U.S. stocks rallied overnight, reaching new 2009 highs, following some positive economic data and a jump in commodities. Energy and manufacturing companies received a boost from an economic report that showed a rise in industrial production and demand.
The Dow Jones industrial average rose 108 points to 9,792. The S&P500 Index gained 16 points to 1,069 and the NASDAQ added 31 points to 2,133.
In economic news: Industrial production rose 0.8 per cent in August following a 1 per cent rise in July. Economists expected it to rise 0.6 per cent.
And the Consumer Price Index, a measure of consumer inflation, increased 0.4 per cent in August. Forecasts were for a rise of 0.3 per cent.
In company news: Shares in communication services provider Verizon Communications Inc (NYSE:VZ) fell 1.9 per cent to $30.41. UBS downgraded the company from ‘buy’ to ‘neutral’. According to Reuters UBS says it is likely Verizon will miss its outlook for 2009 profit growth.
Shares in software maker Adobe Systems Incorporated (NASDAQ:ADBE) declined 6.37 per cent to $33.35 and shares in maker of online business optimisation software Omniture Inc (NASDAQ:OMTR) soared 26.29 per cent to $21.88. After Adobe announced plans to acquire Omniture for close to $1.8 billion.
Shares in drug maker for neurological and endocrine-related diseases Neurocrine Biosciences Inc (NASDAQ:NBIX) added 2.88 per cent to $3.22. Private investment group Kingsbridge Capital is reportedly to boost the company’s capital over the next three years by up to $75 million by purchasing new shares.
And share in global technology company Corning Inc (NYSE:GLW) lost 0.13 per cent to $15.78 Reuters reports that the company has acquired all the shares in Axygen BioScience and its subsidiaries for around $400 million in cash from American Capital Ltd (NASDAQ:ACAS).
Checking the NASDAQ Top 100: Amazon.com was the best performer overnight its shares rose 8.56 per cent to $90.70, followed by Flextronics and NII Holdings. Adobe Systems was the worst performer its price as mentioned before, followed by Wynn Resorts and Hologic.
