NYSE Dow Jones finished today at:

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Solid June Jobs Report Gets Tech and Consumer Stocks Jumping

US stocks rise, led by technology companies and consumer-focused companies like McDonald's and Amazon, after the government said hiring grew at a faster pace in June.

By MARLEY JAY, AP Markets Writer

NEW YORK (AP) — U.S. stocks climbed Friday after the government said hiring grew at a stronger pace in June. Technology and consumer-focused companies led the way as investors were glad to see a positive sign for the economy.

The Labor Department said American employers added 222,000 jobs last month. That was more than analysts had expected, and it came just a day after a survey that showed weaker job creation by private companies. Stocks regained much of the ground they lost Thursday. Technology companies jumped and retailers like Amazon and McDonald's traded higher. Bond yields climbed and the dollar got stronger. Gold fell.

"The data itself shows a pretty strong labor market," said Sean Lynch, co-head of global equity strategy for the Wells Fargo Investment Institute. He said it "probably lays to rest some of the worries (that) we were taking a step back from an economic standpoint."

The Standard & Poor's 500 index picked up 15.43 points, or 0.6 percent, to 2,425.18. The Dow Jones industrial average gained 94.30 points, or 0.4 percent, to 21,414.34. It fell 158 points a day earlier. The Nasdaq composite rose 63.61 points, or 1 percent, to 6,153.08. The Russell 2000 index of smaller-company stocks added 15.02 points, or 1.1 percent, to 1,415.84.

The government said more people looked for work in June, which pushed the unemployment rate slightly higher. The government also raised its estimates of job gains in April and May. However average wage growth remained modest. Still, companies that would benefit from better economic growth, like banks and industrial companies, made strong gains.

Facebook added $2.62, or 1.8 percent, to $151.44 and Microsoft rose 89 cents, or 1.3 percent, to $69.46 as technology companies made the biggest gains Friday. They have done better than any other industrial group within the S&P 500 this year.


Despite Friday's gains, technology stocks have had a bad month. The Nasdaq composite closed at an all-time high June 8 and the S&P 500 technology index closed at a 17-year-high. Since then the tech index has dropped 4 percent, its worst one-month stretch since Britain voted to leave the European Union last June. Apple and Alphabet, Google's parent company, have both fallen almost 8 percent in that time, while chipmaker Nvidia is down 10 percent and smaller chip and chip equipment companies have taken even sharper losses.

"If the markets are to go higher, it's got to come from somewhere other than technology," said Lynch.

McDonald's rose $3.18, or 2.1 percent, to $156.27. Amazon picked up $13.62, or 1.4 percent, to $978.76 and Netflix advanced $3.93, or 2.7 percent, to $150.18. Homebuilder D.R. Horton added $1.30, or 3.8 percent, to $35.79.

Stocks dropped Thursday after ADP, a payroll processor, released a survey that showed sluggish hiring by private businesses. Investors have been worried that rising interest rates in the U.S., and possibly in Europe, will affect economic growth, while the end of stimulus measures by the Federal Reserve and European Central Bank could affect stocks, as they have helped support stock markets since the financial crisis in 2008-09.

Benchmark U.S. crude oil lost $1.29, or 2.8 percent, to $44.23 a barrel in New York. Brent crude, used to price international oils, fell $1.40, or 2.9 percent, to $46.71 per barrel in London. Analysts said investors are focused on the strong increase in U.S. production in Thursday's energy supply report. Hess fell $1.04, or 2.4 percent, to $41.79 and Devon Energy gave up 64 cents, or 2.1 percent, to $29.54.


Bond prices fell. The yield on the 10-year Treasury note rose to 2.39 percent from 2.37 percent. Big-dividend stocks like phone companies, household goods makers and utilities mostly lagged the market as investors who sought yield were lured elsewhere.

Advisory Board jumped after Bloomberg said health insurer UnitedHealth Group and private equity firm Vista Equity plan to buy the consulting company and break it up. Advisory Board shares climbed $2.90, or 5.4 percent, to $57.10. Investors currently value the company at about $2.3 billion. UnitedHealth gained $1.02 to $187.96.

Mobile services company Synchronoss Technologies climbed after it said it will review its options, which could include a sale of the company. Siris Capital Group offered to buy the company in late June for $18 a share. The stock climbed 64 cents, or 4 percent, to $16.50.

The dollar rose to 113.99 yen from 113.26 yen. The euro fell to $1.1404 from $1.1423.

Meanwhile gold sank $13.60, or 1.1 percent, to a four-month low of $1,209.70 an ounce. Silver dropped 56 cents, or 3.5 percent, to $15.43 an ounce. Copper lost 1 cent to $2.65 a pound.

In other energy trading, wholesale gasoline fell 3 cents to $1.50 a gallon. Heating oil shed 3 cents to $1.45 a gallon. Natural gas dipped 2 cents to $2.86 per 1,000 cubic feet.

The French CAC 40 lost 0.1 percent. Germany's DAX added 0.1 percent and the FTSE 100 of Britain gained 0.2 percent. Japan's Nikkei 225 lost 0.3 percent and South Korea's Kospi fell 0.3 percent. Hong Kong's Hang Seng index dropped 0.5 percent.

0226

 

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Tech Stocks Gain in Mixed Finish for Major US Stock Indexes

Wall Street capped a mostly listless day of trading Monday with an uneven finish for the major stock indexes.


By ALEX VEIGA, AP Business Writer

Wall Street capped a mostly listless day of trading Monday with an uneven finish for U.S. stock indexes.

Gains by technology and materials stocks were mostly outweighed by losses among real estate companies, banks and other sectors. Macy's and other big retailers also took hefty losses.

Energy companies rose as the price of crude oil rebounded from an early slide.

Investors were making moves ahead of the next corporate earnings reporting season, which ramps up this week. Technology stocks were a favorite, with traders expecting the sector companies to post solid results, said Anastasia Amoroso, global investment specialist at J.P. Morgan Private Bank.

"There's definitely a pivot going on to earnings from some of the trading last week," Amoroso said, adding that "investors are looking for some of the higher growth-opportunities and tech definitely stands out."

The Standard & Poor's 500 index rose 2.25 points, or 0.1 percent, to 2,427.43. The Dow Jones industrial average slid 5.82 points, or 0.03 percent, to 21,408.52. The Nasdaq composite rose 23.31 points, or 0.4 percent, to 6,176.39. The Russell 2000 index of smaller-company stocks lost 7.36 points, or 0.5 percent, to 1,408.47.

About as many stocks rose as fell on the New York Stock Exchange.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.37 percent from 2.39 percent late Friday.

Trading also got off to a mixed start Monday coming off a broad pickup in major markets in Europe and Asia.

Investors appeared to mostly focus on the coming start of the second-quarter earnings season. The market expects earnings per share growth of about 7 percent from companies in the S&P 500.

Traders also were looking ahead to potential news out of the Federal Reserve later this week. Fed Chair Janet Yellen is due to address Congress on Wednesday and Thursday.


"We're going through a transition phase where interest rates and Fed policy were very friendly for quite some time and that was the most important support for the markets," said Bruce Bittles, chief investment strategist at Baird. "Now we're moving more toward the revival of the global economy, including the U.S., and what that might mean for earnings prospects going forward, and the markets are now dwelling on that potential."

The S&P 500's technology sector, which went through a sell-off a few weeks ago, notched the biggest gain Monday. Chipmaker Nvidia led the group, climbing $6.94, or 4.7 percent, to $153.70.

Materials companies also posted big gains. CF Industries led the pack, adding $1.83, or 6.6 percent, to $29.72.

Big department stores slumped, led by Macy's. The company was the biggest decliner in the S&P 500, sliding $1.60, or 7.1 percent, to $21.08. Gap fell $1.43, or 6.3 percent, to $21.21. Best Buy lost $3.64, or 6.3 percent, to $54.23.

Teen fashion retailer Abercrombie & Fitch sank 21.1 percent after the struggling chain said over the weekend that it is no longer up for sale. The company, which said in May it was talking with several possible buyers, said that sales remain strong at its surf-inspired Hollister brand. The stock shed $2.57 to $9.59.

Investors welcomed news of deals that were actually moving forward.

ClubCorp vaulted 30.2 percent after private equity firm Apollo Global Management agreed to buy the golf and country club company for $17.12 a share, or $1.1 billion. ClubCorp gained $3.95 to $17.05. Apollo rose 57 cents, or 2.2 percent, to $26.91.


Hawaiian Telcom surged 18.1 percent on news the phone company will combine with Cincinnati Bell in a deal Hawaiian Telcom said is worth $650 million, or $30.75 per share of its stock. As part of the deal, Cincinnati Bell is buying another company, OnX Enterprise Solutions, for $201 million. Shares in Hawaiian Telcom added $4.43 to $28.87. Cincinnati Bell slid $1.35, or 7 percent, to $18.

Pepsi and Delta Air Lines are among the big companies due to report their latest quarterly results this week. JPMorgan Chase, PNC Financial Services Group, Wells Fargo and Citigroup report earnings on Friday.

Energy futures notched gains. Benchmark U.S. crude added 17 cents to settle at $44.40 a barrel in New York. Brent crude, used to price international oils, also rose 17 cents to close at $46.88 a barrel in London.

In other energy trading, wholesale gasoline was little changed at $1.50 a gallon. Heating oil also held steady at $1.45 a gallon. Natural gas rose 7 cents, or 2.3 percent, to $2.93 per 1,000 cubic feet.

Gold inched up $3.50 to $1,213.20 an ounce. Silver added 20 cents to $15.63 an ounce. Copper was little changed at $2.65 a pound.

Major markets in Europe closed higher.

Germany's DAX rose 0.5 percent, while the CAC 40 in France gained 0.4 percent. The FTSE 100 index of leading British shares picked up 0.3 percent. Earlier in Asia, Tokyo's Nikkei index gained 0.8 percent, while Hong Kong's Hang Seng added 0.7 percent. Sydney's S&P-ASX 200 gained 0.4 percent. India's Sensex rose 0.9 percent. Kospi added 0.1 percent.

In currency trading, the dollar rose to 114.05 yen from 113.99 yen late Friday. The euro slipped to $1.1403 from $1.1404.

 

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Energy Companies Lead US Stock Indexes Mostly Higher

By ALEX VEIGA, AP Business Writer

Another day of listless trading on Wall Street ended Tuesday with the major stock indexes closing out having shifted marginally from the day before.

Gains in energy and technology companies were canceled out by losses among banks, phone companies and other sectors.

A rebound in crude oil prices helped lift energy stocks, which led the gainers. Banks posted the largest losses.

Investors were making modest moves ahead of Federal Reserve chair Janet Yellen's testimony before Congress on Wednesday and Thursday, and the release of the Fed's Beige Book, an economic snapshot used by the central bank to gauge U.S. economic trends.

The market will key in on both as it tries to discern how Fed policy on interest rates may play out this year and next, said Sameer Samana, global quantitative strategist for the Wells Fargo Investment Institute.

"Any time you have those types of potentially market-moving events, especially with policy being such a big focus right now, people are always a little hesitant" to make big market moves, Samana said.

The Standard & Poor's 500 index fell 1.90 points, or 0.1 percent, to 2,425.53. The Dow Jones industrial average gained 0.55 points to 21,409.07. The Nasdaq composite rose 16.91 points, or 0.3 percent, to 6,193.30. The Russell 2000 index of smaller-company stocks added 4.58 points, or 0.3 percent, to 1,413.05.

Nine of the 11 industry groups in the S&P's 500 index declined. More stocks rose than fell on the New York Stock Exchange.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.36 percent from 2.38 percent late Monday.

The major indexes got off to an uneven start early on, then veered sharply lower before midday as news broke that President Donald Trump's eldest son, Donald Trump Jr., had released an email chain from last year that shows the Trump scion discussing plans to hear damaging information on Hillary Clinton from what was described to him as a Russian government effort to aid his father's campaign.


The news stoked investor worries over whether the headlines could lead to more political uncertainty in Washington and potentially hold up tax cuts, regulatory reform and other business-friendly policy initiatives that the market has been expecting. But the market mostly bounced back from the stumble by the end of the day.

Mostly, investors appeared to be taking a wait-and-see approach ahead of the star of Yellen's two-day appearance before Congress.

