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.
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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