NYSE Dow Jones finished today at:

[PZ99]

Looks like a Trump dump in play for NYSE although still way over 20K.

Plenty of hair loss coming up here today

 

[bigdog]

https://www.usnews.com/news/busines...s-stock-indexes-lower-in-early-trading-oil-up

Stocks, Bond Yields Drop Washington Turmoil Rattles Markets
Stocks drop as financial markets are rattled by the latest turbulence in Washington.

By ALEX VEIGA, AP Business Writer

The growing political drama in Washington rattled Wall Street Wednesday, knocking the Dow Jones industrial average down more than 370 points and giving the stock market its biggest single-day slump in eight months.

Investors worried that the headline-fueled political turmoil that has enveloped the White House may hinder President Donald Trump's plans to cut taxes, roll back government regulations and other aspects of his pro-business agenda.

The steep drop ended an unusually long period of calm for the markets, which had been hovering near all-time highs.

Financial stocks, which had soared in the months since the election, declined the most as bond yields fell sharply. Bonds, utilities and gold rose as traders shunned riskier assets. The dollar fell.

"When you are at these valuations, the market has to reassess whether or not the agenda is actually going to be implemented," said Quincy Krosby, market strategist at Prudential Financial. "What you're seeing is a classic run toward safety."

The Standard & Poor's 500 index had its biggest drop since September, sliding 43.64 points, or 1.8 percent, to 2,357.03. The Dow lost 372.82 points, or 1.8 percent, to 20,606.93. The Nasdaq composite index, coming off setting two consecutive record highs, gave up 158.63 points, or 2.6 percent, to 6,011.24.

Small-company stocks fell more than the rest of the market. The Russell 2000 index sank 38.79 points, or 2.8 percent, to 1,355.89. Those companies would stand to benefit even more than large ones from corporate tax cuts Trump is proposing. They also had risen sharply in the months following the election.

The sell-off snapped an unusually long period of calm after hitting a series of record highs. On Tuesday the S&P 500, the benchmark favored by professional investors, marked its 15th straight day of moving up or down by less than 0.5 percent. It closed at its latest record high on Monday.


Bond prices rose sharply. The 10-year Treasury yield fell to 2.21 percent from 2.33 percent late Tuesday, a large move.

The seeds of Wednesday's steep market sell-off were present late Tuesday, when a published report revealed that Trump allegedly made a personal appeal to now-fired FBI Director James Comey to drop the bureau's investigation into former National Security Adviser Michael Flynn. The White House denied the report.

Trump had already been facing pointed questions about his discussions with Russian diplomats during which he was reported to have disclosed classified information.

"The controversy is not new, but this one really seems to be sticking," said Erik Davidson, chief investment officer for Wells Fargo Private Bank. "The Trump economic program is either going to be delayed by this turn of events or possibly be derailed, that's why investors are acting the way they are."

The latest headlines ratcheted up the market's unease. The VIX index, a measure of how much volatility investors expect in stocks, rose to its highest level since April 13. Investors shifted into U.S. government bonds, pushing yields lower, and into gold. The precious metal jumped 1.8 percent, climbing $22.30 to settle at $1,258.70 per ounce.

Among the hardest-hit stocks Wednesday are in sectors that benefited most from the post-election rally as investors banked on Trump to cut taxes, boost infrastructure spending and relax regulations that affect energy, finance and other businesses.


Banks fell sharply as bond yields declined, which will mean lower interest rates on loans. Bank of America slid $1.42, or 5.9 percent, to $22.57.

Unease over the potential implications of the latest political fallout in Washington weighed on the dollar Wednesday. The euro strengthened to $1.1150 from $1.1095. The dollar dropped to 111.11 yen from 113.03 yen.

Benchmark U.S. crude rose 41 cents, or 0.8 percent, to close at $49.07 per barrel in New York. Brent crude, used to price international oils, gained 56 cents, or 1.1 percent, to close at $52.21 per barrel in London. In other futures trading, natural gas fell 4 cents to $3.19 per 1,000 cubic feet. Wholesale gasoline was little changed at $1.60 per gallon. Heating oil rose 2 cents to $1.53 per gallon.

Among other commodities, silver added 16 cents to $16.85 per ounce. Copper was little changed at $2.54 per pound.

Markets overseas were also mostly lower.

In Europe, Germany's DAX fell 1.4 percent. The CAC 40 in France slid 1.6 percent. The FTSE 100 index of leading British shares dipped 0.2 percent. Asian markets mostly fell. Japan's Nikkei 225 dropped 0.5 percent, while South Korea's Kospi dipped 0.1 percent. Hong Kong's Hang Seng index slipped 0.2 percent.

 

[bigdog]

https://www.usnews.com/news/busines...indexes-edge-higher-in-early-trading-oil-down

Rally Powers Rebound in US Stocks a Day After Slump
Solid gains among phone companies and some retailers helped nudge U.S. stocks higher a day after the stock market had its biggest drop in eight months.

By ALEX VEIGA, AP Business Writer

Solid gains among phone companies and some retailers helped nudge U.S. stocks higher on Thursday, a day after the stock market had its biggest drop in eight months. Banks also recouped some of their losses. Energy and materials stocks fell.

The rally came a day after the market's worst drop since September as political tumult deepened in Washington, stoking worries among investors that President Donald Trump may have trouble enacting tax cuts and other business-friendly policies.

"People may be wanting to put money to work in stocks, but the bonds they bought yesterday, they're still going to keep those as a little bit of a hedge, just in case," said JJ Kinahan, chief market strategist at TD Ameritrade.

The Standard & Poor's 500 index rose 8.69 points, or 0.4 percent, to 2,365.72. The Dow Jones industrial average added 56.09 points, or 0.3 percent, to 20,663.02. The Nasdaq composite index gained 43.89 points, or 0.7 percent, to 6,055.13. The Russell 2000 index of smaller stocks picked up 5.19 points, or 0.4 percent, to 1,361.08.

Bond prices slipped. The 10-year Treasury yield rose to 2.23 percent from 2.22 percent.

Despite the day's gains, the major stock indexes were still on course to end the week in the red.

Stocks appeared headed for another down day early Thursday following sell-offs in Asia and Europe. But better-than-expected quarterly results from Wal-Mart Stores and retailers such as L Brands helped lift the market.

Wal-Mart gained $2.42, or 3.2 percent, to $77.54, while L Brands rose $1.29, or 2.7 percent, to $49.69.

Traders also welcomed data from the Labor Department showing that applications for unemployment benefits fell last week to the lowest level in nearly three months.


Among other big movers: Incyte surged 6.9 percent on growing analyst optimism over the biopharmaceutical company's work developing cancer treatments. The stock gained $8.31 to $128.80.

Weak quarterly results from other companies sent those stocks lower.

Ascena Retail Group sank 27 percent after the retailer cut its forecast for its fiscal third quarter and full year, citing lagging customer traffic and other challenges. The stock lost 76 cents to $2.06.

Cisco Systems fell 7.2 percent a day after the internet gear maker said it expects revenue in its fiscal third quarter to be down from a year earlier. The company also said it was laying off 1,100 workers in addition to the 5,500 job cuts Cisco announced last August. The stock gave up $2.44 to $31.38.

Benchmark U.S. crude oil futures rose 28 cents, or 0.6 percent, to close at $49.35 a barrel in New York. Brent crude, used to price international oils, climbed 30 cents, or 0.6 percent, to settle at $52.51 a barrel in London. In other futures trading, natural gas fell 1 cent to $3.18 per 1,000 cubic feet. Wholesale gasoline was little changed at $1.60 per gallon. Heating oil rose 1 cent to $1.54 per gallon.

In metals trading, the price of gold fell $5.90 to settle at $1,252.80 per ounce. Silver lost 24 cents to $16.67 per ounce. Copper slipped 2 cents to $2.53 per pound.

The euro slipped to $1.1101 from $1.1150 on Wednesday. The dollar strengthened to 111.49 yen from 111.11 yen.

Major stock indexes overseas closed lower.

In Europe, Germany's DAX was down 0.3 percent, while France's CAC 40 was 0.5 percent lower. The FTSE 100 index of leading British shares was down 0.9 percent. In Asia, Japan's benchmark Nikkei 225 index slid 1.3 percent. South Korea's Kospi lost 0.3 percent. Hong Kong's Hang Seng shed 0.6 percent.

 

[bigdog]

https://www.usnews.com/news/busines...ndexes-move-higher-in-early-trading-oil-rises

US Stocks Close Broadly Higher; Oil Rises
Industrial companies led U.S. stocks higher, giving the stock market its second gain in two days.

By ALEX VEIGA, AP Business Writer

Industrial companies led U.S. stocks higher Friday, giving the stock market its second gain in two days.

The rally was broad, with all 11 industry sectors in the Standard & Poor's 500 index closing higher. That included energy stocks, which climbed as the price of crude oil rose.

The gains helped trim some of the losses that traders booked two days earlier when the stock market posted its worst day in eight months amid deepening political turmoil in Washington.

Investors appeared to shrug off those concerns on Friday, preferring instead to focus on the latest batch of corporate earnings, which included solid results from Deere & Co. and other companies.

"If you took a week off, you probably thought you didn't miss much, because we're at about the same levels today as we were last Friday," said Sean Lynch, co-head of global equity strategy at Wells Fargo Investment Institute. "And yet, we spiked to a new all-time high on the S&P on Monday, we suffered the worst decline of the year on Wednesday, and again we're back within 1 percent of that all-time high today."

The S&P 500 index rose 16.01 points, or 0.7 percent, to 2,381.73. The Dow Jones industrial average added 141.82 points, or 0.7 percent, to 20,804.84. The Nasdaq composite index gained 28.57 points, or 0.5 percent, to 6,083.70. The Russell 2000 index of smaller stocks picked up 6.25 points, or 0.5 percent, to 1,367.33.

Four stocks rose for every one that fell on the New York Stock Exchange. Still, indexes ended the week lower.

Bond prices edged lower. The 10-year Treasury yield rose to 2.24 percent from 2.23 percent late Thursday.

Investors had grown concerned Wednesday that President Donald Trump's pro-business agenda could be hindered by fallout from allegations that he asked the FBI to end an investigation into former National Security Adviser Michael Flynn, sparking the steep sell-off.


But they remained in a buying mood Friday, nudging U.S. stock indexes higher early on, extending modest gains from the day before.