Starting Wednesday, traders will be listening for clues as to how aggressively the Fed will continue to raise rates and start to unwind its big bond-buying program. The latest U.S. economic reports, particularly for jobs, have been upbeat.

"Our base case scenario for the rest of the year is we'll get one additional hike likely toward the end of the year," said Nadia Lovell, U.S. equity strategist at J.P. Morgan Private Bank.

Beyond the Fed, investors were also looking ahead to the next corporate earnings reporting season, which ramps up this week. PepsiCo served up its results early Tuesday. Delta Air Lines, JPMorgan Chase and Wells Fargo are among the big companies due to report their latest quarterly results this week.

"People are waiting to get more clarity with earnings kicking off in earnest with the banks on Thursday and Friday," Lovell said. "Financials and banks usually give the best barometer on the economy itself."

Energy sector companies led the gainers Tuesday. Devon Energy rose 80 cents, or 2.7 percent, to $30.53. Newfield Exploration added 47 cents, or 1.8 percent, to $26.83.


Financials companies took heavy losses. T. Rowe Price Group slid $1.89, or 2.5 percent, to $75.16. Invesco lost 75 cents, or 2.1 percent, to $35.72.

PepsiCo reported better-than-expected quarterly results as higher prices for drinks and snacks boosted both profit and revenue for the beverage and packaged foods company. PepsiCo's sales volumes in North America were soft, however. That appeared to weigh on the company's shares, which slid 53 cents, or 0.5 percent, to $113.74.

Rent-A-Center was among the stocks that made big moves. The company climbed 8.9 percent after its board of directors rejected a takeover offer of $15 a share from Vintage Capital Management. Rent-A-Center rose 99 cents to $12.09.

The parent company of the disappearing-message service Snapchat slumped a day after it closed below its IPO price. Snap slid $1.52, or 8.9 percent, to $15.47.

Energy futures closed broadly higher.

The price of oil rebounded after dipping earlier in the day. Benchmark U.S. crude picked up 64 cents, or 1.4 percent, to settle at $45.04 a barrel on the New York Mercantile Exchange. Brent crude, used to price international oils, rose 64 cents, or 1.4 percent, to $47.52 a barrel in London.

Wholesale gasoline inched up 2 cents to $1.52 a gallon. Heating oil added 2 cents to $1.48 a gallon. Natural gas rose 12 cents, or 4 percent, to $3.05 per 1,000 cubic feet.

In other commodities trading, gold rose $1.50 to $1,214.70 an ounce. Silver added 12 cents to $15.75 an ounce. Copper inched up 2 cents to $2.67 a pound.

Major markets overseas were mixed Tuesday.


In Europe, Germany's DAX lost 0.1 percent, while France's CAC40 fell 0.5 percent. Britain's FTSE 100 slid 0.5 percent. Earlier in Asia, Japan's Nikkei 225 index gained 0.6 percent on expectations the yen will weaken further against the dollar as the central bank strives to keep long-term bond yields low. Hong Kong's Hang Seng added 1.5 percent, while the Kospi in South Korea climbed 0.6 percent.

The dollar fell to 113.84 from 114.05 yen late Monday. The euro strengthened to $1.1476 from $1.1403.

 

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Tech Firms Lead Broad Gains for US Stocks; New High for Dow

By ALEX VEIGA, AP Business Writer

Technology companies led U.S. stocks higher Wednesday in a broad rally that helped nudge the Dow Jones industrial average to a new high.

In remarks before Congress, Federal Reserve Chair Janet Yellen raised the possibility that the central bank would consider slowing the pace of its interest rate increases if inflation remained persistently below its target level.

The move assuaged concerns among some traders worried that the Fed has been moving too quickly to raise interest rates despite a slowdown in inflation and the U.S. economy's sluggish growth of just 1.4 percent in the first quarter.

Yellen's remarks put investors in a buying mood and sent bond yields lower, stoking demand for real estate companies, utilities and other high-dividend paying stocks. Materials companies also posted hefty gains.

"Investors would prefer lower interest rates, particularly if the economy isn't gaining the kind of traction that would warrant a faster rate-hike path," said Quincy Krosby, chief market strategist at Prudential Financial. "This is positive for the markets."

The Standard & Poor's 500 index gained 17.72 points, or 0.7 percent, to 2,443.25. The Dow rose 123.07 points, or 0.6 percent, to 21,532.14, a record high. The average, which had been up more than 171 points, last set a record high on June 19.

The Nasdaq composite added 67.87 points, or 1.1 percent, to 6,261.17. The Russell 2000 index of smaller-company stocks picked up 11.27 points, or 0.8 percent, to 1,424.32.

The stock market looked poised for a big move early on, climbing in premarket trading as investors began to size up Yellen's prepared remarks, which were released ahead of her testimony.

The indexes opened higher across the board and stayed in the green the rest of the day. All 11 sectors in the S&P 500 index notched gains.


In her semiannual testimony before the House Financial Services Committee, Yellen said the central bank expects to keep raising a key interest rate at a gradual pace, and raised the possibility that the pace of rate hikes would be slower than previously expected should inflation remain below its target level of 2 percent annual growth.

Many economists believe the Fed, which has raised rates three times since December, will increase rates one more time this year.

Yellen's remarks suggest the central bank may not need to raise interest rates as much as the market has been expecting, said Rob Haworth, senior investment strategy director at U.S. Bancorp Wealth Management.

"By holding rates lower, that means capital or investment remains somewhat cheaper for companies and the economy should be able to do well with rates perhaps not rising as much as some of us had feared," Haworth said.

Yellen also said she plans to start trimming its massive bond holdings this year.

The yield on the 10-year Treasury note fell to 2.32 percent from 2.37 percent late Tuesday. Yields affect rates on mortgages and other consumer loans.

Technology companies led the market higher. PayPal gained $1.79, or 3.3 percent, to $56.55. Nvidia rose $6.63, or 4.3 percent, to $162.51. Activision Blizzard added $3.04, or 5.2 percent, to $61.02.

Real estate investment trusts and other high-dividend paying stocks benefited from rising bond prices, which pulled bond yields lower. Crown Castle International rose $1.76, or 1.8 percent, to $100.05. American Tower climbed $2.95, or 2.3 percent, to $133.88.


NRG Energy was the biggest gainer in the S&P 500. It soared 29.4 percent after the company said it plans to raise up to $4 billion through asset sales in order to lower its debt. The stock climbed $4.79 to $21.09.

Several airlines also rose after American Airlines Group and United Continental reported solid results for June. American Airlines gained $2.19, or 4.2 percent, to $53.80. United Continental picked up $3.61, or 4.7 percent, to $80.53. Delta Air Lines rose $1.20, or 2.2 percent, to $55.48.

Oil prices wavered early Wednesday, but recovered following a report showing that U.S. crude oil inventories declined sharply last week.

Benchmark U.S. crude rose 45 cents, or 1 percent, to settle at $45.49 per barrel on the New York Mercantile Exchange. Brent crude, used to price international oils, gained 22 cents, or 0.5 percent, to close at $47.74 per barrel in London.

Major stock indexes in Europe also posted solid gains Wednesday.

Germany's DAX up 1.5 percent, while France's CAC 40 gained 1.6 percent. Britain's FTSE 100 rose 1.2 percent.

Markets in Asia finished mostly lower. Japan's Nikkei 225 fell 0.5 percent and South Korea's Kospi lost 0.2 percent. Hong Kong's Hang Seng index rose 0.6 percent.

The dollar fell to 113.25 yen from 113.84 yen late Tuesday. The euro weakened to $1.1416 from $1.1476.

Gold rose $4.40 to $1,219.10 an ounce. Silver added 14 cents to $15.89 an ounce. Copper inched up 1 cent to $2.68 a pound.

In other energy trading, wholesale gasoline was little changed at $1.52 a gallon. Heating oil slipped less than 1 penny to $1.47 a gallon. Natural gas fell 6 cents, or 2 percent, to $2.99 per 1,000 cubic feet.

 

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Banks, Tech Lead US Stocks to Modest Gains, New Dow Record

By ALEX VEIGA, AP Business Writer

Banks and technology companies led U.S. stocks to modest gains Thursday, pushing the Dow Jones industrial average to its second record close in two days.

Big retail chains and other consumer-focused stocks were among the gainers. Energy companies rose as the price of crude oil increased. Phone companies and utilities lagged the market.

"We're continuing to hit record highs," said Erik Davidson, chief investment officer for Wells Fargo Private Bank. "It is a resilient market, impervious to whatever comes out of Washington."

The Standard & Poor's 500 index gained 4.58 points, or 0.2 percent, to 2,447.83. The Dow rose 20.95 points, or 0.1 percent, to 21,553.09. The Nasdaq composite added 13.27 points, or 0.2 percent, to 6,274.44. The Russell 2000 index of smaller-company stocks inched up 1.34 points, or 0.1 percent, to 1,425.66.

The major indexes are all on pace to end the week with gains.

Trading was mostly subdued for much of the day as investors weighed new economic data on applications for unemployment benefits and prices at the wholesale level.

Overall, investors were focused on the coming wave of corporate earnings.

"Markets are really biding their time until we get into tomorrow's more robust earnings releases," said Eric Wiegand, senior portfolio manager for Private Wealth Management at U.S. Bank.

Banks and other financials stocks posted the largest gains. T. Rowe Price Group added $3.61, or 4.8 percent, to $79.19. Goldman Sachs Group rose $3.01, or 1.3 percent, to $230.40. Morgan Stanley picked up 56 cents, or 1.2 percent, to $45.52.

The gains among financial companies came as investors looked ahead to Friday, when several big banks, including Citigroup, JPMorgan Chase and Wells Fargo release their second-quarter results.


"Banks certainly operate a bit in their own orbit, but at the same time financials globally are a proxy for the overall economy. Investors are definitely looking to see how those come out," Davidson said.

Traders will be focused on companies' latest quarterly earnings for the next few weeks. The market expects earnings per share growth of about 7 percent from companies in the S&P 500.

Delta Air Lines released its earnings Thursday. Its shares slid 1.8 percent after the company reported a smaller profit and less revenue than analysts expected. The stock shed 98 cents to $54.50.

Traders also bid up shares in technology sector companies. NetApp rose $1.21, or 3 percent, to $41.38. PayPal gained $1.35, or 2.4 percent, to $57.90.

Several large retailers had a good day.

Gap notched the biggest gain among S&P 500 companies. The stock climbed $1.21, or 5.6 percent, to $22.78. Macy's rose 87 cents, or 4.1 percent, to $22.10.

Investors cheered Target's latest quarterly outlook. The retailer raised its second-quarter forecasts and said sales and customer traffic increased. The stock gained $2.44, or 4.8 percent, to $53.31.

"That's been a bit of fresh air in a very, very challenged sector," Davidson said.

NRG Energy climbed 5.3 percent a day after the company disclosed plans to raise up to $4 billion through asset sales in order to lower its debt. The stock picked up $1.11 to $22.20.

Federal Reserve Chair Janet Yellen's second day testifying before Congress didn't generate any major market-moving news.

Yellen, appearing before a Senate committee, spoke about the dual risks of inflation: prices rising too slowly and prices accelerating too quickly. Her comments appeared to be an effort to modify the impact of her comments before a House committee on Wednesday.


The House remarks were seen as signaling that the Fed might slow the pace of rate hikes if inflation does keep falling below the Fed's 2 percent target. Those remarks assuaged concerns among some traders that the Fed was raising interest rates too quickly in the face of stalling inflation and sluggish U.S. economic growth, setting off a broad market rally.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.35 percent from 2.33 percent late Wednesday.

Benchmark U.S. crude gained 59 cents, or 1.3 percent, to settle at $46.08 per barrel on the New York Mercantile Exchange. Brent crude, used to price international oils, added 68 cents, or 1.4 percent, to close at $48.42 per barrel in London.

In other energy futures trading, wholesale gasoline inched up less than 1 cent to $1.53 a gallon. Heating oil rose 2 cents to $1.49 a gallon. Natural gas fell 2 cents to $2.96 per 1,000 cubic feet.

Gold fell $1.80 to $1,217.30 an ounce. Silver slid 20 cents to $15.69 an ounce. Copper lost 2 cents to $2.66 a pound.

The dollar slipped to 113.23 yen from 113.25 yen late Wednesday. The euro weakened to $1.1406 from $1.1415.

Major stock indexes in Europe closed mostly higher.

