* Threats of ECB action keeps euro subdued
* Oil prices fall on rising supplies
* U.S. bond prices slip before two-year supply (Adds oil settlement)
By Herbert Lash
NEW YORK (Frankfurt: HX6.F - news) , April 22 (Reuters) - Global equity markets rose onTuesday, powered by solid U.S. corporate earnings anddeal-making activity among European drugmakers, while the euroedged above break-even.
On Wall Street, the S&P 500 and the Nasdaq were on track fora sixth straight session of gains, led by technology shares. InEurope, an index of top European shares finished up 1.3 percent,the biggest daily advance since early March.
Netflix Inc, the video streaming company, surged5.9 percent to $369.10 a day after it reported quarterly resultsthat showed strong subscriber growth, a sign the company'sshares could continue to rise despite valuation concerns.
One-fifth of the companies in the S&P index have reportedfirst-quarter earnings so far, of which 63 percent beat analystsexpectations. The rate is in line with a 20-year average butdown from the 66 percent average of the past four quarters.
"The season has been better than many have feared, which ishelping investors feel comfortable with the pace of economicgrowth, not just in the first quarter but going forward," saidJoseph Tanious, global market strategist at J.P. Morgan AssetManagement in New York.
The Dow Jones industrial average rose 99.25 points or0.6 percent, to 16,548.5. The S&P 500 gained 11.57points, or 0.62 percent, to 1,883.46 and the Nasdaq Composite added 46.407 points, or 1.13 percent, to 4,167.953.
AstraZeneca (NYSE: AZN - news) jumped 4.7 percent in London after theSunday Times newspaper reported Pfizer (NYSE: PFE - news) approached itsBritish rival with a 60 billion pound ($101 billion) takeoveroffer. Pfizer rose 1.2 percent to $31.23.
GlaxoSmithKline (Other OTC: GLAXF - news) rose 5.2 percent after it agreed tosell its oncology products to Novartis (Xetra: NOT.DE - news) for $14.5billion, while buying the Swiss firm's vaccines, excluding flu.Novartis' shares were up 2.3 percent.
Investors trimmed their positions of U.S. dollars after atwo-week run higher, unmoved by data on U.S. existing home salesfor March that beat expectations but showed a modest declinefrom the prior month.
The euro gave up some of its modest gains, but remainedslightly positive against the greenback and yen.
The euro slipped to a two-week low of $1.3783 at onepoint, before trading 0.09 percent higher at 1.3803.
ECB executive board member Benoit Coeure said on Tuesdaythat there was further margin to reduce the main interest ratebelow 0.25 percent and that the strength of the euro could bekeeping inflation too low.
But until the ECB takes action, traders said the euro wasunlikely to weaken much, thus keeping it tied to a range.
The dollar was flat against the yen at 102.61.
U.S. crude futures fell ahead of Energy InformationAdministration data expected to show that U.S. inventories haverisen close to record-highs. Brent also fell but was cushionedby continued concerns over the stand-off in Eastern Ukraine.
Brent crude settled down 68 cents at $109.27 abarrel, after reaching a six-week high of $110.36 last week.U.S. crude slipped $2.24 to settle at $102.13 a barrel.
U.S. Treasuries prices fell, with benchmark yields at theirhighest level in two weeks, in advance of an auction of $32billion in two-year notes, the first part of this week's $96billion in coupon-bearing supply.
Benchmark 10-year Treasuries notes last traded1/32 lower in price to yield 2.7242 percent,
(Reporting by Herbert Lash; Additional reporting by MariusZaharia in London; Editing by Leslie Adler and Chizu Nomiyama)
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