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BUSINESSWednesday 2 March 2016
Stocks snap higher following encouraging signs on US economy
MARLEY JAY or 2.4 percent, to 1,978.35. China, Europe, and Japan than any other industry, as not that bad.”
That was the biggest gain investors worry about loans Cavanaugh said investors
AP Markets Writer for the S&P 500, a widely are slowing or struggling. banks have made to en- are pleased with the con-
used benchmark, since ergy companies and low struction and manufactur-
NEW YORK (AP) — Stocks late January. Tuesday’s report showed interest rates. ing reports, and relieved
The Nasdaq composite In recent months the strong that the dollar and oil pric-
roared to their best day in construction spending dollar has hurt tech stocks, es seem to have stabilized.
which do a lot of business Agribusiness giant Mon-
more than a month Tues- rose by the most in eight outside the U.S., because santo gained $2.50, or 2.8
it makes their products percent, to $92.49 and
day as investors hit the months. A manufacturing more expensive overseas chemical maker DuPont
and cuts into their revenue. rose $2.07, or 3.4 percent,
“buy” button following Those stocks climbed Tues- to $62.94. Among con-
day, with the biggest gains sumer stocks, Amazon rose
some encouraging signs of going to familiar names. $26.52, or 4.8 percent, to
Apple gained $3.84, or 4 $579.04 and Netflix gained
strength in the U.S. econo- percent, to $100.53. It had $4.89, or 5.2 percent, to
been more than a month $98.30.
my. Construction spending since Apple stock closed Most automakers reported
above $100. Alphabet, big gains in their Febru-
reached its highest level the parent of Google, rose ary U.S. sales. Ford climbed
$24.95, or 3.5 percent, to 58 cents, or 4.6 percent, to
in eight years in January. $742.17. Microsoft picked $13.09 after its sales rose al-
up $1.70, or 3.3 percent, most 20 percent, a better
Banks, the worst-perform- to $52.58 and Facebook gain than analysts expect-
stock added $2.90, or 2.7 ed. Honda, Fiat Chrysler
ing sector of the market so percent, to $109.82. and Nissan also reported
Karyn Cavanaugh, senior big improvements. GM’s
far this year, led the way markets strategist for Voya sales fell as it tries to shift its
Investment Management, business away from rental
higher. said investors abandoned sales, but its stock gained
tech and bank stocks as 57 cents, or 1.9 percent, to
Stocks jumped at 10 a.m., the market slumped in Jan- $30.01.
uary and February. Auto parts supplier Borg-
when the Commerce De- “They’ve just been beaten Warner rose $1.48, or 4.6
with a stick this year,” she percent, to $34.16, and
partment reported that said. “Earnings have not navigation device maker
been that bad and the Garmin added 93 cents, or
construction spending companies’ financials are 2.3 percent, to $41.44.
continued to rise in Janu-
ary. At the same time, a John Bishop, foreground, works with fellow traders on the floor
of the New York Stock Exchange, Tuesday, March 1, 2016. U.S.
survey showed some signs stocks are opening modestly higher as the market recovers
from a loss the day before.
of life in the beaten-down
(AP Photo/Richard Drew)
manufacturing sector.
Those were good signs for
the U.S. economy.
Banks rose the most, but big index, which is heavily index had its best reading
weighted with technology in six months, though activ-
names in consumer and companies, made its big- ity is still declining.
gest gain since August, Bank of America picked
tech stocks also climbed, adding 131.65 points, or 2.9 up 67 cents, or 5.4 percent,
percent, to 4,689.60. to $13.19 and JPMorgan
as did oil prices. Stocks have stumbled this Chase gained $2.90, or 5.2
year as investors feared for percent, to $59.20, leading
The Dow Jones industrial the health of the U.S. econ- financial stocks higher. The
omy at the same time that S&P 500’s financial compo-
average jumped 348.58 nent has slumped about
9 percent this year, worse
points, or 2.1 percent, to
16,865.08.
The Standard & Poor’s 500
index surged 46.12 points,
Medtronic 3Q profit rises 1%, revenue up 61%
NEW YORK (AP) — Medtron- time gains and costs, were last year, was just shy of
ic’s third-quarter revenue $1.06 per share, which was analyst projections.
soared more than 60 per- in line with Wall Street ex- Shares fell 3 percent be-
cent, led by health sales of pectations, according to a fore the opening bell.
heart and surgical devices survey by Zacks Investment Revenue from the cardiac
in the U.S. Research. and vascular unit, which
The company earned $1.1 Revenue while rising to includes implantable heart
billion, or 77 cents per share. $6.93 billion, from $4.3 bil- devices and valves, rose
Earnings, adjusted for one- lion during the same period 8 percent to $2.41 billion.
Revenue from minimally in-
vasive therapies, which in-
cludes patient monitoring
and surgical devices, rose
5 percent to $2.29 billion.
The company’s restorative
therapies unit saw revenue
jump 7 percent to $1.76
billion, while the diabetes
care unit saw revenue rise
6 percent to $474 million.
Shares of Medtronic Inc.
have increased roughly 1
percent since the begin-
ning of the year, while the
Standard & Poor’s 500 in-
dex has declined 5.5 per-
cent. The stock has de-
clined slightly in the last 12
months.
