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Stocks Finish With Solid Gains

The Hong Kong Hang Seng index closed up by 1.03% and the Nikkei in Japan settled up by 0.77%.

August crude oil futures settled up 85 cents at $80.21 a barrel. August gold futures shed $3.50 to settle at $1,578.40 an ounce.

The benchmark 10-year Treasury was up 2/32, diluting the yield to 1.626%, while the greenback rose 0.24%, according to the dollar index.

In corporate news, Facebook (FB - Get Report) was down slightly in afternoon action as a slew of analysts initiated coverage of the social networking giant, giving the stock mixed reviews. The share closed off 2.8%.

Shares of Arena Pharmaceuticals (ARNA - Get Report) soared more than 28% after the company's weight loss pill Belviq secured marketing approval from the Food and Drug Administration.

Bristol-Myers Squibb (BMY) announced an additional $3 billion buyback authorization after Tuesday's closing bell. Shares added 1.7%.

Seed giant Monsanto (MON) reported third-quarter profit of $1.63 a share, beating the profit estimate of $1.60 a share of analysts surveyed by Thomson Reuters. Shares gained nearly 4%.

Home builder Lennar (LEN) reported second-quarter earnings of 21 cents a share, beating the average analyst expectation for earnings of 17 cents a share. Shares rose 4.7%.

Food company General Mills (GIS) is projecting full-year profit of $2.65 a share, falling short of the consensus estimate of $2.75 a share, according to Thomson Reuters. Shares fell 1.6%.

-- Written by Andrea Tse and Joe Deaux in New York.

>To contact the writer of this article, click here: Andrea Tse.
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ARNA $1.67 -2.30%
FB $117.88 -0.58%
AAPL $93.93 0.31%
GOOG $696.44 -0.25%
TSLA $233.62 -3.40%


Chart of I:DJI
DOW 17,702.21 -188.95 -1.06%
S&P 500 2,058.19 -23.24 -1.12%
NASDAQ 4,759.58 -58.0140 -1.20%

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