Mar­kets

The Times Herald (Norristown, PA) - - BUSI­NESS -

ping vol­umes grew in the first quar­ter and rates in­creased. Its shares climbed 6.2 per­cent to $119.75.

Bank of Amer­ica also got a post-earn­ings boost af­ter the lender posted a larger profit, helped by cor­po­rate tax cuts and ris­ing in­ter­est rates. Its shares rose 0.4 per­cent to $29.93.

A cou­ple of gam­bling com­pa­nies were among the big movers Mon­day.

Carl Ic­ahn’s com­pany struck a roughly $1.85 bil­lion deal that would fuse the gam­bling and ho­tel op­er­a­tions of Trop­i­cana En­ter­tain­ment to El­do­rado Re­sorts Inc. Trop­i­cana vaulted 26.8 per­cent to $69.75. El­do­rado jumped 16.2 per­cent to $41.50.

Truck and en­gine maker Nav­is­tar In­ter­na­tional jumped 9.8 per­cent to $40.71 af­ter Reuters re­ported that Volk­swa­gen might buy the com­pany.

Traders sold shares in WPP, the world’s largest ad agency, af­ter its CEO, Martin Sor­rell, re­signed over an in­ves­ti­ga­tion into per­sonal mis­con­duct. An­a­lysts say his de­par­ture could leave the com­pany he founded three decades ago rud­der­less, but could also see parts sold off for higher value. The stock fell 4.7 per­cent to $80.56.

Oil prices fell back from spikes last week on fears over an es­ca­la­tion of strife in the Mid­dle East. Bench­mark U.S. crude de­clined $1.17, or 1.7 per­cent, to set­tle at $66.22 per bar­rel on the New York Mer­can­tile Ex­change. Brent crude, which is used to price in­ter­na­tional oils, slid $1.16, or 1.6 per­cent, to close at $71.42 per bar­rel.

Bond prices didn’t move much. The yield on the 10year Trea­sury held steady at 2.83 per­cent.

The dol­lar fell to 107.10 yen from 107.41 yen on Fri­day. The euro strength­ened to $1.2381 from $1.2334.

Gold rose $2.80 to $1,350.70 an ounce. Sil­ver added 2 cents to $16.68 an ounce. Cop­per gained 2 cents to $3.10 a pound.

In other en­ergy fu­tures trad­ing, heat­ing oil dropped 3 cents to $2.07 a gal­lon, while whole­sale gaso­line slid 3 cents to $2.04 a gal­lon. Nat­u­ral gas rose 2 cents to $2.75 per 1,000 cu­bic feet.

Ma­jor in­dexes in Europe fin­ished mostly lower. Ger­many’s DAX lost 0.4 per­cent, while the CAC 40 in France ended es­sen­tially flat. The FTSE 100 in Bri­tain dropped 0.9 per­cent.

Ear­lier in Asia, Ja­pan’s Nikkei 225 in­dex rose 0.3 per­cent, while Hong Kong’s Hang Seng dropped 1.6 per­cent. South Korea’s Kospi edged 0.1 per­cent higher. Aus­tralia’s S&P ASX 200 picked up 0.2 per­cent.

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