Stocks coasted higher for the second-straight as optimism
increased that Greece will complete a debt-swap deal.
The Dow Jones Industrial Average closed up 70.61 points, or
0.6%, to 12907.94. The Standard & Poor's 500-stock index
advanced 13.28 points, or 1%, to 1365.91. The S&P 500 has
climbed 1.7% over the past two sessions, the best two-day streak
for the benchmark this year. The Nasdaq Composite tacked on 34.73
points, or 1.2%, to 2970.42.
All sectors traded up, and growth-sensitive materials and
industrial stocks led the way. Alcoa climbed 22 cents, or 2.3%, to
$9.77, and Caterpillar rose 2.00, or 1.9%, to 110.28 to notch the
Dow's biggest gains on a percentage basis. Shares of McDonald's
weighed on the blue chips, however, after the fast-food-restaurant
operator reported global same-store sales grew more slowly than
expected. Shares fell 3.22, or 3.2%, to 96.96.
Stocks opened in positive territory and maintained the early
gains through the afternoon as investors weighed news reports of
rising private-sector participation in Greece's debt-restructuring
plan.
"As of now, it looks like everything is going in favor of the
Greeks," said Reed Choate, a portfolio manager at boutique asset
manager Neville, Rodie & Shaw in New York.
Stocks rose in the face of mixed readings from the U.S. labor
market. The Labor Department said the number of workers filing for
new unemployment benefits rose 8,000 last week, more than forecasts
for a rise of 2,000. But outplacement firm Challenger, Gray &
Christmas said planned layoffs announced by U.S. employers fell
3.3% in February from the month earlier.
Thursday's news from the labor market precedes Friday's monthly
employment report. Economists are forecasting the unemployment rate
will hold steady at 8.3% in February and that the economy added
213,000 jobs.
European markets ended sharply higher. The Stoxx Europe 600 was
up 1.6%, buoyed by the belief the participation rate of
private-sector creditors in Greek debt swap will be high enough for
Greece to receive another round of bailout funds and avoid a
disorderly default.
Asian exchanges also rallied. China's Shanghai Composite climbed
1.1% and Japan's Nikkei Stock Average surged 2%, as both snapped
three-session declines.
Crude futures gained 0.4% to $106.58 a barrel, while gold
futures tacked on 0.9% to $1698.10 a troy ounce. The dollar was
mixed, losing ground against the euro but rising against the yen.
The yield on the 10-year Treasury rose to 2.014%.
In corporate news, the U.S. Treasury sold $6 billion worth of
American International Group's common stock. Shares fell 1.14, or
3.9%, to 28.31, and were the biggest decliners on the S&P
500.
Navistar International fell 76 cents, or 1.9%, 39.27 after
reporting a fiscal first-quarter loss, as higher expenses and
engine-warranty costs offset rising sales of commercial trucks.
Coach shot up 3.40, or 4.6%, 76.79, to an all-time high, after
executives said at an industry conference that the leather-goods
retailer is well positioned for growth in area such as China, as
well as in men's merchandise. Chief Executive Lew Frankfort
disclosed that the fiscal third quarter has been "excellent."
Williams-Sonoma reported fiscal fourth-quarter earnings and
revenue slightly above expectations. The high-end home-furnishing
retailer also said its chief financial officer, Sharon McCollam,
plans to retire March 16 and named its current treasurer and
controller, Julie Whalen, as acting finance chief. Shares fell
2.22, or 5.9%, to 35.62.
Johnson & Johnson's new drug Zytiga improved survival in a
clinical trial of men with prostate cancer who hadn't undergone
chemotherapy, and shares rose 55 cents, or 0.9%, 64.85.
Shares of Medivation jumped 8.72, or 14%,, to 72.91 as the
company has developed a similar prostate-cancer drug in
collaboration with Canada's Astellas Pharma Inc. Meanwhile,
Dendreon tumbled 75 cents, or 7%, to 10.12, with Zytiga seen as a
competitive threat to its Provenge prostate-cancer drug.
AMAG Pharmaceuticals said late Wednesday the first Phase 3 study
of its anemia drug Feraheme met its main efficacy endpoint, and
shares rose 1.67, or 11%, to 16.65.
Apple was warned by the U.S. Justice Department that the company
and five of the largest U.S. publishers may be sued for allegedly
colluding to raise prices of electronic books. Apple's stock edged
up 11.30, or 2.1%, to 541.99.
-By Chris Dieterich, Dow Jones Newswires; 212-416-2611;
christopher.dieterich@dowjones.com
Medivation, Inc. (MM) (NASDAQ:MDVN)
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