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Post Market Report: Wall Street Gains On Economic Optimism, Kraft Foods (NYSE: KFT) Jumps

 July 01, 2009 07:07 PM

US stocks finished higher on Wednesday after better-than-expected manufacturing and housing data lifted optimism.

The Dow Jones Industrial Average rose 57.06 points or 0.68% to finish at 8,504.06. The S&P 500 added 4.01 points or 0.44% to end at 923.33. The Nasdaq Composite increased 10.68 points or 0.58% to 1,845.72.

The Institute for Supply Management reported Wednesday that its manufacturing index rose to 44.8% in June from 42.8% in May. 

The National Association of Realtors said Wednesday that its seasonally adjusted index of pending sales climbed 0.1 percent in May to 90.7. Analysts expected no change.

ADP survey on Wednesday reported that a total of 473,000 private-sector jobs were lost in June. Economists had projected a drop of 394,000 private sector jobs.

According to the Mortgage Bankers Association, mortgage applications declined a seasonally adjusted 18.9% for the week ended June 26.

A relsease by Commerce Department on Wednesday showed that construction spending fell 0.9% in May. Economists expected a decline 0.5%.

Shares of Kraft Foods Inc. (NYSE: kft) jumped $1.27 or 5.01% to $26.61.

Intel Corp. (NASDAQ: intc) advanced 49 cents or 2.96% to $17.04.

Shares of the Coca-Cola Co. (NASDAQ: ko) climbed $1.19 or 2.48% to $49.18.

Shares of Ford (NYSE: f) fell 16 cents or 2.64% to $5.91 after it posted sles decline of 10.7%. 

Early on Wednesday, General Mills (NYSE: gis) reported that fourth quarter net income nearly doubled to $358.8 million, or $1.07 a share, from $185.2 million, or 53 cents per share in the prior year quarter. On an adjusted basis, the company earned 86 cents a share. Revenue climbed 5% to $3.65 billion. Shares of the company gained $2.16 or 3.86% to close at $58.18.

Constellation Brands Inc. (NYSE: stz)  reported on Wednesday that its fiscal first quarter net income slipped to $6.5 million, or 3 cents a share, from $44.6 million, or 20 cents a share, in the year ago quarter. Revenue dropped to $791.6 million, from $931.8 million.Shares soared 93 cents or 7.33% to $13.61.

Sealy Corp. (NYSE:zz), the world's largest mattress maker, on Tuesday said that it swung to a second quarter loss of $5.2 million, or 6 cents per share,  compared to a profit of $12 million, or 13 cents per share, in the comparable quarter last year.  Revenue tumbled 26% to $298.5 million. Shares of Sealy Corp fell 6 cents or 3.06% to $1.90..

Late on Tuesday, AMAG Pharmaceuticals (NASDAQ: amag) announced that the Food and Drug Administration has approved its product Feraheme, an iron replacement therapy for patients with chronic kidney disease. AMAG rose $1.24 or 2.27% to $55.91.

Military vehicles manufacturer Oshkosh Corp. (NYSE: osk) on Tuesday announced that it bagged a $1.05 billion contract from the U.S. Department of Defense to supply 2,244 armored fighting vehicles for the U.S. Army. Shares of the company surged $3.89 or 26.75%o $18.43.

Elsewhere, the China Federation of Logistics & Purchasing said that its manufacturing Purchasing Managers' Index increased to 53.2 in June from 53.1 in May.

European stocks settled with gains. The UK FTSE rose 91.50 points or 2.15% to 4,340.71. The German DAX and French CAC increased 2.01% and 2.44% respectively.

Asian stocks finished lower. The Nikkei 225 fell 18.51 points or 0.19% to end at 9,939.93. The Hang Seng index of Hong Kong dropped 1478 points or 0.81% to 18,378.73.

NYMEX crude oil for August delivery declined 58 cents or 0.8% to settle at $69.31 a barrel. 

Disclosure: Author does not own any of the stocks discussed here.



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