Wall Street up on deals

Trade was light on Wall Street Friday as investors looked forward to the Memorial Day holiday on Monday. At midday, the Dow Jones Industrial Average had added 0.21 percent to 13,469.33, while the Nasdaq Composite was up 0.5 percent to 2,550.51 and the S&P 500 had gained 0.27 percent to 1,511.61. Deals were in focus on the session in both the food and beverages sector and among stock exchange operators. Video game manufacturers saw gains, but home improvement retailers declined on new data showing that existing home sales were substantially lower in April.

Most Asian markets were lower on the session. The Sensex, which added 0.85 percent to 14,338.45 in India was the main exception. In Australia, the Sydney Ordinaries dropped 0.4 percent to 6,273.3. The Straits Times index in Singapore fell 0.54 percent to 3,486.63, while in Hong Kong, the Hang Seng index was 1.34 percent lower to 20,520.66. Tokyo’s markets were lower on the day as well, with the Nikkei 225 down 1.2 percent to 17,481.21 and the Topix index 1.3 percent lower to 1,715.54. The Mothers market of small and mid-caps, however, managed a 1.5 percent advance, to 853.35. Export sectors were especially affected in Tokyo. Machinery manufacturers and carmakers both saw declines on the session. The real estate sector was also lower, as worries about overvaluation resurfaced.

The European markets were also mixed, with the FTSE Eurofirst 300 down by 0.01 percent to 1,597.74l. Among continental markets, the Paris CAC-40 added 0.15 percent to 6,057.49, while the Dax was 0.54 percent higher to 7,739.2 in Frankfurt. However, the IBEX in Madrid was 0.28 percent lower to 15,053.2. Banks were mixed, with French banks mostly higher but some German banks seeing declines Utilites and carmakers were mixed as well. Some stock exchange operators were up on sector consolidation news. Meanwhile, London’s markets were mixed in light trade ahead a bank holiday on Monday. The FTSE 100 added 0.08 percent to 6,570.5, while the FTSE 250 dropped 0.6 percent to 12,057.6. Miners were higher on the session, and so were water utilities. The retail sector also saw gains, but homebuilders declined on the session.

Story link: Wall Street up on deals