"It's clearly been a roller coaster week, with equities being swayed between political uncertainty and improving fundamentals," said Terry Sandven, chief equity strategist at U.S. Bank Wealth Management. Despite the tumult in Washington, "President Trump's pro-growth agenda of tax reform, less regulation, infrastructure spend and the like, in our view, still remain drivers of higher stock prices."

Traders bid up shares in several companies like Deere & Co. that reported solid quarterly results Friday.

The heavy equipment maker's shares jumped $8.23, or 7.3 percent, to $120.90.

Autodesk vaulted 14.7 percent after the design software company raised its earnings forecast for the year and reported a loss in its latest quarter that was narrower than analysts were expecting. The stock was the biggest gainer in the S&P 500, adding $14.08 to $109.91.

McKesson jumped 8.2 percent after the prescription drug distributor reported earnings for its latest quarter that easily beat Wall Street's forecasts. Its shares gained $11.57 to $153.01.

Ross Stores rose 1.9 percent after the discount retailer also reported quarterly results that beat Wall Street's estimates. The stock picked up $1.13 to $62.20.

Some companies turned in disappointing results.

Foot Locker plunged 16.7 percent after the athletic footwear and apparel retailer's latest quarterly profits fell short of analysts' forecasts. The stock was the biggest decliner in the S&P 500, shedding $11.73 to $58.72.


Campbell Soup gave up 2 percent after the company turned in disappointing quarterly results. Its shares fell $1.16 to $55.78.

Energy futures closed higher. Benchmark U.S. crude oil gained 98 cents, or 2 percent, to close at $50.33 a barrel in New York. Brent crude, used to price international oils, rose $1.10, or 2.1 percent, to settle at $53.61 a barrel in London. In other futures trading, natural gas added 7 cents to $3.26 per 1,000 cubic feet. Wholesale gasoline gained 5 cents to $1.65 per gallon. Heating oil rose 4 cents to $1.58 per gallon.

Among metals, the price of gold inched up 80 cents to settle at $1,253.60 per ounce. Silver added 13 cents to $16.80 per ounce. Copper rose 5 cents to $2.58 per pound.

In currency trading, the dollar weakened to 111.20 yen from 111.49 yen on Thursday. The euro jumped to $1.1205 from $1.1101.

Several major indexes overseas also posted gains Friday.

Germany's DAX rose 0.4 percent, while France's CAC 40 gained 0.7 percent. Britain's FTSE 100 added 0.5 percent. In Asia, Japan's benchmark Nikkei 225 gained 0.2 percent. South Korea's Kospi added nearly 0.1 percent. Hong Kong's Hang Seng rose 0.3 percent.

7471

 

[bigdog]

https://www.usnews.com/news/busines...and-aerospace-companies-lead-us-stocks-higher

Stocks Bounce Back as Technology and Defense Companies Climb
US stocks climb as the market continues to back from a turbulent week.

By MARLEY JAY, AP Markets Writer

NEW YORK (AP) — Strong gains for technology companies like software and chip makers helped lead U.S. stocks higher Monday. Defense contractors also climbed as the market continued to bounce back from a bout of turbulence last week.

Stocks rose for the third day in a row. Technology companies are closing in on all-time highs and continued to rise Monday, led by big names like Cisco Systems and Qualcomm.

Aerospace and defense companies rose after President Donald Trump presided over a huge sale of military equipment to Saudi Arabia. Amazon led consumer-focused companies higher. Energy companies lagged even though oil prices continued their recent climb.

Sameer Samana, a strategist for Wells Fargo Investment Institute, said people continue to spend more money on personal electronics while businesses invest in automation and software to boost their productivity.

"In a low-growth environment, you've got to squeeze more out of every dollar of investment," Samana said. At the same time, he added, some overseas markets have been stronger than expected this year.

The Standard & Poor's 500 index jumped 12.29 points, or 0.5 percent, to 2,394.02. The Dow Jones industrial average added 89.99 points, or 0.4 percent, to 20,894.83. The Nasdaq composite gained 49.91 points, or 0.8 percent, to 6,133.62. The Russell 2000 index of smaller-company stocks picked up 9.81 points, or 0.7 percent, to 1,377.14.

The technology component of the S&P 500 index has soared 18 percent this year, almost three times as much as the broader S&P 500. On Monday chipmaker Qualcomm gained $1.61, or 2.8 percent, to $59.28 and Cisco Systems, which sells equipment like routers, switches and software, rose 38 cents, or 1.2 percent, to $31.59. Adobe Systems picked up $2.42, or 1.8 percent, to $138.85 and design software maker Autodesk jumped $3.45, or 3.1 percent, to $113.36.


Both the S&P 500 and tech-heavy Nasdaq composite set records early last week before worries about growing political uncertainty in Washington, which could hamper President Trump's agenda of tax cuts and deregulation, knocked those indexes back from their highs. The Russell 2000 of smaller companies, which would benefit more than large ones from Trump's proposals, is down 3 percent from the record it set a month ago.

Samana said he thinks stocks will become more volatile in the coming months, but not because of politics. Instead, he thinks stocks will break out of their unusual calm because the Federal Reserve and European Central Bank will pull back on the stabilizing measures they've used since the global financial crisis.

"If they both start to lay the groundwork for pulling back on the extraordinary stimulus, that's probably the catalyst for a little bit more volatility," he said.

Aerospace and defense companies climbed after President Trump presided over a $110 billion sale of military equipment to Saudi Arabia. The agreement could expand to $350 billion over 10 years. Lockheed Martin climbed $4.24, or 1.6 percent, to $277.03 and Boeing gained $2.91, or 1.6 percent, to $183.67.

Amgen and its partner UCB said women who took their experimental osteoporosis drug Evenity were more likely to have serious cardiovascular problems than patients who took Fosamax, an older drug. The companies said that was a new safety concern and they no longer expect the Food and Drug Administration to approve Evenity this year. Amgen lost $3.49, or 2.2 percent, to $153.02.


Ford replaced CEO Mark Fields as it struggles to keep the traditional parts of its business running smoothly while it tries to remake itself as a nimble, high-tech automaker. In Fields' three years as CEO, popular cars like the Fusion sedan became dated and Ford lagged competitors in bringing long-range electric cars to market. Ford's new CEO is Jim Hackett, who has led Ford's mobility unit for more than a year.

Ford added 23 cents, or 2.1 percent, to $11.10. The stock is down 8.5 percent this year.

U.S-based Huntsman and Swiss specialty chemicals maker Clariant are merging to create a company with a market value of $13.8 billion. The company will call itself HuntsmanClariant and Clariant shareholders will own 52 percent of the new company. Huntsman stock slid 56 cents, or 2.1 percent, to $26.15 and Clariant stock rose 3.4 percent in Switzerland.

Oil prices continued to rally. Benchmark U.S. crude oil added 40 cents to $50.73 a barrel in New York. Brent crude, used to price international oils, rose 26 cents to $53.87 a barrel in London.

Wholesale gasoline gained 1 cent to $1.66 a gallon. Heating oil rose 2 cents to $1.60 a gallon. Natural gas climbed 7 cents, or 2.3 percent, to $3.33 per 1,000 cubic feet.

Gold rose $7.80 to $1,261.40 an ounce. Silver jumped 40 cents, or 2.4 percent, to $17.19 an ounce. Copper rose 1 cent to $2.60 a pound.

Bond prices moved a bit lower. The yield on the 10-year Treasury note inched up to 2.25 percent from 2.24 percent.

The dollar declined to 111.20 yen from 111.38 yen. The euro rose to $1.1234 from $1.1207.

In Britain, the FTSE 100 gained 0.3 percent. The German DAX dipped 0.2 percent and France's CAC lost a fraction of a percentage point. Japan's market rose following strong trade data. The benchmark Nikkei 225 gained 0.5 percent while the South Korean Kospi jumped 0.7 percent. Hong Kong's Hang Seng surged 0.9 percent.

 

[bigdog]

https://www.usnews.com/news/busines...h-higher-as-health-care-companies-gain-ground

Stocks Claw Back More Lost Ground With 4th Straight Gain

US stocks continue to recover part of the ground they lost last week as banks rise in tandem with interest rates.

By MARLEY JAY, AP Markets Writer

NEW YORK (AP) — U.S. stocks rose for the fourth day in a row Tuesday as they continued to recover the ground they lost last week. Major indexes approached record highs again.

Most of the gains went to banks, which surged as bond yields jumped. That will allow them to charge higher rates on loans. Banks took steep losses last Wednesday, when stocks had their worst day since September. Scientific instrument companies and drugmakers also rose. However auto parts companies were hammered after poor third-quarter results from AutoZone and home builders fell after sales of new homes sank in April.

The four-day rally has restored most of the market's losses and the Standard & Poor's 500 index is almost back to record highs.

"The market was simply reminded that there's political risk out there and it reacted to that reminder," said Matthew Peterson, chief wealth strategist for LPL Financial. Peterson said he doesn't think long-term investors have made big changes to their portfolios in response to last week's drop, which followed allegations President Donald Trump asked the FBI to end an investigation into former National Security Adviser Michael Flynn.

Peterson says high stock prices and the calm market makes stocks more vulnerable to surprises from the political arena.

The S&P 500 added 4.40 points, or 0.2 percent, to 2,398.42. The Dow Jones industrial average edged up 43.08 points, or 0.2 percent, to 20,937.91. The Nasdaq composite rose 5.09 points, or 0.1 percent, to 6,138.71. The Russell 2000 index of small-company stocks gained 3.84 points, or 0.3 percent, to 1,380.98.

Bond prices turned lower. The yield on the 10-year Treasury note rose to 2.28 percent from 2.25 percent. That helped bank stocks like JPMorgan Chase, which gained $1.06, or 1.3 percent, to $85.76 and BB&T, which rose 63 cents, or 1.5 percent, to $43.03.


Scientific instrument maker Agilent Technologies raised its annual profit forecast after its second-quarter profit and sales beat Wall Street estimates. Its shares gained $2.58, or 4.6 percent, to $58.66. Industrial and medical device maker Danaher picked up $1.04, or 1.3 percent, to $83.95.

Auto parts retailer AutoZone took its worst one-day loss in eight and a half years as high costs and lower sales at older locations hurt its results. Its stock fell $78.09, or 11.8 percent, to $581.40. O'Reilly Automotive sank $8.28, or 3.3 percent, to $240.18 and Advance Auto Parts gave up $6.71, or 4.6 percent, to $140.66. All have tumbled this year as investors worried about slowing car sales.

