US: Stocks rise as banking shares advance
WALL Street stocks edged higher on Monday (May 15) as regional bank shares advanced while markets kept watch on key negotiations in Washington on extending the US debt ceiling limit.
Zions Bancorporation, PacWest Bancorp and KeyCorp all rose at least six per cent in a boost for the beaten-down sector following four bank failures earlier this year.
Analysts also cited the somewhat more upbeat tone surrounding upcoming negotiations between President Joe Biden and Republican leaders on talks to raise the US debt limit and avert a default.
The Dow Jones Industrial Average finished up 0.1 per cent at 33,348.60.
The broad-based S&P 500 gained 0.4 per cent to 4,136.28, while the tech-rich Nasdaq Composite Index jumped 0.7 per cent to 12,365.21.
Traders are also looking ahead to April retail sales data, housing starts for the same period and quarterly earnings from Walmart and other big-box retailers.
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Among individual companies, Magellan Midstream Partners surged 13.6 per cent after agreeing to be acquired by rival pipeline company Oneok for US$18.8 billion, including debt.
Oneok dropped 9.1 per cent.
US mining company Newmont gained 2.5 per cent after agreeing to acquire Australian rival Newcrest in a deal worth A$28.8 billion (US$25.8 billion).
By swallowing up Newcrest, the US mining giant will cement its position as the world’s biggest gold producer, with operations extending across North and South America, Africa, Australia and Papua New Guinea. AFP
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