NYSE Dow Jones finished today at:

[bigdog]

https://www.usnews.com/news/busines...-climb-on-momentum-from-upbeat-us-jobs-report

Tech Firms Drive US Stock Indexes to New Highs


By ALEX VEIGA, AP Business Writer

Gains in technology companies helped lift U.S. stock index higher Monday, nudging the market once again into record territory.

The Standard & Poor's 500 index closed at an all-time high, as did the Dow Jones industrial average. The latest gain extended the Dow's winning streak to 10 days.

Traders bid up shares in microchip makers and other technology companies. Grocery chains, drugstore operators and other consumer-focused companies also helped drive the market higher. Energy companies declined the most along with the price of crude oil. Banks and industrial companies also lagged.

Investors were mostly focused on the latest company earnings and deal news.

"Earnings have been strong, particularly revenue growth has come in stronger than initial estimates," said Quincy Krosby, chief market strategist at Prudential Financial. "And overall the guidance has been strong."

The S&P 500 index rose 4.08 points, or 0.2 percent, to 2,480.91. The Dow gained 25.61 points, or 0.1 percent, to 22,118.42. The Nasdaq composite added 32.21 points, or 0.5 percent, to 6,383.77. The Russell 2000 index of smaller-company stocks picked up 1.85 points, or 0.1 percent, to 1,414.17.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.26 percent from 2.27 percent late Friday.

Positive economic data and strong company earnings have helped nudge the stock market mostly higher in recent weeks.

Heading into Monday, about 82 percent of S&P 500 companies had reported quarterly results, with roughly 52 percent having posted better-than-expected earnings and revenue, according to S&P Global Market Intelligence. Of those, technology companies led all others with 73 percent of the sector's results beating Wall Street's expectations.


Investors have welcomed the positive earnings growth, pushing the market further into record territory, fueling speculation about how high the market can go before there is a pullback.

"What you want to see is a broad range of stocks pushing the market higher, and what we're seeing are fewer stocks pushing the market higher," Krosby said. "That's not necessarily a prescription for a major pullback, but it's something to watch. Statistically, August and September tend to be the least-hospitable period for the market."

Technology companies lead the market's gainers Monday. Lam Research rose $5.79, or 3.9 percent, to $155.84. KLA-Tencor rose $3.18, or 3.6 percent, to $92.01.

Energy stocks were on the other end of the spectrum. Pioneer Natural Resources fell $5.70, or 4.2 percent, to $129.64, while Newfield Exploration lost $1.39, or 5 percent, to $26.44.

Traders also continued to bid up shares in companies whose earnings topped analysts' forecasts.

Tyson Foods climbed $3.60, or 5.7 percent, to $66.90. The meat processor's forecasts also pleased investors. ON Semiconductor jumped $1.23, or 8.1 percent, to $16.33.

Some companies' results disappointed the market.

Armstrong Flooring slumped 17.5 percent after the company's latest quarterly results fell well short of analysts' forecasts. The stock slid $3.03 to $14.25.

The market welcomed the proposed combination of NxStage Medical and Germany's Fresenius Medical Care AG & Co. NxStage, a medical device company, agreed to be acquired by Fresenius for $30 a share in a cash deal valued at about $2 billion. NxStage shares vaulted $6.53, or 28.2 percent, to $29.67.

Oil prices fell. Benchmark U.S. crude fell 19 cents, or 0.4 percent, to $49.39 per barrel in New York. Brent crude, the international standard, lost 5 cents, or 0.1 percent, to $52.37 a barrel in London.


In other energy futures trading, wholesale gasoline dipped 2 cents to $1.63 a gallon. Heating oil fell 1 cent to $1.64 a gallon. Natural gas gained 3 cents to $2.80 per 1,000 cubic feet.

Gold added 10 cents to $1,264.70 an ounce. Silver held steady at $16.25 an ounce. Copper rose 2 cents to $2.91 a pound.

The U.S. dollar climbed to 110.72 from 110.67 yen on Friday. It weakened against the euro, which rose to $1.1793 from $1.1769. The euro was below $1.06 as recently as April, before the dollar began weakening steadily.

Markets in Europe were mixed. Germany's DAX fell 0.3 percent, while France's CAC 40 rose 0.1 percent. The FTSE 100 in Britain edged 0.3 percent higher. Earlier in Asia, Hong Kong's Hang Seng index added 0.5 percent, while South Korea's Kospi rose 0.1 percent.

 

[bigdog]

http://www.startribune.com/us-stocks-edge-lower-in-early-trading-oil-heads-lower/439212423/

US stocks close lower, snapping Dow's 10-day winning streak
By ALEX VEIGA Associated Press
August 8, 2017 — 4:16pm

Losses in health care and consumer-focused companies pulled U.S. stocks broadly lower Tuesday, snapping a 10-day winning streak for the Dow Jones industrial average.

Energy stocks also fell along with the price of crude oil. Only utilities sector stocks eked out a gain on a day of mostly listless trading as investors kept an eye on the latest company earnings and geopolitical news.

The market slide accelerated slightly in the last half-hour of trading as President Donald Trump denounced North Korea's nuclear program.

The remarks followed a new report asserting that U.S. intelligence has assessed that Pyongyang has successfully produced a nuclear warhead that can fit inside its missiles.

"That may have weighed a little bit" on markets, said Phil Guarco, global investment specialist J.P. Morgan Private Bank.

The Standard & Poor's 500 index fell 5.99 points, or 0.2 percent, to 2,474.92. The Dow slid 33.08 points, or 0.2 percent, to 22,085.34. The S&P 500 and Dow were both coming off record highs.

The Nasdaq composite lost 13.31 points, or 0.2 percent, to 6,370.46. The Russell 2000 index of smaller-company stocks gave up 4.02 points, or 0.3 percent, to 1,410.15.

Bond prices were little changed. The yield on the 10-year Treasury note held steady at 2.26 percent.

The market indexes wavered between small gains and losses for much of the morning, then veered lower by afternoon. The slide deepened after Trump's remarks on North Korea aired.

At a briefing on opioid addiction at his golf course in Bedminster, New Jersey, Trump warned North Korea not to make any more threats against the United States, adding that North Korea would be "met with fire and fury like the world has never seen."

The VIX, a measure of how much volatility investors expect in stocks, jumped 10.4 percent.

Beyond geopolitical concerns, investors continued to size up company earnings reports.

Avis Budget Group slumped 9.9 percent after the car rental company cut its guidance following a weak second quarter. The stock fell $3.30 to $30.09.

SeaWorld Entertainment slid 6.2 percent after the theme park operator reported second-quarter revenue that fell short of Wall Street's expectations. The stock fell 85 cents to $12.76.

Traders snapped up shares in companies that delivered strong quarterly results.

Michael Kors climbed 21.5 percent after the luxury handbag and apparel designer and retailer's latest quarterly results beat analysts' forecasts as sales improved. The stock was the biggest gainer in the S&P 500, adding $8.02 to $45.25.

Ralph Lauren gained $10.38, or 13.3 percent, to $88.53, while peer-to-peer loan company LendingClub added 99 cents, or 18.1 percent, to $6.45.

Health care equipment and services company Henry Schein declined amid a broader slide by health care stocks. Its shares slid $9.77, or 5.3 percent, to $174.02.

Benchmark U.S. crude fell 22 cents to $49.17 a barrel on the New York Mercantile Exchange. Brent crude, the international standard, lost 23 cents to $52.14 a barrel in London.

In other energy futures trading, wholesale gasoline dipped 1 cent to $1.62 a gallon. Heating oil fell 1 cent to $1.63 a gallon. Natural gas gained 2 cents to $2.82 per 1,000 cubic feet.

Gold fell $2.10 to $1,262.60 an ounce. Silver gained 14 cents to $16.39 an ounce. Copper rose 4 cents to $2.94 a pound.

The U.S. dollar fell to 110.48 yen from 110.72 yen late Monday. The euro slid to $1.1752 from $1.1793.

Markets overseas were mixed Tuesday.

In Europe, Germany's DAX rose 0.3 percent, while France's CAC 40 added 0.2 percent. Britain's FTSE 100 added 0.1 percent.

In Asia, markets were mostly lower after disappointing Chinese trade data. Japan's Nikkei 225 slipped 0.3 percent, while Australia's S&P/ASX 200 lost 0.5 percent. South Korea's Kospi fell 0.2 percent. Hong Kong's Hang Seng added 0.6 percent.

 

[bigdog]

https://www.usnews.com/news/busines...lower-as-us-north-korea-nuclear-tensions-rise

US Stocks Close Slightly Lower, Trimming Earlier Losses

By ALEX VEIGA, AP Business Writer

U.S. stocks closed slightly lower Wednesday, making up much of the ground they lost earlier following a rare batch of earnings disappointments by Walt Disney and other big companies.

Consumer-focused stocks, media companies and banks accounted for much of the market decline. They outweighed gains in health care stocks and elsewhere. Small-company stocks fell more than the rest of the market.

Investors' unease over escalating tensions between the U.S. and North Korea had weighed on stocks earlier in the day, pushing gold and bond prices slightly higher. But by the end of the day, traders appeared to take the geopolitical drama in stride.

"Right now the market is viewing it as a lot of saber-rattling and a lot of smoke, but not much fire," said Darrell Cronk, president of Wells Fargo Investment Institute.

The Standard & Poor's 500 index slipped 0.90 points, or 0.04 percent, to 2,474.02. The Dow Jones industrial average slid 36.64 points, or 0.2 percent, to 22,048.70. Earlier, the average had been down more than 88 points.

The Nasdaq composite lost 18.13 points, or 0.3 percent, to 6,352.33. The Russell 2000 index of smaller-company stocks gave up 13.20 points, or 0.9 percent, to 1,396.95. That's the index's lowest level in two months.

The stage was set for the U.S. indexes to go lower early Wednesday as investors around the world reacted to the rising war of words between the U.S. and North Korea, pushing global market indexes lower.

On Tuesday, President Donald Trump warned North Korea of "fire and fury" in response to recent threats from Pyongyang, which said it was examining plans for attacking Guam, a U.S. territory in the Pacific with a military base. Trump's comments followed reports that the North has mastered a technology needed to strike the United States with a nuclear missile.


Investors reacted by driving up the price of gold and bonds, traditional safe-haven plays. But the moves were modest.

Gold added $16.70, or 1.3 percent, to settle at $1,279.30 an ounce.

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

While the tough talk about the potential for war is scary, investors have heard it many times before.

"North Korea was fodder for the overnight trade, and as we headed into today we haven't seen any more saber-rattling," said JJ Kinahan, chief market strategist at TD Ameritrade. "I would expect the markets to react again pretty negatively to any more tough talk from either side, but for now, everybody seems to have settled down, and we'll see what happens."

Outside of geopolitical concerns, disappointing company earnings and outlooks put traders in a selling mood.

Priceline Group slid 6.9 percent after the online travel booking service issued a profit forecast that was weaker than analysts were expecting. The stock lost $142.20 to $1,906.80.

Disney dropped 3.9 percent, its biggest single-day loss in more than a year, after the media giant reported a weak quarter and said it would pull its movies from Netflix and start two of its own video streaming services. The stock lost $4.15 to $102.83. Netflix also fell, giving up $2.58, or 1.4 percent, to $175.78.

Shares in several other big media companies also declined. Discovery Communications fell 70 cents, or 2.9 percent, to $23.60. Viacom slid 60 cents, or 1.9 percent, to $30.17.

Fossil tumbled 25.1 percent after the watch maker said sales continued to weaken, falling short of analysts' estimates. The company booked a hefty charge and said its CFO is leaving the company. The stock lost $2.97 to $8.87.


Health care stocks, which have been in a slump, posted gains. Humana rose $4.74, or 1.9 percent, to $254.96.

The geopolitical turmoil appeared to have more of an impact overnight and into early Wednesday.

In Europe, Germany's DAX fell 1.1 percent, while France's CAC 40 slid 1.4 percent. The FTSE 100 index of leading British shares declined 0.6 percent. Major indexes in Asia closed lower. Tokyo's Nikkei 225 tumbled 1.3 percent, while Seoul's Kospi fell 1.1 percent. Hong Kong's Hang Seng was off 0.3 percent.

