Market MANIA: Stocks Satisfy Investors, Oil and Gold Prices POP
Markets closed up on Wall Street Friday:
Dow +1.62%, S&P +1.65%, Nasdaq +1.48%, Oil +1.15%, Gold +1.46%.
On the commodities front, Oil (NYSE:USO) rose to $87.07 a barrel. Precious metals also jumped, with Gold (NYSE:GLD) increasing to $1,588 an ounce while Silver (NYSE:SLV) rose 0.11% to settle at $27.25.
Here’s your Cheat Sheet to Friday’s top stock stories:
Apple (NASDAQ:AAPL) and other U.S. computer products are banned in Iran under U.S. sanctions that have been in place for years, but despite the embargo, Iranians have access to all the latest Apple gear, from the new iPad to iPhones, iPads, MacBooks, iMacs and more, often at little more than U.S. prices. RadanMac is one of an estimated 100 stories in Tehran alone that openly sell Apple products.
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A recent BBC report suggests companies are wasting money on Facebook (NASDAQ:FB) advertisements that are meant to gain “likes” from members, as many have no real interest in their products, while others have lied about their personal details, and still more user accounts are fake, run by computer programs to spread spam.
From Friday’s markets, J.P. Morgan Chase & Co.’s (NYSE:JPM) shares rose six percent. The bank reported its second quarter earnings and saw a $5 billion profit even with its $4.4 billion loss from the CIO debacle.
Presidential Life Corp.’s (NASDAQ:PLFE) shares jumped 37 percent. The company announced it has agreed to be acquired by Athene Annuity & Life Assurance Co. for a cash deal worth $415 million.
On the downside, Lexmark International Inc. (NYSE:LXK) fell 16 percent after it slashed its adjusted second quarter earnings estimates to the range between $0.87 to $0.89 per share; this is down from its previous target of $0.95 to $1.05 per share. The company also increased its estimated impact of restructuring and acquisition costs for the June quarter from $0.30 per share to $0.34.