Maybe Monday morning isn’t so bad after all. Stocks are inching higher after tumbling last week.
The Dow Jones industrial average was flat, but the S&P 500 gained about 0.1%. The Nasdaq was up 0.2%.
Bargain buys in stock market? It’s a different picture than last week when investors were rattled by a combination of geopolitical turmoil and worries about when the Federal Reserve will begin hiking interest rates. But those fears seem to have abated somewhat as investors look for opportunities to buy stocks at a slight discount.
“I certainly don’t think that the geopolitical hot spots have cooled, but technically markets are at the level where they could get a bit of a bounce,” said Art Hogan, chief market strategist for Wunderlich Securities, referring to the wars in Israel and Ukraine.
Stock market movers — Michael Kors, Tekmira Pharmaceuticals, Berkshire Hathaway: Handbag maker Michael Kors reported impressive jumps in revenue and profit. But the stock fell despite the results.
Shares of Tekmira Pharmaceuticals surged on reports that the Food and Drug administration would allow the company to resume clinical trials of its treatment of the Ebola virus.
Warren Buffett’s Berkshire Hathaway said Friday that profits grew by nearly $2 billion in the second quarter. Shares are up about 1% Monday.
HSBC reported results showing a decline in profit in the first half of 2014 but shares in the company still managed an increase.
Another bank rescue: Portugal’s central bank announced it is using €4.9 billion ($6.6 billion) to rescue Banco Espirito Santo.
The move involves splitting the troubled bank into a “good” and “bad” bank, and aims to protect taxpayers and bank customers. Shareholders and some bond holders will lose out. Shares in BES were suspended Monday but have slumped 87% so far this year.
Portugal’s benchmark PSI 20 index edged up by 1.8% Monday, though the index has declined by 11% since the start of the year.
European markets were mixed. Asian markets also turned in a mixed performance.
