Investors were in a buying mood again on Thursday, driving U.S. stocks higher for the second straight day as they took advantage of this week’s heavy sell-off.
The rally came a day after the stock market delivered its biggest gain in almost four years, ending a steep six-day slump that was triggered by concerns about the health of the Chinese economy.
Energy stocks surged as the price of U.S. oil jumped more than 10 percent, closing back above $40 a barrel.
Investors were encouraged as China’s main stock-market index logged its biggest gain in eight weeks. They also welcomed a report indicating that the U.S. economy expanded in the second quarter at a much faster pace than previously estimated.
But mostly it was the opportunity to pick up beaten-down shares that drove the rebound. By Tuesday’s close, the Standard & Poor’s 500 index had tumbled more than 10 percent from the all-time high it had set in May.
“Asset prices sold off so much and so drastically, people went in and did start to bottom-fish,” said David Lyon, global investment specialist at J.P. Morgan Private Bank in San Francisco.
PulteGroup, Inc.(NYSE:PHM) increase 3.23% and closed at $20.46. The 52-week range for the stock is $19.83 and $20.48 and during the previous trading session the stock touched its highest price at $20.48. Its introductory price for the day was $20.46, with the overall traded volume of 6.44 million shares. PulteGroup, Inc. (NYSE:PHM) through its subsidiaries, engages in the homebuilding business; mortgage banking operations; and title operations in the United States. The company is involved in the acquisition and development of land primarily for residential purposes; and the construction of housing on land. It offers various home designs, including single-family detached, townhouses, condominiums, and duplexes under the Pulte Homes, Del Webb, and Centex brand names.
GoPro Inc (NASDAQ:GPRO) rose 3.20% and closed at $47.76. The 52-week range for the stock is $37.13 and $98.47 and during the previous trading session the stock touched its highest price at $49.46. Its introductory price for the day was $47.85, with the overall traded volume of 8.48 million shares. GoPro Inc (NASDAQ:GPRO) develops hardware and software solutions to alleviate consumer pain points associated with capturing, managing, sharing, and enjoying engaging content. The company offers HERO line of capture devices, such as cameras; premium accessories, including battery BacPac, smart remote, and LCD touch BacPac accessories; and mounts comprising equipment-based mounts consisting of helmet, handlebar, roll bar, and grip and tripod mounts that enable consumers to capture content while engaged in a range of activities.
Celgene Corporation (NASDAQ:CELG) gaining 3.20% and closed at $123.04 on a traded volume of 5.79 million shares, in comparison to 5 million shares of average trading volume. The company has a total market capitalization of $ 94.26B. Celgene Corporation (NASDAQ:CELG) plans to present at three upcoming investor conferences in September where Celgene management will provide an overview of the Company. The conferences will be webcast live and a link to the webcast will be accessible in the Investor Relations section of the Company’s website at www.celgene.com. Wednesday, September 9, 2015 at Baird’s 2015 Healthcare Conference in New York City at 3:45 pm ET Wednesday, September 16, 2015 at the 2015 Morgan Stanley Global Healthcare Conference in New York City at 1:40 pm ET
Prologis Inc (NYSE:PLD) surged 3.17% and closed at $38.72 on a traded volume of 4.50 million shares, whereas its average trading volume is 3 million shares. The Intra-day range for the stock is $ 37.60 – 38.85 and Total of 524.13M outstanding shares. Prologis Inc (NYSE:PLD) declared it has signed five new development leases totaling 926,000 square feet (86,000 square meters) in three of its target markets in China: Suzhou, Chongqing and Shenyang.
“This leasing underscores the merits of our focused investment strategy of building, owning and managing the highest-quality distribution facilities in premier locations in supply-constrained markets,” stated Gary Anderson, CEO, Prologis Europe and Asia. “Demand in our target markets remains broad-based, spanning the e-commerce and consumer goods sectors. Our well-located, Class-A properties meet this demand by putting our consumers closer to the end consumer.”