12:20 PM – Indexes on both sides of Atlantic rose after China halted market slide and hope ran eternal in the euro zone. Athens government is scheduled to offer its list of reforms before the Sunday deadline. Alcoa kicked off earnings season with earnings falling short of expectations.
Stocks on Wall Street rebounded after a week of decline extended by a big fall yesterday following losses in China.
Market indexes on Wall Street powered ahead of after Chinese regulators took steps and indexes in Shanghai jumped back nearly 6%, the large one day gain in six years.
Chinese regulators prevented major shareholders holding more than 5% stake in a company from selling stocks for six months and also permitted banks from rolling over loans linked to stock holdings.
The move, at least for now, halted the market slide and trimmed one-month loss to 25% and market index gain to 80% in the last twelve months.
Seasonally adjusted weekly jobless claims jumped 15,000 to 297,000 from the previous week revised claims of 282,000, the Department of Labor said.
On Wall Street, Tollbooth Strategy Index jumped 1.1% or 116.88 to 10,646.70.
S&P 500 index gained 0.8% or 16.12 to 2,062.80 and the Nasdaq Composite Index increased 0.9% or 47.25 to 4,957.01.
Crude oil in New York rose $1.12 to $52.77 a barrel and gold slid $1.10 to $1,162.40 an ounce.
jumped 4% or 42 cents to $10.92 after the aluminum, titanium and nickel producer reported revenues in the second-quarter ending in June increased 1.7% to $5.9 billion from a year ago period.
Net income in the quarter rose 1.4% to $140 million or 10 cents per diluted share compared to $138 million or 12 cents from the same quarter last year.
) increased 31 cents to $95.92 after the food and beverages maker reported revenues in the second-quarter ending on June 13 declined 6% to $15.9 billion from a year ago period.
Net income in the quarter was flat at $1.98 billion but diluted earnings per share increased to $1.33 from $1.29 in the same quarter last year.
Walgreens Boots Alliance Inc
) soared 4.6% or $3.98 to $89.90 after the drugs retailer reported sales in the third-quarter ending in May climbed 48.4% to $28.8 billion from a year ago period.
Retail pharmacy U.S. division comparable drugstore sales jumped 6.3%.
Net income in the quarter surged 82.4% to $1.3 billion or $1.18 per diluted share compared to $714 million or 74 cents from the same quarter last year.
Separately, the company announced Stefano Pessina will assume permanent chief executive. Pessina, interim executive vice president had assumed the role since Walgreen veteran George Wesson left the company after a power struggle.
Pessina played a key role in in the merger of Alliance Boots with Walgreens.
European markets rebounded following a reversal in Chinese securities after regulators took steps to arrest the fall in market indexes.
In addition, growing number of nations and leaders in the euro zone and around the world called for a debt restructuring as part of bailout conditions for Greece.
Donald Tusk, European Council President joined others and asked lenders to restructure Greek debts in exchange of credible reforms.
In London trading, FTSE 100 index jumped 1.5% or 100.13 to 6,591.71 and in Frankfurt the DAX index increased 2.3% or 247.25 to 10,995.76.
In Paris, CAC 40 index advanced 2.6% or 121.61 to 4,760.63.
gained 0.9% to 4,233 pence after the U.K.-based biopharmaceutical company agreed to sell its international global rights for gastroenterology drug Entocort to Switzerland-based Tillotts Pharma AG owned by Zeria Group for about $215 million.
The transaction is expected to close in second-half of this year.