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4 months ago

Stocks Hold at Highs in Low-Volume Start to July -

Stocks held onto highs on Friday in a quieter, low-volume session ahead of the Independence Day long weekend.

The S&P 500 had traded just 143 million shares by late morning Friday, a fraction of the three-month daily average of 641 million shares.

The S&P 500was up 0.44%, theDow Jones Industrial Averagerose0.35%, and theNasdaqadded0.74%.

It will likely be a choppy and erratic session with low activity heading into the Independence Day long weekend.

"We're likely going to see some skeleton crews on Wall Street as many usually take long holiday weekends to enjoy the summer around holidays," said James Stanley, currency analyst at DailyFX. "This is relevant for traders because this could mean lower levels of liquidity."

Manufacturing activity in the U.S. continued to recoverin Junefrom a rough start to the year as the headwinds of a stronger U.S. dollar and weaker global demand began to ease. The ISM Manufacturing Index rose to 53.2 in June from 51.3. Analysts expected a reading of 51.5.

A separate read on the manufacturing activity showed June levels at their best in three months. The Markit's U.S. PMI Manufacturing Index increased to 51.3 in June from 50.7.

Construction spending fell in May, according to the Census Bureau. The measure declined 0.8%, a surprisingreading that conflicted with estimates of a 0.6% increase. Residential spending was flat from April's reading, while nonresidential spending declined 1.3%.

It's been a wild week for stocks. Wall Street began the week in sharp decline after the shock of Friday's pro-Brexit vote, before snapping into recovery mode. Stocks recovered from the Brexit selloff on hopes of increased monetary stimulus from the world's central banks. Bank of England Governor Mark Carney fueled those hopes on Thursday when he noted that the central bank would likely need to implement further easing.

7 months ago

ArcelorMittal US lands up to $1 bln in financing - MarketWatch

LONDON-- ArcelorMittal MT, -2.29% said Monday its U.S. unit has agreed to secure up to $1 billion in financing for its U.S. operations as it seeks to restructure the downstream assets of its operations there.

The steel giant, the world's largest by output, last month agreed to sell two of its U.S. steel operations to Black Diamond Capital Management for an undisclosed sum and earlier in the year raised $3 billion via a rights issue to pay down debt as it grapples with anemic steel prices stemming in part from excessive global steel supply.

The Luxembourg-based steelmaker said its U.S. unit agreed to a new, five-year senior secured asset-based revolving credit facility of up to $1 billion, which is expected to close in the second quarter of 2016.

This facility will be secured via inventory and certain other working capital and related assets at ArcelorMittal USA and will be used for the unit's general corporate purposes.

ArcelorMittal said it does not intend to pursue additional secured financing beyond this single asset-based facility.

Total secured debt at the end of December was $625 million, or 3.2% of the total gross debt, and was made up primarily of capital leases.

-Write to Alex MacDonald at

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