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17 April 2017
U.S. stocks
are starting higher Monday as investors get back to trading after the Easter
holiday weekend. Technology and consumer-focused companies are making some of
the largest gains after the Chinese government said that country's economy grew
at a slightly faster pace in the first quarter. Health care and energy
companies are lagging the market. The Total Investment & Insurance
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KEEPING SCORE: The Standard & Poor's 500 index climbed 9
points, or 0.4 percent, to 2,338 as of 10:10 a.m. Eastern time. The Dow Jones
industrial average rose 88 points, or 0.4 percent, to 20,541. The Nasdaq
composite picked up 27 points, or 0.5 percent, to 5,832. The Russell 2000 index
of smaller-company stocks edged up 4 points, or 0.4 percent, to 1,350. Stocks
have declined three weeks out of the last four. The
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Early leaders included chipmaker Nvidia, which gained $2.32, or
2.4 percent, to $97.81, and Google parent company Alphabet, which picked up
$8.17, or 1 percent, to $949.35. Among consumer companies, online retail giant
Amazon jumped $8.13 to $892.80 and streaming video company Netflix added $2.95,
or 2.1 percent, to $145.87. The Total Investment & Insurance
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CHINA: China's recovering economy appeared to get stronger in the
first quarter, as it grew 6.9 percent compared to a year ago. That was a
slightly faster pace than the quarter before. The world's second-largest
economy grew at its slowest pace in almost 30 years in 2016. Policies aimed at
tempering the slowdown included higher spending on construction of
infrastructure such as roads and bridges. Relatively cheap credit spurred
booming property sales. The official full-year economic growth target for 2017
is 6.5 percent. The Total Investment & Insurance
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LET'S NOT SPLIT UP: Medical device maker Alere surged after it
accepted a new, lower buyout offer from Abbott Laboratories. Abbott will pay
$51 a share, or about $5.3 billion. Abbott agreed to buy Alere more than a year
ago for $56 per share, or $5.8 billion, but filed a lawsuit to end the deal
after Alere recalled a key product, delayed filing a financial statement, and
faced an investigation into its business outside the U.S. The
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Alere climbed $6.94, or 16.4 percent, to $49.25. It had traded as
low as $31.47 last July as investors worried the deal would fall apart. Abbott
rose 29 cents to $42.96.
ACHES AND PAINS: Eli Lilly stumbled after the Food and Drug
Administration refused to approve its much-anticipated pill for the immune
disorder rheumatoid arthritis. The FDA said it wants more information about the
safety of Olumiant and the best doses for the drug. The drug was approved in
Europe in February and Lilly has high hopes for it because it's a pill instead
of an injection like most other new rheumatoid arthritis drugs. It's the second
drug development setback for Lilly since November and its stock lost $3.42, or
4 percent, to $82.46. The Total Investment & Insurance
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CRUNCHED: Snack maker Snyder's-Lance is tumbling after it gave a
weak first-quarter forecast that included more spending on marketing and lower
profit margins. Snyder's-Lance also said its CEO Carl Lee Jr. retired after 12
years with the company. Brian Driscoll will be its interim CEO. Driscoll was
the CEO of Diamond Foods, a company Snyder's-Lance bought in 2016 for more than
$1 billion. Snyder's-Lance dropped $7.59, or 19 percent, to $32.34.
OIL: Benchmark U.S. crude lost 9 cents to $53.09 a barrel in New
York. Brent crude, used to price international oils, fell 5 cents to $55.84 per
barrel in London.
BONDS: Bond prices rose. The yield on the 10-year Treasury note
dipped to 2.22 percent. It finished at 2.24 percent Thursday. The
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CURRENCIES: The dollar fell to 108.47 yen from 109.16 yen. The
euro rose to $1.0660 from $1.0612.
OVERSEAS: Markets in Hong Kong, France, Germany and Britain were
all closed for the Easter holiday. In Japan the Nikkei 225 index gained 0.1
percent. South Korea's Kospi added 0.5 percent.The
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