Street Surges on Upbeat Data Despite Steep Japanese Slide
Japan's Nikkei tumbled 6.4% on Thursday but the US markets were able to surge higher by the end of the day due to positive news from the jobs market and retail industry. Jobless claims dropped by 12,000 last week and the four-week moving average declined as well. Retail sales increased by 0.6% in May and beat expectations. Safeway Inc. (SWY) shares gained 7.9% after announcing plans to sell Canadian stores and Gannet Co Inc (GCI) surged after agreeing to purchase Belo Corp (BLC) for $1.5 billion.Williams Cos. (WMB) dropped 2.1% following a pipe blast in Louisiana this morning. The rattling tumble of Japanese stocks sent the dollar sharply lower against the yen.
Word on the Street
- Japan's main index plunges and causes nervous investors in the US.
- Blackberry (BBRY), among other techs, rallies on raised expectations.
- Canada's main stock index gains 1% on Thursday on financials and US data.
- Pandora (P) sued by Broadcast Music Inc over royalty rates.
- J.M. Smucker (SJM) Reports Strong Fourth Quarter Earnings.
Published on Jun 13, 2013By InvestorGuide Staff