The Herald Bulletin

Afternoon Update

Breaking News

August 19, 2013

Stocks edge higher, led by technology

NEW YORK —  U.S. stocks edged higher in early trading early Monday, led by technology companies, but many investors continued to focus on the quick rise in bond yields.

The Dow Jones industrial average was up 21 points, or 0.1 percent, to 15,102. The Standard & Poor's 500 index rose 3 points, or 0.2 percent, to 1659. The technology-focused Nasdaq composite index rose 17 points, or 0.5 percent, to 3,651.

Intel led the Dow higher after the stock was upgraded by the investment bank PiperJaffray, which raised its rating on the chipmaker, predicting strong sales for Intel's chips for tablet computers and mobile devices. Intel rose 70 cents, or 3 percent, to $22.63.

Other major tech stocks also rose. Apple rose $8.43, or 1.7 percent, to $510.92 and Google rose $13.84, or 1.6 percent, to $870.60.

The main focus for many investors was the rapid rise in bond yields. The yield on the benchmark U.S. 10-year Treasury note rose to 2.86 percent from 2.83 percent Friday. A week ago it was 2.62 percent.

The quick rise in bond yields has worried some investors because it leads to higher interest rates and borrowing costs for many kinds of loans, including home mortgages and corporate loans.

Some investors expect the 10-year note could rise above the psychologically important 3 percent mark as early as month's end.

"I do think we're not too far away from that point in time where this heavy increase in bond yields is going to start impacting the (stock) markets," said Doug Peebles, chief investment officer of AllianceBernstein Fixed Income.

The Dow is coming off its worst week this year. The benchmark index fell 2.2 percent last week and the S&P 500 lost 2.1 percent. Investors have been focused on the possibility that the Federal Reserve may pare back its massive bond-buying program as early as next month.

On Wednesday the Federal Reserve will publish the minutes of its July policy meeting, and on Thursday the Fed starts its annual conference in Jackson Hole, Wyo.

A rout for retailers continued Monday. Saks, the luxury retailer, reported a wider loss two weeks after agreeing to be bought by the Canadian retailer Hudson's Bay, the parent company of Lord & Taylor, for $2.4 billion.

The retail sector got off to a dismal start last week after Wal-Mart, Macy's and Nordstrom each cut their sales outlooks for the year. This week, J.C. Penney, Target, the Gap, Home Depot, Sears and others report quarterly earnings. The retail industry is often closely watched by investors because consumer spending makes up a large chunk of the U.S. economy.

In other news, Zillow said it was buying New York-focused real estate website StreetEasy for $50 million. Zillow dropped $4.57, or 5 percent, to $87.03.

 

1
Text Only
Breaking News
  • US airlines scrap Israel flights over missile fear

    Two U.S. airlines cancelled all flights to Israel until further notice, after a rocket landed near Tel Aviv's Ben Gurion Airport.

    July 22, 2014

  • Detroit retirees back pension cuts by a landslide

    A year after filing for bankruptcy, Detroit is building momentum to get out, especially after workers and retirees voted in favor of major pension changes just a few weeks before a judge holds a crucial trial that could end the largest public filing in U.S. history.

    July 22, 2014

  • US stock futures climb as earnings reports roll in

     U.S. stock futures pointed higher early Tuesday as more corporate earnings rolled in. Shares in the restaurant chain Chipotle and the cable company Comcast surged after they reported results that were better than Wall Street expected.

    July 22, 2014

  • Genetic mapping triggers new hope on schizophrenia

    Scientists have linked more than 100 spots in our DNA to the risk of developing schizophrenia, casting light on the mystery of what makes the disease tick.

    July 22, 2014

  • Carmel ordinance targets detouring semitrailers

    The city of Carmel has banned semitrailers from some of its streets after the big rigs began using them to get around a closed section of U.S. 31 north of Indianapolis.

    July 22, 2014

  • Beef pollutes more than pork, poultry, study says

    Raising beef for the American dinner table does far more damage to the environment than producing pork, poultry, eggs or dairy, a new study says.

    July 22, 2014

  • High child poverty casts pall over gains in Hoosier schools

    Indiana children are doing better in school, according to a new report from the Annie E. Casey Foundation, but the high rate of child poverty remains a big concern.

    July 22, 2014

  • Check doctors' vitals, before they check yours

    Americans consider insurance and a good bedside manner in choosing a doctor, but will that doctor provide high-quality care? A new poll shows that people don't know how to determine that.

    July 21, 2014

  • Afghan vet who fought wounded gets Medal of Honor

    Bleeding from both legs and his arm, Ryan Pitts kept firing at about 200 Taliban fighters, even holding onto his grenades an extra moment to ensure the enemy couldn't heave them back. On Monday, President Barack Obama draped the Medal of Honor around his neck, in a somber White House ceremony that also paid tribute to his nine platoon comrades who died that summer day in Afghanistan.

    July 21, 2014

  • NASA names building for moonwalker Neil Armstrong

    NASA honored one of its most famous astronauts Monday by renaming a historic building at the Kennedy Space Center in Florida.

    July 21, 2014

Featured Ads
More Resources from The Herald Bulletin
AP Video
Cat Fans Lap Up Feline Film Festival Raw: Lawmakers Scuffle in Ukraine's Parliament The Rock Finds His Inner 'Hercules' Michigan Plant's Goal: Flower and Die Raw: MH17 Passenger Remains in Kharkiv, Ukraine Raw: Israel Hits Gaza Targets, Destroys Mosques ShowBiz Minute: Hoffman, Oberst, Box Office WWII Vet Gets Medals, 70 Years Late Raw: Israel Bombs Multiple Targets in Gaza Veteran Creates Job During High Unemployment Raw: Cargo Craft Undocks From Space Station Widow: Jury Sent Big Tobacco a $23B Message New Orleans Plans to Recycle Cigarette Butts UN Security Council Calls for MH 17 Crash Probe Obama Bestows Medal of Honor on NH Veteran Texas Sending National Guard Troops to Border Hopkins to Pay $190M After Pelvic Exams Taped Foxx Cites Washington 'Circus Mirror' NASA Ceremony Honors Moon Walker Neil Armstrong
Parade
Magazine

Click HERE to read all your Parade favorites including Hollywood Wire, Celebrity interviews and photo galleries, Food recipes and cooking tips, Games and lots more.
Hyperlocal Search
Premier Guide
Find a business

Walking Fingers
Maps, Menus, Store hours, Coupons, and more...
Premier Guide
Helium debate
Helium
Front page
Poll

Do you expect your physician to follow state standards and laws?

Of course
Not always
Never thought about it
     View Results