today.
U.S. Treasury bonds traded volatile and bond market face some volatility after widely followed bond manager William H. Gross resigned Pimco, the firm he helped to build.
Mr. Gross, 70, resigned the firm ahead of an official announcement from the firm and its Germany based insurer parent, Allianz SE.
Sources close to the company said that the Pimco was ready to fire Gross after the fund and the asset management company suffered withdrawals and the largest bond fundís performance failed to beat most of its peers.
The questions about Mr. Grossís management style has been circulating for months in the asset management industry and outflow of assets had accelerated in the last six months.
Pimco Total Return Fund has lost more than $60 billion in the year so far and continues to shrink according to research provided by TickerFunds.com. The fund, though still very large, has shrunk from the peak of $293 billion to $220 billion.
At least additional $20 billion of assets are expected to leave the firm after the Grossí departure.
Janus Capital Group Inc
soared 33% to $14.84 on thirty time the daily average volume after the company hired Bill Gross, co-founder and co-chief investment officer of Pacific Investment Management Co.
At Janus, Mr. Gross will manage recently started Unconstrained Bond Fund and strategies related to bond and multi-asset investing.
Micron Technology, Inc
) climbed 5.5% or $1.74 to $33.44 after the semiconductor devices maker stated revenue in the fourth-quarter ending on August 28 jumped 6% to $4.23 billion from a year ago period.
Net income in the quarter soared 42.7% to $1.15 million or 96 cents a diluted share compared to $806 million or 68 cents from a same quarter last year.
) surged 10.8% or $8.62 to $88.37 after the sports footwear, apparel and accessories maker reported revenue in the first-quarter ending in August soared 15% to $8 billion from a year ago period.
Net income in the quarter surged 23% to $962 million or $1.09 a diluted share compared to $779 million or 86 cents from a same quarter last year.
In London trading, FTSE 100 index edged up 0.05% or 3.61 to 6,643.32 and in Frankfurt the DAX index slipped 0.3% or 28.67 to 9,481.34.
In Paris, CAC 40 index jumped 0.7% or 28.62 to 4,383.90.