THE Dow industrials closed above 11,000 for the first time in almost 19 months yesterday, spurred by buying in financial, energy and industrial sectors.
It briefly topped that level on Friday but closed just short. The S&P 500, which is up 7.2 per cent since the start of the year, rose to within one point of the 1,200 level.
News of an aid plan for Greece calmed worries about sovereign debt risk, helping sentiment on Wall Street. Aluminium company Alcoa gained 1.3 per cent to $14.57 (£9.48) in the regular session, making it one of the Dow’s top boosts on a day when aluminium prices touched an 18-month high.
After the market’s close Alcoa kicked off the earnings reporting period, posting a profit of 10 cents a share, excluding special items, which matched analysts’ consensus view.
Alcoa shares were little changed in after-hours trading.
The Dow Jones industrial average rose 8.62 points, or 0.08 per cent, to 11,005.97 -- its highest close since September 2008. The Standard & Poor’s 500 Index climbed 2.11 points, or 0.18 per cent, to 1,196.48. The Nasdaq added 3.82 points, or 0.16 per cent, to 2,457.87.
S&P 500 is up 76.9 per cent since hitting bottom in March 2009.
Helping to relieve worries about sovereign debt that could have repercussions through other parts of the continent, eurozone ministers signed off on a €30bn (£26.5bn) rescue package for Greece. But they stressed that Athens had not yet asked for the aid.
FAST FACTS | US MARKETS
• The Dow Jones industrial average rose 8.62 points to 11,005.97.
• The Standard & Poor’s 500 Index climbed 2.11 points to 1,196.48.
• The Nasdaq added 3.82 points to 2,457.87.
Herbert Smith intellectual property partner Mark Shillito is taking the lead role advising long-standing client easyJet on its court proceedings against easyGroup founder Sir Stelios Haji-Ioannou.
Shillito has a track record of acting for a number of large corporates embroiled in patent, trademark, branding and contractual disputes. He counts Apple, Vodafone and Yell as some of his clients.
Geoffrey Hobbs QC and Emma Himsworth of One Essex Court have been appointed as barristers for the court dispute which kicks off in June.
Meanwhile, Jane Mutimear at law firm Bird & Bird has been appointed as main solicitor to easyGroup and Haji-Ioannou.
Michael Bloch QC and James Walmsley of Wilberforce Chambers will argue for easyGroup in front of a judge at chancery division of the High Court when the two meet.
At the heart of the dispute are tensions over a brand licensing agreement that was struck between easyJet and easyGroup when the airline floated a decade ago. Haji-Ioannou is looking for clarification on the definition of the licensing agreement.
City A.M. Reporter