Benchmark U.S. crude added 39 cents to settle at $49.56 a barrel on the New York Mercantile Exchange. Brent crude, used to price international oils, gained 56 cents to $52.70 in London.

In other energy futures trading, wholesale gasoline was little changed at $1.62 a gallon, heating oil rose 2 cents to $1.65 a gallon and natural gas rose 6 cents to $2.88 per 1,000 cubic feet.

Silver gained 47 cents, or 2.9 percent, to $16.86 an ounce. Copper fell 2 cents to $2.93 a pound.

The dollar fell to 109.85 yen from 110.48 yen late Tuesday. The euro held steady at $1.1752.

 

[bigdog]

https://www.usnews.com/news/busines...stly-lower-on-growing-unease-over-north-korea

Tech Companies Lead Worst Day for US Stock Market Since May

By ALEX VEIGA, AP Business Writer

Brewing tensions between the U.S. and North Korea put investors in a selling mood again Thursday, dragging U.S. stocks lower for the third day in a row.

The latest sell-off was the most severe yet, amounting to the biggest single-day drop for the stock market in nearly three months.

Technology companies, which have been the biggest gainers this year as the market hit a succession of record highs, led the broad slide. Banks and department store shares also were among the big decliners. Utilities eked out a small gain.

"The market has been looking for an excuse to sell off and North Korea and the president gave the market that excuse," said David Schiegoleit, managing director at the U.S. Bank Private Client Wealth Management. "As long as it doesn't go beyond just a war of words, this is going to be short-lived."

The Standard & Poor's 500 index dropped 35.81 points, or 1.4 percent, to 2,438.21. The Dow Jones industrial average slid 204.69 points, or 0.9 percent, to 21,844.01, just shy of its low point for the day.

The tech-heavy Nasdaq composite bore the brunt of the sell-off, losing 135.46 points, or 2.1 percent, to 6,216.87. May 17 was the last time the three indexes had a bigger single-day decline.

Smaller-company stocks also fell sharply. The Russell 2000 index gave up 24.40 points, or 1.7 percent, to 1,372.54. All the indexes are down for the week.

Bond prices rose. The yield on the 10-year Treasury note slipped to 2.20 percent from 2.25 percent late Wednesday.

Wall Street got off to a downbeat start early Thursday as tensions between the U.S. and North Korea continued to escalate, rattling markets overseas.

Early in the day, North Korea revealed a detailed plan to launch a salvo of ballistic missiles toward the U.S. Pacific territory of Guam, a major military hub and home to U.S. bombers. Later, speaking to reporters, President Donald Trump demanded that North Korea "get their act together" or face extraordinary trouble.


Unease over the situation pushed the VIX, a measure of how much volatility investors expect in stocks, up 44.4 percent. That's the biggest increase since May.

The market jitters gave investors an opportunity to pocket some of their recent gains following a string of record highs fueled by strong corporate earnings.

"There's not a fundamental reason why what we're seeing out of North Korea right now should affect stock market prices, but it's being used as the reason to sell off right now because we've been looking for it for so long," Schiegoleit said. "This really is a profit-taking sell-off. I don't see it as a fear-driven sell-off."

Heading into Thursday, some 89 percent of the companies in the S&P 500 had reported quarterly results. Of those, 52 percent delivered earnings and revenue that beat financial analysts' forecasts, according to S&P Global Market Intelligence.

Technology stocks, the biggest gainers this year, led Thursday's market slide.

Nvidia fell $7.37, or 4.3 percent, to $164.74, while Advanced Micro Devices gave up 71 cents, or 5.5 percent, to $12.12.

Several financial sector companies also helped pull down the market. Bank of New York Mellon slid $2.09, or 3.9 percent, to $51.95, while Citizens Financial Group shed $1.32, or 3.8 percent, to $33.71.

Disappointing quarterly results from big department store chains also weighed down the market.

Macy's tumbled 10.2 percent after the company said its sales continued to decline in the second quarter. The stock lost $2.36 to $20.67. Dillard's slumped 15.9 percent after the chain booked a loss for the second quarter as increased inventory led to big discounts. Its shares slid $11.64 to $61.70. Kohl's also declined, giving up $2.43, or 5.8 percent, to $39.50.


Blue Apron slumped 17.6 percent after the meal kit seller reported a sequential decline in customers in the second quarter due to a planned reduction in marketing. The trend appeared to overshadow strong quarterly revenue growth in the quarter. The stock fell $1.10 to $5.14.

Oil prices closed lower after an early rally faded.

Benchmark U.S. crude fell 97 cents, or 2 percent, to $48.59 a barrel on the New York Mercantile Exchange. Brent crude, used to price international oils, slid 80 cents, or 1.5 percent, to $51.90.

Other energy futures trading was mixed. Wholesale gasoline dropped 2 cents to $1.60 a gallon, while heating oil shed 2 cents to $1.63 a gallon. Natural gas jumped 10 cents, or 3.5 percent, to $2.99 per 1,000 cubic feet.

Gold added $10.80, or 0.8 percent, to settle at $1,290.10 an ounce. Silver gained 20 cents, or 1.2 percent, to $17.07 an ounce. Copper fell 2 cents to $2.90 a pound.

The dollar slipped to 109.26 yen from 109.85 late Wednesday. The euro rose to $1.1774 from $1.1752.

Major stock indexes overseas also racked up losses Thursday.

In Europe, Germany's DAX fell 1.1 percent, while the CAC 40 in France lost 0.6 percent. Britain's FTSE 100 sank 1.4 percent. Earlier in Asia, Japan's benchmark Nikkei 225 slipped less than 0.1 percent, while Hong Kong's Hang Seng slid 1.1 percent. South Korea's Kospi fell 0.5 percent. Australia's S&P/ASX 200 edged down nearly 0.1 percent.

 

[bigdog]

https://www.usnews.com/news/busines...lump-on-profit-taking-amid-us-nkorea-tensions

Japan closed on a public holiday

US Stocks Snap 3-Day Losing Streak in Roller Coaster Week

By ALEX VEIGA, AP Business Writer

Gains among technology companies helped snap a three-day losing streak for U.S. stocks Friday, though the market ended with its worst weekly loss since March.

The modest rebound came at the end of a turbulent week on Wall Street as escalating tensions between the U.S. and North Korea rattled global markets.

In the first four days of the week, the Standard & Poor's 500 index swung from marking its latest record high to posting its biggest single-day drop in nearly three months.

The negative headlines provided many investors with an opportunity to pocket some of their recent gains following a string of record highs fueled by strong corporate earnings.

"It's been a bit of a roller coaster this week, with all the rhetoric between the U.S. and North Korea," said Jeff Kravetz, regional investment strategist at U.S. Bank Wealth Management. "That did temporarily shake investors' complacency, but we think markets are ready to move higher in the back half of the year, and earnings and economic data are going to drive that."

On Friday, the S&P 500 rose 3.11 points, or 0.1 percent, to 2,441.32. The index had its biggest drop since mid-May a day earlier. The Dow Jones industrials average gained 14.31 points, or 0.1 percent, to 21,858.32. The Nasdaq added 39.68 points, or 0.6 percent, to 6,256.56. The Russell 2000 index of smaller-company stocks picked up 1.69 points, or 0.1 percent, to 1,374.23.

The recovery fit a recent pattern of investors using dips to put more money in stocks.

Despite the past week's decline, the major indexes are in positive territory so far this year, led by the Nasdaq, which is up 16.2 percent. The S&P 500 is up 9 percent, while the Dow is up 10.6 percent.


"If you strip away what's going on in North Korea, and if you strip away what's going on in Washington, which are things that are tougher to predict, the economy, the global recovery, earnings, it all paints a very positive picture for the rest of the year," Kravetz said.

Tensions between the U.S. and North Korea continued to simmer early Friday. In a tweet, President Donald Trump warned of military action "should North Korea act unwisely," noting that the U.S. is "locked and loaded." Earlier in the week, Trump said the U.S. would unleash "fire and fury" on North Korea if it continued to threaten the U.S.

North Korea had announced a detailed plan to launch a salvo of ballistic missiles toward the U.S. Pacific territory of Guam, a major military hub and home to U.S. bombers.

Still, there were fewer signs of anxiousness in the markets Friday. Bond and gold prices, traditional havens for nervous investors, were little changed, and the VIX, a measure of how much volatility investors expect in stocks, fell 3.3 percent following a 44.4 percent jump the day before. It's still the highest it's been since May.

Investors also drew some encouragement from new government data showing U.S. inflation at the consumer level inched higher last month. July's 0.1 percent increase in consumer prices suggests that the Federal Reserve may be less likely to raise interest rates next month.

Inflation has risen 1.7 percent over the past 12 months, suggesting that inflation pressures remain well under control. The Fed, which raised its key interest rate in March and June, has signaled it plans a third rate hike before the end of this year. But some economists say the Fed may stand pat for the rest of 2017 unless inflation accelerates in coming months.


"Today's inflation data put the Fed on pause and really diminishes the fact that there's still some noise going around with the North Korea-U.S. situation," said Phil Blancato, CEO of Ladenburg Thalmann Asset Management.

Technology companies, which suffered the brunt of the selling a day earlier, were back in the lead Friday. Lam Research Corp. climbed $4.82, or 3.2 percent, to $154.26.

Seagate Technology gained 2.3 percent after investor ValueAct disclosed that it had acquired a 7.2 percent stake in the digital storage company. Seagate shares rose 74 cents to $32.29.

Traders sold off financial stocks amid speculation that the Fed will decide to hold off on raising interest rates next month. Higher interest rates can help boost banks' revenue from loans. Regions Financial shed 23 cents, or 1.6 percent, to $14.07.

J.C. Penney sank 16.6 percent after the struggling department store chain reported quarterly results that fell short of Wall Street's expectations. The company also said sales at its established stores declined for the fourth straight quarter. The stock lost 78 cents to $3.93.

Bond prices rose. The yield on the 10-year Treasury note slipped to 2.19 percent from 2.20 percent late Thursday.

Benchmark U.S. crude rose 23 cents to settle at $48.82 a barrel on the on the New York Mercantile Exchange. Brent crude, used to price international oils, rose 20 cents to $52.10 a barrel in London.

In other energy futures trading, wholesale gasoline rose 1 cent to $1.61 a gallon, while heating oil was little changed at $1.63 a gallon. Natural gas was also flat at $2.98 per 1,000 cubic feet.

Gold added $3.90 to settle at $1,294 an ounce. Silver gained 1 cent to $17.07 an ounce. Copper rose 1 cent to $2.91 a pound.


The dollar slipped to 109.04 yen from 109.26 late Thursday. The euro rose to $1.1824 from $1.1774.

Major indexes in Europe closed mostly lower. Germany's DAX was flat, while France's CAC 40 fell 1.1 percent. Britain's FTSE 100 was down 1.1 percent.

In Asia, several indexes closed lower overnight. South Korea's Kospi lost 1.7 percent, while Hong Kong's Hang Seng slid 2 percent. Australia's S&P/ASX 200 dropped 1.2 percent. Japan was closed on a public holiday.

1531

 

[bigdog]

https://www.usnews.com/news/busines...mostly-up-nikkei-falls-as-yen-gains-vs-dollar


US Stocks Jump as Tensions With North Korea Appear to Ease

By MARLEY JAY, AP Markets Writer

NEW YORK (AP) — U.S. stocks rallied Monday as technology companies and banks helped companies regain a lot of the ground they lost last week, although the calm that has defined the market this year wasn't quite restored.

Almost 90 percent of the Standard & Poor's 500 index finished higher. Technology stocks outpaced the rest of the market following a strong report on the state of Japan's economy. Last week, rising tensions between the U.S. and North Korea sent stocks to some of their biggest losses in 2017. That eased Monday after officials said fighting is not imminent.

"What the market really reacted negatively to on Thursday was Trump's somewhat incendiary comments about 'fire and fury,'" said Dave Lafferty, chief market strategist of Natixis Global Asset Management. "The administration sort of walked back Trump's comments over the weekend."

