Markets close a strong week with gains
NEW YORK, July 1 (UPI) -- A Wall Street rally extended to a fifth day Friday, as U.S. manufacturing rose unexpectedly in June.
Economists predicted the Institute of Supply Management's Purchasing Managers Index would drop from 53.5 to 51.5. Instead, it headed higher, coming in at 55.3.
The Dow Jones industrial average, after a skid that pulled the index lower in seven of the previous eight weeks, rose 5.4 percent on the week, the biggest weekly gain in two years.
By close of trading, just before the Fourth of July break, the DJIA added 168.43 points or 1.36 percent to 12,582.77. The Standard & Poor's 500 index added 19.03 or 1.44 percent to 1,339.67. The Nasdaq composite index rose 42.51 or 1.53 percent to 2,816.03.
On the New York Stock Exchange, 2,465 stocks advanced and 519 declined on a volume of 3.2 billion shares traded.
The benchmark 10-year treasury note fell 4/32 to yield 3.182 percent.
The euro rose to $1.4519 from Thursday's $1.4502. Against the yen, the dollar rose to 80.57 yen from Thursday's 80.57 yen.
In Tokyo, the Nikkei 225 index gained 0.53 percent, 51.98, to 9,868.07.
In London, the FTSE 100 index rose 0.74 percent, 44.05, to 5,989.76.
Nortel patents raise $4.5 billion
OTTAWA, July 1 (UPI) -- Bankrupt Canadian telecommunications giant Nortel Network said its bankruptcy auction of technology patents raised $4.5 billion.
The winning bid was submitted by a business consortium that included Research in Motion, which contributed $770 million and Ericsson, which was in for $340 million, Postmedia News reported Friday.
The opening bid was presented by Google, a $900 million offer for Nortel's more than 6,000 patents that were recently called one of Canada's national treasures.
Several firms were bidding to guard against future patent violation lawsuits.
The bidding, which began Monday and ended Thursday, was "very robust" Nortel's Chief Strategy Officer George Riedel said.
Nortel filed for bankruptcy in January 2009. Riedel is the company's top executive and helping to unwind the company that once had revenues of $30 billion.
Apple, Microsoft, Ericsson, Research In Motion, Sony and EMC were all part of the consortium that submitted the winning bid.
Russia returns to grain markets
MOSCOW, July 1 (UPI) -- A union leader and markets expert said Russia, which lifted an export ban Friday, would return slowly as a grain exporting country.
Russia imposed the ban on grain exports in August 2010 to protect its supplies. A severe drought had decimated more than a third of the country's 2010 grain yields, RIA Novosti reported.
"It won't be easy for us to return to the grain market." said Arkady Zlochevsky, president of the Russian Grain Union.
Russia, before the ban, exported about 20 million tons of grains per year but grain-buying countries now have new sources of grains.
"The most likely figure [for 2011-2012] is 15-16 million tons," Zlochevsky said.
Vladimir Petrichenko, head of market research firm ProZerno said, "If there had been no embargo, the export prospects in a new season would have been splendid."
Petrichenko estimated the export potential at 18-20 million tons but then said, "Probably Russia will be unable to realize it as the embargo has pushed us eight-nine years back in commercial terms."
Andrei Sizov, director of analytical center SovEkon estimated exports would reach 16 million tons.
"The available infrastructure makes it possible to export this volume. But a more important issue today is the demand on global markets. And this demand is not as large as market participants have expected," he said.
Two Sonic restaurants to serve alcohol
MIAMI, July 1 (UPI) -- A pair of Florida Sonic restaurants are following in the footsteps of three U.S. Burger Kings and some Seattle Starbucks cafes by offering wine and beer.
A Miami Sonic and a location in Fort Lauderdale said they will begin serving 25 kinds of beer and 10 varieties of wine to customers later in the summer, USA Today reported Friday.
The Miami location will serve only to those who dine on the patio and the Fort Lauderdale store will sell alcohol only inside. Neither restaurant will serve the beverages to customers in cars, officials said.
"We look at this as an opportunity to drive evening business in this market," said Drew Ritger, senior vice president of business analysis for Sonic.
Three U.S. Burger King "Whopper Bars," in Miami, Las Vegas and Kansas City, Mo., sell beer, as do Burger King locations in Singapore, Venezuela and Spain.
Seattle currently has four Starbucks locations serving wine and beer and a spokeswoman said a fifth will be added in September.