Video game publisher Take-Two Interactive Software jumped after its fourth-quarter profit and sales surpassed analysts' expectations. The company's games include the "Grand Theft Auto" ''NBA2K" and "Sid Meier's Civilization" franchises. Take-Two stock jumped $3.79, or 5.5 percent, to $72.83, and it has doubled over the last year.

Rival Activision Blizzard added 68 cents, or 1.2 percent, to $57.80 and Electronic Arts rose 62 cents to $109.01.

Sales of new homes fell 11 percent in April from the month before, the biggest drop in more than two years. Sales had reached a nine-year high in March, and experts said the decline was most likely a blip. Homebuilder NVR fell $61.27, or 2.6 percent, to $2,296 and D.R. Horton lost 54 cents, or 1.6 percent, to $33.37. Home improvement retailer Lowe's lost $1.71, or 2 percent, to $82.34 and Home Depot also slipped.


Nokia climbed after the company said it settled its legal disputes with Apple. The two companies said they will work together and that Nokia will get a cash payment from Apple. The Finnish company was once the biggest cellphone maker in the world, but it sold its mobile phone business to Microsoft in 2014 and is now a network infrastructure provider. Its U.S. shares rose 33 cents, or 5.3 percent, to $6.54.

Fiat Chrysler sank after the U.S. government sued the automaker, saying some of diesel pickup trucks and Jeep SUVs included software that cheated emissions tests. The Department of Justice said the software let the vehicles' engines emit more pollution on the road than during Environmental Protection Agency lab testing.

Fiat Chrysler stock lost 44 cents, or 4.1 percent, to $10.32.

Benchmark U.S. crude oil added 34 cents to $51.47 a barrel in New York. Brent crude, used to price international oils, picked up 28 cents to $54.15 a barrel in London.

Wholesale gasoline remained at $1.66 a gallon and heating oil finished where it started, at $1.61 a gallon. Natural gas sank 11 cents, or 3.3 percent, to $3.22 per 1,000 cubic feet.

Gold fell $5.90 to $1,255.50 an ounce. Silver lost 5 cents to $17.14 an ounce. Copper remained at $2.60 a pound.

The dollar rose to 111.76 yen from 111.20 yen. The euro declined to $1.1185 from $1.1234.

European stocks traded slightly higher. The CAC 40 in France rose 0.5 percent. Germany's DAX and the FTSE 100 index in Britain both added 0.2 percent. Japan's Nikkei 225 lost 0.3 percent and the Hang Seng in Hong Kong rose 0.1 percent. The South Korean Kospi gained 0.7 percent.

 

[bigdog]

https://www.usnews.com/news/busines...end-rally-to-fifth-day-as-tech-companies-rise

US Stocks Extend Gains to a 5th Day as Tech Companies Rise

Stocks rose for the fifth day in a row and the Standard & Poor's 500 set another record.

By MARLEY JAY, AP Markets Writer

NEW YORK (AP) — U.S. stocks rose for the fifth consecutive day Wednesday as investors went on a late buying spree. The gains came after news that the Federal Reserve plans to start reducing its huge portfolio of bonds. The Standard & Poor's 500 index closed at a record high.

Stocks were slightly higher for most of the day as the market kept chipping away at the losses it suffered one week before. Technology companies like TurboTax maker Intuit and materials companies including industrial gas company Praxair made some of the biggest gains.

In the afternoon the Federal Reserve released the minutes from its latest meeting. Officials discussed steps for shrinking the central bank's $4.5 trillion in bond holdings and Wall Street liked what it saw.

The Fed bought huge amounts of bonds during the global economic crisis in an effort to stimulate the economy. When the Fed suggested in April that it was considering reducing its portfolio, investors were unnerved. But when investors saw some details of how the plan might look, they were pleased.

"They're going to do it in a very careful, slow, and, at least by Fed standards, transparent method," said Ed Keon, a portfolio manager at QMA, a fund manager owned by Prudential Financial. "They're not going to do it in a way that runs the risk of shocking the market."

The Standard & Poor's 500 index picked up 5.97 points, or 0.2 percent, to 2,404.39. The Dow Jones industrial average gained 74.51 points, or 0.4 percent, to 21,012.42. The Nasdaq composite rose 24.31 points, or 0.4 percent, to 6,163.02. The Russell 2000 index of small-company stocks added 1.53 points, or 0.1 percent, to 1,382.51.

In the wake of the Fed's disclosure, bond prices turned higher. The yield on the 10-year Treasury note fell to 2.25 percent from 2.28 percent. High-dividend stocks including utility companies and real estate investment trusts climbed as investors looked for yield. NRG Energy jumped 88 cents, or 5.5 percent, to $16.76 and Simon Property Group gained $2.53, or 1.6 percent, to $159.78.


Industrial gas company Praxair rose after it agreed to terms with Germany's Linde. The companies said they would combine in an all-stock deal in December, part of a wave of consolidation in the chemical and materials industries. Praxair picked up $2.30, or 1.8 percent, to $132.27. Linde's German stock rose 2.8 percent.

Dow Chemical and DuPont, which are also planning to combine, rose as well. Dow picked up 67 cents, or 1.1 percent, to $61.45 and DuPont advanced $1.04, or 1.3 percent, to $78.38.

Accounting software maker Intuit had a stronger quarter than investors expected and Wall Street was also pleased with its forecasts. Its stock gained $8.68, or 6.7 percent, to $137.83. Other technology firms once again rallied. Hard drive maker Western Digital added $1.67, or 1.9 percent, to $89.70 and chipmaker Nvidia rose $1.54, or 1.1 percent, to $138.57.

General Electric slumped after CEO Jeffrey Immelt addressed an industry conference. Immelt suggested it will be tough for the company to reach the earnings targets some investors want to see. The stock fell 45 cents, or 1.6 percent, to $27.83. GE, which is seen as a bellwether for many different industries, has been trading at its lowest price in a year and a half.

Home improvement retailer Lowe's stumbled after investors were unimpressed by its profit and sales, as a hefty charge cut into its earnings in the first quarter. Lowe's shares fell $2.49, or 3 percent, to $79.85. Lowe's stock is flat over the last year while rival Home Depot has jumped 16 percent.


Sales for jewelry retailer Tiffany weren't as good as expected in the first quarter. The company changed CEOs in February as it struggled with competition from online retailers and had difficulty attracting younger customers. Its stock dropped $8.11, or 8.7 percent, to $85.03 and Signet Jewelry fell $3.85, or 6.6 percent, to $54.53.

Benchmark U.S. crude lost 11 cents to settle at $51.36 per barrel in New York while Brent crude, used to price international oils, sank 19 cents to $53.96 a barrel in London. Oil prices have rallied lately as members of the OPEC cartel and other countries prepare to meet and discuss production. Those nations are expected to extend last year's production cut in a concerted attempt to prevent oil prices from falling.

Wholesale gasoline gave up 1 cent to $1.65 a gallon. Heating oil remained at $1.61 a gallon. Natural gas lost 1 cent to $3.21 per 1,000 cubic feet.

Gold fell $2.40 to $1,253.10 an ounce. Silver lost 2 cents to $17.12 an ounce. Copper fell 1 cent to $2.58 a pound.

The dollar rose to 111.90 yen from 111.76 yen. The euro edged up to $1.1195 from $1.1185.

The FTSE 100 index in Britain was up 0.3 percent and Germany's DAX fell 0.2 percent. The CAC 40 in France was 0.2 percent lower. The Hang Seng in Hong Kong finished unchanged after Moody's downgraded the Chinese government's credit rating. The firm said it expects China's financial strength to erode as debt rises, but its rating for the country is still relatively high. Tokyo's Nikkei 225 rose 0.7 percent. The Kospi in South Korea gained 0.2 percent.

 

[bigdog]

http://www.ksla.com/story/35515912/retailers-help-send-indexes-to-records-on-6th-day-of-gains

Retailers help send indexes to records on 6th day of gains

By MARLEY JAY
AP Markets Writer

NEW YORK (AP) - U.S. stocks climbed for the sixth day in a row Thursday as strong first-quarter results from retailers like Best Buy and PVH led indexes to record highs. That offset weakness in energy stocks caused by a plunge in oil prices.

Stocks are on their longest winning streak in three months as retailers, technology companies, household products companies and health care firms made large gains.

The Nasdaq composite joined the Standard & Poor's 500 in setting record highs. While retailers that run stores jumped, their online rival Amazon also made a sizable gain as its stock price approached $1,000 for the first time.

Kate Warne, an investment strategist for Edward Jones, said she doesn't think Thursday's retail earnings are a sign that business for traditional retailers is getting better.

"It's probably not something investors should take as a sign of improvement in the retail landscape," she said. "Consumer spending is actually strong, but consumers are spending in places other than traditional retailers."

Small companies were mostly left out of the rally, however. And even though OPEC and a group of other oil-producing nations extended their cuts in production, the price of oil fell almost 5 percent and energy companies took steep losses.

The Standard & Poor's 500 index rose 10.68 points, or 0.4 percent, to 2,415.07. The Dow Jones industrial average gained 70.53 points, or 0.3 percent, to 21,082.95. The Nasdaq composite jumped 42.23 points, or 0.7 percent, to 6,205.26, above the record it notched last week. The Russell 2000 index edged up just 0.88 points, or 0.1 percent, to 1,383.39.

Electronics retailer Best Buy soared after it issued a strong first-quarter report, including better sales of mobile devices and gaming products. Its stock gained $10.83, or 21.5 percent, to $61.25. PVH, the owner of brands including Calvin Klein and Tommy Hilfiger, climbed $4.94, or 4.8 percent, to $106.98 after it raised its annual forecasts in the wake of its own strong report.

Other retailers including Guess, Abercrombie & Fitch and Burlington Stores also made substantial gains. Amazon rose $13.03, or 1.3 percent, to $993.38. Its stock peaked at $999 during the day.

A group of 24 countries including OPEC members and Russia said they will extend their production cuts for nine months in an effort to shore up oil prices. That was what most analysts expected, but investors appeared to have gotten their hopes up for a longer extension. And while oil prices have rallied over the last few weeks, experts were skeptical that the deal will do much to boost prices.

Benchmark U.S. crude lost $2.46, or 4.8 percent, to $48.90 a barrel in New York and Brent crude, the international standard, fell $2.50, or 4.6 percent, to $51.46 a barrel in London. Oilfield services company Schlumberger sagged $1.97, or 2.8 percent, to $69.39 and Marathon Oil dropped $1.03, or 7.1 percent, to $13.50.

