Dow advances on surging financials and basic materials shares

Source: Dukascopy Bank SA
© scanpix/AFP
U.S. blue chips included in the Dow Jones Industrial Average index edged higher on Friday. Gains in the index were mostly led by financials and basic materials shares. The benchmark gauge advanced 0.3%, or 43.85 points, to 13,435.21. All but one sector in the index increased. Technology sector posted 0.68% losses, mainly driven by a decline in the Microsoft Corporation's shares. Further increase in the health care group's shares was limited by a 1% decline in Merck & Co's stocks after the announcement of the company's CEO Ken Frazier that a further consolidation in pharmaceutical industry is possible amid pressures on drug pricing. Meanwhile, Alcoa Inc., the largest aluminium producer in the U.S., advanced 2.1% to $9.26, pacing gains in the basic materials group that was 1.12% up. Walt Disney Corporation advanced nearly 2% to $52.19 amid speculation the company has filed an application claiming for patent rights on a gaming console. Meanwhile, Bank of America and JPMorgan Chase & Co shares rallied, adding to gains in the financials sector that advanced 1.2%, showing the biggest increase in the gauge.  


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