S&P 500 Index Extends to Record High, Green Heads for Snap Election

Nichole Harper
29 Dec, 2014
New York City

U.S. market indexes extended gains and the benchmark indexes closed at new highs. European markets were under pressure as Greece is heads for snap election.

[R]4:40 PM New York – U.S. market indexes extended gains and the benchmark indexes closed at new highs. European markets were under pressure as Greece is heads for snap election.[/R]

Market indexes extended gains on Wall Street and energy companies gained despite another down day in oil prices.

S&P 500 index extended gains for the third year in a row and for the year so far the index has added 13.5%.

On Wall Street trading, Tollbooth Strategy Index rose 0.2% or 24.20 to 10,183.81.

S&P 500 index gained 2.88 or 0.1% to 2,091.55 and the Nasdaq Composite Index edged up 3.21 or 0.07% to 4,810.17.

European markets trimmed gains after Greek Prime Minister Antonis Samaras failed to win the support of lawmaker in the third and final attempt for his nominee for president.

European markets were on the defensive after the vote because opinion polls suggest a victory by the radical leftist Syriza party.

Syriza wants to stop austerity program and eliminate the austerity terms of a 240 billion euros organized by the troika of international lenders; European Union, European Central Bank and the International Monetary Fund.

U.S. Movers

AMAG Pharmaceuticals, Inc ((AMAG)), the specialty pharmaceutical company and Japan-based Takeda Pharmaceutical Company Limited announced today that they have entered into an agreement to mutually terminate the March 2010 license.

Walgreen Company ((WAG)), the retail drugstore chain’s shareholders voted to acquire remaining 55% stake of European rival Alliance Boots GmbH that it does not currently own for $4.9 billion plus shares.

Shares of Walgreen Boots Alliance will be listed on the Nasdaq stock exchange and will trade under the ticker symbol “WBA”.

The company expects to complete the acquisition by December 31.

European Markets

In London trading, FTSE 100 index edged up 0.08% or 5.02 to 6,614.95 and in Frankfurt the DAX index fell 0.4% or 44.17 to 9,877.94.

In Paris, CAC 40 index slid 0.3% or 11.09 to 4,284.76.

Glencore Plc rose 0.4% to 301.70 pence after the U.K.-based diversified natural resource company plans to buy back 1,213,632 shares between 301.55 pence and 299.05 pence.

Separately today the company’s director William Macaulay sold 801,251 shares at an average price of 300.33 pence per share worth £2.4 million.

J D Wetherspoon Plc dropped 2.2% to 808.50 pence after the U.K.-based hotel and pub operator announced its plans to invest more than £400 million.

The company also expects to open 200 new pubs establishing 30 new pubs with low-cost brand in Republic of Ireland and UK in next five years and will create approx 15,000 jobs.

Asian Markets

Stocks in Tokyo reversed earlier gains and closed down after a man was tested positive for Ebola virus. Japan Post confirmed its plan to list on the Tokyo Stock Exchange. International investors increase the exposure to Japanese stocks by the smallest amount in five years.

Stocks in Tokyo declined at close after reversing early gains in the session after media reports suggested first case of Ebola in Tokyo.

Investors in a knee-jerk reaction sold stocks and turned cautious on the worries that the virus lacking a treatment so far may spread wider.

The young man in thirties had returned after visiting a funeral in Sierra Leon had contracted the virus, according to a report from the health ministry.

The Nikkei 225 Stock Average slipped 89.12 or 0.5% to 17,729.84 and the broader Topix index slid 2.83 to 1,424.67.

The yen slid 0.1% to 120.29 against one dollar.

Indian rupee declined to a record low 3 paisa to close at 63.67 against one dollar.

In Mumbai trading, Sensex Index jumped 153.95 or 0.6% to close at 27,395.73. The CNX Nifty gained 45.60 or 0.6% to 8,246.30.

Indian Oil Corporation Limited, the petroleum products maker plans to acquire land worth about Rs 6,800 crore to expand project in Gujarat.

Larsen & Toubro Limited, the engineering infrastructure developer secured a contract for about Rs 894 crore from ONGC.

Power Grid Corporation of India Limited, the board approved to project investment proposals worth Rs 6,574.83 crore.