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U.S. stocks open higher, Fed speculation continues; Dow Jones up 0.49%
Published Jun 12, 2013 09:46AM ET
During early U.S. trade, the Dow Jones Industrial Average advanced 0.49%, the S&P 500 index climbed 0.50%, while the Nasdaq Composite index rose 0.35%.
Speculation that the U.S. central bank will begin to taper its asset purchase program continued following last week’s upbeat U.S. jobs data and after ratings agency Standard & Poor’s revised its long-term outlook on the U.S. credit rating to stable from negative on Monday, citing an improving economic outlook.
Rambus surged 8.22% after the company settled a patent case with South Korea's SK Hynix, which will pay the rival chipmaker USD240 million.
Adding to gains, Lennar rallied 1.11% after Keefe Bruyeett & Woods upgraded the homebuilder to "outperform" from "market perform."
Yum climbed 0.98%, even as the fast-food chains operator reported a 19% drop in China same-store sales in May. China is responsible for about half the sales for Yum.
Among pharmaceutical companies, U.S.-traded GlaxoSmithKline shares jumped 1.95% after the company dismissed its head of research and development in China, following an investigation that determined data used in a 2010 research paper was misrepresented.
Elsewhere, Google edged up 0.14% and Facebook gained 0.53%, as both companied were said to be among a group of firms asking the U.S. government for more leeway in disclosing information about national-security data requests, in a move to reassure customers that authorities don’t have unlimited access to users’ personal details.
Other stocks in focus included H&R Block and Men's Wearhouse, scheduled to post earnings after the closing bell.
Across the Atlantic, European stock markets were mixed. The EURO STOXX 50 added 0.25%, France’s CAC 40 rose 0.27%, Germany's DAX slid 0.33%, while Britain's FTSE 100 inched 0.01% lower.
During the Asian trading session, Hong Kong's Hang Seng Index tumbled 1.20%, while Japan’s Nikkei 225 Index retreated 0.46%.
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