Germany's DAX rose 0.1 percent, while the CAC 40 in France gained 0.3 percent. The FTSE 100 index of leading British shares was flat.

In Asia, Hong Kong's Hang Seng index jumped 1.2 percent after a report showed that Chinese trade growth accelerated for a second month in June. Japan's Nikkei 225 stock index was flat. South Korea's Kospi gained 0.7 percent.

 

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Modest Gains Push US Stocks Indexes to Record Highs

By ALEX VEIGA, AP Business Writer

Gains by big technology and health care companies pushed U.S. stocks modestly higher Friday, lifting several major indexes to new highs.

The Standard & Poor's 500 index, Dow Jones industrial average and Russell 2000 index of smaller-company stocks each set records as the market posted its third straight day of gains.

Energy companies helped lift the market as crude oil prices rose. High-dividend stocks like real estate companies and utilities also posted big gains following a drop in bond yields. The lower yields and a weak forecast from JPMorgan Chase weighed on banks. Financial stocks were the only sector in the S&P 500 to end lower.

Investors brushed off a report showing U.S. retail sales declined in June and drew encouragement from data indicating industrial production rebounded last month. Traders also welcomed a report showing inflation at the consumer level was flat in June, which suggests that the Federal Reserve may have more reason to delay another interest rate increase.

"The low inflation data will put the Fed more in a wait-and-see mode to really determine if the low inflationary environment is really transitory," said Lindsey Bell, investment strategist at CFRA Research.

The S&P 500 index gained 11.44 points, or 0.5 percent, to 2,459.27. The Dow rose 84.65 points, or 0.4 percent, to 21,637.74. The average has hit a record high three days in a row.

The Nasdaq composite added 38.03 points, or 0.6 percent, to 6,312.47. The Russell 2000 index picked up 3.16 points, or 0.2 percent, to 1,428.82.

The indexes all ended the week with gains are on pace to finish higher this month.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.33 percent from 2.35 percent late Thursday.


Investors had mix of company earnings and economic data to consider Friday.

The Commerce Department said retail sales fell 0.2 percent in June as Americans curtailed spending at restaurants, department stores and gasoline stations. That followed a 0.1 percent drop in May. In addition, the Federal Reserve said U.S. factory output rebounded in June as manufacturers churned out more cars, appliances and furniture. Overall industrial production rose 0.4 percent and is up 2 percent over the past year.

Meanwhile, the Labor Department said U.S. consumer prices were flat in June, the latest evidence that inflation remains muted. All told, inflation has climbed just 1.6 percent from a year ago.

The market rallied on Wednesday after Federal Reserve Chair Janet Yellen hinted that the Fed could slow its rate hike plans if inflation continues to run below the Fed's 2 percent target. As such, the June consumer prices data suggests that "the Fed is not going to get too aggressive on rate hikes," Bell said.

Several big banks reported their second-quarter earnings on Friday. Among them were JPMorgan Chase, Citigroup and Wells Fargo, each of which posted results that beat Wall Street's expectations. But it wasn't all good news.

JPMorgan, the nation's largest bank by assets, said it expects weaker net interest income. Falling bond yields also weighed on the sector. When bond yields decline, it forces interest rates on loans lower, which makes it harder for banks to make money from lending.

JPMorgan fell 85 cents, or 0.9 percent, to $92.25, while Citigroup slid 30 cents to $66.72. Wells Fargo lost 61 cents, or 1.1 percent, to $54.99.

"It's an encouraging sign that the market is rotating outside of financials, but (investors) didn't use it as a catalyst to take down the whole market," said Victor Jones, trading director at TD Ameritrade.


Technology and health care companies were among the big gainers. NetApp led all S&P 500 companies, climbing $2.26, or 5.5 percent, to $43.64. Microsoft rose $1.01, or 1.1 percent, to $72.78. Zimmer Biomet Holdings gained $3.51, or 2.7 percent, to $132.49.

High-dividend companies like real estate investment trusts moved higher as bond yields decreased. GGP added 66 cents, or 2.9 percent, to $23.59. Iron Mountain gained 84 cents, or 2.5 percent, to $34.78.

Despite the June decline in retail sales, investors bid up shares in several retail chains after some analysts upgraded the sector a day after Target raised its second-quarter forecasts and said sales and customer traffic increased. Ulta Beauty gained $4.34, or 1.7 percent, to $261.74, while Gap rose 50 cents, or 2.2 percent, to $23.28.

Energy futures closed higher. Benchmark U.S. crude rose 46 cents, or 1 percent, to settle at $46.54 per barrel on New York Mercantile Exchange. Brent crude, used to price international oils, gained 49 cents, or 1 percent, to $48.91 per barrel in London.

In other energy trading, wholesale gasoline picked up 3 cents to $1.56 a gallon. Heating oil rose 2 cents to $1.52 a gallon. Natural gas gained 2 cents to $2.98 per 1,000 cubic feet.

The increase in oil and gas prices helped lift energy stocks. Chesapeake Energy gained 9 cents, or 1.9 percent, to $4.87.

The dollar fell sharply, sliding to 112.56 yen from 113.23 yen late Thursday. The ICE U.S. Dollar Index, which compares the dollar against a basket of major currencies, declined to its lowest level since September. The U.S. currency also weakened against the euro, which rose to $1.1467 from $1.1406.


Gold rose $10.20, or 0.8 percent, to $1,227.50 an ounce. Silver gained 24 cents, or 1.5 percent, to $15.93 an ounce. Copper added 3 cents to $2.69 a pound.

Major stock indexes in Europe finished mostly lower Friday. Germany's DAX fell 0.1 percent, while the CAC 40 in France was flat. The FTSE 100 index of leading British shares slid 0.5 percent.

Earlier in Asia, Japan's Nikkei 225 added 0.1 percent and South Korea's Kospi rose 0.2 percent. Hong Kong's Hang Seng index inched up 0.2 percent.

0493

 

[bigdog]

https://www.usnews.com/news/busines...tocks-pull-us-indexes-lower-as-gop-bill-fails

Insurers Slump as Health Care Bill Fails; Tech Stocks Rise

By MARLEY JAY, AP Markets Writer

NEW YORK (AP) — U.S. stocks were divided Tuesday as health insurers declined after the failure of the latest Republican health care bill while a big jump in subscribers for Netflix sent technology and consumer-focused companies higher.

Stocks spent most of the day lower after the health care push stalled and several financial firms, including Goldman Sachs, reported underwhelming second-quarter results. Energy and industrial companies also slipped.

While stocks flirted with larger losses and most of the companies listed on the New York Stock Exchange fell, the gains for tech and consumer stocks were enough to send the Standard & Poor's 500 index and Nasdaq composite to new highs.

Wall Street did not have a big reaction to the Republican health care defeat, as it did when a related bill failed in March. After four months of struggles over health care, investors don't expect as much from Congressional Republicans and President Donald Trump on other issues.

"Tax changes aren't likely to take place any time soon and are likely to be smaller than they hoped," said Kate Warne, an investment strategist for Edward Jones.

The S&P 500 rose 1.47 points, or 0.1 percent, to 2,460.61, just above the record it set Friday. The Dow Jones industrial average fell 54.99 points, or 0.3 percent, to 21,574.73. Goldman Sachs was responsible for almost all of that loss. The Nasdaq composite climbed 29.87 points, or 0.5 percent, to 6,344.31 as tech companies like Facebook and Alphabet, the parent of Google, rose. After a plunge in June, the Nasdaq has surged over the last two weeks.

The Russell 2000 index of smaller-company stocks sank 3.99 points, or 0.3 percent, to 1,427.61. That index closed at an all-time high Monday.

Several major banks reported strong second-quarter results, but that wasn't enough to get investors excited. Bank of America and Goldman Sachs both said their trading businesses struggled, as the market has been calm for months. Banks did very well in the first quarter, and Warne said investors may have been caught off guard that the second quarter doesn't look as good for them.

"When they're not benefiting as much as expected from higher interest rates, I think that makes investors more cautious about what results will look like going forward," Warne said.

Goldman lost $5.95, or 2.6 percent, to $223.31 and Comerica fell $1.47, or 2 percent, to $73.05. Bank of America declined 12 cents to $23.90.

Netflix jumped after the company said it added 5.2 million subscribers over the last three months, and for the first time, it has more subscribers outside the U.S. than in it. The second quarter is usually a slow period for Netflix, so investors were pleased to see the big gain. Netflix gained $21.90, or 13.5 percent, to $183.60. Among other consumer companies, Amazon added $14.34, or 1.4 percent, to $1,024.38.

Facebook gained $3.13, or 2 percent, to $162.86 and Alphabet picked up $10.99, or 1.1 percent, to $986.85.

The Senate Republican health care bill was defeated Monday night when two more GOP senators announced they opposed it, which prevented the proposal from coming to a vote. Republican leaders shifted their efforts to repealing the 2010 Affordable Care Act without creating a replacement law, but that effort was quickly shut down as well.

When Republicans in Congress started trying to repeal and replace the Obama-era health care law, investors saw it as a test of their ability to work together. If Republicans succeeded, there was a good chance they would be able to pass tax cuts and potentially an infrastructure spending bill as well. But as the work dragged on for four months, that seemed far less likely.

Health insurers declined. Aetna fell $1.69, or 1.1 percent, to $153.31 and Anthem retreated $2.64, or 1.4 percent, to $189.45. UnitedHealth, the largest company in the industry, inched higher after it reported strong second-quarter results and raised its annual outlook. It gained 59 cents to $186.85.

The dollar slipped again. It has steadily lost ground for most of this year and the ICE US dollar index is now at its lowest level since August. The dollar slid to 111.98 yen from 112.66 yen. The euro rose to $1.1563 from $1.1480. The euro hasn't been this strong compared to the dollar since early 2015.

Bond prices rose. The yield on the 10-year Treasury note slid to 2.26 percent from 2.31 percent. That also hurt bank stocks.

Benchmark U.S. crude added 38 cents to $46.40 a barrel in New York. Brent crude, the international standard, rose 42 cents to $48.84 a barrel in London.

Wholesale gasoline rose 2 cents to $1.58 a gallon. Heating oil added 1 cent to $1.51 a gallon. Natural gas added 7 cents to $3.09 per 1,000 cubic feet.

Gold gained $8.20 to $1,241.90 an ounce. Silver rose 17 cents, or 1 percent, to $16.27 an ounce. Copper added 1 cent to $2.73 a pound.

The DAX in Germany dropped 1.2 percent and France's CAC 40 fell 1.1 percent. The British FTSE 100 index slipped 0.2 percent. Japan's benchmark Nikkei 225 lost 0.6 percent as the yen gained against the dollar. The Kospi in South Korea was flat. Hong Kong's Hang Seng climbed 0.2 percent.

 

[bigdog]

https://finance.yahoo.com/portfolio/pf_3/view/view_4

http://gazette.com/technology-and-health-care-lift-stocks-to-record-highs/article/feed/477634

Technology and health care lift stocks to record highs
By: MARLEY JAY, Associated Press

NEW YORK (AP) — U.S. stocks continued to climb Wednesday, led by technology, health care and energy companies. Media companies also rose as stock indexes set record highs.

The technology part of the Standard & Poor's 500 index finally broke the record it set in March 2000, before the dot-com bubble burst. Energy companies rose with the price of oil as U.S. energy stockpiles continued to shrink. Cable network companies Scripps Networks and Discovery Communications jumped after the Wall Street Journal reported that they are in talks to combine.

Stocks have been setting records for most of this year, and over the last few months they've gotten a boost from a recovery in corporate profits.

"Earnings are coming in better than expected so far," said Jon Adams, senior investment strategist for BMO Global Asset Management. "Technology in particular has come in very strong."

The Standard & Poor's 500 index rose 13.22 points, or 0.5 percent, to 2,473.83. Despite a sharp drop from IBM, the Dow Jones industrial average added 66.02 points, or 0.3 percent, to 21,640.75. The Nasdaq composite gained 40.74 points, or 0.6 percent, to 6,385.04. The Russell 2000 index of smaller-company stocks jumped 14.16 points, or 1 percent, to 1,441.77. All four indexes closed at record highs.

The S&P 500 technology index finally surpassed its peak from late March 2000, at the height of the dot-com boom. That index came close to an all-time high in early June, but after that technology companies went into a swoon that lasted about a month. Their recovery over the last two weeks has helped the Nasdaq composite pull off a rally as well.

