After Ruling in Big Case, Activision Jumps 10%

Other winners Tuesday included Salesforce, Amazon
By Newser Editors and Wire Services
Posted Jul 11, 2023 4:00 PM CDT
Activision Jumps 10% After Ruling on Microsoft Deal
Scenes from "Candy Crush Saga," left, by Activision Blizzard, and "Crash Team Rumble," from Activision Publishing.   (AP Photo/Richard Drew)

Stocks closed higher on Wall Street Tuesday as investors waited for updates on inflation and corporate profits. The S&P 500 rose 29.73, or 0.7%, to 4,439.26. The Dow Jones Industrial Average gained 317.02 points, or 0.9%, to 34,261.42, and the Nasdaq composite added 75.22, or 0.5%, to 13,760.70. Much of Wall Street's gains for the day came at the end of trading, with about a third of the S&P 500's rise happening in the final 20 minutes. Activision Blizzard jumped 10% for one of the S&P 500's biggest gains after a judge ruled Microsoft could move forward on its takeover of the video game maker, the AP reports. Microsoft rose 0.2%.

Salesforce was the biggest force driving the Dow after climbing 3.9% on price increases announced for its products. Amazon was also pushing the market upward and rose 1.3% on the first day of its annual Prime Day sales event. WD-40 jumped 18.5% after it said it returned to growth in revenue during the three months through May following two straight quarters of flat to down sales. On the losing side of Wall Street were several cruise operators, which lost momentum following a torrid start to the year. Carnival fell 1.4%, and Royal Caribbean slipped 1%. Both, though, are still up more than 100% for the year so far.

The week's main event will arrive on Wednesday, when the federal government will offer the latest update on inflation at the consumer level. Economists expect to see another slowdown, with prices 3.1% higher in June than a year earlier, down from inflation of 4% in May and just above 9% last summer. The hope on Wall Street is that a continued easing in inflation will convince the Federal Reserve to stop its hikes to interest rates soon. (More stock market stories.)

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