Markets Soar As Consumer Spending Climbs

An increase in May consumer spending sent the markets soaring to a sharply higher open with the Dow leaping 156 points to 15,066. Nasdaq jumped 35 points to 3411.

On the upside

United Microelectronic (NYSE: UMC) and Synopsys (Nasdaq: SNPS) announced they achieved the first milestone in their development collaboration.

ConAgra Foods (NYSE: CAG) reversed year ago losses to post a better than expected profit for the fourth quarter and said that it expects savings from its acquisition of Ralcorp to be higher than earlier estimated.

Canadian Solar (Nasdaq: CSIQ) continued rising after announcing a partnership with Samsung Renewable Energy yesterday.


On the downside


Peregrine Pharmaceuticals (Nasdaq: PPHM) reported that there was no significant difference in survival rates in a Phase II clinical trial of its bavituximab in patients with Stage IIIb and Stage IV non-small cell lung cancer .


Select Income REIT (NYSE: SIR) priced its public offering of 10.5 million common shares at the discounted price of $28.25 per share.


Paychex (Nasdaq: PAYX) disappointed with flat fourth quarter earnings that fell short of analyst expectations.

In the broad market, advancing issues outpaced decliners by a margin of nearly 7 to 1 on the NYSE by nearly 7 to 2 on Nasdaq. The broader S&P 500 index soared 16 points to 1619.

Stock Market XML and JSON Data API provided by FinancialContent Services, Inc.
Nasdaq quotes delayed at least 15 minutes, all others at least 20 minutes.
Markets are closed on certain holidays. Stock Market Holiday List
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
Press Release Service provided by PRConnect.
Stock quotes supplied by Six Financial
Postage Rates Bots go here