Unlike the other major indexes, the Russell 2000 has not recouped all of its losses from last Wednesday, when the stock market had its worst day of the year. The index is comprised of smaller companies that tend to be more U.S.-focused, which means new challenges to President Donald Trump's proposed agenda of reduced taxes and regulations has hit those companies harder.

Warne, of Edward Jones, added that the performance of the U.S. economy has been mixed lately and international growth is looking better. That's helping larger companies that do more business overseas, like large technology firms, but it doesn't mean as much to smaller companies.

Technology companies made significant gains. Microsoft rose 85 cents, or 1.2 percent, to $69.62 and Google parent Alphabet also neared the millennial mark as it gained $14.25, or 1.5 percent, to $991.86. Apple added 53 cents to $153.87.

Jack Daniels maker Brown-Forman slumped after it put out a statement saying the company is not for sale and plans to remain under family control. The stock jumped Monday on reports that Constellation Brands, which makes Corona and Modelo beers, might try to buy Brown-Forman. The stock fell $2.74, or 5 percent, to $51.60. Constellation Brands gained $1.31 to $180.14.

Spam maker Hormel Foods sank as the company said its Jennie-O turkey business continued to struggle in the second quarter. The company's income and sales both fell short of Wall Street projections. Hormel's stock gave up $2.27, or 6.4 percent, to $33.13.

In other energy trading, wholesale gasoline skidded 4 cents to $1.61 a gallon. Heating oil lost 6 cents to $1.55 a gallon. Natural gas slid 3 cents to $3.18 per 1,000 cubic feet.

Gold rose $3.30 to $1,256.40 an ounce. Silver gained 8 cents to $17.19 an ounce. Copper rose 1 cent to $2.60 a pound.

Bond prices declined. The yield on the 10-year Treasury note rose to 2.26 percent from 2.25 percent.

The dollar dipped to 111.80 yen from 111.90 yen. The euro rose to $1.1205 from $1.1195.

Germany's DAX was down 0.2 percent and the French CAC 40 lost 0.1 percent. The FTSE 100 index in Britain was unchanged. The Nikkei 225 index in Tokyo climbed 0.4 percent and Hong Kong's Hang Seng rallied 0.8 percent. The Kospi of South Korea jumped 1 percent.

 

[bigdog]

https://www.usnews.com/news/busines...lip-as-banks-and-technology-companies-decline


NYSE CLOSED FOR MEMORIAL DAY HOLIDAY MONDAY MAY 29

More Records, Barely, as Stocks Rise for 7th Day

US stocks finish a bit higher and mark new records with their seventh gain in a row.

By MARLEY JAY, AP Markets Writer

NEW YORK (AP) — U.S. stocks made the tiniest of gains Friday as media companies and sellers of beauty products and food ticked higher. Major indexes added to their winning streak and record highs.

Stocks spent the day flipping back and forth between small gains and losses. Beauty products maker Ulta rose after a strong first-quarter report and competitor and Coty climbed as well. Media companies including Comcast and Disney also advanced while video game and drug companies slipped. The market has been steady in recent months, and with investors looking forward to the Memorial Day holiday Monday, trading was light.

It was the seventh gain in a row for the Standard & Poor's 500 index and Nasdaq composite following their biggest loss this year.

"Investors have been conditioned over multiple years to buy the dip any time there's a market pullback," said Jason Draho, the head of American tactical asset allocation for UBS Wealth Management. He said that's one reason stocks have been so steady lately.

The S&P 500 index added 0.75 points to 2,415.82. The Dow Jones industrial average dipped 2.67 points to 21,080.28. The Nasdaq composite rose 4.94 points, or 0.1 percent, to 6,210.19. The Russell 2000 index of small-company stocks fell 1.14 points, or 0.1 percent, to 1,382.24.

Some of the market's biggest moves were based on company earnings, and many of those came from consumer-focused companies. Ulta Beauty gained $9.36, or 3.1 percent, to $302.40. Costco Wholesale rose $3.13, or 1.8 percent, to $177.86 after the warehouse club had a strong quarter as sales and member payments both increased.

Uggs maker Deckers Outdoor turned in earnings that were stronger than expected, and its stock gained $10.64, or 18.8 percent, to $67.21.


GameStop's first-quarter results were stronger than analysts expected, but sales of new software and wireless devices were disappointing. The stock gave up $1.40, or 5.9 percent, to $22.22. Video game publishers also fell. Activision Blizzard lost 94 cents, or 1.6 percent, to $58.28 and Electronic Arts slid $1.70, or 1.5 percent, to $112.13. Take-Two Interactive Software shed $1.46, or 1.9 percent, to $77.07.

The VIX, an index that is called Wall Street's "fear gauge" because it measures how much volatility investors expect, fell for the seventh day in a row. After a huge spike last Wednesday, the 27-year-old index is trading near all-time lows. It sank to 9.81 Friday. The only time it was lower was late December 1993.

The Commerce Department said the U.S. economy grew 1.2 percent in the first quarter, which was still weak but better than it originally estimated. Draho, of UBS Wealth Management, said that when the economy is steady, the market usually is, too.

The U.S. economy and stock market have both been moving up for eight years. Draho said that as a bull market gets older, stocks don't move in the same direction as often. When one stock or one sector rises and another falls, that makes the overall market flatter and less volatile.

Crude oil prices bounced back from a sharp drop the day before. Benchmark U.S. crude rose 90 cents, or 1.8 percent, to $49.80 a barrel in New York. Brent crude, the international standard, added 69 cents, or 1.3 percent, to $52.15 a barrel in London.

On Thursday a group of 24 nations including the OPEC countries agreed to a nine-month extension of a cut in oil production. But energy companies, which have lagged the market dramatically this year, hardly budged. The S&P 500's energy company index is down 12 percent in 2017 while the broader S&P 500 is up almost 8 percent.


In other energy trading, wholesale gasoline added 3 cents to $1.64 a gallon. Heating oil gained 1 cent to $1.56 a gallon. Natural gas rose 5 cents to $3.24 per 1,000 cubic feet.

The dollar sank to 111.19 yen from 111.80 yen. The euro fell to $1.1176 from $1.1205.

As the dollar weakened, gold rose $11.70 to $1,268.10 an ounce and silver gained 13 cents to $17.32 an ounce. Copper fell 3 cents to $2.57 a pound.

Bond prices were little changed. The yield on the 10-year Treasury note held steady at 2.25 percent.

Germany's DAX lost 0.2 percent and the FTSE 100 in Britain rose 0.4 percent. The French CAC 40 fell by a fraction of a percentage point. Japan's benchmark Nikkei 225 index shed 0.6 percent but the South Korean Kospi climbed 0.5 percent. Hong Kong's Hang Seng was nearly unchanged.

7976

 

[Skate]

Hi bigdog

Just a minor request - I prefer the article section of your post without the bold print - it's silly but your formatting in post #2828 is much nicer to read than the bold format that you have used in today's post #2829.

I appreciate your thread (it's the first article I read each day)

I know you take pride in the colour formatting and it certainly adds value to your post -- the extra effort you take is appreciated.

 

[bigdog]

MONDAY 29 2017 HOLIDAY IN NYSE AND Uk

https://www.usnews.com/news/busines...uted-as-investors-await-raft-of-economic-data

World Shares Muted as Investors Await Raft of Economic Data
World stock markets muted in holiday-thinned trading as investors hunker down ahead of economic data releases.

By KELVIN CHAN, AP Business Writer

HONG KONG (AP) — World stock markets were listless Monday as investors look to a raft of economic data this week and as holidays in several key markets crimped trading volume.

KEEPING SCORE: In Europe, France's CAC 40 dipped 0.1 percent to close at 5,332.47, while Germany's DAX edged up 0.2 percent to 12,628.95. Markets in Britain and the United states were closed for holidays.

GLOBAL OUTLOOK: A full slate of economic reports this week will give investors plenty to digest, beginning with eurozone business and consumer confidence readings on Tuesday. China's latest official factory and service industry purchasing managers' indexes, out Wednesday, will be among the most watched, with analysts looking to see if the gauge indicates that manufacturing growth momentum slows further. The ISM index for U.S. manufacturing is due a day later. U.S. private and official payroll numbers are also scheduled for release. They'll give fresh clues on employment and hiring in the world's No. 1 economy and could bolster Fed policymakers' reasoning as they prepare to gradually raise interest rates again.

MARKET TALK: "Muted market action on Friday night, holidays in the U.K. and U.S. tonight and a data deluge starting tomorrow all militate against major market moves," said Michael McCarthy, chief strategist at CMC Markets. "Investors and trader may hold out for important reads on the world's largest economies this week."

ASIA'S DAY: Stock indexes in the region drifted between losses and gains. Japan's benchmark Nikkei 225 index ended a fraction lower at 19,682.57, and South Korea's Kospi dipped 0.1 percent to 2,352.97. Hong Kong's Hang Seng rose 0.2 percent to 25,701.63, while Australia's S&P/ASX 200 lost 0.8 percent to 5,707.10. Markets in mainland China and Taiwan were closed for holidays.


ENERGY: Oil futures extended a recovery from sharp losses last week. Benchmark U.S. crude rose 44 cents to $50.24 a barrel in electronic trading on the New York Mercantile Exchange. The contract rose 90 cents on Friday. Brent crude, the international standard, gained 40 cents to $52.55 a barrel in London.

CURRENCIES: The dollar edged down to 111.28 yen from 111.32. The euro dipped to $1.1181 from $1.1185.

 

[bigdog]

Markets in Hong Kong were closed for a holiday.


https://www.usnews.com/news/busines...tart-lower-as-energy-companies-and-banks-skid

Banks Pull Stocks Away From Records as 7-Day Streak Ends

US stocks fall as banks drop in tandem with bond yields and small-company stocks take sharp losses.

By MARLEY JAY, AP Markets Writer

NEW YORK (AP) — A seven-day winning streak for stocks came to a quiet end Tuesday as banks, especially smaller ones, dropped along with bond yields and interest rates. Energy companies also sank.

Investors snapped up government bonds and high-yield stocks including phone companies and utilities. As bond prices rose, yields and interest rates fell. That reduced the profits financial institutions can make from mortgages and other types of loans. Energy companies fell to their lowest prices in a year. Technology companies continued to soar while airlines slumped as investors worried that the government could expand a ban on laptops in passenger cabins during international flights, which could affect business travel.

