(MENAFN- ProactiveInvestors - N.America)
Shares have defied pre-opening expectations of a slightly lower and roused themselves, spurred on by a resurgent oil price.
The blue-chip benchmark, the S & P 500, was eight points firmer at 2,054 after around 45 minutes' trading while its mid-cap counterpart, the S & P 400, was 10 points better at 1,451.
Further down the food chain the Russell 2,000 index, which tracks small-caps, was eight points higher at 1,110.
The price of West Texas intermediate, the US crude benchmark, was 3.1% higher on the day at $47.62 a barrel, lifting energy company stock prices with it.
A spot of merger activity has added a bit of spice to proceedings, with Gannett Co Inc (NYSE:GCI), the publisher of USA Today, upping its offer for Chicago Tribune publisher Tribune Publishing Co (NYSE:TPUB) to $15 a share from $12.25 previously, while Anacor Pharmaceuticals Inc (NASDAQ:ANAC) has succumbed to an offer from drugs giant Pfizer Inc (NYSE:PFE).
Tribune Publishing is still trading below Gannett's offer price, at just over $14, but it is the top riser on the NYSE, up 22.4%.
Anacor Pharmaceuticals has surged 54% to $98.90 and is the third best riser on Nasdaq.
Top of the Nasdaq tree is Nanosphere Inc (NASDAQ:NSPH), the molecular diagnostics specialist, in yet another bid situation.
Its shares rose 69% to $1.32 as it agreed to a $1.35 a share offer from Luminex Corporation (NASDAQ:LMNX), which rose 1.2%.
The agreed bid overshadowed Nanosphere's results, which showed a sharp rise in total revenue to $6.59mln from $4.62mln the year before, though it remained loss-making, with a net loss of $6.57mln, which was at least a narrower loss than last year's $7.53mln.
Pre-open
After Friday's shake-out, investors look set to start the week quietly licking their wounds, after some indifferent economic data from China.
Ahead of the release on Wednesday of the minutes from the most recent meeting of the central bank's policy makers, the Dow Jones is tipped to open five points or so lower after shipping 185 points on Friday.
The broader-based S & P 500 fell 18 points on Friday and if spread-betting quotes are to be believed it is set to open just a smidgen lower today.
Although sentiment is likely to be affected by Chinese economic indicators for investment, factory output and retail sales figures released on Saturday all undershooting expectations, an uplift in oil prices is likely to offer support.
'Oil has also been range-bound for a while now but it seems that a suggestion by Goldman Sachs that the oil market is no longer oversupplied due to a number of supply disruptions and bankruptcies in the US, has propelled prices to a six month high. The next key level for Brent will be around $51-51.50, while $48.50 in WTI may offer some resistance,' said Craig Erlam at forex trading platform operator OANDA.
On the other hand, this morning's Empire State general business conditions index for May did nothing to encourage the bulls. The index moved nine points into negative territory after a +9.6 reading in April.
Orders and shipments both lapsed into the red in May.
On the corporate front, there has been a good deal of interest in news that legendary investor Warren Buffett has used his investment vehicle Berkshire Hathaway Inc (NYSE:BRK.A) has bought 9.8mln shares in iPhone maker Apple Inc (NASDAQ:AAPL).
The shares were purchased at an average price of around $109 a share.
Shares in Apple hit a 52-week low on Thursday but were up 1.7% at 92.07 in pre-market trading.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.