Apple picked up 94 cents to $151.02 and Facebook advanced $1.28 to $164.14 while Cisco Systems rose 39 cents, or 1.2 percent, to $31.90.

Vertex Pharmaceuticals climbed after it reported strong results from studies of drug regimens that are intended to help hard-to-treat forms of cystic fibrosis. Vertex soared $27.53, or 20.8 percent, to $159.69. That followed a 2.3 percent gain Tuesday after regulators approved a breast cancer treatment the company developed. Vertex's stock has more than doubled this year and it is trading at all-time highs.

Other health care companies also traded higher, including health insurers. Cigna picked up $2.21, or 1.3 percent, to $174.31 and UnitedHealth added $2.34, or 1.3 percent, to $189.19. Those companies mostly fell Tuesday after the Republican-backed health care bill failed in the Senate.

Oil prices rose after the U.S. government said fuel stockpiles shrank last week. Benchmark U.S. crude rose 72 cents, or 1.6 percent, to $47.12 a barrel in New York. Brent crude, the standard for international oil prices, gained 86 cents, or 1.7 percent, to $49.70 per barrel in London. Oil prices have mostly stayed between $40 and $55 a barrel since mid-February of 2016 after they plunged from more than $100 a barrel in mid-2014.

Scripps Networks and Discovery Communications jumped after the Wall Street Journal reported that the two cable network companies are in talks to combine. Scripps, which owns HGTV, Food Network and Travel Channel, climbed $9.87, or 14.7 percent, to $76.89. Discovery Communications, which runs TLC and Animal Planet, gained $1.13, or 4.3 percent, to $27.18.

Homebuilders jumped after the Commerce Department said construction of new homes rose 8 percent in June, breaking a three-month losing streak. Home construction is up slightly this year, but not enough to make up for a decline in in older homes being listed for sale.

Spice maker McCormick agreed to buy RB Foods, the food division of Reckitt Benckiser, for $4.2 billion. That will give the company brands including French's mustard and Frank's RedHot. The price was higher than some analysts expected, and McCormick lost $5.07, or 5.2 percent, to $92.07.

Other food companies traded higher. Campbell Soup rose $1.58, or 3.1 percent, to $52.57 and Chef Boyardee maker Conagra Brands added 53 cents, or 1.6 percent, to $33.85.

IBM posted weaker sales than analysts expected, and its stock dropped $6.47, or 4.2 percent, to $147.53.

Morgan Stanley climbed after the investment bank said its trading businesses did well during the second quarter, a contrast to rival banks which reported poor trading results as market conditions were quiet last quarter. Morgan Stanley rose $1.48, or 3.3 percent, to $46.62.

In other energy trading, wholesale gasoline rose 4 cents to $1.62 a gallon. Heating oil gained 4 cents to $1.55 a gallon. Natural gas lost 2 cents to $3.07 per 1,000 cubic feet.

Gold inched up 10 cents to $1,242 an ounce. Silver rose 3 cents to $16.30 an ounce. Copper lost 2 cents to $2.71 a pound.

Bond prices inched lower. The yield on the 10-year Treasury note rose to 2.27 percent from 2.26 percent.

The dollar dipped to 111.78 yen from 111.98 yen. The euro fell to $1.1517 from $1.1563.

The CAC 40 of France rose 0.8 percent and the British FTSE 100 jumped 0.6 percent. Germany's DAX added 0.2 percent. Japan's Nikkei 225 stock index edged up 0.1 percent and the Hang Seng in Hong Kong climbed 0.6 percent. The South Korean Kospi added 0.2 percent

 

[bigdog]

https://finance.yahoo.com/portfolio/pf_3/view/view_4

https://www.usnews.com/news/busines...-waver-as-earnings-and-central-banks-dominate

US Stocks Waver as Earnings and Central Banks Dominate
US stocks wobble between little gains and losses and finish about where they started after Europe's central bank leaves its economic stimulus policies unchanged.
July 20, 2017, at 5:04 p.m.

By MARLEY JAY, AP Markets Writer

NEW YORK (AP) — U.S. stock indexes essentially hit the snooze bar Thursday as investors were relieved the European Central Bank didn't announce any changes to its stimulus policies.

Europe's central bank maintained its current policies and ECB President Mario Draghi said the bank hasn't even set a date for considering changes. Investors were startled a month ago when he spoke about scaling back the bank's billions of dollars in monthly bond purchases.

On an up-and-down day of trading, second-quarter results moved other stocks: health care companies including Abbott Laboratories climbed and paint, trucking and railroad companies fell.

Sears announced an online appliance sales pact with Amazon.com, and appliance makers and home improvement stores dropped. But overall the market hardly budged. While stocks have been setting record highs for most of 2017, including Wednesday, the market is having its quietest year in decades.

"There's the belief that the Fed and the ECB are backstopping markets" and would step in if something bad happened, said Brent Schutte, chief investment strategist at Northwestern Mutual Wealth Management. "If you throw a bunch of money at a problem, typically risk moves lower and people feel more confidence."

The Standard & Poor's 500 index slipped at the finish and lost 0.38 points to 2,473.45. The Dow Jones industrial average fell 28.97 points, or 0.1 percent, to 21,611.78. The Nasdaq composite rose 4.96 points, or 0.1 percent, to a record high of 6,390. The Russell 2000 index of smaller companies gained 0.58 points to 1,442.35, also a record.

The S&P 500 has only had four moves of 1 percent or greater this year. In a typical year that happens more than 50 times.


Abbott Laboratories, which makes infant formula, drugs and medical devices, gained $1.42, or 2.9 percent, to $50.85 after reporting results that were better than expected. Health care products giant Johnson & Johnson rose $1.36, or 1 percent, to $136.57 and drugmaker AbbVie, which split from Abbott in 2013, added $1.24, or 1.7 percent, to $74.01.

Paint and coatings maker PPG Industries fell after it reported weaker-than-expected sales. PPG said higher raw materials costs hurt its results, and so did unfavorable foreign currency exchange rates. Its shares gave up $6.88, or 6.1 percent, to $106.72.

Competitor Sherwin-Williams had a weak second quarter. It also pointed to rising costs as well as lower exterior paint sales. The stock lost $8.94, or 2.5 percent, to $350.78.

Sears said it will begin selling Kenmore appliances on Amazon.com, including smart appliances that can be synced with Amazon's voice assistant Alexa. The owner of the Sears and Kmart chains has closed large numbers of stores in recent years and said in March that it might not be able to stay in business. Its stock jumped 92 cents, or 10.6 percent, to $9.60. Even with Thursday's climb, Sears stock is down 36 percent over the last year.

Home Depot plunged $6.27, or 4.1 percent, to $147.03 as analysts wondered if its appliance sales will be affected. That was Home Depot's biggest loss in a year and a half, and it wiped 43 points off the Dow average. Lowe's fell $4.27, or 5.6 percent, to $72.56 and appliance maker Whirlpool dropped $8.60, or 4.3 percent, to $189.74.

Amazon edged up $1.83 to $1,028.70.

The European Central Bank didn't make any big moves, and ECB President Mario Draghi stressed that it has not set a date for considering any changes to its stimulus policies. Last month Draghi discussed gradual reductions in stimulus as Europe's economy gets stronger, and investors pushed the euro higher and bought long-term bonds. That kind of response could make the ECB's current stimulus less effective, so it wants to moderate market reactions. European government bond yields dropped Thursday.


Utility company Avista surged after it accepted an offer from Hydro One, the largest power transmitter and distributor in Ontario. It will buy Avista for $5.3 billion, or $53 a share, and Avista stock climbed $8.95, or 20.7 percent, to $52.28.

Benchmark U.S. crude lost 33 cents to $46.79 a barrel in New York and Brent crude, the standard for international oil prices, sank 40 cents to $49.30 a barrel in London.

Wholesale gasoline dipped 1 cent to $1.61 a gallon. Heating oil also fell 1 cent to $1.54 a gallon. Natural gas fell 2 cents to $3.04 per 1,000 cubic feet.

Bond prices moved higher. The yield on the 10-year Treasury note fell to 2.26 percent from 2.27 percent. High-dividend stocks like utilities climbed, as reduced bond yields make those stocks more appealing to investors who want income.

Gold added $3.50 to $1,245.50 an ounce. Silver rose 5 cents to $16.35 an ounce. Copper gained 1 cent to $2.72 a pound.

The dollar edged up to 111.99 yen from 111.78 yen. The euro gained to $1.1626 from $1.1517.

Britain's FTSE 100 index advanced 0.8 percent while the French CAC 40 lost 0.3 percent. The DAX in Germany was little changed. The Nikkei 225 of Japan advanced 0.6 percent and South Korea's Kospi gained 0.5 percent. The Hang Seng in Hong Kong rose 0.3 percent.

 

[bigdog]

https://finance.yahoo.com/portfolio/pf_3/view/view_4

http://www.newsobserver.com/news/business/article162856293.html

US stocks dip with energy prices; European stocks sink
By MARLEY JAY AP Markets Writer
NEW YORK

U.S. stocks finished barely lower Friday as energy companies fell with oil prices and a 10-day rally for technology companies came to an end. But Wall Street mostly avoided the sharp losses that hit European stocks.

The price of U.S. crude oil fell 2.5 percent and pulled energy stocks lower. Technology companies slipped, ending their longest winning streak in more than two years.

Investors bought government bonds in the U.S. and Europe, which sent prices higher and yields lower. With yields down, investors who wanted income bought shares in companies that pay big dividends, such as utilities and household goods makers.

European stocks took sharp losses after Reuters reported that the European Central Bank will consider paring back its stimulus programs in late October. Indexes in France, Germany and Italy all fell, and so did the blue chip Euro Stoxx 50 index.

"Europe is the economy that makes people the most nervous," said JJ Kinahan, chief market strategist at TD Ameritrade. "It's one that is still being treated with caution."


The Standard & Poor's 500 index shipped 0.91 of a point to 2,472.54. The Dow Jones industrial average dipped 31.71 points, or 0.1 percent, to 21,580.07. Earlier it shed as many as 108 points. The Nasdaq composite lost 2.25 points to 6,387.75. The Russell 2000 index of smaller-company stocks sank 6.52 points, or 0.5 percent, to 1,435.84. Still, all four indexes remain near record highs.

General Electric skidded after it disappointed investors by saying it expects to reach only the low end of its annual profit forecast range. GE said its power unit struggled in the second quarter and low oil prices are also hurting its business.

The stock fell 78 cents, or 2.9 percent, to $25.91. It's down 18 percent this year. Also falling was oilfield services company Baker Hughes, which is combined with GE's oil and gas unit this month and is now mostly owned by GE. It shed 85 cents, or 2.4 percent, to $34.12.

Baker Hughes was one of a horde of energy companies that fell with oil prices. Benchmark U.S. crude lost $1.15 to $45.77 a barrel in New York. Brent crude, the standard for international oil prices, shed $1.24, or 2.5 percent, to $48.06 a barrel in London.

Over the last few weeks investors have focused what the European Central Bank will do as the European economy continues to improve. Kinahan, of TD Ameritrade, added that the central bank also hasn't done much to address the way the euro has risen over that time.

"The ECB didn't take an aggressive stand on the currency move that's already happened," he said. He added that has left some investors thinking the euro will get even stronger, which would make European goods more expensive in other markets and affect the earnings and sales of companies based in the EU.

On Friday the euro rose to $1.1677 from $1.1626. It hasn't been this strong compared to the dollar since the beginning of 2015. The German DAX lost 1.7 percent and France's CAC 40 shed 1.6 percent. The FTSE 100 in Britain shed 0.5 percent.

European bond prices jumped and yields tumbled. Investors also bought U.S. government bonds, which sent prices higher. The yield on the 10-year Treasury note fell to 2.24 percent from 2.26 percent.

Software giant Microsoft's fourth-quarter profit and sales surpassed Wall Street estimates as the company posted another round of strong results from its cloud computing business. However, its stock dipped 43 cents to $73.79.

Also falling was chipmaker Texas Instruments, which lost 99 cents, or 1.2 percent, to $81.70. E-commerce company eBay fell 57 cents, or 1.2 percent, to $36.61. Payment processor Visa added $1.49, or 1.5 percent, to $99.60 after its latest report showed its purchase of Visa Europe a year ago is strengthening its business.