But while stocks climbed, investors weren't ready to loosen their grip on some traditionally safe investments. Bond prices slipped only by a small amount and gold finished a little lower, while silver prices rose.

The S&P 500 jumped 24.52 points, or 1 percent, to 2,465.84. The Dow Jones industrial average gained 135.39 points, or 0.6 percent, to 21,993.71. The Nasdaq composite added 83.68 points, or 1.3 percent, to 6,340.23. The Russell 2000 index of smaller companies climbed 20.08 points, or 1.5 percent, to 1,394.31.

Among technology companies, Apple added $2.37, or 1.5 percent, to $159.85 and Microsoft picked up $1.09, or 1.5 percent, to $73.59. After two days of losses, Nvidia jumped $12.44, or 8 percent, to $168.40 as chipmakers made outsize gains.

Bond prices turned lower. The yield on the 10-year Treasury note rose to 2.22 percent from 2.19 percent late Friday. That helped banks, as higher bond yields mean higher interest rates and greater profits on mortgages and other loans.


Bank of America climbed 56 cents, or 2.3 percent, to $24.42 and JPMorgan Chase gained $1.07, or 1.2 percent, to $92.49.

U.S. crude oil lost $1.23, or 2.5 percent, to $47.59 a barrel in New York. Brent crude, the international standard, shed $1.37, or 2.6 percent, to $50.73 a barrel in London. Energy companies finished with modest losses.

Numerous companies used the weekend to complete deals.

Retailer Target is buying a delivery logistics company to help it offer same-day delivery service to in-store shoppers. The company did not say how much it will pay for Grand Junction, a firm that connects retailers with about 700 delivery companies around the country that pick up items from distribution centers and take them to customers. It is already testing same-day delivery at a New York store.

Target stock climbed 76 cents, or 1.4 percent, to $55.79. Amazon.com did even better as it rose $15.31, or 1.6 percent, to $983.30.

VF Corp., which owns North Face, Vans and other brands, said it will buy work clothes maker Williamson-Dickie for $820 million. Its stock added $1.92, or 3.1 percent, to $63.50.

Equipment rental company Neff said it received a buyout offer worth $25 per share, or $596 million. It did not say who made the offer, but Neff said its board has decided the new offer is superior to a bid from H&E Equipment Services that the company accepted last month. H&E Equipment has the right to match the new offer. Neff climbed $4.15, or 19 percent, to $26. H&E's offer valued Neff at $21.07 a share.

H&E Equipment lost 66 cents, or 3.1 percent, to $20.93.


Drilling technology developer Tesco said it will be acquired by drilling contractor Nabors Industries in an all-stock deal. The companies said Tesco is being valued at $4.62 a share. Tesco added 50 cents, or 12.8 percent, to $4.40. Nabors lost 16 cents, or 2.4 percent, to $6.64.

Shonda Rhimes, the creator of popular television series such as "Scandal" and "Grey's Anatomy," will leave ABC and make shows for Netflix under a new contract. Financial terms were not disclosed. Netflix, which already spends billions of dollars a year on programming, has recently started shelling out more money for new shows. Last week it bought comic book publisher Millarworld, its first-ever acquisition.

Netflix lost 40 cents to $171.

Fiat Chrysler climbed after Automotive News reported that a Chinese car maker offered to buy the company. It did not identify that company and said Fiat Chrysler rejected the offer because it wasn't high enough, but investors hoped another bid would come. Fiat Chrysler stock gained 99 cents, or 8.5 percent, to $12.60.

Gold fell $3.60 to $1,290.40 an ounce. Silver added 5 cents to $17.12 an ounce. Copper dipped 1 cent to $2.90 a pound.

The dollar rose to 109.63 yen from 109.04 yen. The euro fell to $1.1782 from $1.1824.

In other energy trading, wholesale gasoline lost 4 cents to $1.58 a gallon. Heating oil fell 3 cents to $1.61 a gallon. Natural gas slid 2 cents to $2.96 per 1,000 cubic feet.

Germany's DAX jumped 1.3 percent and the CAC 40 in France gained 1.2 percent. In Britain, the FTSE 100 index added 0.6 percent. Hong Kong's Hang Seng index jumped 1.4 percent and the South Korean Kospi rose 0.6 percent. Japanese stocks fell sharply as investors played catch-up after an extended holiday weekend. The Nikkei ended 1 percent lower.

 

[bigdog]

https://www.usnews.com/news/busines...ise-after-koreas-us-make-diplomatic-overtures

Markets in South Korea were closed for a national holiday.

Retailers Stumble but Stocks Are Little Changed Overall

By MARLEY JAY, AP Markets Writer

NEW YORK (AP) — U.S. stock indexes finished Tuesday close to where they started as technology companies and household goods makers rose. But weak reports from sporting goods and auto parts retailers left a lot of smaller companies with steep losses.

Dick's Sporting Goods and Advance Auto Parts both disclosed disappointing second-quarter results and cut their annual forecasts, which affected a slew of other companies. Other retailers also dropped, including Home Depot, which posted strong results. Other groups of stocks managed modest gains.

"Especially in the month of August, when not as many investors are around, you get a lot of this group trading," said Brian Nagel, analyst who covers retailers for Oppenheimer & Co.

Nagel said struggles for Dick's and Advance Auto Parts don't say anything about how retailers in other industries are doing, but if investors grow pessimistic about retail, they may sell all kinds of retailers when one part of the industry struggles.

The Standard & Poor's 500 index lost 1.23 points, or less than 0.1 percent, to 2,464.61. The Dow Jones industrial average picked up 5.28 points to 21,998.99. The Nasdaq composite fell 7.22 points, or 0.1 percent, to 6,333.01. The Russell 2000 index of smaller-company stocks shed 11.07 points, or 0.8 percent, to 1,383.24. The S&P 600, an index of small-cap stocks, plunged 1 percent.

Stocks were coming off their biggest one-day gain in more than three months as the market recovered from last week's turmoil.

Dick's Sporting Goods cut its annual forecast after a weak second quarter. The sporting goods chain said athletic apparel sales were weak and that it plans to do more marketing and cut prices as it tries to keep its market share. Its stock plunged $8.04, or 23 percent, to $26.87.


Foot Locker fell $2.19, or 4.4 percent, to $47.13 and Hibbett Sports dropped $2.30, or 16.5 percent, to $11.65. Athletic apparel companies also lost ground. Nike shed $1.22, or 2 percent, to $58.56 and Under Armour lost 45 cents, or 2.6 percent, to $16.66.

Advance Auto Parts tumbled after it slashed its annual forecasts. The company and its competitors are facing weakening demand because car sales are slowing down from their recent record pace. Meanwhile competition from online retailers is growing. Advance Auto Parts dropped $22.24, or 20.3 percent, to $87.08. AutoZone sank $9.19, or 1.7 percent, to $516.13 and O'Reilly Automotive gave up $2.44, or 1.2 percent, to $196.

All three have taken steep losses this year.

Luxury retailer Coach tumbled after its fourth-quarter sales and its profit forecast for the current fiscal year came up short of analyst estimates. Its shares fell $7.28, or 15.2 percent, to $40.64.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.27 percent from 2.22 percent. Fifth Third Bancorp rose 34 cents, or 1.3 percent, to $27.02 and Discover Financial Services added $1.37, or 2.3 percent, to $61.87.

Warren Buffett's Berkshire Hathaway bought stock in consumer credit company Synchrony Financial and picked up more shares of Bank of New York Mellon. It sold its remaining shares of General Electric and continued to reduce its stake in IBM. Synchrony gained $1.35, or 4.6 percent, to $30.99 and GE fell 22 cents to $25.14.

Offshore oil drilling rig company Transocean said it will buy Songa Offshore for $1.2 billion in cash. The deal expands Transocean's backlog as it continues to deal with low oil prices, but it will saddle the company with even more debt. Transocean had about $6.6 billion in long-term debt at the end of June, and investors value the company at about $3 billion. Its stock gave up 48 cents, or 5.7 percent, to $7.91.


Retailers of all kinds were trading lower even though the Commerce Department said consumers did far more shopping in July, as retail sales grew by the biggest amount this year. Those sales have not been great in 2017.

U.S. crude oil lost 4 cents to $47.55 a barrel in New York. Brent crude, the international standard, added 7 cents to $50.80 a barrel in London. Energy companies fell as well. Schlumberger fell 51 cents to $63.44 and Occidental Petroleum declined 62 cents, or 1 percent, to $60.62.

Wholesale gasoline remained at $1.58 a gallon. Heating oil lost 1 cent to $1.60 a gallon. Natural gas fell 2 cents to $2.94 per 1,000 cubic feet.

Gold fell $10.70 to $1,279.70 an ounce. Silver lost 41 cents, or 2.4 percent, to $16.71 an ounce. Copper shed 2 cent to $2.88 a pound.

The dollar rose to 110.58 yen from 109.63 yen. The euro fell to $1.1734 from $1.1782.

France's CAC 40 was up 0.4 percent and the German DAX rose 0.1 percent. Britain's FTSE 100 was 0.4 percent higher. In Japan the benchmark Nikkei 225 gained 1.1 percent and Hong Kong's Hang Seng slipped 0.3 percent. Markets in South Korea were closed for a national holiday.

 

[bigdog]

https://www.usnews.com/news/busines...ares-mixed-after-us-indexes-take-small-losses

US Stocks Edge Higher as Retailers Rally; Oil Companies Fall

By MARLEY JAY, AP Markets Writer

NEW YORK (AP) — U.S. stocks rose slightly Wednesday as Urban Outfitters and Target helped retailers rally. That was enough to cancel out more losses for energy companies.

Urban Outfitters and Target did better in the second quarter than analysts expected, and Target raised its forecasts for the year. That helped companies that sell clothing and other retailers. Technology companies and firms that make and sell household goods also traded higher.

A wide variety of retailers saw their shares sink the day before based on weak earnings reports. With Wal-Mart and Ross Stores in line to report their own results Thursday, investors could change their minds again.

"This sector is not for the faint of heart," said JJ Kinahan, chief strategist for TD Ameritrade. "The market is trying to figure out who the winners and losers are going to be."

He said turbulence for retailers will be a constant as online competition keeps growing and customers want more features like same-day delivery.

The Standard & Poor's 500 index picked up 3.50 points, or 0.1 percent, to 2,468.11. The Dow Jones industrial average added 25.88 points, or 0.1 percent, to 22,024.87. The Nasdaq composite gained 12.10 points, or 0.2 percent, to 6,345.11. The Russell 2000 index of smaller companies inched up 0.30 points to 1,383.53.

Clothing and accessories retailer Urban Outfitters had a better second quarter than Wall Street expected, and analysts said there are some signs the company's business is recovering after years of struggles. The stock rose $2.94, or 17.5 percent, to $19.76. Even with those gains, it's down 31 percent this year and recently traded at eight-year lows, far below its price of $45 a share in early 2015.


Target gained $1.96, or 3.6 percent, to $56.31. The company raised its annual estimates after it did better than analysts expected in the second quarter.

Gap climbed 50 cents, or 2.3 percent, to $22.57. Express added 27 cents, or 4.8 percent, to $5.84. Retailers had struggled a day earlier after poor results and lower forecasts from Dick's Sporting Goods and Advance Auto Parts. The S&P 500 index of retailers climbed 1.7 percent Wednesday after a 2.3 percent plunge the day before.

Benchmark U.S. crude lost 77 cents, or 1.6 percent, to $46.78 a barrel in New York. Brent crude, used to price international oils, dipped 53 cents, or 1 percent, to $50.27 a barrel in London. That pulled energy companies down further. EOG Resources fell $2.04, or 2.3 percent, to $84.98 and Marathon Oil fell 34 cents, or 2.9 percent, to $11.19.

Energy companies have slumped this month, but their second-quarter profits have improved dramatically compared to a year ago. A year ago the companies were struggling to make money thanks to a prolonged slump in oil prices. But for more than a year, U.S. crude has mostly stayed between $40 and $55 a barrel.

