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Stocks Surge on Strength in Financials, Tech

Of 3.3 billion shares that traded on the New York Stock Exchange, 76% rose while 23% declined. 1.7 billion shares changed hands on the Nasdaq.

Continucare (CNU), a provider of primary care physician services, jumped 31% on news of a $416 million buyout by Metropolitan Health Networks (MDF). Metropolitan Health's stock lost 3% to $4.75.

Exco Resources' (XCO) CEO Douglas Miller is considering buying part of the independent oil and natural gas company after facing difficulty in taking the company private , according to a Wall Street Journal report. Exco's stock lost 7% to $17.44.

Nokia (NOK) and Siemens (SI) have decided to restructure their telecom-equipment joint venture after failing to find investors to buy a controlling stake in the business, according to a Wall Street Journal report. Nokia's stock finished up 3% at $6.04 and shares of Siemens gained 0.6% to $132.

Shares of LDK Solar (LDK) gained 5% to $7.14 after the company announced plans to buy back up to $110 million of its American Depository Shares .

The August crude oil contract shed 53 cents to $90.63 a barrel. Gold for August delivery fell $4.50 to $1,496.40 an ounce.

The benchmark 10-year Treasury fell 18/32, lifting the yield to 2.934%. The FTSE in London rose 0.4% while the DAX in Frankfurt shed 0.2%. Hong Kong's Hang Seng slipped 0.6%, and Japan's Nikkei lost 1%.


-- Written by Chao Deng and Melinda Peer in New York.
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MMM $167.96 -0.23%
MRK $55.09 -0.38%
AAPL $95.20 1.70%
FB $117.44 -0.95%
GOOG $692.33 -0.84%


Chart of I:DJI
DOW 17,750.91 -140.25 -0.78%
S&P 500 2,064.06 -17.37 -0.83%
NASDAQ 4,765.7860 -51.8080 -1.08%

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