Still, a 10-day run for the Nasdaq and technology companies came to an end. The S&P 500 technology index climbed more than 6 percent over that time and reached record highs. The rally was assisted by the weakening dollar, which helps sales and earnings overseas. Investors also bet that technology companies would have another round of strong quarterly earnings.

Elsewhere, financial companies did relatively well after some solid quarterly reports. Credit card issuer Capital One Financial leaped $6.93, or 8.6 percent, to $87.94 after it beat Wall Street estimates in the second quarter. E-Trade Financial gained $2.03, or 5.1 percent, to $41.63 and Moody's added $5.40, or 4.2 percent, to $132.57.

In other energy trading, wholesale gasoline fell 4 cents to $1.56 a gallon. Heating oil lost 3 cents to $1.52 a gallon. Natural gas slid 7 cents to $2.97 per 1,000 cubic feet.

Gold added $9.40 to $1,254.90 an ounce. Silver rose 11 cents to $16.46 an ounce. Copper picked up 1 cent to $2.72 a pound.

The dollar slid to 111.04 yen from 111.99 yen.

In Asia, the Nikkei 225 of Japan slipped 0.2 percent and South Korea's Kospi rose 0.3 percent. Hong Kong's Hang Seng inched down less than 0.1 percent.

0751

 

[bigdog]

https://finance.yahoo.com/portfolio/pf_3/view/view_4

https://finance.yahoo.com/m/2c4ef98...59503e1f/ss_us-stock-indexes-mixed-ahead.html

US stock indexes mixed ahead of busy earnings week

STAN CHOE
Associated Press

NEW YORK (AP) — Stocks mostly fell on Monday, and broad-market indexes inched modestly backward at the start of a busy week of corporate earnings reports and a meeting of the Federal Reserve. Technology stocks, though, added to their big gains for the year and helped push the Nasdaq composite to another record.

The Standard & Poor's 500 lost 2.63 points, or 0.1 percent, to 2,469.91 after nine of the 11 sectors that make up the index logged losses. It marks the first three-day losing streak for the index in a month, though it's still within a fraction of a percent of its record.

The Dow Jones industrial average fell 66.90 points, or 0.3 percent, to 21,513.17. The Nasdaq composite rose 23.05 points, or 0.4 percent, to 6,410.81.

The Nasdaq is up 19.1 percent this year, nearly double the rise for broader-market indexes as investors have massed into technology stocks in their search for strong growth as the global economy remains sluggish.

Amazon.com and several other big-name tech companies are set to release their second-quarter results in coming days, part of a busy week where more than a third of S&P 500 companies are due to report.

Expectations are high: Analysts forecast tech stocks in the S&P 500 will report 16 percent growth in earnings per share, according to S&P Global Market Intelligence. That's up from a forecast of 10.9 percent growth a month ago. And companies will need to follow through on the expectations to justify the big moves their stock prices have already made.

"The group did have a strong start to the year, and there are some questions about how long tech can continue to rally," said Ann Miletti, senior portfolio manager at Wells Fargo Asset Management. "Overall, what we're believing to be true is that second-quarter results are going to come in, in general, better than expected. But the second-half outlook is the most important thing, and we'll see."

The International Monetary Fund on Monday held its forecast for global economic growth this year steady at 3.5 percent, but that masks some movements underneath. It raised its forecast for economic growth in Europe, Japan and China. But it also cut its outlook for the United States on the assumption that politicians in Washington won't be as helpful for growth as earlier expected.

The Federal Reserve's policymaking committee begins a two-day meeting on Tuesday, following its decision last month to raise short-term interest rates for the third time since December. The central bank also announced plans to start gradually paring its bond holdings later this year, a move that could cause rates to rise. Most investors expect the Fed to hold rates steady at this week's meeting and possibly raise them one more time this year.

Investors in recent weeks have questioned whether the European Central Bank will begin to tap the brakes on its own stimulus for the economy.

Monday's steepest loss in the S&P 500 came from Hasbro, which sank $10.95, or 9.4 percent, to $105.00 despite reporting stronger-than-expected earnings for the latest quarter. The stock had already been up nearly 50 percent for the year before the earnings release, and analysts said some investors may have been nervous after Hasbro cited some softness in its Brazil and U.K. markets.

Shares were also weak across the sporting goods retail industry after Hibbett Sports warned that its sales have been under even more pressure than analysts expected for the three months through July. Retailers of all types have been battling against increased competition from online rivals, some better than others.

Hibbett fell $6.60, or 33.5 percent, to $13.10. Foot Locker lost $2.16, or 4.6 percent, to $45.05, and Dick's Sporting Goods dropped $2.04, or 5.5 percent, to $35.12.

On the opposite end was WebMD Health, which soared $10.91, or 19.8 percent, to $66.10 after a portfolio company of investment-firm KKR said it will buy the health information website for $66.50 per share in cash.

In overseas markets, Japan's Nikkei 225 lost 0.6 percent, and South Korea's Kospi inched up 0.1 percent. Hong Kong's Hang Seng added 0.5 percent, and India's Sensex added 0.7 percent.

In Europe, France's CAC 40 rose 0.2 percent, Germany's DAX fell 0.3 percent and the FTSE 100 in London dropped 1 percent.

In the commodities market, benchmark U.S. crude rose 57 cents, or 1.2 percent, to $46.34 per barrel. Brent crude, the standard for international oil prices, rose 54 cents, or 1.1 percent, to $48.60 a barrel.

Natural gas fell 7 cents to $2.90 per 1,000 cubic feet. Wholesale gasoline slipped a penny to $1.56 a gallon and heating oil was nearly flat at $1.52 a gallon.

Gold fell 60 cents to settle at $1,254.30 per ounce, silver slipped 1 cent to $16.44 per ounce and copper added a penny to $2.74 per pound.

The yield on the 10-year Treasury note ticked up to 2.25 percent from 2.24 percent late Friday, and the two-year yield rose to 1.36 percent from 1.34 percent.

The euro dipped to $1.1645 from $1.1677 late Friday, the dollar ticked up to 111.11 Japanese yen from 111.04 yen and the British pound rose to $1.3036 from $1.3007.

 

[bigdog]

https://finance.yahoo.com/portfolio/pf_3/view/view_4

https://finance.yahoo.com/news/us-stocks-rise-records-despite-141912533.html

US stocks back to records as corporate profits keep rising

Stan Choe, AP Business Writer
Associated Press

NEW YORK (AP) -- U.S. stock indexes returned to records Tuesday as corporate profits continue to come in better than analysts expected.

McDonald's and Caterpillar were among the big companies that reported healthier-than-forecast results. Sharp moves higher in prices for oil, metals and other commodities also helped lift companies that produce energy and raw materials. That more than offset losses for health care companies and stocks that pay relatively big dividends, which were hurt by a rise in Treasury yields.

The Standard & Poor's 500 rose 7.17 points, or 0.3 percent, to an all-time high of 2,477.08. It was the first gain for the index in four days.

The Dow Jones industrial average rose 100.26, or 0.5 percent, to 21,613.43. The Nasdaq composite added 1.37 points, or less than 0.1 percent, to 6,412.17, and the Russell 2000 index of small-cap stocks gained 12.33, or 0.9 percent, to 1,450.39. Both the Nasdaq and Russell set records.

Leading the way for the market were energy stocks, which benefited from a second strong day for the price of oil. Benchmark U.S. crude rose $1.55, or 3.3 percent, to settle at $47.89 per barrel. Brent crude, the international standard, gained $1.60, or 3.3 percent, to $50.20 a barrel.

That helped energy stocks in the S&P 500 climb 1.3 percent, tied for the biggest gain among the 11 sectors that make up the index. Devon Energy rose $1.24, or 3.9 percent, to $32.98, for example, while Marathon Oil gained 46 cents, or 3.9 percent, to $12.34.

Financial stocks were also strong after a pickup in interest rates raised expectations that banks could charge more for loans and pocket bigger profits.

The yield on the 10-year Treasury note climbed to 2.32 percent from 2.26 percent late Monday. The two-year yield climbed to 1.38 percent from 1.36 percent, and the 30-year yield rose to 2.91 percent from 2.83 percent.

The rise in yields came as the Federal Reserve began a two-day policy meeting on interest rates. The central bank has already raised rates three times since December, but few investors expect it to make another move when it announces its decision Wednesday. Most expect the next rate increase to come later this year.

It may not have shown on Tuesday, but many investors are bracing for markets to get shakier as the Federal Reserve moves further away record-low interest rates and big stimulus for the economy. Contrarians are also concerned about how much the stock market has climbed, and how smooth the ride has been, as expectations have built up this year for corporate profits will keep piling higher.

"There's a lot of hope built into the market at current levels," said Rob McIver, portfolio manager at the $6.3 billion Jensen Quality Growth fund. "We're cautioning investors to be cautious and conservative."

Technology stocks have been the year's biggest stars so far, as investors have been hungry for anything with the potential to grow quickly in a slow-growing global economy. But tech stocks in the S&P 500 dipped 0.2 percent Tuesday after several reported results that fell short of expectations.

Seagate Technology sank $6.56, or 16.5 percent, to $33.20 after the maker of hard drives and other electronic data storage reported weaker revenue and earnings than analysts had forecast, for example.

On the opposite side was Caterpillar, which jumped $6.36, or 5.9 percent, to $114.54 after reporting better results for the latest quarter than analysts expected. It also raised its forecast for revenue and profit for the full year, citing increased demand across many of its markets.

McDonald's rose $7.22, or 4.8 percent, to $159.07 after its revenue and earnings for the latest quarter topped Wall Street's forecast. The burger chain has been drawing in customers with a new line of premium of burgers and $1 sodas.

In the commodities market, natural gas rose 5 cents to $2.94 per 1,000 cubic feet, heating oil gained 5 cents to $1.57 per gallon and wholesale gasoline climbed 4 cents to $1.60 per gallon.

Metals prices also climbed, which helped to lift shares of mining companies and other raw-material producers. Copper jumped 11 cents, or 4 percent, to $2.85 per pound, while silver rose 10 cents to $16.54 per ounce and gold slipped $2.20 to $1,252.10 an ounce.

The euro rose to $1.1652 from $1.1645 late Monday. The dollar rose to 111.89 Japanese yen from 111.11 yen, and the British pound inched up to $1.3037 from $1.3036.

France's CAC 40 climbed 0.7 percent, Germany's DAX gained 0.5 percent and the FTSE 100 in London rose 0.8 percent.

Japan's Nikkei 225 index slipped 0.1 percent, South Korea's Kospi index dipped 0.5 percent and the Han Seng in Hong Kong was virtually flat.

 

[bigdog]

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US stocks edge higher; bond yields fall following Fed

Stan Choe, AP Business Writer
Associated Press

NEW YORK (AP) -- U.S. stock indexes inched further into record territory Wednesday after AT&T, Boeing and others joined the parade of big companies reporting stronger profits than analysts expected. Stocks that pay big dividends were particularly strong after the Federal Reserve took a pause in its slow-moving campaign to lift interest rates, as Treasury yields sank lower.

The Standard & Poor's 500 index edged up by 0.70 points, or less than 0.1 percent, to 2,477.83 and added a whisper to its record high set a day earlier.

The Dow Jones industrial average gained 97.58 points, or 0.5 percent, to 21,711.01, and the Nasdaq composite rose 10.57 points, or 0.2 percent, to 6,422.75. Both are at record highs. The Russell 2000 index of smaller-company stocks dipped 8.11 points, or 0.6 percent, to 1,442.28, and the New York Stock Exchange was nearly evenly split between stocks that rose and fell.

While announcing its decision to hold short-term rates steady, the Federal Reserve said that it may begin paring the massive $4.5 trillion balance sheet it built up following the financial crisis "relatively soon," which some analysts took to mean as September. The Fed also said that inflation looks to remain below its target of 2 percent in the near term.

After the Fed's announcement, drops for Treasury yields accelerated, and the 10-year yield fell to 2.29 percent from 2.33 percent late Tuesday. The two-year yield sank to 1.35 percent from 1.39 percent.

Lower bond yields make the dividends paid by stocks more attractive, and the biggest dividend payers picked up momentum following the Fed's announcement. Utility stocks in the S&P 500 climbed 0.9 percent, for example, more than doubling their gain after the Fed's decision.

The best-performing area of the market was the telecom sector, which jumped after AT&T reported stronger second-quarter earnings than Wall Street had forecast. Its stock rose $1.81, or 5 percent, to $38.03.

