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Mergers, Acquisitions, and Corporate Data Pushes Indices Higher
April 22, 2014 8:20 pmVideo
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April 22, 3014 – Indices News
Asian markets fell for a second day as manufacturing and mining companies led the slide. Disappointing corporate earnings and scandals have been the biggest source of downward movement for equities today – as China Resources Power plunged due to corruption allegations and Great wall Motor Company fell due to lower profit. In addition, fears of a general slowdown in China have not fully abated. Tomorrow, Chinese manufacturing data will be released and most are expecting signs of slower growth. At closing, the Nikkei was down 0.85%, the Hang Seng was down 0.13%, and the ASX 200 was up 0.46%.
European markets went up today due to better than expected performance from healthcare companies – ignoring tension in the Ukraine as pro-Russian forces rebels continue their conflict with the government. The Pharmaceutical industry specifically is performing well today due to extensive mergers and acquisitions activity. As a result, European indices rose the most in seven weeks, with the Stoxx 50 closing up 1.39%, the FTSE closing up 0.85%, and the DAX closing up 2.02%.
American markets have also been climbing due partially to the takeover of Allergen by Valent Pharmaceuticals – an action which caused healthcare stocks to rally. Better profit and sales projections from Netflix and Harley Davidson also contributed to investor optimism. However, the most important piece of data to hit equities was better than expected Existing Home Sales data, which showed a recovery in the housing market and consequently gave further evidence recovery in the US economy. Today, the Dow has climbed 0.40%, the S&P 500 has climbed 0.45%, and the Nasdaq has climbed 0.98%.
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