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Pharma & Biotech

US shares soar again as retailers spring pleasant surprise

US shares are expected to continue their record march upwards

US shares soared higher again at the open.

The Dow Jones gained 0.62% or 113 points to 18,603. Other indices were equally strong.

The S&P500 added 0.42% to 2,184, while the tech heavy Nasdaq added 0.32% to 5,221.

Better than expected economic data fuelled the rise. Weekly jobless claims stayed below 300,000, while the import/export price indices both rose slightly.

Earnings bolstered retailers Macy’s (NYSE:M) up 16% to US$39.51 and Kohl’s (NYSE:KSS) up 14% to US$43.28.

Macy’s sales in the three months came in at US$5.866bn, down 3.9% when compared with the US$6.1bn in the same period last year.

The firm also restated its previous sales and earnings guidance for full-year 2016, which better than expected.

Chesapeake (NYSE:CHK) rose 4% to US$$4.99 on news it is to sell its interests in the Barnett Shale.

Beleaguered pharma group Valeant slumped 9.4% to US$24.75 as the Wall Street Journal reported investigators are probing whether it had hidden its links to mail order distributor Philidor.