US Close: Markets edge higher on hopes of further central bank action

US stocks edged higher on Monday after the possibility was raised that Chinese interest rates could be slashed further and on hopes the European Central Bank might be spurred into action.

The Dow Jones Industrials finished 7.84 points higher at 17,818, the S&P 500 gained 6 points to 2,069 while the Nasdaq Composite jumped 42 points to 4,755.

Continuing speculation that China will cut down rates and lessen lending restrictions has reinforced confidence in the global outlook somewhat.

The People’s Bank of China said it would slash rates for the first time in two years on Friday amid record-breaking highs for US stocks.

“The decision came as a surprise and the prospect of greater policy support from Beijing initially spurred a rally across all EM assets. But we suspect that the implications for the wider emerging world are actually fairly limited,” said Capital Economics chief emerging markets economist Neil Shearing.

As the US begins its holiday season, kicking off with Thanksgiving, “traders are unlikely to be cashing in their long positions” before the festivities end, according to IG market analyst David Madden.

Tetraphase Pharmaceuticals rose by 10.86% in response to reports that the firm is contemplating a sale.

Platinum Underwriters Holdings soared 21.09% after the reinsurer claimed that RenaissanceRe Holdings would purchase it for around $76 per share.

Best Buy increased by 2.02% in the lead up to Black Friday on 28 November. “Retailers will be in fashion this week, as Black Friday kicks off the spending season,” Madden noted while adding that “a slip in the service industry could keep interest rates low for a ‘considerable time’”.

Tesla Motors also gained, rising 1.62% as its chief executive revealed plans to partner with BMW on battery technology and charging stations.

Crude futures slide

The dollar retreated against the pound and the euro, but gained against the yen.

Oil prices remained negative on Monday as Brent crude and West Texas intermediate both fell more than 1% to $79.50 and $75.7 a barrel, respectively.

S&P 500 - Risers
Urban Outfitters Inc. (URBN) $33.17 +5.37%
Gap Inc. (GPS) $40.21 +4.55%
Edwards Lifesciences Corp. (EW) $127.52 +3.26%
Actavis plc (ACT) $266.88 +2.74%
KLA-Tencor Corp. (KLAC) $83.71 +2.69%
Gannett Co. Inc. (GCI) $32.28 +2.64%
Time Warner Cable Inc. (TWC) $146.24 +2.61%
Coach Inc. (COH) $37.41 +2.61%
Celgene Corp. (CELG) $110.98 +2.57%
Hospira Inc. (HSP) $60.30 +2.52%

S&P 500 - Fallers
Mosaic Company (MOS) $45.46 -3.71%
Jacobs Engineering Group Inc. (JEC) $47.51 -3.20%
Nabors Industries Ltd. (NBR) $16.40 -3.02%
Pioneer Natural Resources Co. (PXD) $171.00 -2.95%
Exelon Corp. (EXC) $35.25 -2.76%
FMC Technologies Inc. (FTI) $55.48 -2.67%
Newmont Mining Corp. (NEM) $19.17 -2.64%
Peabody Energy Corp. (BTU) $11.16 -2.45%
Tyson Foods Inc. (TSN) $41.25 -2.39%
FirstEnergy Corp. (FE) $36.33 -2.36%

Dow Jones I.A - Risers
Intel Corp. (INTC) $36.25 +1.85%
Walt Disney Co. (DIS) $90.58 +1.82%
Boeing Co. (BA) $134.61 +1.38%
Wal-Mart Stores Inc. (WMT) $85.40 +0.89%
JP Morgan Chase & Co. (JPM) $60.96 +0.84%
International Business Machines Corp. (IBM) $162.15 +0.76%
American Express Co. (AXP) $91.04 +0.72%
Cisco Systems Inc. (CSCO) $27.03 +0.56%
Nike Inc. (NKE) $97.95 +0.54%
McDonald's Corp. (MCD) $97.17 +0.51%

Dow Jones I.A - Fallers
AT&T Inc. (T) $34.70 -1.64%
Verizon Communications Inc. (VZ) $49.50 -1.41%
United Technologies Corp. (UTX) $108.79 -1.37%
Exxon Mobil Corp. (XOM) $95.72 -1.13%
Johnson & Johnson (JNJ) $106.88 -0.91%
Chevron Corp. (CVX) $117.59 -0.83%
Microsoft Corp. (MSFT) $47.59 -0.81%
Pfizer Inc. (PFE) $30.22 -0.76%
Merck & Co. Inc. (MRK) $59.25 -0.69%
Procter & Gamble Co. (PG) $88.11 -0.55%

Nasdaq 100 - Risers
Dish Network Corp. (DISH) $76.05 +3.19%
Illumina Inc. (ILMN) $191.16 +2.87%
KLA-Tencor Corp. (KLAC) $83.71 +2.69%
Celgene Corp. (CELG) $110.98 +2.57%
Charter Communications Inc. (CHTR) $164.36 +2.54%
Discovery Communications Inc. Class A (DISCA) $34.58 +2.47%
Vertex Pharmaceuticals Inc. (VRTX) $113.80 +2.15%
Sandisk Corp. (SNDK) $102.91 +2.06%
Bed Bath & Beyond Inc. (BBBY) $73.69 +1.91%
Symantec Corp. (SYMC) $25.80 +1.86%

Nasdaq 100 - Fallers
Keurig Green Mountain Inc (GMCR) $138.35 -1.44%
Autodesk Inc. (ADSK) $61.28 -1.08%
Netflix Inc. (NFLX) $356.47 -1.06%
Vodafone Group Plc ADS (VOD) $35.34 -0.93%
Microsoft Corp. (MSFT) $47.59 -0.81%
Mattel Inc. (MAT) $31.20 -0.79%
DIRECTV (DTV) $86.79 -0.74%
Monster Beverage Corp (MNST) $108.79 -0.60%
Baidu Inc. (BIDU) $243.91 -0.57%
Kraft Foods Group, Inc. (KRFT) $58.97 -0.42%