Stocks made bigger gains earlier in the day, but they slipped after a group of CEOs, including the heads of 3M and Campbell Soup, said they were leaving a manufacturing jobs group over comments about made by President Donald Trump about the racially charged violence in Charlottesville, Virginia this past weekend.

Trump then tweeted that he is ending that council as well as a strategy and policy group. The furor could create more obstacles for Trump's pro-business agenda of tax cuts and infrastructure spending.

The Dow rose as much as 86 points earlier on.


After an early gain, the dollar dipped to 110.16 yen from 110.58 yen. The euro rebounded to $1.1769 from $1.1734.

Bond prices turned higher. The yield on the 10-year Treasury note fell to 2.23 percent from 2.27 percent.

With bond yields falling, banks and financial companies turned lower as well. Lower bond yields mean lower interest rates on loans and fewer profits for banks.

Lincoln National fell $1.03, or 1.4 percent, to $71.14 and Bank of America gave up 28 cents, or 1.1 percent, to $24.19. Regions Financial sank 14 cents, or 1 percent, to $14.34.

The minutes from the Federal Reserve's meeting last month did not include many details about the central bank's plans for letting its balance sheet shrink. The notes showed a divided Fed, as some members of its policy committee think that interest rates should stay about where they are because inflation is still low. But others felt that interest rates should be raised because delays might lead to dangerously high inflation later.

Fed officials unanimously agreed to leave the interest rates unchanged.

Gold rose $3.20 to $1,282.90 an ounce. Silver climbed 23 cents, or 1.4 percent, to $16.94. Copper jumped 6 cents, or 2.4 percent, to $2.95 a pound.

In other energy trading, wholesale gasoline lost 2 cents to $1.56 a gallon. Heating oil fell 3 cents to $1.57 a gallon. Natural gas shed 5 cents to $2.89 per 1,000 cubic feet.

France's CAC 40 rose 0.7 percent, and Germany's DAX and the FTSE i100 in Britain rose by the same amount. Tokyo's Nikkei 225 retreated 0.1 percent while the Hang Seng in Hong Kong rose 0.9 percent. The South Korean Kospi advanced 0.6 percent.

 

[bigdog]

http://www.winonadailynews.com/news...cle_275679cd-8f99-5925-ad00-e5cf2571982e.html

US stocks tumble to worst loss in 3 months in broad selling

• By MARLEY JAY AP Markets Writer
  
  

NEW YORK (AP) — U.S. stocks plunged Thursday as losses for Cisco Systems hurt technology companies while Wal-Mart declined after its latest quarterly report. Banks also dropped as bond yields and interest rates sank for a second day.

It was the second-worst day for stocks this year, which has seen few large declines. Along with technology companies and retailers, transportation companies skidded and all of the industrial, financial and basic materials companies in the S&P 500 fell. Those sectors tend to struggle when investors are concerned about economic growth, although there weren't any specific signs of economic trouble Thursday.

The Standard & Poor's 500 index dropped 38.10 points, or 1.5 percent, to 2,430.01, its lowest close since July 11. The Dow Jones industrial average tumbled 274.14 points, or 1.2 percent, to 21,750.73. The Nasdaq composite sank 123.19 points, or 1.9 percent, to 6,221.91. The Russell 2000 index of smaller-company stocks fell 24.59 points, or 1.8 percent, to 1,358.94.

High-dividend stocks like utilities and real estate companies fared slightly better than the rest of the market, although they still finished lower. About 95 percent of the companies in the S&P 500 finished with losses.

Bill Northey, chief investment officer at U.S. Bank Wealth Management, said that minutes released Wednesday from the Federal Reserve's policy meeting last month marked "a little bit of a change in tone," and suggested that the central bank is becoming more cautious about raising interest rates.

That helped push long-term interest rates in the bond market lower since then. Lower bond yields tend to hurt banks, because it prevents them from charging higher rates on loans, and benefits high-dividend stocks.

Investors were also assessing the state of President Donald Trump's business-friendly agenda as he continues to face criticism over his comments after the violence in Charlottesville, Virginia, over the weekend. After he was elected, investors hoped his proposals for tax cuts and infrastructure spending would boost corporate profits.

"Most of the agenda ... has been a little bit distracted by non-economic factors," said Northey.

Investors also looked for safer investments after a deadly van attack in Barcelona that killed at least 13 people and injured 100.

Cisco Systems fell $1.30, or 4 percent, to $31.04 after it said sales will decline in the current quarter. It's expecting a decline of 1 to 3 percent from the $12.4 billion in revenue it reported a year ago.

Data storage company NetApp offered a forecast for the current quarter that disappointed investors. Its stock lost $2.85, or 6.7 percent, to $39.56. It had a lot of company. Apple retreated $3.08, or 1.9 percent, to $157.87 while software maker Adobe Systems skidded $3.57, or 2.4 percent, to $148.23 and chipmaker Texas Instruments fell $2.31, or 2.8 percent, to $80.15.

Wal-Mart did better than analysts expected in the second quarter as shoppers spent more money on its website and more people came to its stores. But that wasn't enough to sustain a recent rally in the company's stock, and its shares lost $1.28, or 1.6 percent, to $79.70.

L Brands, the parent of Victoria's Secret, tumbled after it cut its annual profit forecast because of weakening sales. The stock retreated $1.40, or 3.6 percent, to $37.55, and it's down 43 percent this year as retailers slump overall and the company struggles after it decided to stop selling swimwear.

Elsewhere, Amazon fell $17.61, or 1.8 percent, to $960.57 and Macy's lost 52 cents, or 2.6 percent, to $19.62.

Despite some shaky reports Thursday, it's been another strong quarter of corporate earnings. Per-share profits for S&P 500 companies have grown almost 11 percent in the second quarter versus the same period a year ago. Profits for energy companies have quadrupled because the price of oil has stabilized, and technology companies have also posted big gains. Consumer-focused companies have made smaller gains.

Analysts, including U.S. Bank's Northey, mostly expect the stock market to keep rising as long as company profits keep growing.

The only bigger loss for stocks this year came on May 17. At that time, investors were concerned that Trump's pro-business agenda might be affected by allegations he asked the FBI to drop an investigation into former National Security Adviser Michael Flynn.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.19 percent from 2.23 percent. The yield on the 2-year note fell to 1.29 percent from 1.33 percent.

Benchmark U.S. crude rose 31 cents to $47.09 a barrel in New York. Brent crude, used to price international oils, added 76 cents, or 1.5 percent, to $51.03 a barrel in London.

Wholesale gasoline added 2 cents to $1.59 per gallon. Heating oil picked up 1 cent to $1.58 a gallon. Natural gas gained 4 cents to $2.93 per 1,000 cubic feet.

Gold rose $9.50 to $1,292.40 an ounce. Silver added 11 cents to $17.05 an ounce. Copper lost 2 cents to $2.94 a pound.

The dollar dipped to 109.67 yen from 110.16 yen. The euro fell to $1.1742 from $1.1769.

Germany's DAX fell 0.5 percent and the CAC 40 of France shed 0.6 percent. Britain's FTSE 100 also gave up 0.6 percent. The Japanese Nikkei 225 index edged 0.1 percent lower and Hong Kong's Hang Seng dropped 0.2 percent. In South Korea, the Kospi gained 0.6 percent.

 

[bigdog]

https://www.usnews.com/news/busines...s-track-wall-street-slide-spain-attack-weighs

A Midday Rally Fades as Sporting Goods Stocks Are Penalized

By MARLEY JAY, AP Markets Writer

NEW YORK (AP) — U.S. stocks slumped in the final minutes of trading Friday and ended a rough week with more losses. Bad news from sporting goods retailers weighed on the market.

A day before, stocks had taken their biggest loss in three months. They opened lower after retailers Foot Locker and Hibbett Sports gave dour quarterly reports. The losses eased and stocks briefly turned higher following reports that President Donald Trump's chief strategist, Steve Bannon, left his White House post. Investors felt that makes it a bit more likely the administration can achieve at least some of its pro-business agenda.

Major stock indexes are at their lowest levels since early July as investors respond to tensions between the U.S. and North Korea, two terrorist in Spain on Thursday, and mounting challenges to the Trump agenda of tax cuts, infrastructure spending and reduced regulation. But the market hasn't had a severe reaction to all that news. The Standard & Poor's 500 index is only 2.2 percent below the record high it set earlier this month.

"There is a tremendous amount of optimism that is supporting the market even in the face of extraordinary stress," said Brad McMillan, chief investment officer at Commonwealth Financial Network. "The question is, will politics pull that down? And the answer seems to be no, because the market has learned not to pay that much attention."

The S&P 500 lost 4.46 points, or 0.2 percent, to 2,425.55. The Dow Jones industrial average fell 76.22 points, or 0.3 percent, to 21,674.51. The Nasdaq composite shed 5.39 points, or 0.1 percent, to 6,216.53. The Russell 2000 index of smaller-company stocks gave up 1.15 point, or 0.1 percent, to 1,357.79. The index has fallen 6 percent since July 25.


Athletic gear retailer Foot Locker plunged to its biggest loss in almost nine years. The company said some high-priced sneakers didn't sell as well as it hoped, and there aren't a lot of exciting new shoes on the market. It doesn't expect that problem to clear up soon and it now plans to close at least 135 stores, up from 100. The stock dropped $13.32, or 27.9 percent, to $34.38 in heavy trading.

Hibbett Sports cut its annual forecasts and its stock fell 60 cents, or 5.2 percent, to $10.90. It's down 71 percent this year, and Foot Locker has fallen 52 percent. Companies that make athletic goods also lost ground, and Nike sank $2.51, or 4.4 percent, to $54.95. Real estate companies that own shopping malls and other retail locations also fell. Simon Property Group, which declined $3.62, or 2.3 percent, to $153.58.

Deere tumbled after its sales in the fiscal third quarter came in lower than investors hoped. The company's profit got a large boost after the company sold some of its stake in SiteOne Landscape Supply, and analysts said they were disappointed with the company's equipment sales. The stock dropped $6.67, or 5.4 percent, to $117.31.

Energy companies rose as benchmark U.S. crude oil jumped $1.42, or 3 percent, to $48.51 a barrel in New York. Brent crude, the international standard, added $1.69, or 3.3 percent, to $52.72 a barrel in London.

Beauty products company Estee Lauder jumped after its fiscal fourth-quarter results surpassed Wall Street's expectations. The company also gave strong forecasts for the current fiscal year. Its stock gained $7.60, or 7.7 percent, to $105.92. Competitor Ulta Beauty picked up $2.77, or 1.1 percent, to $244.20.


Concerns about the prospects for Trump's pro-business agenda, including tax cuts and infrastructure spending, weighed on the market this week as the president and the administration were criticized for their response to last weekend's violence in Charlottesville, Virginia.

"When you see Congressmen and Senators, including people who've been close with President Trump, backing away, that means Congress is going to have a tougher road," said McMillan.

Stock indexes in Europe fell further as violence in Spain continued. On Thursday, a van plowed into pedestrians in Barcelona and killed 13 people. Later, a group of people used a car to hit tourists and locals at a seaside resort town, and one woman was killed. Spain's Ibex 35 lost 0.6 percent and the British FTSE 100 index declined 0.9 percent. France's CAC 40 fell 0.6 percent and the German DAX closed down 0.1 percent.

Bond prices finished about where they started. The yield on the 10-year Treasury note remained at 2.19 percent.

Early on, gold rose to its highest price since before the presidential election in November, but it finished down 80 cents at $1,291.60 an ounce. Silver dipped 5 cents to $17 an ounce. Copper remained at $2.94 a pound.

In other energy trading, wholesale gasoline rose 4 cents to $1.62 a gallon. Heating oil added 4 cents to $1.62 a gallon. Natural gas lost 4 cents to $2.89 per 1,000 cubic feet.

The dollar fell to 109.26 yen from 109.67 yen. The euro rose to $1.1760 from $1.1742.

In Asia, Japan's benchmark Nikkei 225 index lost 1.2 percent and the Kospi in South Korea shed 0.1 percent. Hong Kong's Hang Seng sank 1.1 percent.


