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S&P 500 ends up; Time Warner shares jump after hours

Reuters  |  NEW YORK 

By Caroline Valetkevitch

(Reuters) - The and ended higher on Tuesday, boosted by gains in the technology and utilities sectors, and shares of media and telecom companies jumped in extended trade after won court approval to buy

shares rose 4.4 percent in after-hours trading, while shares fell 2.8 percent. The planned deal, which was approved without conditions, could open the door to other potential industry deals.

jumped 7.2 percent in extended trade after the ruling on expectations that Corp and could start a bidding war to acquire its shares shed 3.4 percent and Walt Disney dropped 1.9 percent.

Shares of other media and telecom companies rose in after-hours trading. gained 2.8 percent; CBS rose 4.6 percent; Discovery rose 4.1 percent; and gained 4.3 percent.

futures were up 0.2 percent in trading for the overnight session, while were up 0.3 percent.

During the regular session, the rose 1.3 percent and climbed 0.6 percent, helping to push the S&P 500 up slightly.

Gains were limited during the regular session by investor caution ahead of the Federal Reserve's policy decision. The Fed is widely expected to raise interest rates for the second time this year when it concludes its two-day policy meeting on Wednesday.

Investors are focused on how the Fed characterizes its monetary policy, looking for hints on whether it would move to raise rates three or four times this year.

"People are unsure what the Fed is going to say," said Robert Pavlik, at in

"I don't think they're going to say anything particularly related to a rate hike in December," he said. "If they say a little too much about inflation, that's going to give the market a reason to get concerned."

The <.DJI> fell 1.58 points, or 0.01 percent, to 25,320.73, the S&P 500 <.SPX> gained 4.85 points, or 0.17 percent, to 2,786.85 and the Composite <.IXIC> added 43.87 points, or 0.57 percent, to 7,703.79.

Data on Tuesday showed U.S. consumer prices rose marginally in May as gasoline price increases slowed and the underlying trend continued to suggest moderate inflation in the

Investors showed little reaction to the historic U.S.-summit. and North Korean leader pledged to work toward complete denuclearisation of the Korean peninsula, but their joint statement gave few details on how the goal would be achieved.

While defence stocks such as , and Northrop Grumman Corp dipped, the broader market saw little impact from the summit.

shares were up 3.2 percent after the company said it is cutting several thousand jobs in an effort to become profitable.

gained 5 percent, to $43.49, after raised its price target on the stock by $11 to $50, saying it was confident about the company's advertising revenue growth.

Declining issues outnumbered advancing ones on the NYSE by a 1.02-to-1 ratio

The S&P 500 posted 4,241 new 52-week highs and 22 new lows; the recorded 154,139 new highs and 2,622 new lows.

About 6.4 billion shares changed hands on U.S. exchanges. That compares with the 6.6 billion daily average for the past 20 trading days, according to data.

(Reporting by Caroline Valetkevitch; Additional reporting by in San Francisco, Sruthi Shankar in Bengaluru; Editing by and Leslie Adler)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, June 13 2018. 04:39 IST
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