Wall St gains despite disappointing economic news

CNBC's Mary Thompson - It was an up day on Wall Street despite some disappointing economic news. The Dow rose 94-point, the S&P 500 finished up over 14-point and the Nasdaq closed 37-point higher. The stocks showed off Federal Reserve report that manufacturing output fell more than expected 0.7% last month.

An another economic news - weekly jobless claims were in-line with expectations. Readings of the manufacturing in New York and Philadelphia regions were weak, also homebuilder sentiment declined.

There was encouraging profit outlook from retailers JC Penny and Tiffany. An activist investor Carl Icahn says he plans to takeover Yahoo board, his aim is to restart takeover talks with Microsoft. Yahoo rejected this offer of USD 47,500 billion bid calling it inadequate but Icahn things that shareholders will side with him in Yahoo’s annual meeting on July 3.

Wall Street Action

• Dow up 94 pts, S&P 500 gains 14 and Nasdaq closes 37 pts higher
• April Mfg output falls 0.7%, more than expected
• Weekly jobless claims at 3.7 lakh, in-line with expectations
• Readings on mfg in New York & Philadelphia regions weak
• Homebuilder sentiment declines
• Retailers JC Penny & Tiffany report encouraging profit outlook
• Carl Icahn plans to takeover Yahoo's board
• His aims to restart talks with Microsoft