1986
_

 

[bigdog]

https://www.usnews.com/news/busines...s-mixed-ahead-of-korean-drills-banker-meeting

US Stock Indexes Inch Higher After Back-To-Back Down Weeks

By STAN CHOE, AP Business Writer

NEW YORK (AP) — U.S. stocks inched higher Monday, as the Standard & Poor's 500 index steadied following back-to-back losses the last two weeks.

This week may be a calmer one for the stock market, after an uncharacteristically bumpy stretch shook what had been an incredibly smooth ride higher for stocks this year. Few market-moving events are on the calendar this week, and the highlight will likely arrive when central bankers from around the world gather in Wyoming as the weekend approaches.

The S&P 500 rose 2.82 points, or 0.1 percent, to 2,428.37 after it and other indexes flipped between small gains and losses throughout the day. The Dow Jones industrial average gained 29.24, or 0.1 percent, to 21,703.75, and the Nasdaq composite slipped 3.40 points, or 0.1 percent, to 6,213.13.

The modest moves were a return to form for the market. It's had just four days this year where the S&P 500 has dropped by more than 1 percent, which is well below the typical number in recent decades. But half those instances occurred in the last two weeks, stoked by worries about discord in Washington and the potential for war abroad.

"One of the reasons the market has held in and performed well recently — although it's wobbled a bit in the last two weeks — has been earnings," said Ernie Cecilia, chief investment officer at Bryn Mawr Trust. "Without the earnings that we saw, it would have been a much more difficult period of time for the market."

Companies are mostly done reporting their results for the spring quarter, and their growth in profits was stronger than analysts expected. Not only that, businesses also reported higher revenues. That's encouraging given the struggles many companies have had in recent years to grow amid the still-sluggish global economy.


Cecilia said he sees few potential drivers that could move markets much in either direction in the coming weeks, and he expects the market to "trade in some sort of sideways fashion."

One potential highlight could be the upcoming gathering in Jackson Hole, Wyoming, for central bankers, economists and policy makers. Federal Reserve Chair Janet Yellen and European Central Bank head Mario Draghi are both expected to speak at the symposium, which begins Thursday and is hosted by the Fed's regional bank in Kansas City.

Tremendous stimulus from central banks has been one of the main reasons for the stock market's surge since the Great Recession. But the Federal Reserve is now slowly raising interest rates and preparing to pare back the vast trove of bonds that it bought following the 2008 financial crisis. Investors are wondering when the European Central Bank may follow suit.

Jackson Hole has been the site of market-moving news in the past, including in 2010 when former Fed Chair Ben Bernanke signaled the central bank may embark on another round of bond buying to shore up the economy.

Another wild card for markets may lie in Asia, where U.S. and South Korean forces on Monday started their annual joint military exercises. Tensions are higher than usual with North Korea, and Pyongyang in the past has responded to the drills with weapons tests and a string of belligerent rhetoric.

In Asia, South Korea's Kospi index dipped 0.1 percent, Japan's Nikkei 225 index fell 0.4 percent and the Hang Seng in Hong Kong rose 0.4 percent.

In Europe, France's CAC 40 fell 0.5 percent, Germany's DAX lost 0.8 percent and the FTSE 100 in London slipped 0.1 percent.


In the U.S., mining companies helped to lead the market after prices for metals and other commodities rose. Freeport-McMoRan had the biggest gain in the S&P 500, up 58 cents, or 4.1 percent, to $14.73. Not far behind was Newmont Mining, which rose 78 cents, or 2.2 percent, to $36.61.

Gold rose $5.10 to settle at $1,296.70 per ounce, silver rose 2 cents to $17.02 per ounce and copper gained 4 cents to $2.98 per pound.

Dividend-paying stocks were also strong, with real-estate investment trusts the best-performing sector of the 11 that make up the S&P 500. Investors snapped up dividend-paying stocks as bond yields fell on Monday.

The yield on the 10-year Treasury note dipped to 2.17 percent from 2.20 percent late Friday. The two-year yield slipped to 1.30 percent from 1.31 percent, and the 30-year yield fell to 2.77 percent from 2.78 percent.

On the losing side of the U.S. stock market, again, were stocks of athletic-gear companies. Shares had tumbled across the industry on Friday after Foot Locker and Hibbett Sports said revenue fell last quarter. Foot Locker fell $2.56, or 7.4 percent, to $31.82 for Monday's biggest loss in the S&P 500. It plunged 27.9 percent on Friday.

The dollar dipped to 108.85 Japanese yen from 109.26 yen late Friday. The euro rose to $1.1813 from $1.1760, and the British pound rose to $1.2901 from $1.2876.

Benchmark U.S. crude fell $1.14 to settle at $47.37 per barrel. Brent crude, the international standard, lost $1.06 to $51.66 a barrel.

Natural gas rose 7 cents $2.96 per 1,000 cubic feet, heating oil fell 5 cents to $1.57 per gallon and wholesale gasoline lost 4 cents to $1.58 per gallon.

 

[bigdog]

https://www.usnews.com/news/business/articles/2017-08-22/asian-stocks-mixed-after-wall-street-gains

Stocks Surge, Put Shaky Few Weeks Further Behind Them

By STAN CHOE, AP Business Writer

NEW YORK (AP) — Stocks around the world jumped on Tuesday, and the Standard & Poor's 500 had one of its best days of the year, as markets put a shaky last couple of weeks further behind them.

Shares of technology companies and retailers helped lead the way in the United States. And with markets in a less-nervous mood, prices for Treasury bonds, gold and other go-to investments for turbulent times fell.

The Standard & Poor's 500 rose 24.14 points, or 1 percent, to 2,452.51 for its fourth-biggest gain of the year. It's taken just two days for the index to recoup half the loss it sustained in the two weeks since setting a record on Aug. 7. Those two weeks were a jolt for markets, as worries rose about political strife in Washington and abroad.

The Dow Jones industrial average rose 196.14 points, or 0.9 percent, to 21,899.89 on Tuesday, and the Nasdaq composite gained 84.35, or 1.4 percent, to 6,297.48.

It's the latest example of investors seeing drops in the market as opportunities to buy, not reasons to unload stocks.

"We've seen these blips of volatility this year, and we have tended to calm down very quickly afterward," said Jon Adams, senior investment strategist at BMO Global Asset Management.

He pointed in part to increased optimism that Washington will avoid a default on the federal debt. The Senate's majority leader said on Monday there is "zero chance" that Congress will vote against increasing the country's borrowing limit.

Many analysts are expecting markets to drift sideways in upcoming weeks, with few market-moving events on the calendar.

One highlight could be the symposium for central bankers from around the world in Jackson Hole, Wyoming, at the end of this week. The Federal Reserve is raising interest rates and is preparing to pare back the $4.5 trillion it holds on its balance sheet, and investors are wondering when the European Central Bank will follow suit.


The heads of both the Fed and the European Central Bank are expected to speak at the symposium, and if either suggests a more aggressive pace than investors are expecting, it would likely mean another tumble for markets. But investors say the Fed in particular has been meticulous in setting expectations so markets aren't taken by surprise.

"We wouldn't expect much market moving overall," Adams said.

If markets do end up calming down, it would mark a return to a smooth ride for investors. The S&P 500 is up 9.5 percent for the year, and the climb had been a remarkably placid one until two weeks ago. It had just two days this year where it fell by 1 percent or more, before doubling its tally during the last two weeks.

Technology companies led the way, and those in the S&P 500 rose 1.5 percent for the biggest gain among the 11 sectors that make up the index.

Macy's jumped to one of the largest gains in the index after it said an eBay executive, Hal Lawton, would become its president. Traditional retailers have been struggling to compete with online rivals, and Macy's also said it is restructuring its organization to drive more sales and cut costs. Its stock rose 89 cents, or 4.6 percent, to $20.42.

Shoe retailer DSW surged $2.74, or 17.5 percent, to $18.43 after it reported stronger earnings and revenue for the latest quarter than analysts had forecast.

Markets abroad were likewise strong. In Europe, Germany's DAX jumped 1.4 percent, France's CAC 40 rose 0.9 percent and the FTSE 100 gained 0.9 percent in London.


In Asia, Hong Kong's Hang Seng climbed 0.9 percent, South Korea's Kospi added 0.4 percent and the Nikkei 225 in Japan was virtually flat.

The ebullient tone led investors to sell Treasury bonds, which are considered among the safest investments. That in turn pushed up yields. The 10-year Treasury note's yield rose to 2.21 percent from 2.18 percent late Monday.

The dollar rose to 109.52 Japanese yen from 108.85 yen late Friday. The euro fell to $1.1752 from $1.1813, and the British pound fell to $1.2828 from $1.2901.

Benchmark U.S. crude rose 27 cents to settle at $47.64 per barrel. Brent crude, the international standard, gained 21 cents to settle at $51.87 a barrel.

Natural gas fell 2 cents to $2.94 per 1,000 cubic feet, heating oil was virtually flat at $1.59 per gallon and wholesale gasoline rose a penny to $1.59 per gallon.

Gold fell $5.70 to $1,291.00 per ounce, silver fell 3 cents to $16.98 per ounce and copper rose 1 cents to $2.99 per pound.

 

[bigdog]

https://www.usnews.com/news/busines...-rise-modestly-after-wall-streets-sharp-gains

US Stock Indexes Sag as a Two-Day Rally Peters Out

By STAN CHOE, AP Business Writer

NEW YORK (AP) — Stocks retreated on Wednesday and gave back some of their gains from a day earlier, when the Standard & Poor's 500 index had one of its best days of the year.

Advertising companies and retailers had some of the steepest drops on worries about their earnings, while prices for Treasury bonds and gold rose modestly as investors sought safer ground. It's the latest move lower for a stock market that's yo-yoed since setting a record high earlier this month.

The Standard & Poor's 500 index fell 8.47 points, or 0.3 percent, to 2,444.04, relinquishing about a third of its big gain from Tuesday. The loss snapped a two-day winning streak that followed a nearly two-weeklong slump. After all its back and forth, the S&P 500 is still within 1.5 percent of its record.

The Dow Jones industrial average fell 87.80 points, or 0.4 percent, to 21,812.09, and the Nasdaq composite lost 19.07, or 0.3 percent, to 6,278.41. The Russell 2000 index of small-cap stocks fell 1.80, or 0.1 percent, to 1,369.74.

Advertising companies had the biggest losses in the S&P 500 after an industry giant cut its forecast for revenue this year. WPP warned that its clients are feeling pressure to control their spending, and its shares plunged 10.9 percent in London. In the U.S., Omnicom Group fell $5.47, or 7 percent to $72.66, and Interpublic Group lost $1.32, or 6.3 percent, to $19.58.

Lowe's, the home-improvement retailer, also dragged down the S&P 500 after it reported profit and revenue for the latest quarter that were weaker than analysts expected. It gave a profit outlook for the year that fell short of Wall Street's forecast, and its stock fell $2.81, or 3.7 percent, to $73.01. A report showing that sales of new homes were weaker in July than economists expected didn't help.


Worries about politics were a big reason for the market's stumbles in recent weeks. In Washington, the concern is about whether the government can push through tax cuts and other pro-business policies that were considered slam dunks early this year. Now, the market seems to have little to no expectation for much help coming from Washington, said Katie Nixon, chief investment officer at Northern Trust Wealth Management.

"Actions speak louder than words, and when we see actual action, you'll see markets sit up and take notice," she said. "But so far it's been a rhetorical exercise."

She said she noticed CEOs talking a lot about their hopes for tax reform or infrastructure spending earlier this year, when companies were reporting their results for the January-through-March quarter. But in conference calls the last few weeks, as CEOs reported their results for the spring quarter, Nixon heard much less of such talk.

The government is coming close to some crucial deadlines, including one to increase its borrowing authority in order to avoid a default on its debt and another to prevent a government shutdown.

In a speech late Tuesday, President Donald Trump said that "if we have to close down our government, we're building that wall" that he wants on the border between Mexico and the United States. He also said that he thinks the U.S. government will "end up probably terminating" the North American Free Trade Agreement with Canada and Mexico, though he also said that he has yet to make up his mind.