Boeing was the top-performing stock, and it had its best day in more than eight years after it raised its forecast for earnings this year and reported better-than-expected earnings for the second quarter. It jumped $20.99, or 9.9 percent, to $233.45.

AT&T and Boeing were only the latest companies to report healthier profits for the April-through-June quarter than analysts expected.

"We've seen some pretty strong results from important companies," said John Wilson, senior equity portfolio manager at Columbia Threadneedle. "They're delivering very strong revenue and profit growth. That's encouraging, especially given the fact that markets have had a pretty good move."

The S&P 500 is already up nearly 11 percent for the year on the expectation that corporate profits will continue to rise, and the stronger profits help to validate the big gains. Wilson said he's noticed some particularly encouraging comments from companies about improvements they've seen in their European businesses.

Akamai Technologies fell to the sharpest loss in the S&P 500 despite reporting better-than-expected second-quarter results. It gave a forecast for third-quarter revenue and other measures that were lower than analysts were expecting, and its stock dropped $7.79, or 14.6 percent, to $45.49.

Health care stocks moved lower as investors were disappointed with several profit reports or forecasts. Hospital operator Universal Health Services dropped $10.02, or 8.2 percent, to $112.88 after it cut its outlook following a weak second quarter.

In overseas markets, Japan's benchmark Nikkei 225 index climbed 0.5 percent, South Korea's Kospi index slipped 0.2 percent and Hong Kong's Hang Seng index added 0.3 percent. France's CAC 40 rose 0.6 percent, the FTSE 100 in London gained 0.2 percent and Germany's DAX rose 0.3 percent.

Benchmark U.S. crude topped $48 per barrel for the first time in seven weeks. It climbed 86 cents, or 1.8 percent, to $48.75 per barrel. Brent crude, the international standard, gained 77 cents to $50.97 per barrel.

Natural gas fell 2 cents to $2.92 per 1,000 cubic feet. Wholesale gasoline rose 2 cents to $1.62 a gallon, and heating oil rose 3 cents to $1.60 a gallon.

Gold lost $2.70 to $1,249.40 an ounce. Silver fell 8 cents to $16.46 an ounce. Copper gained 3 cents to $2.87 a pound.

The dollar dipped to 111350 Japanese yen from 111.89 yen late Tuesday. The euro rose to $1.1725 from $1.1652, and the British pound rose to $1.3100 from $1.3037.

 

[bigdog]

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Falling tech stocks pull US indexes off their record highs

STAN CHOE
Associated Press

NEW YORK (AP) — U.S. stock indexes pulled back from their record highs Thursday after an afternoon swoon for technology companies helped overshadow another big day for telecoms.

The Standard & Poor's 500 index fell 2.41 points, or 0.1 percent, from its record set a day earlier to close at 2,475.42. The Nasdaq composite likewise fell from a record, down 40.56, or 0.6 percent, to 6,382.19. The Dow Jones industrial average was an exception, and it rose 85.54, or 0.4 percent, to 21,796.55 to set another all-time high.

Stocks had been on track for another quiet day of gains in a year full of them, but Apple, Microsoft and other technology stocks suddenly changed direction in the afternoon. After being up as much as 0.6 percent in morning trading, tech stocks in the S&P 500 finished the day down 0.8 percent. It was the worst performance among the 11 sectors that make up the index.

Software company CA had the biggest loss in the S&P 500 and fell $3.55, or 10.2 percent, to $31.10. It began to plunge around noon, following reports that merger talks between it and BMC Software have ended.

F5 Networks was another tech stock that helped lead the S&P 500 lower. It reported weaker revenue for the latest quarter than analysts expected and gave a forecast for earnings this quarter that fell short of some analysts' forecasts. Its stock lost $9.18, or 7.2 percent, to $119.02.

Close to half of the companies in the S&P 500 have reported their earnings for the latest quarter, and the results have been mostly encouraging. Not only are profits growing, so are revenues for many companies.

But expectations were high coming into the reporting season, and shares rallied accordingly. Now, companies' stocks are getting less of a boost than usual when they report earnings that are above analysts' forecasts, said Nate Thooft, senior portfolio manager at Manulife Asset Management.

"And for those few that are disappointing, they're getting penalized significantly," Thooft said. Stock prices are dropping more than usual when companies fall short of expectations, he said.

Twitter dropped $2.77, or 14.1 percent, to $16.84. It reported better-than-expected quarterly results, but it also said that its monthly average user base did not grow from the prior quarter.

Health care stocks were also weak, and drugmaker AstraZeneca sank after it said its lung cancer drug Imfinzi did not reach its goals in a clinical trial. U.S.-listed shares of AstraZeneca lost $5.06, or 14.9 percent, to $28.88.

Industrial companies also struggled, and Johnson Controls tumbled $3.18, or 7.3 percent, to $40.14. It reported weaker-than-expected revenue for the latest quarter and trimmed the upper end of the range for its forecast for full-year earnings per share.

On the opposite side were telecom stocks, which rallied for a second straight day. Verizon Communications had its best day in more than eight years after it reported more revenue than analysts expected. Many more customers added wireless phones than Wall Street had forecast. Verizon jumped $3.41, or 7.7 percent, to $47.81.

Verizon's big day follows AT&T's, which had its biggest move since 2009 on Wednesday after it reported stronger-than-expected earnings. Over the last two days, AT&T has climbed 8.8 percent, and Verizon is up 8.7 percent.

Facebook climbed $4.83, or 2.9 percent, to $170.44 after it reported stronger-than-expected earnings. Its advertising revenue rose by nearly half from a year earlier, and Wall Street was pleased with the company's spending forecasts.

Oil and gas prices rose, which helped energy stocks in the S&P 500 rise 1 percent. The price of oil has been on a strong run this week, hitting its highest level since May, and benchmark U.S. crude rose 29 cents to settle at $49.04 Thursday. Brent crude, the international standard, gained 52 cents to $51.49 a barrel.

Natural gas rose 5 cents to $2.97 per 1,000 cubic feet, heating oil gained nearly a penny to $1.60 per gallon and wholesale gasoline rose 3 cents to $1.64 per gallon.

Gold rose $10.60 to $1,260.00 per ounce, silver gained 11 cents to $16.57 an ounce and copper rose nearly a penny to $2.88 a pound.

The yield on the 10-year Treasury rose to 2.32 percent from 2.28 percent late Wednesday. The two-year yield rose to 1.36 percent from 1.35 percent, and the 30-year yield climbed to 2.94 percent from 2.89 percent.

The dollar dipped to 111.09 Japanese yen from 111.30 yen late Wednesday. The euro dipped to $1.1681 from $1.1725, and the British pound fell to $1.3070 from $1.3100.

In overseas markets, France's CAC 40 dipped 0.1 percent, Germany's DAX fell 0.8 percent and the FTSE 100 in London dropped 0.1 percent. The Japanese Nikkei 225 index up 0.1 percent. Hong Kong's Hang Seng climbed 0.7 percent and the Kospi in South Korea added 0.4 percent.

 

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Stocks sag following disappointing profit reports

STAN CHOE
Associated Press

NEW YORK (AP) — Stock markets around the world sagged on Friday after Amazon and other big companies reported quarterly results that underwhelmed investors.

The Standard & Poor's 500 index lost 3.32 points, or 0.1 percent, to 2,472.10 and closed a week packed with corporate earnings reports almost exactly where it started. It set a record during the middle of it.

The Dow Jones industrial average gained 33.76 points, or 0.2 percent, to 21,830.31 and set another all-time high. The Nasdaq composite fell 7.51, or 0.1 percent, to 6,374.68.

A little more than half the companies in the S&P 500 have now shown how much profit they made during the spring, and the results have been mostly encouraging. Earnings for the index are on pace to be about 9 percent higher than a year earlier, according to FactSet. But expectations were high coming into the reporting season, and the few companies that have fallen short of forecasts have seen their stock prices punished.

Amazon dropped $25.96, or 2.5 percent, to $1,020.04 after its profit missed expectations. Its forecast for operating income this fiscal year was also below many analysts' forecasts, though revenue for the latest quarter beat expectations.

Earnings reports were the main focus for markets during a busy week, where the Federal Reserve also decided on Wednesday to hold interest rates steady and the government on Friday gave an update on the economy's health.

The economy grew at an annual rate of 2.6 percent in the second quarter, revved up by a rise in consumer spending, the Commerce Department reported. Last quarter's growth rate was more than double that of the year's first quarter, which was revised down to 1.2 percent. The faster growth, though, was still a shade below the 2.7 percent that economists expected.

"Overall, the economy continues to move along, but it's hard to see where the fuel is going to come from for further acceleration," said Rich Weiss, chief investment officer of multi-asset strategies at American Century Investments. He says the economy reminds him of what golfers call a "son-in-law" shot, one that's not bad but not great.

"We're not throwing new money into the stock market at this point," Weiss said. Instead of U.S. stocks, he prefers foreign markets where he says economies have more potential for improvement. Many other investors have shifted their money using a similar philosophy, and the falling value of the dollar against other currencies has helped boost foreign stocks' returns.

Excitement about the U.S. economy had been higher earlier in the year, when many investors expected the Republican takeover of Washington to lead to more pro-business policies. But inaction in the Capitol, capped by the Senate's latest failed attempt to revamp the nation's health care system, is raising doubts about whether tax reform or a big infrastructure plan will happen.

Tobacco stocks were some of Friday's worst performers after the U.S. government said it's considering limiting the amount of nicotine in cigarettes so that they're no longer addictive. Altria Group, which sells Marlboro and other cigarettes in the U.S., fell $7.02, or 9.5 percent to $66.94. It had been down as much as 18.9 percent shortly after the Food and Drug Administration's announcement.

Flowserve, which sells pumps, valves and other parts for the oil and gas industries, dropped to the biggest losses in the S&P 500 after reporting weaker earnings for the latest quarter than Wall Street had forecast. It sank $5.06, or 10.9 percent, to $41.30.

Starbucks fell $5.50, or 9.2 percent, to $54.00 after it lowered its forecast for earnings this fiscal year, and Goodyear Tire & Rubber sank $2.97, or 8.4 percent, to $32.51 after it gave a forecast for 2017 operating income that fell short of analysts' expectations.

The yield on the 10-year Treasury note fell to 2.28 percent from 2.32 percent late Thursday. The two-year yield dipped to 1.34 percent from 1.36 percent, and the 30-year yield dropped to 2.90 percent from 2.93 percent.

Stock markets around the world were weak. Japan's Nikkei 225 index dropped 0.6 percent, South Korea's Kospi lost 1.7 percent and the Hang Seng in Hong Kong fell 0.6 percent.

France's CAC 40 lost 1.1 percent, the FTSE 100 in London fell 1 percent and Germany's DAX dropped 0.4 percent

The dollar fell to 110.60 Japanese yen from 111.09 yen late Thursday. The euro rose to $1.1760 from $1.1681, and the British pound rose to $1.3149 from $1.3070.

The price of oil capped off its best week since early December with another gain. Benchmark U.S. crude rose 67 cents to settle at $49.71 per barrel and touched its highest level since May. Oil gained nearly 9 percent over the week.

Brent crude, the international standard, gained $1.03 to $53.53 a barrel Friday. Natural gas fell 3 cents to $2.94 per 1,000 cubic feet. Heating oil rose 4 cents to $1.64 per gallon, and wholesale gasoline gained 3 cents to $1.68 per gallon.

Gold rose $8.80 to settle at $1,275.30 per ounce, silver added 12 cents to $16.70 per ounce and copper was close to flat at $2.88 per pound.

11043

 

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Stocks Inch up as Media and Bank Gains Cancel Out Tech Dip
Stocks finish slightly higher as cable companies rise and banks gain ground as well.

By MARLEY JAY, AP Markets Writer

NEW YORK (AP) — U.S. stocks finished mostly higher Monday as banks, media and energy companies climbed just enough to cancel out losses for technology companies including Facebook and Amazon.

Cable provider Charter Communications surged on a report it might be bought by a Japanese technology company. Meanwhile, cable networks Scripps Networks and Discovery Communications agreed to combine in a deal worth almost $12 billion.

Technology companies missed out. Facebook returned some of its gains from last week, when it posted strong second-quarter results, and reports of higher expenses continued to affect Amazon's shares. Banks rose, with HSBC climbing after it disclosed its own earnings.

