Stocks close higher as commodities gain
The Dow rose about 80 points, the S&P 500 rose about 11 points, and Nasdaq rose about 31 points. At closing, stocks were near session highs.
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The news in personal computer stocks wasn't all gloomy, as Dell led the tech sector higher after the PC maker reported better-than-forecast results. In addition, at least 12 brokerages raised their price targets on the firm.Skip to next paragraph
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Target, meanwhile, sank after the retailer topped earnings estimates, but fell short on sales. And Staples plunged after the office-supply chain posted disappointing same store sales and a weaker-than-expected profit. In addition, S&P Equity upgraded the firm to "buy" from "hold."
SodaStream soared more than 10 percent after the home carbonation system maker raised its outlook for the year, and reported strong sales.
Among other tech stocks, Research In Motion gained after Sanford C. Bernstein upgraded the Blackberry maker to "market perform" from "underperform," saying the stock is cheap, and is unlikely to deteriorate further despite the fact the company's management "remains in denial of challenges facing the company."
And shares of Hershey fell after news CEO David West will become CEO of Del Monte Foods, which was taken private by Kohlberg Kravis Roberts earlier this year. West's departure comes less than four years since he became Hershey's CEO.
LinkedIn is expected to sell $341 million worth of shares to the public this evening. This comes after the social networking firm raised the expected price range of its IPO by 30 percent Tuesday. The firm is expected to start trading on the NYSE tomorrow under ticker symbol "LNKD."
Also on the IPO front, Oaktree Capital Management is planning to list its shares on the NYSE in a deal valuing the cmpany between $8 billion and $9 billion, according to the Financial Times.
On the economic front, falling mortgage rates boosted home loan refinancing last week. The Mortgage Bankers Association's seasonally adjusted index of mortgage application activity rose 7.8 percent in the week ended May 13, boosted by a 13.2 gain in refinancings. Home loan applications fell 3.2 percent.
European stocks closed higher, boosted by gains in techs and miners.