NYSE Dow Jones finished today at:

[bigdog]

HOLIDAY USA NYSE ON MONDAY SEPTEMBER 4

https://www.usnews.com/news/busines...dip-on-jitters-after-north-korea-nuclear-test

Global Stocks Slip on Concern Over North Korean Nuclear Test
Global shares are mostly down on investor jitters over North Korea's nuclear test over the weekend.

By YURI KAGEYAMA, AP Business Writer

TOKYO (AP) — Global stocks mostly fell on Monday after a nuclear test by North Korea over the weekend raised fears about regional instability and as trading volumes remained thin due to a U.S. holiday.

KEEPING SCORE: France's CAC 40 slipped 0.4 percent to close at 5,103.97 and Germany's DAX lost 0.3 percent to 12,102.21. Britain's FTSE 100 edged down 0.4 percent to 7,411.47. U.S. markets were closed for Labor Day.

NORTH KOREA: North Korea said it successfully tested a hydrogen bomb. U.S. Defense Secretary Jim Mattis responded by saying that the U.S. will answer any threat from the North with a "massive military response — a response both effective and overwhelming." President Donald Trump threatened to halt all trade with countries doing business with North Korea, a warning to China, and faulted South Korea for its "talk of appeasement."

THE QUOTE: "Korean tensions are elevated again," said Chang Wei Liang from the Singapore Treasury Division at Mizuho Bank. "While U.S. Defense Secretary Mattis warned of a 'massive military response' if the U.S. or its allies are threatened, risk-off sentiment this morning is not unduly excessive, largely because markets still do not expect any military escalation in the near-term."

ASIA'S DAY: Japan's benchmark Nikkei 225 edged down 0.9 percent to finish at 19,508.25, while Australia's S&P/ASX 200 lost 0.4 percent to 5,702.00. South Korea's Kospi dipped 1.2 percent to 2,329.65. Hong Kong's Hang Seng slipped 0.9 percent to 27,703.67, but the Shanghai Composite rose 0.4 percent to 3,379.58.

ENERGY: Benchmark U.S. crude gained 18 cents to $47.47 a barrel in electronic trading in New York. It added 6 cents to $47.29 a barrel on Friday. Brent crude, which is used to price international oils, fell 34 cent to $52.41 a barrel in London.


CURRENCIES: The dollar fell to 109.60 yen from 110.04 yen late Friday. The euro rose to $1.1919 from $1.1907.

 

[bigdog]

https://www.usnews.com/news/busines...dip-on-jitters-after-north-korea-nuclear-test

Banks, Technology Companies Lead US Stocks Lower
Escalating tensions on the Korean peninsula rattled nerves on Wall Street Tuesday, leading to the stock market's worst day in almost three weeks.

By ALEX VEIGA, AP Business Writer

Escalating tensions on the Korean peninsula rattled nerves on Wall Street Tuesday, leading to the stock market's worst day in almost three weeks.

Bank stocks led the slide as bond yields slumped. Technology stocks, the biggest gainers this year, also pulled the market lower. Energy companies climbed the most as the price of crude oil rose.

Traders also bid up shares in traditional safe-haven investments such as utilities and gold, which climbed to the highest level in more than a year.

"Today the risk-off trade really is North Korea front and center," said Jeff Zipper, managing director of investments at U.S. Bank Private Wealth Management. "Also you have the hurricane last week and the upcoming hurricane, so there's a lot on the plate for the market to digest."

The Standard & Poor's 500 index slid 18.70 points, or 0.8 percent, to 2,457.85. The Dow Jones industrial average slumped 234.25 points, or 1.1 percent, to 21,753.31. The average had been down more than 277 points. The Nasdaq composite lost 59.76 points, or 0.9 percent, to 6,375.57. The Russell 2000 index of smaller-company stocks gave up 13.92 points, or 1 percent, to 1,399.66.

Stocks were coming off back-to-back weekly gains as investors returned from the Labor Day holiday weekend to heightened tensions between the U.S. and North Korea, which conducted its most powerful nuclear test to date on Sunday, triggering U.S. warnings of a "massive military response."

On Tuesday, South Korean warships conducted live-fire exercises at sea. The U.N. Security Council held an emergency meeting and American Ambassador Nikki Haley said North Korean leader Kim Jong Un is "begging for war."

The latest developments fueled anxiety in the markets. The VIX, a measure of how much volatility investors expect in stocks, jumped 20.7 percent to 12.23.