About half of the companies in the Standard & Poor's 500 have reported their second-quarter results, and this week, Apple and other companies will join the fray. Steve Wood, chief market strategist for Russell Investments, said he expects strong earnings for U.S. companies, but he thinks stock markets in other regions will do better.

"The earnings cycle and the economic cycle are earlier stage and the central bank of Europe is going to be providing liquidity over the next year," he said. "It's been an eight-and-a-half-year bull market in the U.S. and eight-plus-year economic expansion."

The Standard & Poor's 500 index fell 1.80 points, or 0.1 percent, to 2,470.30. The Dow Jones industrial average continued to build on its record highs. It gained 60.81 points, or 0.3 percent, to 21,891.12. The Nasdaq composite lost 26.55 points, or 0.4 percent, to 6,348.12. The Russell 2000 index of smaller-company stocks dipped 4.12 points, or 0.3 percent, to 1,425.14. A majority of the stocks on the New York Stock Exchange rose.


Charter Communications climbed after Bloomberg reported that Japanese conglomerate SoftBank is considering buying it. The report Sunday said that SoftBank initially wanted to combine Charter with Sprint, but after Charter rejected that idea, the technology company may buy Charter outright. Shares of the cable provider jumped $21.65, or 5.8 percent, to $391.91, and investors value Charter at about $101 billion.

Discovery Communications, which owns TLC and the Discovery Channel, will buy Scripps Networks Interactive for $90 per share. Scripps, which owns HGTV and the Travel Channel, picked up 50 cents to $87.41. It's up 30 percent in two weeks on reports the companies would combine. Discovery took the largest loss on the S&P 500 index as it fell $2.20, or 8.2 percent, to $24.60.

Elsewhere, Comcast added 93 cents, or 2.4 percent, to $40.45.

HSBC said higher interest rates helped it make more money from its lending business, and it plans to buy back another $2 billion in stock. Its shares climbed $1.19, or 2.4 percent, to $50.09 and Capital One Financial picked up $1.21, or 1.4 percent, to $86.18.

Among technology companies, Facebook lost $3.20, or 1.9 percent, to $169.25. The social media network leaped 8.6 percent last week. Alphabet, Google's parent company, shed $12.83, or 1.3 percent, to $945.50 and chipmaker Micron Technology lost $1.18, or 4 percent, to $28.10.

E-commerce giant Amazon also slumped $32.26, or 3.2 percent, to $98.78.

Dynavax Technologies soared after a panel advising the Food and Drug Administration said study data shows its Heplisav-B vaccine is safe for adults. Heplisav-B is intended to prevent hepatitis B infections. It would be the company's first approved drug. The stock climbed $6.60, or 71.4 percent, to $15.85.


Boeing continued its rapid ascent following reports it will make electronics used in flight control. Its stock added $1.19 to $242.46. Boeing has given the Dow a 205-point boost over the last four days. Aviation electronics company Rockwell Collins lost $7.20, or 6.3 percent, to $106.53 as investors worried about the impact of Boeing's plans.

Health insurer Centene slumped as President Donald Trump considered ending federal cost-sharing payments, which help low-income customers buy insurance through marketplaces created by the 2010 Affordable Care Act. Centene is one of the largest insurers on those marketplaces. Its stock fell $3.27, or 4 percent, to $79.42.

The price of oil rose again after its best week of the year. Benchmark U.S. crude added 46 cents to $50.17 a barrel in New York. Brent crude, the international standard, picked up 13 cents to $52.65 a barrel in London. U.S. crude rose almost 9 percent last week to reach its highest price since late May.

Wholesale gasoline rose 3 cents to $1.71 a gallon. Heating oil added 1 cent to $1.65 a gallon. Natural gas plunged 15 cents, or 5 percent, to $2.79 per 1,000 cubic feet.

Bond prices were little changed. The yield on the 10-year Treasury note stayed at 2.29 percent.

Gold fell $1.90 to $1,273.40 an ounce. Silver rose 9 cents to $16.79 an ounce. Copper added 2 cents to $2.89 a pound.

The dollar slipped to 110.24 yen from 110.60 yen. The euro rose to $1.1831 from $1.1760.

Germany's DAX lost 0.4 percent and the CAC 40 of France sank 0.7 percent. The FTSE 100 in Britain made a tiny gain. The Japanese Nikkei 225 index slipped 0.2 percent and the Kospi in South Korea finished little changed. Hong Kong's Hang Seng index jumped 1.3 percent.

 

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Banks and tech stocks send Dow industrials closer to 22,000

MARLEY JAY
Associated PressA

NEW YORK (AP) — Banks and technology companies took U.S. stocks higher Tuesday, and less-loved sectors including phone and real estate companies also climbed as companies continued to report strong second-quarter results.

Payment processors also made hefty gains, while Sprint said it gained wireless subscribers and that it's open to combining with a competitor or a cable company. Royal Caribbean Cruises, Xerox and shopping mall operator Simon Property Group all climbed, while athletic apparel maker Under Armour and industrial companies fell after disappointing results. General Motors and Ford slumped on weak July sales reports.

Some of the largest gains went to companies and industries that have struggled this year, like real estate investment trusts, or which have missed out on the gains entirely, like phone companies. Randy Frederick, vice president of trading and derivatives at the Schwab Center for Financial Research, said the shift is a good sign for the stock market.

"When people are willing to go out and do the proverbial bargain hunting in areas that have not outperformed as much, that shows confidence," he said. "The broader the bull market becomes, the more sectors that participate, the more sustainable it becomes."

The Standard & Poor's 500 index rose 6.05 points, or 0.2 percent, to 2,476.35. The Dow Jones industrial average climbed 72.80 points, or 0.3 percent, to 21,963.92. The blue chip index closed at a record high for the fifth day in a row. Nasdaq composite added 14.82 points, or 0.2 percent, to 6,362.94. The Russell 2000 index of smaller-company stocks gained 3.19 points, or 0.2 percent, to 1,428.33.

Banks helped lead the way. The top gainers included JPMorgan Chase, which rose $1.23, or 1.3 percent, to $93.03 and Citigroup, which added $1.15, or 1.7 percent, to $69.60.

Intel rose as South Korean regulators signed off on its deal for Mobileye. Mobileye makes software that processes information from cameras and other car sensors to decide where an autonomous car should steer, and Intel agreed to buy it for $15 billion in March. Intel gained 88 cents, or 2.5 percent, to $36.35.

Tech could be in for more gains Wednesday. Apple reported a strong quarter after the closing bell on Tuesday, and its stock rose 4.7 percent in after-hours trading. Apple reported earnings and revenue that far exceeded analysts' forecasts, and issued a solid outlook for the fourth quarter, when the company is expected to launch a 10th anniversary version of the iPhone.

Sprint had its best day this year after it said it's open to combining with another phone company or a cable company. The fourth-largest U.S. wireless carrier also reported its first quarterly profit in three years as it cut cost and added wireless subscribers. Sprint rose 89 cents, or 11.2 percent, to $8.87.

T-Mobile USA climbed $1.41, or 2.3 percent, to $63.07 and Verizon Communications gained 49 cents, or 1 percent, to $48.89. Phone companies, real estate firms and utility all benefited because bond yields fell, which made the companies more attractive to investors who want income.

Utility company Scana continued to rise after it said it will end construction of two nuclear reactors that customers have already paid billions to build. Scana's South Carolina Electric & Gas unit and state-owned Santee Cooper say they have already spent $10 billion on the project and that it could cost $20 billion to finish. The companies blamed years of delays and cost overruns, and Westinghouse, the primary contractor, filed for bankruptcy protection earlier this year.

Scana rose $3.19, or 5 percent, to $67.56 on top of a 5 percent gain on Monday.

Cruise line operator Royal Caribbean beat analysts' forecasts and raised its estimates for the year. It climbed $3.8, or 3.4 percent, to $116.87 and competitor Carnival advanced 70 cents, or 1 percent, to $67.48.

Under Armour cut its annual revenue forecast as sharp discounts continue to affect its business in North America. The Baltimore company said it will eliminate 280 jobs and is aiming to reduce $110 million to $130 million in annual spending through a restructuring plan. Under Armour sank $1.72, or 8.6 percent, to $18.30, and it's down 52 percent since late October. Rival Nike added 79 cents, or 1.3 percent, to $59.84.

Oil prices plunged after a six-day rally. U.S. crude shed $1.01, or 2 percent, to $49.16 a barrel in New York. Brent crude, the international standard, dropped 94 cents, or 1.8 percent, to $51.78 a barrel in London.

Wholesale gasoline lost 2 cents to $1.66 a gallon. Heating oil fell 3 cents to $1.64 a gallon. Natural gas rose 3 cents to $2.82 per 1,000 cubic feet.

Bond prices climbed. The yield on the 10-year Treasury note dipped to 2.25 percent from 2.30 percent.

Gold added $6 to $1,279.40 an ounce. Silver lost 2 cents to $16.76 an ounce. Copper dipped 1 cent to $2.88 a pound.

The dollar rose to 110.30 yen from 110.24 yen. The euro slid to $1.1801 from $1.1831.

The DAX in Germany DAX rose 1.1 percent. Britain's FTSE 100 and the French CAC 40 both rose 0.7 percent. Japan's benchmark Nikkei 225 index added 0.3 percent while South Korea's Kospi climbed 0.8 percent. In Hong Kong, the Hang Seng gained 0.8 percent.

 

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Apple Drives Dow Above 22,000 Even as Other Stocks Struggle
The Dow Jones industrial average closes above 22,000 points for the first time, driven by a big gain in Apple.

By MARLEY JAY, AP Markets Writer

NEW YORK (AP) — Being the world's most valuable public company has its privileges, like getting almost all the credit for the latest stock market milestone. Apple made its biggest jump in six months Wednesday, helping send the Dow Jones industrial average above 22,000 points for the first time.

Apple's latest profit and revenue were better than analysts expected, and the company's strong sales forecast suggests it's confident the next iPhone will reach the market on time. The technology giant's stock climbed to an all-time high, and when some other technology companies, utilities and industrial firms joined it, that was just barely enough to take the Standard & Poor's 500 index higher as well.

Much of the rest of the market was mixed, however, and most of the companies listed on the New York Stock Exchange fell. Movie theater companies tumbled after AMC Entertainment said U.S. box office grosses are sinking. Health care companies turned lower as prescription drug distributor Cardinal Health gave a weak forecast, mostly because of falling generic drug prices. Retailers and shopping mall operators also sank.

The Dow average rose 52.32 points, or 0.2 percent, to 22,016.24. Apple was responsible for 48 of those points.

The Standard & Poor's 500 index, a much broader market measure used by most professional investors, added 1.22 points, or less than 0.1 percent, to 2,477.57.

The Nasdaq composite inched down 0.29 points to 6,362.65. The Russell 2000 index of smaller-company stocks shed 15.43 points, or 1.1 percent, to 1,412.90.

"The market's not forgiving for any company that misses" Wall Street projections, said Edward Jones investment strategist Kate Warne. Overall, she said investors seem pleased that companies are reporting rising profits based on greater revenue and strong demand instead of stock buybacks and other financial moves.


Apple climbed $7.09, or 4.7 percent, to $157.14. That was the first time it set a record high in almost three months. Its stock had slipped recently in part because some investors were worried that production problems would delay the launch of the next iPhone, which would have hurt the company's fourth-quarter sales. But Apple's revenue estimate was better than expected and greater than last year, when the iPhone 7 was released.

Movie theater operators and studios declined after AMC said U.S. box office receipts dropped 4.4 percent in the second quarter, and it expects the third quarter to be difficult as well. AMC it also taking a charge of $200 million because its investment in another chain, National CineMedia, lost value. The company is also planning to slash costs by cutting operating hours and staff levels while trying to boost revenue with new pricing plans and discounts.

AMC dropped $5.60, or 26.9 percent, to $15.20 and Cinemark Holdings lost $1.94, or 5.9 percent, to $37.82. Walt Disney fell $1.04, or 1.8 percent, to $108.67. CBS gave up $1.27, or 1.9 percent, to $64.81 and Viacom dipped $1.44, or 4.1 percent, to $34.09.