Still, stocks remain close to their record highs. JJ Kinahan, chief market strategist for TD Ameritrade, said he thinks stocks will stay at high levels until more details about the Trump administration's tax proposals become public.

"Barring unforeseen events, it's really going to come down to progress and details about the tax plan," he said. "We've had this run up primarily on the fact that earnings have been good."

However Kinahan said he thinks it's likely Wall Street will be disappointed with any tax cut package that does pass, since the administration's proposals will likely be scaled back in Congress.

The Standard & Poor's 500 index lost 2.91 points, or 0.1 percent, to 2,412.91. The Dow Jones industrial average fell 50.81 points, or 0.2 percent, to 21,029.47. The Nasdaq composite dipped 7 points, or 0.1 percent, to 6,203.19. The Russell 2000 index of smaller-company stocks tumbled 11.05 points, or 0.8 percent, to 1,371.19.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.21 percent from 2.25 percent late Friday. With interest rates falling, JPMorgan Chase declined $1.46, or 1.7 percent, to $83.90. Smaller banks fell harder, as Hope Bancorp dropped 67 cents, or 3.7 percent, to $17.48 and First Financial Bancorp sank 75 cents, or 2.9 percent to $25.05.


Oil prices recovered from an early stumble and finished only slightly lower, but energy companies continued to fall. Hess dropped $1.47, or 3.1 percent, to $46.67 and Schlumberger shed 85 cents, or 1.2 percent, to $68.74. The S&P 500 index of energy companies reached its lowest level in a year. Benchmark U.S. crude lost 14 cents to $49.66 a barrel in New York. Brent crude, the international standard, fell 45 cents to $51.84 a barrel in London.

Technology companies continued to lead the way. Security software maker Symantec advanced 45 cents, or 1.5 percent, to $30.71. Chipmaker Nvidia gained $3.03, or 2.1 percent, to $144.87 and Micron Technology rose 95 cents, or 3.2 percent, to $30.71.

International airlines slumped as the government considered expanding a ban on laptops from the passenger cabins of flights to the United States. In March the Trump administration said passengers flying from 10 cities, mostly in the Middle East, had to check all devices larger than a smartphone. On Sunday, Homeland Security Secretary John Kelly said that ban might be expanded to all international flights to and from the U.S.

Delta Air Lines lost $1.74, or 3.4 percent, to $49.06 and United Continental slid $2, or 2.5 percent, to $79.25. American Airlines retreated 78 cents, or 1.6 percent, to $47.96.

Online retail giant Amazon.com traded above $1,000 a share for the first time, but didn't stay there. The stock peaked at $1,001.20 shortly after the market opened and wound up with a gain of 92 cents to close at $996.70. The only other S&P 500 company valued at more than $1,000 a share is travel booking site Priceline, which slipped to $1,857.45 Tuesday. Investors value Amazon at about $476 billion and Priceline at $91 billion.


E-commerce and payment services company First Data said it will buy payment processing company CardConnect for $15 a share in cash, or about $468 million. CardConnect's stock climbed $1.40, or 10.3 percent, to $15.05 and First Data picked up 18 cents, or 1.1 percent, to $16.82.

Offshore drilling contractor Atwood Oceanics jumped after it agreed to be bought by Ensco PLC for $10.72 a share in stock, or $863 million. Atwood rose $1.96, or 24.3 percent, to $10.04 while U.K.-based Ensco lost 34 cents, or 5.1 percent, to $6.36.

Cloud-based incentives company Xactly agreed to be taken private by Vista Equity Partners in a deal that values it at $15.65 a share, or $499 million. Its stock added $2.15, or 16 percent, to $15.55.

The dollar declined to 110.78 yen from 111.19 yen. The euro rose to $1.1188 from $1.1176.

In other energy trading, wholesale gasoline remained at $1.64 a gallon. Heating oil dipped 1 cent to $1.55 a gallon. Natural gas tumbled 17 cents, or 5 percent, to $3.15 per 1,000 cubic feet.

Gold lost $5.70 to $1,265.70 an ounce. Silver added 10 cents to $17.43 an ounce. Copper held still at $2.56 a pound.

The FTSE 100 index in Britain fell 0.3 percent and the French CAC 40 sank 0.6 percent. Germany's DAX dipped 0.2 percent. In Japan, the Nikkei 225 finished nearly flat and South Korea's Kospi dropped 0.4 percent. Markets in Hong Kong were closed for a holiday.

 

[bigdog]

https://www.usnews.com/news/busines...lide-as-energy-companies-fall-with-oil-prices

US Stocks Slide Further as Banks and Energy Companies Sink

US stocks fall as banks weaken after executives say their trading businesses are having a rough quarter.

By MARLEY JAY, AP Markets Writer

NEW YORK (AP) — U.S. stock indexes edged lower for the second day in a row Wednesday as a sharp drop for banks and a rare loss for technology companies canceled out gains for drugmakers and consumer-focused companies.

Banks fell hard as executives from JPMorgan Chase and Bank of America said their trading businesses are having a rough second quarter. An eight-day winning streak for technology companies ended. Energy companies fell with oil prices. Investors picked consumer-focused companies, drugmakers, and high-dividend utilities and household goods companies. The New York Stock Exchange was evenly split between gainers and losers.

"The stock market has been strong and all the while bond yields have dropped during the year," signaling caution about the economy, said Brent Schutte, chief investment strategist for Northwestern Mutual Management. "In the next couple of months we're going to solve which is right: the bond market or the stock market."

The Standard & Poor's 500 index lost 1.11 points, or less than 0.1 percent, to 2,411.80. The Dow Jones industrial average dropped 20.82 points, or 0.1 percent, to 21,008.65. The Nasdaq composite fell 4.67 points, or 0.1 percent, to 6,198.52. The Russell 2000 index of small-company stocks slipped 0.99 points, or 0.1 percent, to 1,370.21.

Banks skidded a day earlier as bond yields dropped, which hurts banks by forcing interest rates on loans lower. Yields were little changed Wednesday, but financial firms fell again as investors worried that banks' revenue from trading stocks, bonds and currencies is going to weaken in the second quarter.

At a financial industry conference in New York, Marianne Lake, JPMorgan Chase's chief financial officer, said JPMorgan's trading revenue is down about 15 percent this quarter because of a drop in fixed-income trading. She said that was because of low interest rates and remarkably low market volatility.


"There is not a lot to trade around," she said. "People have cash but no conviction."

At a different industry event Wednesday, Bank of America CEO Brian Moynihan said second-quarter trading revenue will fall 10 percent compared to a year ago.

The banking industry had an outstanding first quarter, and trading was a key reason. JPMorgan Chase fell $1.75, or 2.1 percent, to $82.15 and Bank of America lost 43 cents, or 1.9 percent, to $22.41. Capital One slumped $1.36, or 1.7 percent, to $76.92 and Goldman Sachs, which saw its vaunted trading business hit a speed bump in the first quarter, gave up $7.16, or 3.3 percent, to $211.26.

Bond prices were little changed. The yield on the 10-year Treasury note remained at 2.21 percent.

Technology companies turned lower. The tech sector has reached its highest levels since the dot-com boom and companies like Apple, Google parent Alphabet and Facebook have done far better than the rest of the market in 2017. Apple and Facebook are up 32 percent this year, and Alphabet is up 25 percent. All three slid Wednesday.

Pfizer rose 52 cents, or 1.6 percent, to $32.65 and Irish drugmaker Perrigo climbed $4,93, or 7.3 percent, to $72.85 after its first-quarter report was better than expected. Health care products maker Johnson & Johnson advanced $1.14 to $128.25.

Benchmark U.S. crude lost $1.34, or 2.7 percent, to $48.32 a barrel in New York. Brent crude, the standard for international oil prices, fell $1.53, or 3 percent, to $50.31 a barrel in London. Energy stocks continued to decline. Exxon Mobil sank 60 cents to $80.50 and Hess declined 78 cents, or 1.7 percent, to $45.89.


Michael Kors Holdings hit a five-year low after it said it will close up to 125 stores as its sales have remained weak. The luxury retailer said sales at older stores dropped in its latest quarter and investors were disappointed with its projections for the current quarter. The stock tumbled $3.09, or 8.5 percent, to $33.18.

Solar power companies sank as investors wondered if President Donald Trump will seek to remove the U.S. from the Paris climate change accords. Officials from the European Union said the EU and China will maintain their commitments to the pact.

Shares of First Solar, the largest U.S. solar company, declined 99 cents, or 2.5 percent, to $38.51. SunPower fell 28 cents, or 3.4 percent, to $7.87 while solar wafer maker Canadian Solar retreated 73 cents, or 5.4 percent, to $12.81.

The dollar slipped to 110.57 yen from 110.78 yen. The euro rose to $1.1246 from $1.1188.

In other energy trading, wholesale gasoline lost 3 cents to $1.61 a gallon. Heating oil gave up 3 cents to $1.52 a gallon. Natural gas dropped 7 cents to $3.07 per 1,000 cubic feet.

Gold rose $9.70 to $1,265.40 an ounce. Silver fell 2 cents to $17.41 an ounce. Copper gained 2 cents to $2.58 a pound.

European stocks gave up an early gain. The DAX in Germany remained up 0.1 percent, but France's CAC 40 lost 0.4 percent and the British FTSE 100 fell 0.1 percent. Japan's Nikkei 225 index dipped 0.1 percent and South Korea's Kospi gained 0.2 percent. The Hang Seng in Hong Kong inched down 0.1 percent.

___

 

[bigdog]

https://www.usnews.com/news/busines...s-p-500-touches-record-after-better-jobs-data

Stocks Rise, S&P 500 Nears Record After Better Jobs Data
Yet another sign that the job market is continuing to improve helped send stocks and bond yields higher.

By STAN CHOE, AP Business Writer

NEW YORK (AP) — Yet another sign that the job market continues to improve is driving stocks and bond yields higher on Thursday. The Standard & Poor's 500 index is on track for its first up day in three and crossed above the 2,420 level for the first time.

KEEPING SCORE: The S&P 500 index rose 9 points, or 0.4 percent, to nearly 2,421, as of noon Eastern time. If it holds steady for the rest of the day, it would top its record closing level of 2,415.82 set last week.

The Dow Jones industrial average was up 48 points, or 0.2 percent, to 21,057. The Nasdaq composite rose 25, or 0.4 percent, to 6,223. Smaller stocks were doing better than the rest of the market. The small-cap Russell 2000 index added 14 points, or 1 percent, to 1,384.

