Stocks Higher in Mid-Day Trading, Dow Crosses 15,000 Level
U.S. stocks held moderate gains by mid-day trade on Monday with NASDAQ Composite Index touching its highest level since Nov. 2010 and Dow Jones breaching psychological level of 15000.
At last check, the Dow Jones gained 0.51%; the NASDAQ Composite Index rose 0.66% while the S&P 500 Index added 0.46%.
Shares of Groupon Inc. (NASDAQ: GRPN) climbed about 4.50% by mid-day trade on Monday. The e-commerce services provider announced on Monday that it has acquired a last-minute hotel booking service app, Blink, founded by Blink Booking—a Madrid based startup in 2011. The app offers hotel bookings for about 2000 hotels spread across 184 cities in 8 countries. The acquisition will help Groupon to gain traction in Europe. The terms of the deal were not made public.
Shares of Lululemon Athletica Inc. (NASDAQ: LULU) jumped about 3.10% by mid-day trade after Citi initiated its coverage on the stock with a “buy” rating, citing better prospects for higher sales and wider profit margins.
Shares of Yum! Brands Inc. (NYSE: YUM) gained. Although the parent company of KFC, Taco Bell and Pizza Hut said sales in China fell 10% in August, it was optimistic that the trend will improve from the current quarter.
China released its trade data for August over the weekend, which showed exports climbed 7.2%, beating economists’ forecast for 6% gains.
In Japan, a revised reading showed that the nation’s economic activities expanded at much faster pace in the second quarter than originally estimated.
Apart from consumer credit report for July, which is due at 3:00 a.m. EST, no other major U.S. economic is scheduled to be released on Monday.