Investors Shrug off Brexit,
After Britons voted to leave the European Union, the unexpected turn left investors wondering what is next for Britain, Europe and the worldwide economy. As the trading session ended July 15, 2016, however, investors dismissed the vote and markets turned positive.
The HVACR Business Stock Index rose 40.69 points, or 3.44 percent, and closed at 1223.32, the highest close in over a year. Advancing issues dominated declining issues by a 28-to-4 count.
The Institute for Supply Management's (ISM) Chicago factory activity reading for Midwest manufacturing jumped 7.5 points to 56.8 in June, the highest since January, 2015.
Shares of Nortek surged after the company agreed to a merger with London-based Melrose Industries. The deal, valued at $2.8 billion, priced NTK at $56 per share and was approved by boards of both companies.
NTK jumped 36.61 points, or 73.21 percent, and was the top dollar and percentage gainer in the index. Nortek closed at 86.62.
Lennox jumped 12.52 points, or 9.24 percent and closed at 148.00. Moody’s Investment Service upped its outlook for LII to "stable" from "negative," citing the company's operating results, credit and liquidity.
U.S. shipments of residential gas storage water heaters for May 2016 decreased 13.6 percent to 340,984 units, down from 394,780 units shipped in May 2015.
Year-to-date combined shipments of central air conditioners and air-source heat pumps decreased 2.5 percent to 2,967,102 units, down from 3,042,250 units shipped in May 2015.