After Market: Dow, S&P Hit New Highs as Russia Stays Quiet

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The Dow and the S&P 500 both jumped to record highs on Monday, and the Nasdaq bounced back from a recent bout of heavy selling.

The market was lifted by some merger activity, some optimism about the economy, and because Russia hasn't made any aggressive moves or statements following this weekend's autonomy vote in eastern Ukraine.

The Dow Jones industrial average (^DJI) rallied 112 points, the Standard & Poor's 500 index (^GPSC) rose 18, and the Nasdaq composite (^IXIC) gained 72 points.

It was a good day for tech stocks, both old and new.

IBM (IBM), Apple (AAPL) and Microsoft (MSFT) all gained more than 1 percent. Adobe (ADBE), Texas (TI) Instruments and Oracle (ORCL) gained 2 percent. While many tech companies have had a rough go of it lately, Oracle is up 22 percent in the past six months.

Among the Internet and social media leaders: Facebook (FB) rose 4½ percent and Google (GOOG) added 2 percent. Twitter (TWTR), Pandora (P) and Salesforce.com (CRM) all gained more than 6 percent.

Biotechs also rebounded. Biogen (BIIB), Regeneron (REGN) and Alexion (ALXN) all up about 5 percent. Alnylam (ANLY) rose 6 percent on word that it plans to file a new drug application for its hepatitis B treatment.

Tesaro (TSRO) jumped 21 percent after the successful completion of clinical tests on its drug to reduce the side-affects of chemotherapy.

But Allergan (AGN) fell 1-percent after officially rejecting Valeant's (VRX) takeover bid.

Pinnacle Foods (PF) said yes to a $6.6 billion offer from Hillshire Brands (HSH). Pinnacle makes the Birds Eye, Duncan Hines and Aunt Jemima brands. Pinnacle jumped 13 percent while Hillshire fell 3 percent.

But the deal boosted a number of other food stocks: Annie's (BNNY), up 5 percent; Boulder Brands (BDBD), up 5 percent, Aaron's (AAN), up 3½ percent; and Hain Celestial (HAIN), up 2½ percent.

Retail stocks gained on optimism that rising consumer sentiment will lead to more buying. Aeropostale (ARO) rose 7 percent, J.C. Penney (JCP) gained 4 percent and both Macy's (M) and Nordstrom (JWN) added 2 percent.

Elsewhere, VeriFone (PAY) rose 8 percent on a Forbes report that Apple will use the company's point of sale payment system.

But Core Labs (CLB) tumbled 12 percent. The energy services firm cut its earnings guidance for the quarter and for the full year.

What to Watch Tuesday:
  • At 8:30 a.m. Eastern time, the Commerce Department releases retail sales data for April, and the Labor Department reports import and export prices for April.
  • The Commerce Department releases business inventories for March at 10 a.m.
  • Fossil Group (FOSL) reports quarterly financial results after U.S. markets close.
-Produced by Drew Trachtenberg.


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bps163

Has anyone noticed that Microsoft has been running cloud as over and over this past month. Apparently the cloud system is going to be a game changer for banks, data, and so much more. New companies like QTWO have emerged. Q2 is set to report earnings in mid-May. I have no doubt it will beat estimates will for the cloud system is starting to pick up. It seemed to be the only secure place to store stuff now. The hackers cannot get inside of it, nor do they know where it's stored. Trying to conceal data on the smart phone or tablet and PCs are a thing of the past, thanks to the new technology given hackers the edge. The cloud system holds the only encryption that hackers cannot seem to find for this reason I see the cloud system moving high up into the future of securing data.

May 16 2014 at 10:50 AM Report abuse rate up rate down Reply
Iselin007

The not in the work force will get larger. True or False?

May 13 2014 at 12:54 PM Report abuse rate up rate down Reply
Iselin007

You have to be willing to take risk? Right that's why your risking that there is no God .

May 13 2014 at 12:45 PM Report abuse +1 rate up rate down Reply
Iselin007

Certainly the scientists will prove Noahs Ark and the Great Flood were fake. The stock market can go higher but try to collect!

May 13 2014 at 12:40 PM Report abuse rate up rate down Reply
Iselin007

The stock market is self cloaking because you can't seize the off shore factories and other investments. China is buying here causing a real predicament.

It's a Globle check mate.

May 13 2014 at 12:22 PM Report abuse rate up rate down Reply
Dennis Chrisinger

OK NOW OUR STOCK MARKET DEPENDS ON WHAT RUSSIA DOES OR DOESNT DO INTERESTING

May 13 2014 at 11:59 AM Report abuse +1 rate up rate down Reply
donwords

Hurray! And the rich get richer!

May 13 2014 at 11:55 AM Report abuse -1 rate up rate down Reply
1 reply to donwords's comment
Iselin007

Maybe the new printers can print out some cheap labor Androids who won't reguire decent food, water, healthcare, or an income ect! Material debts are part of this world not of the resurection.

May 13 2014 at 12:32 PM Report abuse rate up rate down Reply
alfredschrader

It also says AT and T is going to buy a satellite tv company for $50 billion.
I think AT T should get into the satellite business and away from telephones.
They sould change the name from American Telephone and Telegraph to American Technology Company.

May 13 2014 at 11:53 AM Report abuse rate up rate down Reply
john

alll bullshit, the marke is fixed, and if you dont believe that then you're just as crazy as they are//

May 13 2014 at 11:47 AM Report abuse +1 rate up rate down Reply
micheliesfatass

The DOW hit a record high yesterday because the feds keep pumping money into it.

May 13 2014 at 11:28 AM Report abuse +1 rate up rate down Reply