Wall Street rallies to end week higher

By Dow Jones newswires

In corporate news, Lululemon Athletica Inc. founder Dennis “Chip” Wilson agreed to sell half his stake in the company to a private-equity firm for $845 million. Shares rose 2. 8 per cent. Zynga Inc. shares fell 1. 4 per cent after the videogame maker reported a wider second-quarter loss and lowered its financial outlook for the year.

The report followed Nikolai Patrushev, secretary of Russia‘s Security Council, telling state-run RIA Novosti news agency that “Russia will continue to make all efforts for a very fast de-escalation of tensions. “With the Ukraine situation playing out the way it is, there was a lot of uncertainty what was happening next,” said Darren Wolfberg, head of US cash equity trading at BNP Paribas. “It seemed like things were heating up there.

On the economic front, wholesale inventories rose 0. 3 per cent in June, less than economists expected. A measure of U. S. workers’ productivity improved 2. 5 per cent in the second quarter, the Labor Department reported, topping the median forecast of economists in a Wall Street Journal poll.

Read more here: Business Spectator


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