JOB JUMP: Employers continue to hire more workers. Payroll processor ADP said private businesses added 253,000 jobs last month, more than economists expected and an acceleration from April. It's a reassurance, particularly when growth of the overall economy has remained frustratingly tepid.

The more comprehensive jobs report from the U.S. government arrives on Friday. It will include hiring by all non-farm employers, and economists expect it to show growth of 176,000 jobs in May.

A separate report showed that the number of workers filing for unemployment claims rose last week, which could be an indication that layoffs are on the rise. The number remains low by historical standards.

INTEREST RATES: The better-than-expected jobs data encouraged investors to move money out of Treasury bonds and into riskier investments. With the drop in Treasury prices, the yield on the 10-year note inched up to 2.22 percent from 2.21 percent late Wednesday. The 30-year Treasury yield rose to 2.88 percent from 2.87 percent.


A stronger job market gives the Federal Reserve more leeway to raise interest rates, and its next meeting on rate policy is in two weeks. The central bank has been gradually pulling rates off their record low following the Great Recession, and it has raised them twice since December.

ACROSS THE ECONOMY: Other reports on the U.S. economy were mixed. Manufacturing growth picked up last month and was stronger than economists were expecting, but construction spending unexpectedly weakened in April.

OH, DEERE: Deere shares rose $2.90, or 2.4 percent, to $125.36 after it agreed to buy Wirtgen Group, a German maker of road-construction equipment for about 4.6 billion euros, or $5.2 billion, including debt.

FIVE STARS: Dollar General rose $2.38, or 3.2 percent, to $75.77 after it reported stronger earnings for the latest quarter than analysts expected.

SINKING: Hewlett Packard Enterprise fell $1.29, or 6.9 percent, to $17.52 for the biggest drop in the S&P 500 after it reported a weaker quarter than analysts expected.

CURRENCIES: The dollar rose to 111.30 Japanese yen from 110.57 yen late Wednesday. The euro fell to $1.1210 from $1.1246, and the British pound dipped to $1.2885 from $1.2892.

COMMODITIES: Benchmark U.S. crude oil rose 78 cents to $49.10 per barrel. Brent crude, used to price international oils, gained 62 cents to $51.38 per barrel.

Gold fell $9.50 to $1,265.90 per ounce, silver dropped 21 cents to $17.20 per ounce and copper added a penny to $2.59 per pound.

MARKETS OVERSEAS: France's CAC-40 gained 0.7 percent, Germany's DAX advanced 0.4 percent and London's FTSE 100 added 0.3 percent. Tokyo's Nikkei 225 advanced 1.1 percent, Hong Kong's Hang Seng rose 0.6 percent, and South Korea's Kospi shed 0.1 percent.


TRUMP AND CLIMATE: President Donald Trump was preparing to announce whether he will pull the United States out of the 195-nation Paris agreement to combat global warming by reducing carbon emissions. U.S. allies around the world sounded alarms about the likely consequences of an American withdrawal. Abandoning the pact would isolate the U.S. from allies who spent years negotiating the 2015 agreement.

 

[bigdog]

https://www.usnews.com/news/busines...to-2017-low-stocks-hug-close-to-record-levels

Stocks Set Records Again; Bond Yields Sink After Jobs Report

Bond yields sank Friday and touched their lowest level of the year after job growth across the country proved to be weaker than expected last month.

By STAN CHOE, AP Business Writer

NEW YORK (AP) — Bond yields sank Friday to their lowest level of the year, and the dollar's value fell against rivals after the nation's job growth slowed last month. But stock indexes chugged again to record heights, led by technology companies and dividend payers.

Yields fell immediately after the government said that employers added 138,000 jobs last month, which was short of economists' expectations and a slowdown from April's hiring. The yield on the 10-year Treasury dropped to 2.15 percent from 2.21 percent late Thursday and hit its lowest level since mid-November.

The government's jobs report also said that hiring was weaker in March and April than earlier reported. The unemployment rate fell to 4.3 percent last month, its lowest level since 2001.

Stocks opened for trading an hour after the release of the jobs report, and they were higher for nearly the entire day. The Standard & Poor's 500 index rose 9.01 points, or 0.4 percent, to 2,439.07. The Dow Jones industrial average gained 62.11, or 0.3 percent, to 21,206.29, and the Nasdaq composite added 58.97, or 0.9 percent, to 6,305.80. All three indexes added to records set on Thursday.

Many economists say they don't expect the latest jobs report to dissuade the Federal Reserve from raising interest rates again at its next policy meeting in two weeks. The job market and inflation remain strong enough, they say. The central bank has been trying to pull rates gradually off their record low following the Great Recession, and it has raised rates twice since December.

Friday's jobs report slots in with a series of mixed economic reports that show continued modest gains, but no big acceleration. The economy grew at an annual rate of 1.2 percent in the first three months of the year, for example. That's a relatively weak showing but better than first estimated.


"Is the glass half-full or half-empty on the economic statistics?" asked Rich Weiss, senior portfolio manager at American Century Investments. "I don't know, but it's only half."

Weiss said he's been cautious on U.S. stocks given the continued tepid pace of growth, particularly as indexes have climbed to record after record this year.

"If you were a Martian and looked at the economic stats, you would not be pouring money into the equity market, or at least the U.S. equity market," he said.

Friday's drop in interest rates helped boost stocks in industries that pay big dividends. Real-estate investment trusts rose twice as fast as the overall S&P 500, for example. Dividends look more attractive to income investors when bonds are paying less in interest.

Technology stocks had the day's biggest gains, with those in the S&P 500 jumping 1 percent. It's the latest move higher for the streaking sector, which is already up 21.3 percent for the year. That's by far the biggest gain among the 11 sectors that make up the S&P 500.

Chipmaker Broadcom jumped to the biggest gain in the S&P 500 after reporting stronger quarterly revenue and profit than analysts had forecast. It rose $19.94, or 8.5 percent, to $254.53.

Lululemon gained $5.62, or 11.5 percent, to $54.29 after the athletic apparel company reported better results for the latest quarter than analysts expected.

On the opposite end were energy stocks, which deepened their losses for 2017 after the price of oil sank. Benchmark U.S. crude oil fell 70 cents, or 1.4 percent, to settle at $47.66 per barrel. Brent crude, used to price international oils, sank 68 cents to $49.95 per barrel.


Energy stocks in the S&P 500 lost 1.2 percent Friday, and they're down 14 percent for the year when the overall index is up 8.9 percent.

Gold rose $10.10 to $1,280.20 per ounce, silver added 24 cents to $17.53 per ounce and copper lost 1 cent to $2.57 per pound.

Natural gas was close to flat at $3.00 per 1,000 cubic feet, wholesale gasoline fell 2 cents to $1.58 per gallon and heating oil dipped 2 cent to $1.48 per gallon.

The dollar fell to 110.50 Japanese yen from 111.33 yen late Thursday. The euro rose to $1.1276 from $1.1214, and the British pound rose to $1.2880 from $1.2876.

Japan's Nikkei 225 index rose 1.6 percent to cross above the 20,000 level for the first time since 2015. Hong Kong's Hang Seng index rose 0.4 percent, and South Korea's Kospi jumped 1.2 percent.

In Europe, Germany's DAX gained 1.2 percent, and the French CAC 40 rose 0.5 percent. The FTSE 100 in London added 0.1 percent.

8574

 

[bigdog]

https://finance.yahoo.com/m/44afcc4...b7913b3/ss_us-stock-indexes-close-lower,.html

US stock indexes close lower, slide below record high levels

ALEX VEIGA

U.S. stock indexes edged mostly lower in early trading Monday, June 5, 2017, led by a slump in real estate companies. Technology stocks and banks bucked the broader market slide

U.S. stocks closed slightly lower Monday, capping a mostly quiet day of trading that eased the market back from record highs set late last week.

Utilities and materials companies posted some of the biggest losses. Energy stocks led the gainers, even as crude oil prices declined. Technology companies and banks also bucked the downward trend. Google parent Alphabet closed above $1,000 a share for the first time.

The dip snapped a two-day winning streak for stocks, which have been mostly pushing higher this year. The major stock market indexes hit new highs last Thursday and Friday.

"Equities are digesting the gains from last week," said Michael Baele, senior portfolio manager at U.S. Bank Private Wealth Management.

The Standard & Poor's 500 index dipped 2.97 points, or 0.1 percent, to 2,436.10. The Dow Jones industrial average fell 22.25 points, or 0.1 percent, to 21,184.04. The Nasdaq composite index lost 10.11 points, or 0.2 percent, to 6,295.68.

Small-company stocks fell more than the rest of the market. The Russell 2000 slid 8.94 points, or 0.6 percent, to 1,396.45. Three stocks fell for every two that rose on the New York Stock Exchange.

Encouraging economic data, low interest rates, strong consumer confidence and solid company earnings have helped keep investors in a buying mood this year, driving U.S. stocks higher.

"All these positives are holding the market up here and are likely to help stocks grind higher for the rest of the year," Baele said.

Even so, trading got off to a subdued start Monday and largely remained that way, reflecting a dearth of new major economic data and relatively few company earnings releases.

Traders had their eye on geopolitical developments, including the terror attacks in London over the weekend and the decision by a Saudi-led coalition to withdraw their diplomatic staff from Qatar over its support for Islamist groups and its relations with Iran.

Benchmark U.S. crude slid 26 cents, or 0.5 percent, to close at $47.40 a barrel in New York. Brent crude, used to price international oils, fell 48 cents, or 1 percent, to close at $49.47 a barrel in London.

Bond prices fell. The 10-year Treasury yield inched up to 2.18 percent from 2.19 percent late Friday, when it sank to its lowest level of the year.

Investors bid up shares of some technology companies, giving the sector a slight gain. Among them: Google's parent Alphabet, which eclipsed the $1,000 per share threshold for the first time. The search giant's stock added $7.76, or 0.8 percent, to $1,003.88.

Herbalife was among the day's big movers. The seller of supplements and weight-loss products slid 6.7 percent after it lowered its second-quarter revenue and volume projections. The company noted that a switch to new sales tactics is affecting its business in the U.S., and sales in Mexico were weak. The stock lost $4.93 to $68.99.

Forestar Group surged 12.7 percent after homebuilder D.R. Horton offered to buy a 75 percent stake in the real estate and natural resources developer for $16.25 a share. Forestar rose $1.80 to $16. D.R. Horton shed 50 cents, or 1.5 percent, to $33.29.