Besides Washington, markets are also looking toward the mountains of Wyoming, where central bankers from around the world are gathering soon.


The heads of the Federal Reserve and the European Central Bank are expected to speak at a symposium, which begins Thursday, and investors are waiting to hear if any change is upcoming in their support for the global economy.

Most analysts expect to hear nothing surprising from the meeting. The Fed has already begun raising interest rates and is preparing to pare back the $4.5 trillion in Treasurys and other investments it's amassed.

Prices for Treasurys rose, which in turn pushed down yields. The 10-year Treasury yield fell to 2.16 percent from 2.21 percent late Tuesday. The two-year yield dipped to 1.31 percent from 1.33 percent, and the 30-year yield dropped to 2.75 percent from 2.79 percent.

In overseas stock markets, the French CAC 40 fell 0.3 percent, Germany's DAX dropped 0.5 percent and the FTSE 100 in London was close to flat. Japan's Nikkei 225 rose 0.3 percent, while South Korea's Kospi was virtually flat.

The dollar fell to 109.01 Japanese yen from 109.52 yen late Tuesday. The euro rose to $1.1821 from $1.1752, and the British pound fell to $1.2804 from $1.2828.

Benchmark U.S. crude oil rose 58 cents to settle at $48.41 per barrel. Brent crude, the international standard, rose 70 cents to $52.57 per barrel.

Gold rose $3.70 to settle at $1,294.70 per ounce, silver gained 6 cents to $17.05 per ounce and copper slipped a penny to $2.98 per pound.

Natural gas fell 1 cent to $2.93 per 1,000 cubic feet, heating oil rose 3 cents to $1.62 per gallon and wholesale gasoline gained 3 cents to $1.62 per gallon.

 

[bigdog]

https://www.usnews.com/news/busines.../asian-markets-mixed-as-jackson-hole-in-focus

Up, Down, Back Again: Stocks Dip After Meandering Again

By STAN CHOE, AP Business Writer

NEW YORK (AP) — U.S. stock indexes ticked lower on Thursday, but only after a circuitous ride that saw them flip multiple times between small gains and losses. It's the latest meandering course for a market that's been pushed in many directions the last few weeks.

Food companies struggled after the makers of Spam and Folgers coffee reported weaker-than-expected results, and grocers fell after Amazon said it plans to cut prices for avocados, eggs and other products when it takes control of Whole Foods next week. Retailers, meanwhile, were big winners after a wide variety said they earned fatter profits last quarter than Wall Street forecast.

The Standard & Poor's 500 index fell 5.07 points, or 0.2 percent, to 2,438.97. Through the day, it flipped between gains of up to 0.3 percent and losses of up to 0.3 percent.

The Dow Jones industrial average fell 28.69 points, or 0.1 percent, to 21,783.40, the Nasdaq composite fell 7.08 points, or 0.1 percent, to 6,271.33 and the Russell 2000 index of small-cap stocks rose 4.14 points, or 0.3 percent, to 1,373.88.

The market has drifted up and down since the S&P 500 set a record high earlier this month. Helping stocks has been strong growth in profits, and most S&P 500 companies have reported higher earnings for the spring quarter than analysts forecast, along with healthier revenue.

Hurting stocks have been worries about politics both in Washington and abroad. Doubts are rising about how much help the Republican-led White House and Congress can provide for businesses. Several crucial deadlines are coming up that could damage the economy, including a vote to avoid a default on the national debt, though most investors expect calamity to be averted.


This week has also featured lighter trading than usual, with few market-moving events on the calendar. That may be exacerbating moves for the market. For all the noise, though, the S&P 500 is still within 1.7 percent of its record.

One event that could capture the market's attention is a symposium of central bankers in Jackson Hole, Wyoming. Federal Reserve Chair Janet Yellen and European Central Bank President Mario Draghi are both expected to speak at the meeting on Friday. Few analysts expect to hear major surprises.

"I can't imagine anything significant outside of what we already know, which is that over time global rates will move up," said Tom Stringfellow, chief investment officer of Frost Investment Advisors. "Maybe we'll get some commentary on how they'll manage it to keep debt markets calm."

With rates on the way up, Stringfellow said he expects the market to become increasingly split between winners and losers. That would be a change from prior years, when markets often rose and fell in unison.

On Thursday, the New York Stock Exchange was nearly evenly split between stocks that rose and fell.

On the losing side was J.M. Smucker, which had the biggest loss in the S&P 500 after reporting weaker profit for the latest quarter than Wall Street expected. It cited weaker-than-expected sales for Folgers coffee, and it also lowered the range for its forecast of full-year profit. The stock dropped $11.34, or 9.5 percent, to $107.51.

Hormel Foods fell after it cut its forecast for full-year earnings due to higher costs for pork bellies and other ingredients. Its stock lost $1.83, or 5.4 percent, to $32.09.

On the winning side were retailers, led by Signet Jewelers, which jumped $8.65, or 16.7 percent, to $60.54. Strong sales of bracelets, rings and necklaces helped it report bigger revenue and profit for the latest quarter than analysts expected. Signet also said it was acquiring R2Net, an online jewelry retailer, for $328 million in cash.


Dollar Tree, whose stores sell $1 towels and $1 Champagne flutes, surged after it reported stronger earnings than Wall Street forecast. Customers bought more at each store visit than they did a year ago, and the company raised its forecast for profit this year. Dollar Tree's stock rose $4.18, or 5.6 percent, to $78.50.

In overseas markets, France's CAC 40 was close to flat, the FTSE 100 in London climbed 0.3 percent and Germany's DAX index gained 0.1 percent. Japan's Nikkei 225 index fell 0.4 percent, the Hang Seng in Hong Kong rose 0.4 percent and South Korea's Kospi index gained 0.4 percent.

The yield on the 10-year Treasury rose to 2.20 percent from 2.17 percent late Wednesday. The two-year yield held steady at 1.31 percent, and the 30-year yield climbed to 2.77 percent from 2.75 percent.

The dollar rose to 109.51 to Japanese yen from 109.01 yen late Wednesday. The euro fell to $1.1806 from $1.1821, and the British pound slipped to $1.2802 from $1.2804.

Shares of refiners rose along with the price of gasoline as Hurricane Harvey approached the Texas coast of the Gulf of Mexico, which is home to many refineries. Valero Energy rose $1.73, or 2.6 percent, to $67.44, and Marathon Petroleum gained 96 cents, or 1.9 percent, to $51.13.

Wholesale gasoline futures rose 5 cents, or 2.8 percent, to $1.66 per gallon.

Benchmark U.S. crude fell 98 cents, or 2 percent, to settle at $47.43 per barrel. Brent crude, the international standard, fell 53 cents, or 1 percent, to settle at $52.04 a barrel.


Natural gas rose 2 cents to settle at $2.95 per 1,000 cubic feet, heating oil was close to flat at $1.62 per gallon.

Gold lost $2.70 to settle at $1,292.00 per ounce, silver fell 8 cents to $16.96 per ounce and copper added 5 cents to $3.03 per pound.

 

[bigdog]

https://www.usnews.com/news/busines...-mostly-higher-awaiting-central-banks-meeting

Stocks Climb; S&P 500 Breaks Two-Week Losing Streak

By STAN CHOE, AP Business Writer

NEW YORK (AP) — Stocks rose on Friday, and the Standard & Poor's 500 index cruised to its first winning week in the last three.

It was a relatively quiet week, with fewer shares trading hands than usual, and one where the most anticipated event was a pair of speeches expected to create only a ripple in the market, if that. The annual symposium of central bankers in Wyoming followed through on those expectations.

The S&P 500 rose 4.08 points, or 0.2 percent, to 2,443.05, and it barely budged off its course after Federal Reserve Chair Janet Yellen gave her speech in the morning. The day's other headline event, a speech by European Central Bank head Mario Draghi, likewise did little to alter the course for stocks.

The Dow Jones industrial average gained 30.27 points, or 0.1 percent, to 21,813.67, the Nasdaq composite dipped 5.68, or 0.1 percent, to 6,265.64 and the Russell 2000 index of small-cap stocks rose 3.58, or 0.3 percent, to 1,377.45.

Central bankers have used past gatherings of economists in Jackson Hole to signal big changes in policy, and investors were listening in case this time followed suit.

But Yellen focused on defending regulation of the financial industry and gave no indication of changes to interest-rate policy. While the speech may lower her chances of getting reappointed Fed chair next year, as President Donald Trump has been in favor of reducing regulations, it didn't change investors' expectations that the Fed will continue to slowly raise interest rates and prepare to pare back its $4.5 trillion balance sheet.

The biggest reaction to the speeches may have been in the currency market, where the dollar fell against rivals following Yellen's speech. Gains for the euro also accelerated following Draghi's speech.


The dollar fell to 109.24 Japanese yen from 109.51 yen late Thursday. The euro rose to $1.1888 from $1.1806, and the British pound rose to $1.2880 from $1.2802.

In the stock market, design-software company Autodesk jumped to one of the biggest gains in the S&P 500 after reporting stronger results for the latest quarter than analysts expected. It gained $4.36, or 3.9 percent, to $114.97.

Stocks have been winding up and down since the S&P 500 set a record earlier this month. Stronger-than-expected earnings reports from big U.S. companies have helped to support the market, while worries about politics have intermittently chipped away at confidence.

The S&P 500 climbed 0.7 percent this week, following losses of 0.6 percent and 1.4 percent the last two weeks.

President Trump plans to make a push next week in his efforts to overhaul the tax system, with a stop scheduled in Springfield, Missouri. Tax reform was one of the big pro-business policies that investors were banking on early this year after Republicans swept control of Washington, though expectations have dimmed in recent months.

"The market generally does not believe that anything is going to happen, it's maybe a 20 to 30 percent chance," said Phil Orlando, chief equity market strategist at Federated Investors.

Orlando, though, thinks it's more likely that tax reform will happen, as Republicans look to notch a major win before the 2018 elections.

"Republicans have got to know that if they don't get anything done, they're toast," Orlando said. "This concept of self-preservation is a powerful one, in terms of keeping their jobs."

In overseas markets, Japan's Nikkei 225 index picked up 0.5 percent, the Hang Seng in Hong Kong jumped 1.2 percent and South Korea's Kospi edged up by 0.1 percent. European markets were weaker. The CAC 40 in France fell 0.2 percent, the German DAX dipped 0.1 percent and the FTSE 100 in London lost 0.1 percent.


The yield on the 10-year Treasury fell to 2.17 percent from 2.20 percent late Thursday. The two-year yield held steady at 1.33 percent, and the 30-year yield slipped to 2.75 percent from 2.77 percent.

Benchmark U.S. crude added 44 cents to settle at $47.87 per barrel. Brent crude, the international standard, gained 37 cents to $52.41 per barrel.

Wholesale gasoline was little changed at $1.67 per gallon, heating oil was virtually unchanged at $1.62 per gallon and natural gas fell 6 cents to $2.89 per 1,000 cubic feet.

Gold rose $5.90 to $1,297.90 per ounce, silver rose 9 cents to $17.05 per ounce and copper was little changed at $3.03 per pound.

2262

 

[bigdog]

British markets were closed for a public holiday.

https://www.usnews.com/news/busines...mixed-us-storm-sends-gasoline-futures-spiking

Stocks Are Mixed as Storm Affects Insurers, Energy Companies

By MARLEY JAY, AP Markets Writer

NEW YORK (AP) — U.S. stocks finished little changed on Monday as investors focused on the effects of Tropical Storm Harvey. Insurance companies and oil drillers stumbled while refineries rose along with gasoline prices.

With August coming to a close, Monday was one of the quietest days of the year on Wall Street. Biotech drug companies rose after hepatitis C and HIV drug maker Gilead Sciences agreed to buy cancer drug maker Kite Pharma for $11.9 billion. Travel booking website Expedia tumbled as investors expected the company's CEO, Dara Khosrowshahi, to leave the company to become CEO of ride-sharing company Uber.

Lacking other major corporate or economic news, investors mostly focused on Harvey, which continues to hit parts of the Gulf Coast with historically heavy rains. Large parts of the energy and petrochemical industries are based there and companies with a lot of stores in the area stand to lose business. While gas price spikes will be temporary, other effects of the storm will last for years.

