Royal Institute of Traditional Arts implements Saudi-Chinese cultural exchange program    Localization in Saudi military industries rises to 19.35%    Logistics park for vehicles worth SR300 million to be set up at Dammam port    Commerce Ministry recalls 6,500 Genesis cars due to risk of fire    HONOR KSA expands its presence with new flagship Experience Store in Riyadh HONOR's first flagship store in KSA provides visitors with a premium experience, exciting offers and free services    Saudi, Iranian foreign ministers discuss Oman-mediated talks with US    Prince Sultan University launches first bachelor's program in language and media    Al-Falih: Eastern Province hosts 700 investment opportunities worth SR330 billion    Putin announces three-day Russian ceasefire in Ukraine from 8 May    Crown Prince donates SR1 billion to support housing for eligible families    Pakistani military says it killed 54 militants attempting to cross border from Afghanistan    Suspect charged after Vancouver car ramming leaves 11 dead    Eight hundred Houthi targets hit after weeks of strikes, says US    Rock & Roll Hall of Fame picks Outkast but not Oasis    Duran leads Al Nassr past Yokohama Marinos into AFC Champions League Elite semi-finals    Al Ahli cruise past Buriram into AFC Champions League Elite semi-finals    Saudi orchestra to perform at Sydney Opera House in May    Al Hilal thrash Gwangju to reach AFC Champions League Elite semi-finals    Saudi Theater Commission launches its Work and Learn Project in UK    The season has begun — and one comment shook us all    Pakistani star's Bollywood return excites fans and riles far right    Veteran Bollywood actor Manoj Kumar dies at 87    Bollywood actress vindicated over boyfriend's death after media hounding    Grand Mufti rules against posting prayers and preaching in mosques on social media    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







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S & P again hits new high on growth expectations
Published in Saudi Press Agency on 29 - 05 - 2014

U.S. stocks rose on Thursday and the benchmark S&P 500 index hit a record intraday high for the third straight day as traders bet on improvement in the second quarter even as data showed the world's largest economy contracted in the first quarter, Reuters reported.
The gains were supported by a report showing the number of Americans filing new claims for unemployment benefits fell more than expected last week, pointing to a strengthening labor market. Separately, the Commerce Department cut its estimate of gross domestic product to show the economy shrank at a 1.0 percent annual rate, but there were signs it has rebounded.
Saut said unless a decline materialized this week, "It's probably not going to come back below 1,890 - 1,900 (level), which is where the near term support is."
Citi analysts said the U.S. economy could grow nearly 4 percent in the second quarter while Goldman Sachs upped its estimate to 3.9 percent.
The Dow Jones industrial average rose 16.96 points or 0.1 percent, to 16,650.14, the S&P 500 gained 5.63 points or 0.29 percent, to 1,915.41 and the Nasdaq Composite added 14.40 points or 0.34 percent, to 4,239.47.
The U.S. 10-year note yield brushed against 2.40 percent to hit its lowest since last June, on expectations of further policy easing by the European Central Bank next week. Low yields could continue to entice investors into dividend-paying stocks, with high-yielding utilities widely outperforming the S&P 500 so far this year.
Hillshire Brands shares surged 17.7 percent to $52.76 after Tyson Foods offered to top a bid from Pilgrim's Pride. Tyson shares rose 6.3 percent to $43.30 and Pilgrim's Pride fell 1.9 percent to $24.91.
Shares of cyber security software maker Palo Alto Networks jumped 7.5 percent to $74.71 a day after it reported better-than-expected quarterly revenue as it added more customers, and said it settled patent litigation with network gear maker Juniper Networks.
Apple shares gained 1.8 percent to $635 after hitting its highest in a year and a half, a day after announcing it will buy music streaming and audio equipment company Beats for about $3 billion and bring its founders, producer Jimmy Iovine and rapper Dr. Dre, into Apple's ranks.
-- SPA
22:13 LOCAL TIME 19:13 GMT
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