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Nike lifts US stocks as markets eye Greece talks

Jun 26 2015 17:40

New York - Strong earnings from Nike helped lift US stocks in early trade Friday as markets eyed ongoing talks to avert a Greek debt default.

About 30 minutes into trade, the Dow Jones Industrial Average was at 17 995.70, up 105.34 points (0.59%).

The broad-based S&P 500 rose 4.47 (0.21%) to 2 106.78, while the tech-rich Nasdaq Composite Index advanced 5.68 (0.11%) to 5 117.87.

Athletics footwear and apparel maker Nike jumped 4.5% to lead the Dow as earnings for the quarter ending May 31 rose 21.6% to $865m.

Greece's international creditors offered Athens a five-month, $13.4bn extension of its bailout program but said it must seal a deal this weekend to avoid an IMF default next week.

Meanwhile, the Shanghai Composite Index fell 7.4%, part of a big pullback the last two weeks in part due to concerns about market overvaluation.

But the turbulence in China has not spread, suggesting global investors "recognise the Shanghai Composite is operating in a crazy world of its own," said Briefing.com analyst Patrick O'Hare.

Chipmaker Micron Technology plummeted 16.7% as third-quarter net income tumbled 39% due to the hit from lower personal computer sales.

Other chip companies also fell, including Dow member Intel (-2.3%) and SanDisk (-2.0%).

Animal-health company Zoetis sank 8.4%, giving back much of the gains from Thursday, when it surged 11.4% following a Wall St Journal that it received a takeover bid from Valeant Pharmaceuticals International. Valeant fell 1.9%.

Air Products & Chemicals shares were unchanged after one of its plants in France was targeted in a suspected terrorist attack that left one person dead.

Bond prices fell. The yield on the 10-year US Treasury rose to 2.46% from 2.40% Thursday, while the 30-year advanced to 3.21% to 3.17%. Bond prices and yields move inversely.

us  |  markets  |  wall st
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