"There will be ripple effects that everyone is going to feel," said Jack Ablin, chief investment officer for BMO Capital Markets. He said that could include higher insurance premiums, as the storm is likely to cause tens of billions of dollars in flood damage. Ablin added that the storm might affect interest rates as well, as the Federal Reserve might hesitate to raise interest rates if they think the storm will slow the economy significantly.

The Standard & Poor's 500 index picked up 1.19 points, or less than 0.1 percent, to 2,444.24. The Dow Jones industrial average dipped 5.27 points to 21,808.40. The Nasdaq composite rose 17.37 points, or 0.3 percent, to 6,283.02. The Russell 2000 index of smaller-company stocks gained 4.78 points, or 0.3 percent, to 1,382.23. Most of the stocks on the New York Stock Exchange fell.


The tropical storm, which made landfall in Texas Friday, is expected to continue for days, and the National Weather Service says some parts of Houston and its suburbs could get as much as 50 inches of rain. The weather shut down much of Texas' oil and gas industry, and S&P Global analysts said about 2.2 million barrels per day of refining capacity was down or being shut down by Sunday.

Helmerich & Payne, an oil and gas well drilling contractor, gave up $1.29, or 2.9 percent, to $43.49.

Benchmark U.S. crude fell $1.30, or 2.7 percent, to $46.57 a barrel in New York. Brent crude, the international standard, lost 52 cents, or 1 percent, to $51.89 a barrel in London.

Wholesale gasoline futures rose 5 cents, or 2.7 percent, to $1.71 a gallon, and refining companies climbed, as they stand to benefit from higher gas prices. Marathon Petroleum advanced 80 cents, or 1.5 percent, to $52.52.

Insurance companies declined as investors worried that flooding from Harvey will lead to big losses. Travelers slumped $3.24, or 2.6 percent, to $123.23 and Progressive shed $1.09, or 2.3 percent, to $47.31.

Shoe retailer DSW lost $1.01, or 5 percent, to $19.04. Sporting goods company Finish Line declined 25 cents, or 2.3 percent, to $10.42 and Boot Barn retreated 24 cents, or 2.8 percent, to $8.33. Citi Investment Research analyst Kate McShane noted that all three companies have large numbers of stores in Texas. Some companies that may play a role in cleanup efforts after the storm traded higher. Those included environmental services company Clean Harbors, which rose $1.59, or 3.1 percent, to $52.98.


Gilead Sciences agreed to buy Kite Pharma for $11.9 billion, or $180 a share. Kite is studying treatments that can reprogram a patient's immune cells to attack tumors, and it hopes to win approval this year for a blood cancer treatment. Kite is one of several companies researching CAR-T therapies. Kite Pharma stock jumped $38.95, or 28 percent, to $178.05 and Gilead gained 90 cents, or 1.2 percent, to $74.69.

Gold rose $17.40, or 1.3 percent, to $1,315.30 an ounce, its highest price in 11 months. Silver gained 39 cents, or 2.3 percent, to $17.44 an ounce. Copper picked up 3 cents, or 1 percent, to $3.06 a pound.

In other energy trading, heating oil rose 1 cent to $1.64 a gallon. Natural gas added 3 cents to $2.93 per 1,000 cubic feet.

The euro rose to $1.1979 from $1.1888, and it is now at its highest level since the beginning of 2015. The European currency has been climbing recently because investors feel the European Central Bank isn't going to take steps to keep the euro from getting stronger. That would make exports from European countries more expensive in other markets.

The dollar inched down to 109.09 yen from 109.24 yen late Friday.

Bond prices edged higher. The yield on the 10-year Treasury note slipped to 2.16 percent from 2.17 percent.

The CAC 40 in France fell 0.5 percent and the DAX in Germany sank 0.4 percent. British markets were closed for a public holiday. Japan's benchmark Nikkei 225 index took a negligible loss and the South Korean Kospi lost 0.4 percent. The Hang Seng in Hong Kong rose less than 0.1 percent.

 

[bigdog]

https://www.usnews.com/news/busines...s-fall-rattled-by-north-korean-missile-launch

Tech and Industrial Companies Lead Stocks Back From Losses

After early losses, US stocks are on track to finish higher as the weakening dollar gives technology and industrial companies a lift.

By MARLEY JAY, AP Markets Writer

NEW YORK (AP) — North Korea's latest missile launch jolted the U.S. stock market Tuesday, but major indexes pulled back from those early losses and mostly finished higher as the weakening dollar gave technology and industrial companies a boost.

Investors bought bonds, which are traditionally considered safe assets, after North Korea fired a midrange ballistic missile that crossed over northern Japan and fell into the Pacific Ocean. It's believed to be the first time the country has sent a missile over Japan, and it seemed designed to show that North Korea can back up a threat to target the U.S. territory of Guam. Energy and insurance companies continued to feel the effects of Tropical Storm Harvey, which is dumping record amounts of rain on the Gulf Coast. The Dow Jones industrial average fell 134 points when the market opened.

"It was a double whammy for investors," said Karyn Cavanaugh, senior market strategist at Voya Investment Strategies. But she said investors are unlikely to sell and remain on the sidelines because much of the global economy is growing in sync. That will help company results.

"Buying on the dips is going to continue as long as earnings continue to move forward because investors know the market is going to continue to follow those earnings," she said.

And investors' fears eased as the day went on. As the dollar declined to two-and-a-half-year lows, companies that do a lot of business outside the U.S. climbed. A weaker dollar boosts their sales and helps their profits when they are converted back into dollars.

The Standard & Poor's 500 index rose 2.06 points, or 0.1 percent, to 2,446.30. The Dow Jones industrial average gained 56.97 points, or 0.3 percent, 21,865.37. The Nasdaq composite added 18.87 points, or 0.3 percent, to 6,301.89. The Russell 2000 index of smaller-company stocks picked up 1.45 points, or 0.1 percent, to 1,383.68. Still, most of the stocks on the New York Stock Exchange fell.


The dollar has weakened in part because a lot of economies in other regions are getting stronger, which boosts their currencies. The dollar is down almost 10 percent in 2017, at its lowest point in more than a year and the euro is at two-year highs.

Defense contractors climbed. Raytheon advanced $3.87, or 2.2 percent, to $182.11. United Technologies and Rockwell Collins rose after the Wall Street Journal reported that the companies are close to a deal. United Technologies, which makes jet engines, elevators and other products, jumped $3.37, or 2.9 percent, to $118.70 and aviation electronics maker Rockwell Collins rose $2.75, or 2.1 percent, to $130.74.

The dollar rose to 109.71 yen from 109.09 while the euro rose to $1.1992 from $1.1979.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.12 percent from 2.16 percent. Lower bond yields translate to lower interest rates, and banks fell as investors expected them to make less money from lending.

The Gulf Coast region continued to absorb heavy rains and widespread flooding, with Tropical Storm Harvey expected to dump even more rain on the region over the next few days. Tens of thousands of people are seeking refuge in shelters.

On Wall Street, insurers continued to fall as investors wondered if they are facing big losses. MetLife fell 84 cents, or 1.8 percent, to $46.73.

Companies that drill for oil in the Gulf or onshore in Texas are falling as investors worry about potential lost production. Anadarko Petroleum gave up 56 cents, or 1.4 percent, to $40.71.


Benchmark U.S. crude gave up 13 cents to $46.44 a barrel in New York. Brent crude, the international standard, picked up 11 cents to $52 a barrel in London. The price of wholesale gasoline jumped another 6 cents, or 4.1 percent, to a two-year high of $1.78 a gallon.

Sporting goods companies tumbled again after Finish Line forecast weak second-quarter results and slashed its forecasts for the rest of the year. The retailer said discounts on shoes are growing, and its stock tumbled $1.92, or 18.4 percent, to $8.50. It was just the latest in a series of dire reports from the industry. Foot Locker, which like Finish Line has taken a 50-percent drop this year, fell 54 cents, or 1.5 percent, to $35.16. Nike gave up $1, or 1.9 percent, to $52.73.

Electronics retailer Best Buy had a solid second quarter and raised its forecasts for the year, but its stock sank after CEO Hubert Joly said he does not think the chain's sales will stay as strong as they were in the most recent quarter. Its shares fell $7.44, or 11.9 percent, to $55.04.

Gold climbed $3.60 to $1,318.90 an ounce and remains at its highest price since late September. Silver lost 2 cents to $17.43 an ounce. Copper rose 2 cents to $3.08 a pound.

In other energy trading, heating oil rose 3 cents to $1.67 a gallon. Natural gas added 4 cents to $2.96 per 1,000 cubic feet.

Germany's DAX slid 1.5 percent and the CAC 40 in France fell 0.9 percent. The FTSE 100 index in Britain lost 0.9 percent. Asian indexes had a smaller reaction. In Japan, the benchmark Nikkei 225 slid 0.5 percent and South Korea's Kospi lost 0.2 percent. In Hong Kong, the Hang Seng shed 0.1 percent.

 

[bigdog]

https://www.usnews.com/news/busines...-higher-as-investors-shrug-off-korea-tensions

Stocks Climb as Stronger Economic Growth Cheers Investors

US stocks rise after the Commerce Department raised its estimate for second-quarter economic growth with technology companies, retailers and travel providers, health care companies and banks leading the way.

By MARLEY JAY, AP Markets Writer

NEW YORK (AP) — U.S. stocks climbed Wednesday as investors cheered a report of stronger economic growth. Technology companies, retailers and travel providers all made solid gains.

The Commerce Department raised its estimate for economic growth and said the U.S. gross domestic product grew at its fastest pace in two years between April and June. Stocks were wobbly at the outset, but investors' concerns about tensions between the U.S. and North Korea appeared to ease and stocks moved higher as the day wore on. Along with technology companies and consumer-focused firms, health care companies and banks finished higher. Big names like Microsoft, Amazon and Facebook made some of the biggest gains.

"For all the tough times we've had the last couple of weeks, the thing that's kept the market afloat is the strong economic data," said Brent Schutte, chief investment strategist at Northwestern Mutual Wealth Management. With more economic reports coming over the next few days, Schutte said investors will be looking for evidence of higher pay and greater inflation, and said stocks should keep rising as long as the economy remains in good shape and inflation doesn't pick up.

The Standard & Poor's 500 index climbed 11.29 points, or 0.5 percent, to 2,457.59. The Dow Jones industrial average picked up 27.06 points, or 0.1 percent, to 21,892.43. The Nasdaq composite gained 66.42 points, or 1.1 percent, to 6,368.31 as technology companies rose for the third day in a row. The Russell 2000 index of smaller-company stocks added 7.64 points, or 0.6 percent, to 1,391.32.

The government raised its GDP projection from last month, and the second-quarter estimate is much better than the first quarter, when growth was 1.2 percent. Meanwhile, private businesses added 237,000 jobs in August with broad gains across several industries including construction, manufacturing and leisure and hospitality, according to a survey by payroll processor ADP.


Chipmaker Analog Devices advanced after it announced strong results in the third quarter along with a better-than-expected revenue forecast for the current period. Its stock jumped $4.17, or 5.2 percent, to $83.72. Microsoft gained 96 cents, or 1.3 percent, to $74.01 and Facebook picked up $1.87, or 1.1 percent, to $169.92. Amazon rose $13.53, or 1.4 percent, to $967.59, and Bank of America climbed 41 cents, or 1.7 percent, to $23.87.

Gasoline prices spiked to two-year highs and oil prices continued to fall as the Gulf region was inundated with rain by Tropical Storm Harvey, which has knocked out significant oil drilling and refining capacity. On Tuesday the largest oil refinery in the U.S. was shut down and the operator of a major pipeline carrying fuel to the East Coast said it was running at a reduced rate.

The tropical storm has dumped a record amount of rain on the Gulf Coast. It made landfall again in Louisiana overnight. Authorities say more than 20 people have died in the storm and more than 32,000 people were in shelters in Texas alone.

