U.S. Equities Fluctuate as Nike Rally Offsets Chipmakers Drop

U.S. stocks fluctuated, after two days of declines, as a rally in Nike Inc. offset a selloff in technology shares while investors continue to watch Greek debt talks.

Nike rose 4.2 percent to a record after quarterly results were boosted by new products and market-share gains. Tenet Healthcare Corp. added 3.3 percent to yesterday’s 12 percent jump. Micron Technology Inc. sank 19 percent after its sales forecast missed projections. Intel Corp. lost 3 percent and SanDisk Corp. slid 2 percent.

The Standard & Poor’s 500 Index added 0.1 percent to 2,104.48 at 12:20 p.m. in New York, below its average price during the past 50 days. The Dow Jones Industrial Average rose 85.78 points, or 0.5 percent, to 17,976.14 as Nike added about 16 points to the index’s gain. The Nasdaq Composite Index slipped 0.4 percent as chip companies weighed.

FTSE Russell concludes the annual revisions to its equity benchmark gauges, usually spurring one of the busiest sessions of the year. About $ 5.7 trillion is benchmarked to Russell indexes worldwide, including $ 800 billion in passive products such as exchange-traded funds.

Source: Bloomberg


Leave a Reply

Your email address will not be published. Required fields are marked *