Loxo Oncology vaulted 43 percent after the drug developer received encouraging results from an experimental drug that targets a rare genetic tumor abnormality. Loxo shares jumped $21.14 to $70.12.

Several of the major overseas stock indexes closed lower.

Britain's FTSE 100 slipped 0.3 percent as investors focused on the fallout from Saturday's attack in London, which killed seven people. The attack comes ahead of Thursday's general election. France's CAC 40 fell 0.7 percent and the German stock exchange was closed for a holiday.

Qatar's main stock index tumbled 7.3 percent after Bahrain, Egypt, Saudi Arabia and the United Arab Emirates announced they would withdraw their diplomatic staff from Qatar. In Asia, Japan's Nikkei 225 ended flat, while Hong Kong's Hang Seng fell 0.2 percent.

In other energy trading, wholesale gasoline lost 4 cents, or 2.5 percent, to $1.54 per gallon. Heating oil dipped 3 cents to $1.46 per gallon. Natural gas dipped 2 cents to $2.98 per 1,000 cubic feet.

Among metals, gold rose $2.50 to $1,282.70 per ounce. Silver added 6 cents to $17.58 per ounce, while copper lost 2 cents to $2.56 per pound.

In currency trading, the euro fell to $1.1255 from $1.1276 on Friday. The dollar weakened to 110.49 from 110.50 yen.

 

[bigdog]

https://finance.yahoo.com/m/ad9748c...039db91/ss_retailers-lead-us-stocks-to-a.html

Retailers lead US stocks to a second day of modest losses

ALEX VEIGA

Retailers led a modest slide in U.S. stocks Tuesday as the market eased back for the second day in a row, pulling it further below record highs set late last week.

Macy's sank more than 8 percent after warning that its profit margins could be weaker than the company had forecast earlier. Several other retailers, including Conn's and Casey's General Stores, also slumped after issuing disappointing quarterly results or outlooks.

Banks and other financial companies also posted losses as the yield on the 10-year Treasury slipped to 2.14 percent, the lowest level since November. Lower bond yields mean lower interest rates on loans, which hurt banks' profits.

Energy stocks notched the biggest gain as crude oil prices rebounded.

"This is a market that's taking a breather and is prepared to move, the question is in which direction?" said Quincy Krosby, a market strategist at Prudential Financial. "Perhaps the move is going to be, in the short term, a pullback and perhaps that's another reason we have money going into the Treasury markets as a hedge."

The Standard & Poor's 500 index fell 6.77 points, or 0.3 percent, to 2,429.33. The Dow Jones industrial average slid 47.81 points, or 0.2 percent, to 21,136.23. The Nasdaq composite index lost 20.63 points, or 0.3 percent, to 6,275.06.

Small-company stocks fared better than the rest of the market. The Russell 2000 gave up 1.55 points, or 0.1 percent, to 1,394.90.

Despite the two-day market slide, the major indexes remain near their most recent record highs set Friday.

For the second day in a row, trading got off to a subdued start Tuesday as investors sized up the latest batch of company earnings and economic news.

The Labor Department provided some encouragement early on, reporting that job openings rose 4.5 percent in April to more than 6 million, the most since December 2000, when the government began tracking the data. Still, hiring fell 4.8 percent.

On Friday, the government reported that employers added just 138,000 jobs last month, about one-third below last year's average monthly gain.

Investors found little encouragement in the latest crop of outlooks from several big retailers Tuesday.

In a presentation to investors, Macy's Chief Financial Officer Karen Hoguet said the company's gross margins could fall more than Macy's expected a couple of months ago, with the first half of the year especially weak. The company continues to grapple with too much holiday inventory and a lot of discounts on beauty products.

Macy's was the biggest decliner in the S&P 500, losing $1.96, or 8.2 percent, to $21.90.

Other department store chains also fell. Kohl's slid $2.19, or 5.8 percent, to $35.73. Nordstrom gave up $1.51, or 3.6 percent, to $40.14.

Conn's sank 9.1 percent after the furniture and mattress retailer issued a disappointing second-quarter outlook for sales at its established stores. The stock declined $1.73 to $17.15.

Casey's General Stores slid 8.4 percent after the convenience store operator's latest quarterly report card fell short of analysts' expectations. The stock fell $9.84 to $106.66.

Not all retailers had a bad day.

G-III Apparel Group climbed 15.2 percent after the owner of Wilsons Leather and G.H. Bass stores posted better-than-expected quarterly results. The company also raised its estimates for the year. G-III Apparel shares added $3.03 to $22.92.

A weak report on retail sales in the 19-country eurozone weighed on European stock indexes. Germany's DAX was down 1 percent, while France's CAC 40 was 0.7 percent lower. Britain's FTSE 100 was flat ahead of the U.K. election on Thursday. In Asia, Japan's benchmark Nikkei 225 dipped nearly 1.0 percent, while Hong Kong's Hang Seng edged up 0.5 percent. South Korean markets were closed for a holiday.

In energy futures trading, crude oil prices rebounded after an early slide. Benchmark U.S. crude gained 79 cents, or 1.7 percent, to close at $48.19 a barrel in New York. Brent crude, used to price international oils, added 65 cents, or 1.3 percent, to finish at $50.12 a barrel in London.

Wholesale gasoline rose 2 cents, or 1.1 percent, to $1.55 per gallon. Heating oil added a penny to $1.47 per gallon. Natural gas gained 6 cents, or 2 percent, to $3.04 per 1,000 cubic feet.

Among metals, gold added $14.80, or 1.2 percent, to $1,297.50 per ounce. Silver rose 13 cents to $17.71 per ounce, while copper lost a penny to $2.55 per pound.

In currency trading, the dollar weakened to 109.54 yen from 110.49 yen on Monday. The euro increased to $1.1271 from $1.1255.

 

[bigdog]

https://www.usnews.com/news/busines...dexes-edge-higher-in-early-trading-oil-slides

Banks Lead US Stocks Slightly Higher; Oil Slumps

Banks and other financial companies led U.S. stocks slightly higher Wednesday, snapping a two-day losing streak for the market.

By ALEX VEIGA, AP Business Writer

Banks and other financial companies led U.S. stocks slightly higher Wednesday, snapping a two-day losing streak for the market.

The latest gains were partially offset by a slide in energy companies following a steep slump in the price of U.S. crude oil, which fell 5.1 percent, its biggest single-day drop in nearly three months.

Trading was mostly subdued, with the major indexes trading in a narrow range as investors sized up the latest company earnings and looked ahead to testimony Thursday from former FBI Director James Comey, part of a congressional investigation into Russia's possible election meddling.

"From an investor perspective it would be nice to get another potential distraction out of the way and move toward the threefold mandate of the Trump administration: deregulation, reduced taxes and improved infrastructure, because they have been delayed, delayed and delayed," said Erik Davidson, chief investment officer for Wells Fargo Private Bank.

The Standard & Poor's 500 index rose 3.81 points, or 0.2 percent, to 2,433.14. The Dow Jones industrial average gained 37.46 points, or 0.2 percent, to 21,173.69. The Nasdaq composite index added 22.32 points, or 0.4 percent, to 6,297.38. The Russell 2000 index of small-company stocks picked up 1.78 points, or 0.1 percent, to 1,396.67.

The major indexes remain slightly below record highs set late last week.

Stocks wavered between small gains and losses early Wednesday as investors weighed the latest company earnings reports.

Comey's appearance before the Senate intelligence committee will be his first public comments since he was abruptly ousted by President Donald Trump on May 9. The former director's associates say Trump asked Comey if he could back off an investigation into Michael Flynn, who was fired as national security adviser because he misled the White House about his ties to Russia.


Investors will try to glean how the outcome of the hearing may play into the administration's efforts to forge ahead with Trump's pledge to cut taxes, increase infrastructure spending and implement other business-friendly policies.

Financials were the biggest gainers in the S&P 500, rising 0.8 percent. The sector is up 23 percent this year.

Speculation that the Federal Reserve may raise its key interest rate at a meeting of policymakers next week likely helped lift the sector on Wednesday, said Davidson. Higher interest rates allow banks and credit card issuers to charge more for loans, which boosts profits.

JPMorgan Chase gained 95 cents, or 1.2 percent, to $83.91. American Express rose $96 cents, or 1.2 percent, to $79.81.

Oil futures fell sharply after a report showed that U.S. crude stockpiles grew 3.3 million barrels last week. Experts had expected stockpiles to shrink by 3.5 million barrels. Benchmark U.S. crude slid $2.47, or 5.1 percent, to close at $45.72 per barrel in New York. Brent crude, used to price international oils, fell $2.06, or 4.1 percent, to settle at $48.06 per barrel in London.

The steep slide in oil prices sent several oil and gas drilling companies lower. Newfield Exploration was the biggest decliner in the S&P 500, losing $2.16, or 7 percent, to $28.90. Helmerich & Payne fell $3.22, or 6 percent, to $50.08. Rig operator Transocean gave up 51 cents, or 5.6 percent, to $8.59.

Investors also kept an eye on company earnings Wednesday.

Carvana jumped 32.8 percent after the online used car seller posted its first quarterly results as a public company and issued a forecast that exceeded Wall Street's expectations. The stock climbed $3.13 to $12.66.


Duluth Holdings slumped 18.6 percent after the clothing and tools supplier reported disappointing earnings. The stock slid $3.82 to $16.75.

Video compression chip maker Ambarella sank 10.2 percent after its guidance on sales of vision chips used by drones stoked concern among investors. The stock gave up $6.12 to $53.60.

Bond prices fell. The 10-year Treasury yield rose to 2.18 percent from 2.15 percent late Tuesday.

The dollar rose to 109.83 yen from Tuesday's 109.54 yen. The euro weakened to $1.1252 from $1.1271.

Among metals, gold slipped $4.30 to $1,293.20 per ounce. Silver lost 9 cents to $17.62 per ounce. Copper held steady at $2.55 per pound.

In other energy futures trading, wholesale gasoline shed 6 cents, or 4.1 percent, to $1.49 per gallon. Heating oil gave up 5 cents, or 3.4 percent, to $1.42 per gallon. Natural gas dipped 2 cents to $3.02 per 1,000 cubic feet.

