Finance Markets

June 20, 2006

Supermarkets higher in New York

Filed under: Equities, Economy, US

The New York equities markets were mixed at midday on Tuesday after having suffered losses in the past two sessions. The Dow Jones Industrial Average was 0.7 percent higher at 11,022.31 and the S&P 500 had gained 0.6 percent to 1,247.22. The Nasdaq Composite, however, was 0.5 percent lower at 2,121.01.

Retailers were up on the day. Supermarket chain Safeway was up 2.6 percent to $25.06, while rival Kroger had added 5.3 percent to $20.48 on higher than forecast earnings in its first quarter. Meanwhile, discount reatiler Costco gained 2.7 percent to $55.00 on an upgrade from “neutral” to “overweight” from JPMorgan.

Companies that produce food staples were up as well. Kellog, the cereal maker, was up 1 percent to $47.34, while Campbell Soup added 1.2 percent to $35.93 and condiment maker Heinz gained 1.3 percent to $41.65.

Miners, too, saw advances. Newmont Mining was up 1.9 percent to $50.10. Phelps Dodge gained 2.4 percent to $78.88, while Freeport McMoran added 2.6 percent to $48.20 and Barrick Gold advanced by 2.9 percent to $28.02.

In the airline sector, Continental Airlines was up 3.1 percent to $27.72, while JetBlue gained 5.2 percent to $12.13 on positive comments from Morgan Stanley.

The semiconductor sector, however, saw losses, as Sandisk lost 2.1 percent to $51.38 and Nvidia dropped 2.5 percent to $20.48.

Electronics retailer Circuit City was down 0.9 percent to $28.36 after Monday’s statement that higher interest rates are likely to affect its sales.

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