Retailers also stumbled, which hurt smaller, U.S.-focused companies. Big 5 Sporting Goods reported a weak profit and sales that fell short of analysts' forecasts. Big 5 said sales of firearms, camping and water sports equipment fell, and its estimates for the current quarter fell short of Wall Street's estimates. Its stock shed 85 cents, or 7.8 percent, to $10.10.

Car retailer AutoNation also had a disappointing quarter as prices for used cars fell. It dropped $3.01, or 7.2 percent, to $38.96. Shopping mall operator GGP slid $1.13, or 4.9 percent, to $21.91 after it said it doesn't plan to sell itself, and department store chain Nordstrom drooped $2.45, or 5 percent, to $46.49 on reports the Nordstrom family might not succeed in taking the struggling company private.


Prescription drug distributor Cardinal Health forecast a much smaller profit than analysts expected. The company said it's being hurt by lower prices for generic drugs, as well as smaller increases in the prices of brand-name drugs and the loss of a contract with the Safeway grocery chain. The company's stock lost $6.34, or 8.2 percent, to $70.99.

Genetic tools company Illumina raised its projections for the rest of the year after demand for its NovaSeq genetic sequencing system was better than it expected. Its stock gained $25.55, or 14.8 percent, to $197.85.

Benchmark U.S. crude added 43 cents to close at $49.59 a barrel in New York. Brent crude, the international standard, picked up 58 cents to close at $52.36 a barrel in London. In other energy trading, wholesale gasoline fell 2 cents to $1.64 a gallon, heating oil rose 2 cents to $1.66 a gallon and natural gas held steady at $2.81 per 1,000 cubic feet.

Bond prices inched lower. The yield on the 10-year Treasury note rose to 2.27 percent from 2.25 percent.

Gold fell $1 to $1,278.40 an ounce. Silver decreased 3 cents to $16.73 an ounce. Copper stayed at $2.88 a pound.

The dollar rose to 110.61 yen from 110.30 yen. The euro edged up to $1.1860 from $1.1801.

Germany's DAX lost 0.6 percent and the CAC 40 in shed 0.4 percent. Britain's FTSE 100 gave up 0.2 percent. Japan's Nikkei 225 rose 0.5 percent and South Korea's Kospi gained 0.2 percent. Hong Kong's Hang Seng index advanced 0.2 percent.

 

[bigdog]

https://www.usnews.com/news/busines...s-fall-as-apples-glossy-earnings-effect-fades

US Stocks Slip, With Bigger Losses for Smaller Companies
US stocks are taking modest losses, with energy companies, banks and technology companies all down.

By MARLEY JAY, AP Markets Writer

NEW YORK (AP) — Losses for energy and technology companies left most U.S. stocks lower on Thursday. Smaller companies fared worse as the dollar remained at 15-month lows.

Energy companies weakened as the price of oil turned lower, and technology companies declined as Apple gave up a piece of its big gain from the day before. Investors bought government bonds after some shaky economic news in the U.S. and the U.K. That sent bond yields down, which hurt financial companies. Industrial companies like 3M did well, and so did large drugmakers like Pfizer.

Small companies, which surged in November and December, have slumped this week. Firearms maker Sturm Ruger tumbled Thursday after it said sales fell in the second quarter, and sporting goods companies like Big 5 and Vista Outdoor also sank. Smaller banks fared worse than larger ones.

Julian Emanuel, an equity strategist for UBS, said that as the dollar continues to lose strength, investors are selling smaller and more domestically-focused companies and buying more international businesses, as the weaker dollar will help their profits and sales outside the U.S.

"Most people didn't expect the degree of dollar weakness that we're seeing," he said. The ICE U.S. Dollar Index is down 9 percent this year and hasn't been this low in about 15 months.

The Standard & Poor's 500 index shed 5.41 points, or 0.2 percent, to 2,472.16. The Dow Jones industrial average notched its eighth gain in a row and added 9.86 points, or less than 0.1 percent, to 22,026.10. The Nasdaq composite lost 22.30 points, or 0.4 percent, to 6,340.34. The Russell 2000 index of smaller companies sank 7.67 points, or 0.5 percent, to 1,405.23 after a sharp loss a day ago.


Near the close of trading, stocks turned a bit lower after the Wall Street Journal reported that Special Counsel Robert Mueller has impaneled a grand jury in his investigation of Russia's interference in the 2016 presidential election.

Companies have reported strong second-quarter results lately as corporate earnings continue to grow, But with stocks at record highs, the market hasn't reacted very much: the S&P 500 flat over the last two weeks.

Companies that didn't live up to investors' expectations took losses. Security software maker Symantec announced disappointing first-quarter sales, and its forecasts for the rest of the year weren't as good as analysts had hoped. The company also agreed to sell its website security business to DigiCert for $950 million in cash and a 30 percent stake in DigiCert. Symantec slid 64 cents, or 2.1 percent, to $30.27.

3D printer maker 3D Systems plunged $3.62, or 21.3 percent, to $13.39 after it fell short of Wall Street estimates in the second quarter and cut its projections for the full year. Elsewhere, Apple lost $1.57, or 1 percent, to $155.57 after a big jump the day before.

Oil prices turned lower. Benchmark U.S. crude dipped 56 cents, or 1.1 percent, to $49.03 a barrel in New York. Brent crude, the international standard, fell 35 cents to $52.01 a barrel in London.

The Institute for Supply Management said production, orders and hiring by U.S. services companies all declined in July. Its services index slipped to its lowest reading in 11 months, which suggests the economy is still growing at a steady but modest pace.

Meanwhile the Bank of England reduced its economic growth forecasts. That sent the British FTSE 100 index 0.9 percent higher, however, as investors were glad the bank probably won't raise interest rates any time soon. The pound also fell.


The yield on the 10-year Treasury note fell to 2.22 percent from 2.27 percent. That sent interest rates lower, which cuts into the profits banks can make on mortgages and other loans.

Electric car maker Tesla said it's confident it can meet its production goals for its new, lower-priced Model 3 sedan. The company also took a smaller net loss than investors expected. Its shares gained $21.20, or 6.5 percent, to $347.09.

Kellogg, the maker of Frosted Flakes, Pop Tarts and Eggo waffles, reported another decline in sales as revenue from breakfast foods slipped. But the results weren't as bad as experts had expected. Its stock jumped $2.92, or 4.3 percent, to $70.36.

Avon Products lost money in its latest quarter and said sales weren't as good as expected. The cosmetics retailer has been struggling for years to revive its business, and it said Thursday that CEO Sheri McCoy will leave the company. The stock lost 36 cents, or 10.7 percent, to $3. It's down 40.5 percent this year.

In other energy trading, wholesale gasoline lost 1 cent to $1.63 a gallon. Heating oil fell 2 cents to $1.64 a gallon. Natural gas slipped 1 cent to $2.80 per 1,000 cubic feet.

Gold dipped $4 to $1,274.40 an ounce. Silver fell 10 cents to $16.63 an ounce. Copper lost less than 1 cent to $2.88 a pound.

The dollar fell to 110.06 yen from 110.61 yen. The euro rose to $1.1866 from $1.1860.

In France, the CAC 40 rose 0.5 percent and the DAX in Germany lost 0.2 percent. Japan's benchmark Nikkei 225 lost 0.3 percent and the Kospi of South Korea dropped 1.7 percent. Hong Kong's Hang Seng sank 0.3 percent.

 

[bigdog]

https://www.usnews.com/news/busines...ian-stocks-mixed-as-us-jobs-politics-in-focus

Another Strong Month of Hiring Sends Stock Indexes Higher
US stocks rise after the government reported another strong month of hiring in July as banks rally.

By MARLEY JAY, AP Markets Writer

NEW YORK (AP) — Banks and other stocks climbed Friday after the government reported more gains in hiring last month, the latest signal that the economy is continuing to hum along. The modest gains wrapped up another quiet week for the stock market.

The Department of Labor said U.S. employers added 209,000 jobs last month. Investors sold government bonds and bet that interest rates are going to rise, which lets banks make more money on loans. Technology companies also rose. Weight Watchers soared after reporting a strong quarter while Viacom, the media company that owns Comedy Central and MTV, sank.

July was the second consecutive month of strong hiring, suggesting that the U.S. economy is still growing steadily as countries in Europe and less developed countries come out of long slumps.

"The economy is in pretty good shape," said Paul Zemsky, chief investment officer for the multi-asset business of Voya Investment Strategies. "We're seeing for the first time more of a globally synchronized growth."

He said that will lead to a stronger global economy and will help American companies and stocks if growth in the U.S. falters.

The Standard & Poor's 500 index added 4.67 points, or 0.2 percent, to 2,476.83. The Dow Jones industrial average rose 66.71 points, or 0.3 percent, to 22,092.81. That was its ninth gain in a row. The Nasdaq composite climbed 11.22 points, or 0.2 percent, to 6,351.56. The Russell 2000 index of smaller companies gained 7.09 points, or 0.5 percent, to 1,412.32.

European stock indexes made even larger gains. France's CAC 40 index climbed 1.4 percent and the DAX in Germany jumped 1.2 percent. The British FTSE 100 gained 0.5 percent.

Bond prices dropped, sending yields higher. The yield on the 10-year Treasury note climbed to 2.26 percent from 2.22 percent as investors concluded it is more likely the Federal Reserve will raise interest rates again later in the year.


Bank of America climbed 60 cents, or 2.5 percent, to $24.98 and KeyCorp picked up 37 cents, or 2.1 percent, to $18.40.

Despite the gains Friday and the Dow's long winning streak, most stocks have hardly moved over the last two weeks. The market barely reacted to news Thursday that Special Counsel Robert Mueller impaneled a grand jury as he continues to investigate Russia's meddling in the presidential election.

Investors have consistently ignored surprising or unusual news out of Washington, and President Donald Trump's tweets don't affect stocks the way they did six months ago either.

Zemsky, of Voya, said that with the economy and corporate earnings doing well, investors will stay the course unless something much more dramatic happens.

"Selling stocks on a tweet or a news headline when the fundamentals are good is going to ultimately lead to losses," he said.

Food delivery company Grubhub and Yelp both jumped after Grubhub moved to expand its business by buying Yelp's Eat24 unit. Along with the $287.5 million sale, the companies announced a deal that will let people reading Yelp reviews order food from restaurants that use Grubhub. Yelp climbed $8.68, or 27.7 percent, to $40.05 while Grubhub added $4.37, or 9.1 percent, to $52.62.

Weight Watchers International raised its forecasts for the year after it blew past analysts' expectations. The company said it had 20 percent more subscribers at the end of June than it did a year earlier. Its stock gained $8.31, or 25.1 percent, to $41.39.


Weight Watchers was worth under $7 a share when Oprah Winfrey bought a 10-percent stake in it in 2015 and appeared in an ad for the company. It traded above $80 in early 2012.

Viacom tumbled after the company reported trouble with a financing deal with a Chinese company. The company said it didn't receive a payment in June from Huahua Media, which agreed to help finance Paramount Pictures films as part of a deal that was struck in January. The stock sank $4.85, or 13.8 percent, to $30.22.

Viacom also said it subscribers to its cable networks dipped in the third quarter, and in the current quarter it expects a decline in the fees it receives from cable companies who carry its networks.

Among other cable network companies, Twenty-First Century Fox fell 36 cents, or 1.3 percent, to $28.46. Discovery Communications lost $1.01, or 4.1 percent, to $23.73.

Consumers are streaming more shows and movies and look for ways to cut their bills, pressures that helped push Discovery to agree to buy rival Scripps Networks on Monday. Cable company stocks have slumped since Time Warner reported a drop in ad revenue in May.

Benchmark U.S. crude rose 55 cents, or 1.1 percent, to $49.58 per barrel in New York. Brent crude, the international standard, added 41 cents to $52.42 a barrel in London.

Wholesale gasoline rose 1 cent to $1.65 a gallon. Heating oil gained 1 cent to $1.65 a gallon. Natural gas lost 3 cents to $2.77 per 1,000 cubic feet

The dollar rose to 110.67 yen from 110.06 yen. The euro fell to $1.1769 from $1.1866.

Gold fell $9.80 to $1,264.60 an ounce. Silver dropped 38 cents, or 2.3 percent, to $16.25 an ounce. Copper rose 1 cent to $2.89 a pound.

In Asia, the Nikkei 225 index in Japan fell 0.4 percent while South Korea's Kospi added 0.4 percent. The Hang Seng in Hong Kong edged up 0.1 percent.

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