In Europe, London's FTSE 100 slid 0.6 percent ahead of Thursday's British elections. Traders were also looking ahead to a policy meeting of the European Central Bank on Thursday. Germany's DAX slipped 0.1 percent, while France's CAC 40 fell 0.1 percent. In Asia, Tokyo's Nikkei 225 and Sydney's S&P-ASX 200 were unchanged. Hong Kong's Hang Seng fell 0.2 percent. Seoul's Kospi shed 0.4 percent.

 

[bigdog]

https://finance.yahoo.com/m/6836596b-c496-33cb-8031-9de78afe7885/ss_modest-gains,-led-by-banks,.html

Modest gains, led by banks, push US stock indexes higher

ALEX VEIGA

Financial companies led U.S. stock indexes higher Thursday, nudging the Nasdaq composite index to a record high.

The latest gains came as the stock market continued to trade mostly in a narrow range in the absence of major new economic data and ahead of next week's meeting of Federal Reserve policymakers.

Speculation that the Fed will raise interest rates helped boost financial stocks for the second day in a row. Higher interest rates allow banks and credit card issuers to charge more for loans, which boosts profits.

Utilities and consumer goods companies were among the biggest decliners. Energy stocks also fell as crude oil prices declined.

"(Today) is a continuation of fairly muted market action," Bill Northey, chief investment officer at U.S. Bank Wealth Management. "We've been in a very low volatility period of time. We're also a bit between material economic events."

The Standard & Poor's 500 index gained 0.65 points, or 0.03 percent, to 2,433.79. The Dow Jones industrial average rose 8.84 points, or 0.04 percent, to 21,182.53. Both indexes remain slightly below their record highs set last Friday.

The Nasdaq added 24.38 points, or 0.4 percent, to 6,321.76. Small-company stocks fared better than the rest of the market. The Russell 2000 index climbed 18.94 points, or 1.4 percent, to 1,415.61.

Bond prices fell. The 10-year Treasury yield rose to 2.19 percent from 2.18 percent late Wednesday.

Stocks wavered between small gains and losses through much of the day as investors tuned in to watch former FBI Director James Comey testify before Congress as part of the investigation into Russian meddling into the U.S. presidential election.

In his testimony, Comey's first public statements since his May 9 dismissal, he told Congress that President Donald Trump's administration spread "lies" about him and the FBI after his abrupt firing in May. Comey also asserted that Trump fired him to interfere with his investigation of Russia's role in the 2016 election and its ties to the Trump campaign.

Stock indexes barely budged throughout the hearing, the public portion of which wrapped around midday.

"Today did not turn into a market event, nor did it accelerate the path toward further progress on the legislative and administrative agenda," Northey said.

Investors have been looking for more progress out of the White House on its agenda to cut taxes, increase infrastructure spending and implement other business-friendly policies.

The Republican-led House took steps Thursday to advance Trump's pledge to ease regulations on businesses by taking a vote on legislation that would undo the stricter banking rules that took effect after the devastating 2008 financial crisis. That helped lift bank stocks.

Goldman Sachs Group picked up $2.98, or 1.4 percent, to $218.76. JPMorgan Chase added $1.04, or 1.2 percent, to $84.95. Regions Financial gained 44 cents, or 3.2 percent, to $14.03.

Traders also welcomed news that members of the Nordstrom family are considering taking the company private.

Like Macy's and other big department store chains, Nordstrom has struggled to cope with competition from online retailers. The company, which has 354 stores in the U.S. and Canada, has seen its stock tumble by half since early 2015. On Thursday, the stock soared $4.15, or 10.3 percent, to $44.63.

Several companies that reported improved earnings or outlooks also traded higher.

Verint Systems rose 3.2 percent after the maker of software for analyzing intercepted communications had a strong first quarter. The stock added $1.35 to $43.45.

Investors cheered Alibaba Group Holding's latest revenue forecast. Shares in the Chinese e-commerce company gained $16.70, or 13.3 percent, to $142.34.

Some companies failed to impress traders.

Urban Outfitters slid 10.3 percent after the retailer said sales at older stores are running lower than expected this month. That followed weak sales in May. The stock shed $1.88 to $16.35.

Benchmark U.S. crude wavered for much of the day before sliding 8 cents to settle at $45.64 a barrel in New York. Brent crude, used to price international oils, fell 20 cents to close at $47.86 per barrel in London. Wholesale gasoline held steady at $1.49 per gallon. Heating oil rose 1 cent to $1.42 per gallon. Natural gas added 1 cent to $3.03 per 1,000 cubic feet.

The dollar rose to 109.94 yen from Wednesday's 109.83 yen. The euro weakened to $1.1222 from $1.1252.

In metals trading, gold fell $13.70, or 1.1 percent, to $1,279.50 per ounce. Silver lost 21 cents, or 1.2 percent, to $17.41 per ounce. Copper gained 6 cents, or 2.3 percent, to $2.61 per pound.

European stock markets were mixed after the European Central Bank kept its stimulus program unchanged. ECB President Mario Draghi said Thursday that risks to the European economic recovery have diminished. Germany's DAX rose 0.3 percent, while France's CAC 40 slipped 0.2 percent. Britain's FTSE 100 fell 0.4 percent as Britain went to the polls in a general election.

In Asia, Japan's benchmark Nikkei 225 index lost 0.3 percent, while South Korea's Kospi edged up 0.2 percent. Hong Kong's Hang Seng rose 0.3 percent. Australia's S&P/ASX 200 added 0.2 percent.

 

[bigdog]

https://www.usnews.com/news/busines...stocks-lead-early-gains-for-us-market-indexes

Dow, Russell 2000 Hit New Highs; Uneven Finish for US Stocks

Wall Street turned in an uneven finish as investors unloaded their technology company shares in favor of energy and financial stocks.

By ALEX VEIGA, AP Business Writer

Wall Street turned in an uneven finish Friday as investors unloaded their technology company shares in favor of energy and financial stocks.

The tech-heavy Nasdaq composite, which has outpaced gains by other U.S. stock indexes this year, fell the most. The Standard & Poor's 500 index closed slightly lower.

Even with the sell-off in technology stocks, the Dow Jones industrial average and the Russell 2000 index of small-company stocks closed higher, each setting new highs.

"We're seeing investors rotate out of the international stocks and into the U.S. stocks in general," said Sam Stovall, chief investment strategist at CFRA Equity Research. "And also a rotation out of technology and into energy, materials and financials."

All told, the S&P 500 index fell 2.02 points, or 0.1 percent, to 2,431.77. The Dow gained 89.44 points, or 0.4 percent, to 21,271.97. The Nasdaq declined 113.85 points, or 1.8 percent, to 6,207.92. The Russell 2000 picked up 6.09 points, or 0.4 percent, to 1,421.71. The indexes also closed out the week unevenly after several days of trading in a mostly narrow range.

Despite the day's big tech stock slide, more stocks rose than declined on the New York Stock Exchange.

U.S. stocks were coming off a two-day winning streak, which included a record high for the Nasdaq on Thursday. They were on track to extend those gains early Friday, each at one point trading above their most recent closing highs.

But then investors began to unload technology stocks. The sell-off centered on the biggest companies in the stock market: Apple, Microsoft, Alphabet and Facebook. But the biggest decliner was chipmaker Nvidia, which lost $10.34, or 6.5 percent, to $149.60.


Alphabet, Google's parent company, fell $34.16, or 3.4 percent, to $970.12, while Apple slid $6.01, or 3.9 percent, to $148.98.

"It's had a good run," said Scott Wren, senior global equity strategist for Wells Fargo Investment Institute. "People are taking a little money off the table."

The technology sector fell 2.7 percent. It remains up 18.5 percent for the year.

Traders also bid up shares in energy companies as the price of crude oil rose.

Helmerich & Payne added $2.87, or 5.7 percent, to $53.27. Rig operator Transocean picked up 39 cents, or 4.6 percent, to $8.81.

Benchmark U.S. crude gained 19 cents to close at $45.83 a barrel in New York. Brent crude, used to price international oils, added 29 cents to settle at $48.15 a barrel in London.

Small-company stocks were among the big gainers, receiving a boost from a stronger dollar following the British general election. A stronger dollar tends to benefit small-cap stocks, because they tend to not have as much exposure to international markets as large-cap stocks.

The pound lost more than 2 cents versus the dollar after the Conservatives lost their majority in Parliament, which could send Britain's negotiations to leave the European Union, due to start June 19, into disarray. The pound weakened to $1.2724 from $1.2943. The dollar also strengthened to 110.20 yen from 109.94 yen late Thursday. The euro weakened to $1.1195 from $1.1222.

Corporate deal news also led to some notable stock moves Friday.

DuPont Fabros Technology jumped 9.8 percent after the data real estate investment trust and owner of wholesale data centers was acquired by another REIT, Digital Realty Trust. The deal is an all-stock transaction valued at about $7.6 billion. DuPont Fabros Technology shares gained $5.44 to $60.80. Digital Realty slipped $3.43, or 2.9 percent, to $113.32.


Pandora Media rose on news that SiriusXM will invest $480 million in the online radio company. SiriusXM, which is buying preferred stock and taking a 19 percent stake in Pandora, will also select three people to be named to Pandora's board. Pandora is breaking off a deal with investment firm KKR from last month. Pandora added 10 cents, or 1.2 percent, to $8.52. SiriusXM slid 20 cents, or 3.7 percent, to $5.20.

Several companies fell after issuing weak outlooks.

VeriFone Systems shed 3.5 percent after the maker of terminals for electronic payments cut its forecasts and said it will sell or restructure several businesses. The stock lost 64 cents to $17.68.

HNI slumped 12.6 percent after the maker of office furniture and fireplaces cut its forecasts because of slower sales and falling wholesale revenue. The stock slid $5.64 to $39.27.

Bond prices fell. The 10-year Treasury yield held rose to 2.20 percent from 2.19 percent late Thursday.

In other energy trading, wholesale gasoline rose a penny to $1.50 per gallon. Heating oil inched up 1 cent to $1.43 per gallon. Natural gas added 1 cent to $3.04 per 1,000 cubic feet.

Gold fell $8.10 to $1,271.40 per ounce. Silver lost 19 cents, or 1.1 percent, to $17.22 per ounce. Copper gained 4 cents, or 1.5 percent, to $2.65 per pound.

Germany's DAX rose 0.8 percent, while France's CAC 40 gained 0.7 percent. Britain's FTSE 100 added 1 percent. Japan's Nikkei 225 added 0.5 percent, while South Korea's Kospi rose 0.8 percent. Hong Kong's Hang Seng slipped 0.1 percent.

8844