walmart results send us stocks back to record territory
Last Updated : GMT 17:58:00
Arab Today, arab today
Arab Today, arab today

Walmart results send US stocks back to record territory

Arab Today, arab today

Arab Today, arab today Walmart results send US stocks back to record territory

The Dow Jones Industrial Average
New York - AFP

US stocks opened back in record territory Thursday after Wednesday's pause, spurred by strong results from Walmart and Berkshire Hathaway's $4.7 billion takeover of Duracell.
About 30 minutes into trade, the Dow Jones Industrial Average was up 49.10 points (0.28 percent) to 17,661.30.
The broad-market S&P 500 added 4.04 (0.20 percent) to 2,042.29, while the tech-rich Nasdaq Composite added 20.56 (0.44 percent) at 4,695.70.
Warren Buffett's cash-laden investment house Berkshire said it would pay Procter & Gamble $4.7 billion worth of P&G shares to take over Duracell.
The company reportedly has 25 percent of the global battery market with $2 billion in annual sales.
As part of the deal, P&G is committed to inject $1.8 billion into Duracell to recapitalize it.
Berkshire B shares rose 0.3 percent to $146.01 in opening trade Thursday, while P&G lost 0.5 percent to $89.06.
Wal-Mart Stores shares surged 3.3 percent on forecast-beating third-quarter earnings. The huge retailer overcame a fall in US store traffic with price rises and strong gains in its small Neighborhood Market chain to turn in earnings per share of $1.15, three cents higher than analysts expected.
In major tech shares, Amazon and Apple were both up 1.2 percent.
Bond prices were lower. The yield on the 10-year US Treasury rose to 2.39 percent from 2.36 percent Wednesday, while the 30-year rose to 3.09 percent from 3.08 percent. Bond prices and yields move inversely.

 

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