Wholesale gasoline rose another 10 cents, or 5.7 percent, to $1.88 a gallon. Benchmark U.S. crude lost 48 cents, or 1 percent, to $45.96 a barrel in New York while Brent crude, the international standard, fell $1.14, or 2.2 percent, to $50.86 a barrel in London.

President Donald Trump stumped for tax cuts in an afternoon speech in St. Louis, and while investors want to see taxes come down, Wall Street's reaction was muted.


"Right now expectations are low enough that if anything gets done, Wall Street will cheer it," said Schutte, of Northwestern Mutual.

The Food and Drug Administration approved the first treatment that genetically engineers patients' own blood cells to seek and destroy childhood leukemia. The drug, Kymriah, is made by Novartis, and several other companies are working on similar treatments. They are called CAR-T therapies, and they are being developed for blood cancers and maybe other tumors, too.

The approval wasn't a surprise to investors, and Novartis stock dipped 88 cents, or 1.1 percent, to $82.74. Gilead Sciences rallied, however. Earlier this week the company agreed to buy CAR-T drug developer Kite Pharma for $11.9 billion. Its stock gained $5.49, or 7.2 percent, to $81.23. Juno Therapeutics, which is studying a similar treatment, lost $3.52, or 8 percent, to $40.29.

Bond prices inched lower after a big jump the day before. The yield on the 10-year Treasury note rose to 2.14 percent from 2.13 percent.

In other energy trading, heating oil added 1 cent to $1.67 a gallon. Natural gas lost 4 cents to $2.94 per 1,000 cubic feet.

Gold fell $4.80 to $1,314.10 an ounce. Silver dipped 2 cents to $17.40 an ounce. Copper lost 2 cents to $3.06 a pound.

The dollar rose to 110.36 yen from 109.71 yen. The euro declined to $1.1890 from $1.1992.

European stocks bounced back after several days of losses. Germany's DAX and the French CAC 40 both rose 0.5 percent and FTSE 100 in Britain added 0.4 percent. In Japan, the Nikkei 225 rose 0.7 percent and South Korea's Kospi gained 0.3 percent. Hong Kong's Hang Seng jumped 1.2 percent.

 

[bigdog]

https://www.usnews.com/news/busines...mixed-after-china-factories-wall-street-gains

US Stocks Jump After Report of Stronger Consumer Spending
Led by health care and technology companies and retailers, US stocks make their second strong gain in a row after the Commerce Department said spending by consumers increased in July, along with wages.

By MARLEY JAY, AP Markets Writer

NEW YORK (AP) — U.S. stocks rose again Thursday as investors were pleased with a report that showed spending by U.S. consumers grew in July, along with wages and salaries. Health care and technology companies lead the way and the Nasdaq composite closed at a record high.

The Commerce Department said consumer spending grew at its fastest pace in three months. Companies that sell everything from cosmetics to toys to shoes advanced as investors bet Americans would shop more. Biotech drug companies, drug distributors, and scientific equipment companies made some of the biggest gains in health care. Technology companies advanced for the fourth day in a row and closed at record highs. Gasoline futures continued to spike as Tropical Storm Harvey left large parts of oil drilling and refining and pipelines out of commission.

The Commerce Department said consumer spending rose 0.3 percent in July, the best showing in three months, as wages and salaries increased. Stocks climbed a day ago after the government raised its estimate of second-quarter economic growth. On Friday investors will look at the government's monthly jobs report for data on employment as well as wages.

"The economy is gaining traction, and inflation at this stage is still modest," said Quincy Krosby, chief market strategist at Prudential Financial. That's been good for stocks, as low inflation and low interest rates make stocks more appealing and securities like bonds less appealing.

Krosby added that other news, including a manufacturing survey from China, "helped underpin the notion that it is a global recovery in the economy."

The Standard & Poor's 500 index climbed 14.06 points, or 0.6 percent, to 2,471.65, its highest close in three weeks. That allowed the index to finish August with a tiny gain. The Dow Jones industrial average added 55.67 points, or 0.3 percent, to 21,948.10. The Nasdaq composite gained 60.35 points, or 1 percent, to 6,428.66, above the record high it set in late July. The Russell 2000 index of smaller-company stocks picked up 13.95 points, or 1 percent, to 1,405.28.


Drugmaker Biogen gained $12.83, or 4.2 percent, to a two-year high of $316.58 and Gilead Sciences rose to its highest price in more than a year as it moved up $2.51, or 3.1 percent, to $83.74.

Technology companies, which are trading at record highs, rose for the fourth day in a row. Alphabet, Google's parent company, gained $11.61, or 1.2 percent, to $955.24 and Microsoft picked up 76 cents, or 1 percent, to $74.77.

Among retailers, Amazon gained $13.01, or 1.3 percent, to $980.60. Jewelry seller Tiffany added $3.75, or 4.3 percent, to $91.40. Tool maker Stanley Black & Decker picked up $4.22, or 3 percent, to $144.

After three days of losses linked to Tropical Storm Harvey, benchmark U.S. crude jumped $1.27, or 2.8 percent, to $47.23 a barrel in New York as the rains hitting the Gulf Coast began to abate. Brent crude, used to price international oils, added $1.52, or 3 percent, to $52.38 a barrel in London.

Already at two-year highs, wholesale gasoline prices climbed at an even faster pace as some refining operations and pipelines around the Gulf Coast region remained offline. The price of wholesale gasoline surged 26 cents, or 13.5 percent, to $2.14 a gallon.

Heating oil rose 8 cents, or 5 percent, to $1.76 a gallon and natural gas gained 10 cents, or 3.4 percent, to $3.04 per 1,000 cubic feet.


Campbell Soup skidded to a two-year low after the company said it expects sales to keep falling over the next year as consumers prefer fresh foods over its canned soups and bottled juices. The company forecast a smaller-than-expected annual profit after it reported a weak fourth quarter that included disappointing sales of snack food. Its stock lost $4.05, or 8.1 percent, to $46.20. Competitor Mondelez dropped 97 cents, or 2.3 percent, to $40.66 and Kraft Heinz gave up $1.18, or 1.4 percent, to $80.75. All of those companies have seen their stocks tumble this year.

Discount retailer Dollar General reported a bigger profit and better sales than Wall Street expected, but it said discounts hurt its profit margins. The stock had rallied since early July, but on Thursday it lost $4.17, or 5.4 percent, to $72.56.

The scope of Wells Fargo's fake accounts scandal widened after the bank revealed that 3.5 million accounts may have been opened without customers' permission between 2009 and 2016. That's well above the 2.1 million such accounts the bank disclosed a year ago, when the bank said employees may have opened the accounts because of pressure to meet aggressive sales targets. Wells Fargo stock declined 29 cents to $51.07.

Bond prices moved higher. The yield on the 10-year Treasury note fell to 2.12 percent from 2.13 percent.

Gold rose $8.10 to $1,322.20 an ounce. Silver gained 7 cents to $17.58 an ounce. Copper added 1 cent to $3.10 a pound.

The dollar dipped to 109.98 yen from 110.36 yen. The euro rose to $1.1903 from $1.1890.

Germany's DAX rose 0.4 percent and the French CAC 40 gained 0.6 percent. The British FTSE 100 advanced 0.9 percent. In Tokyo, the Nikkei 225 gained 0.7 percent and Hong Kong's Hang Seng shed 0.4 percent and Seoul's Kospi lost 0.4 percent.

 

[bigdog]

https://www.usnews.com/news/busines...tocks-mostly-higher-after-rise-on-wall-street

US Stocks Rise as Investors Cheer August Jobs Report
US stocks rise for the sixth day in a row after a middling August jobs report confirms investors' view that the Federal Reserve probably won't raise interest rates too quickly.

By MARLEY JAY, AP Markets Writer

NEW YORK (AP) — Not great, but good enough: U.S. stocks rose Friday as investors viewed a relatively weak jobs report for August as likely to help keep interest rates low. Banks, energy companies and automakers led the way.

The Labor Department said U.S. employers added 156,000 jobs in August. That was a bit less than analysts expected, but investors were pleased that the economy kept growing at a steady pace while inflation remains weak. They bet that will keep the Federal Reserve from raising interest rates too quickly. Car companies rose as they reported their August sales. Wall Street expects them to get a boost as Gulf Coast residents replace the hundreds of thousands of cars that have been damaged by rains and flooding this week. Banks rose as bond prices dropped, which sent yields and interest rates higher.

The pattern of slow but steady job gains and weak inflation has helped push stocks higher for years. Investors have worried at times that the Federal Reserve would raise rates too fast and that the economy would stumble.

"The market is looking at economic news that is below expectations as a sign that the Federal Reserve is not going to do much in terms of interest rate hikes," said Scott Wren, senior global equity strategist for Wells Fargo Investment Institute. He said Friday's report was "like almost every other jobs report we've seen over the last four years."

The Standard & Poor's 500 index rose 4.90 points, or 0.2 percent, to 2,475.55. The Dow Jones industrial average gained 39.46 points, or 0.2 percent, to 21,987.56. The blue chip index had its first change in more than two years on Friday, as longtime Dow component DuPont combined with former rival Dow Chemical to form DowDuPont. The Nasdaq composite added 6.67 points, or 0.1 percent, to 6,435.33. It was the best week this year for the Nasdaq as technology and health care companies surged. The index is at record highs.

The Russell 2000 index of smaller-company stocks advanced 8.29 points, or 0.6 percent, to 1,413.57.

Six months ago, stocks made their biggest gain of the year: the S&P 500 jumped 1.4 percent on March 1. The index has gained just 3.3 percent since then.

While businesses continue to hire workers at a steady pace, inflation is well still below the Federal Reserve's target of 2 percent. The Fed has raised interest rates three times in the last year and says it plans to raise rates once more this year, and three times in 2018. But based on reports like Friday's, investors don't think that will happen.

Long-term government bond prices moved lower. The yield on the 10-year Treasury note rose to 2.16 percent from 2.12 percent, but the yield on the two-year note remained at 1.33 percent. Still, the increase in bond yields and interest rates gave banks a boost. JPMorgan Chase rose 81 cents, or 0.9 percent, to $91.70.

General Motors said its sales improved in August, and it gained 82 cents, or 2.2 percent, to $37.36. Car sales declined overall, partly because Hurricane Harvey slowed car buying in Houston, one of the largest U.S. markets. But investors expect that will help sales in the months to come. Ford picked up 32 cents, or 2.9 percent, to $11.35. Fiat Chrysler gained 73 cents, or 7.2 percent, to $61.68.

Benchmark U.S. crude added 6 cents to $47.29 a barrel in New York. Brent crude, which is used to price international oils, fell 11 cents to $52.75 a barrel in London. Wholesale gasoline prices, which have surged this week, declined 3 cents to $1.75 a gallon.

Wholesale gasoline prices have climbed because of rains and flooding in the Gulf Coast. At least two major pipelines have been slowed or stopped, and oil drilling and refining have also been curtailed.

It's not clear how much damage Hurricane Harvey, which is now a tropical depression, will cause to the region or to the U.S. economy. But investors expect at least some companies will benefit: those that will be involved in the cleanup after the flood waters recede. Consulting and engineering services company Tetra Tech climbed 75 cents, or 1.8 percent, to $43.35, for a 7 percent gain this week. Environmental services company Clean Harbors and radioactive and hazardous waste services company U.S. Ecology took small losses Friday, but for the week, Clean Harbors rose almost 5 percent and U.S. Ecology jumped 8.5 percent.

Gold rose $8.20 to $1,330.40 an ounce. Silver jumped 24 cents, or 1.4 percent, to $17.82 an ounce. Copper gained 2 cents to $3.12 a pound.

In other energy trading, heating oil was little changed at $1.75 a gallon. Natural gas rose 3 cents to $3.07 per 1,000 cubic feet.

The dollar rose to 110.24 yen from 109.98 yen. The euro slipped $1.1869 to from $1.1903.

The French CAC 40 gained 0.7 percent, and so did the DAX in Germany. In Britain, the FTSE 100 rose 0.1 percent. Japan's benchmark Nikkei 225 edged up 0.2 percent and the Kospi in South Korea lost 0.2 percent. Hong Kong's Hang Seng was little changed.

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