New York Report: Dow Jones ignores US economic woes

Stocks on Wall Street rose yesterday despite disappointing US economic data and after a Supreme Court decision boosted the shares of major broadcasters and as drugmakers’ stocks rallied.

The Dow Jones industrial average rose 27.67 points, or 0.16 per cent, to 16,845.8, the S&P 500 gained 4.98 points, or 0.26 per cent, to 1,954.96. The Nasdaq Composite added 14.46 points, or 0.33 per cent, to 4,364.82.

Broadcaster CBS was up $3.64 to $62.48 after it and other US TV outlets won a copyright violation victory when the Supreme Court ruled against internet television company Aereo.

Bookseller Barnes & Noble rose $1.09 to $21.65 after it said it was going to split its retail sales and Nook Media businesses into two separate public companies.

IMS Health Holdings saw its share price rise $1.77 to $24.98 following an announcement that it would buy two businesses from French company Cegedim for about $523 million.

Pioneer Natural Resources was up $11.42 to $233.07 after reports that it received approval to export a type of ultra-light oil, known as condensate, in a loosening of the US crude-oil export ban.

On Nasdaq, Aerie Pharmaceuticals was up $5.95 to $26.98 after it reported positive midstage clinical trial results for its potential glaucoma treatment Roclatan.

And Facebook gained $1.72 to $67.44 on the launch of a new messaging app and TechCrunch reported that an at-work version of the site was under development.