Stocks Opened Higher with Fed in View

U. S. stocks climbed at the open on Monday, with traders focused on this week’s Fed policy meeting. The Dow Jones industrial average lately gained 168.80 points, or 1.12 percent, to 15,238.98. The Standard & Poor’s 500 Index rose 16.55 points, or 1.02 percent, to 1,643.28. The Nasdaq Composite Index advanced 33.19 points, or 0.97 percent, to 3,456.75.

Apple says it received between 4,000 and 5,000 requests from U.S. law enforcement for customer data for the six months ended in May.

Orchard Supply Hardware Stores Corp (OSH.O), spun off by Sears Holdings Corp (SHLD.O) less than two years ago, has filed for Chapter 11 bankruptcy protection partly blaming hefty dividends paid out to its former parent. Rival retailer Lowe’s Companies (LOW.N) said it would buy at least 60 of Orchard’s 91 neighborhood hardware and garden stores in California for about $205 million and also assume payables owed to nearly all of Orchard’s suppliers.

Johnson & Johnson (JNJ.N) said on Monday that it would buy Aragon Pharmaceuticals, a private company that is running a mid-stage clinical trial for a prostate cancer drug, for $650 million in cash upfront and a possible second payment of $350 million if it meets certain milestones.

Starboard Value LP, a large shareholder in Smithfield Foods Inc (SFD.N), urged the world’s largest pork producer to explore a breakup rather than go ahead with a planned $4.7 billion takeover by Chinese meat company Shuanghui International.

Video streaming service Netflix Inc is beefing up its original programming menu through a multi-year deal with DreamWorks Animation SKG Inc, the maker of movies such as Shrek, Madagascar and Kung Fu Panda.

About the Author

has written 14775 stories on this site.

Copyright © 2012 Nine Stocks