U.S. stocks traded higher today as investors awaited the outcome of a two-day Federal Reserve policy meeting and continued to monitor Greek debt talks.
The S&P 500 (INDEXSP:.INX) rose 0.6 percent to 2,096.93 at 3:37 p.m. in New York. The 30-company Dow Jones Industrial Average (INDEXDJX:.DJI) gained 0.7 percent to 17,911.22, while the tech-heavy Nasdaq 100 (INDEXNASDAQ:NDX) added 0.6 percent to 5,059.43.
The Federal Open Market Committee’s two-day meeting kicked off today. Fed Chairwoman Janet Yellen will hold a news conference after the meeting concludes tomorrow.
Greece remained in the spotlight today, with market participants growing worried the heavily indebted country could default unless it reaches a deal with lenders later this week.
DATA:
Construction started on new U.S. homes fell 11.1 percent to an annual rate of 1.04 million in May, pulling back from a surge in April, which saw the fastest starts pace since late 2007, according to government data released today.
MOVERS:
Avalanche Biotechnologies (NASDAQ:AAVL) tumbled 56 percent to $17.13, a day after the eye drug developer's experimental therapy showed that vision improvement was not significant. The result prompted brokerages to cut their ratings on the stock.
Aerie Pharmaceuticals (NASDAQ:AERI) gained 49.6 percent to $19.85 after saying the U.S. Food and Drug Administration has allowed the drug maker to modify what will determine a successful late-stage clinical trial for its glaucoma treatment.
UnitedHealth Group (NYSE:UNH) advanced 2 percent to $121.40 after approaching Aetna about a takeover deal that would likely be valued at more than $40 billion, the latest move in a frenzy of merger talks in the health-insurance industry.
American Airlines (NASDAQ:AAL) slipped 1.3 percent to $39.55 after saying it would push back delivery of 35 Airbus Group A320neo family jetliners by several years.
Oshkosh (NYSE:OSK) sank 7.4 percent to $46.58 after cutting its third-quarter and full-year earnings guidance, citing severe weather conditions and a delay in new-product launches.
FactSet Research Systems (NYSE:FDS) fell 2.2 percent to $161.82 even as the provider of financial information and analytical applications posted better-than-expected earnings for its fiscal third quarter.
Gap (NYSE:GPS) increased 1.2 percent to $38.65 after the retailer late yesterday said it’ll shut 175 of its namesake stores in North America over the next few years, including about 140 this year.
Coty (NYSE:COTY) jumped 19 percent to $31.03 after winning an auction to buy three business lines from Procter & Gamble (NYSE:PG), including its Wella hair-care brand, that could value the businesses at as much as $12 billion, the New York Post reported yesterday, citing people familiar with the matter.
American International Group (NYSE:AIG) lost 0.8 percent to $62.11 after a court ruled that the government’s bailout of the insurer during the financial crisis was illegally onerous, while still refusing to award damages to Hank Greenberg’s Starr International Co., which took the case.
COMMODITIES:
Gold for August delivery on Comex fell 0.4 percent to settle at $1,180 an ounce.
Light, sweet crude for July delivery, the U.S. benchmark, settled up 0.8 percent at $59.97 a barrel on the New York Mercantile Exchange.
OTHER MARKETS:
European stocks closed higher after sliding earlier in the session. Greek worries persist, but equities have recovered a little after hitting a nearly four-month low.