Gold rose $14.10, or 1.1 percent, to $1,344.50 an ounce. That's the highest price since gold hit $1,348.40 an ounce on Sept. 27.

Bond prices also rose. The yield on the 10-year Treasury note fell to 2.06 percent from 2.17 percent late Friday.

The slide in bond yields weighed on shares in banks and other financial companies. Lower bond yields push interest rates on loans lower, hurting banks' profits. XL Group slid $2.35, or 5.8 percent, to $38.27, while Brighthouse Financial lost $3.41, or 5.9 percent, to $54.08. All told, the financial sector fell 2.2 percent Tuesday, the biggest decliner in the S&P 500.

Technology companies also fell sharply. Qualcomm lost $2.02, or 3.9 percent, to $50.03. Nvidia gave up $4.55, or 2.7 percent, to $165.91.

Gains in crude prices helped lift shares in oil producers and other energy industry companies. Helmerich & Payne rose 75 cents, or 1.7 percent, to $43.77. Halliburton added 93 cents, or 2.4 percent, to $39.83.

Benchmark U.S. crude gained $1.37, or 2.9 percent, to settle at $48.66 a barrel on the New York Mercantile Exchange. Brent crude, used to price international oils, rose $1.04, or 2 percent, to close at $53.38 a barrel in London.

Shares in cruise line operators fell as Hurricane Irma roared toward islands in the northeast Caribbean Tuesday. The Category 5 storm, the most powerful seen in the Atlantic in over a decade, was on a path that could eventually take it to the United States.

Royal Caribbean Cruises slid $5.20, or 4.2 percent, at $119.04, while Carnival declined $2.16, or 3.1 percent, to $66.97. Norwegian Cruise Line shed $1.85, or 3.2 percent, to $56.69.


The dollar declined to 108.66 yen from Monday's 110.24 yen. The euro rose to $1.1918 from $1.1869.

In other energy trading, wholesale gasoline dipped 5 cents to $1.70 a gallon. Heating oil was little changed at $1.75 a gallon. Natural gas slid 10 cents, or 3.2 percent, to $2.97 per 1,000 cubic feet.

Among metals, silver rose 13 cents to $17.94 an ounce, while copper gained 1 cent to $3.13 a pound.

Stock markets overseas were mixed Tuesday.

In Europe, Germany's DAX rose 0.2 percent, while the CAC 40 in France declined 0.3 percent. London's FTSE 100 lost 0.5 percent after a survey of business activity showed a slowdown.

Earlier in Asia, Tokyo's Nikkei 225 fell 0.6 percent and Seoul's Kospi slid 0.1 percent. Hong Kong's Hang Seng added 1.1 percent.

 

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https://www.usnews.com/news/busines...lower-as-caution-prevails-over-security-risks

Energy Companies Lead Modest Rebound for US Stock Market


By ALEX VEIGA, AP Business Writer

Energy companies led U.S. stocks to modest gains Wednesday as the market recouped some of its hefty losses from the day before.

Big retailers and health care companies also helped lift the market, which was coming off its worst day in almost three weeks. Utilities and phone companies were the biggest laggards. Some travel booking companies and airlines also fell.

"It's a little bit of a rebound from the sort of dramatic day yesterday after everybody got back from the long holiday weekend at the end of the summer and refocused on the market," said Lindsey Bell, investment strategist at CFRA Research. "We've seen that through the past year, any time we've had some sort of dip, it's a buying opportunity for investors."

The Standard & Poor's 500 index rose 7.69 points, or 0.3 percent, to 2,465.54. The Dow Jones industrial average added 54.33 points, or 0.3 percent, to 21,807.64. The Nasdaq composite gained 17.74 points, or 0.3 percent, to 6,393.31. The Russell 2000 index of smaller-company stocks picked up 2 points, or 0.2 percent, to 1,402.20.

The stock indexes are on pace to end the week lower, but are holding on to gains for the year. The S&P 500 and Dow are both up just over 10 percent. The Nasdaq is up 18.8 percent, while the Russell 2000 has gained 3.3 percent.

The market veered higher from the start of regular trading Wednesday and held its course through much of the day. News that President Donald Trump has agreed to a plan to fund the government and increase the nation's debt limit for three months helped lift the market.

"It reassured the market that Washington is on board with stabilizing its financial responsibilities," Bell said.

Tuesday's market jitters over the heated rhetoric between the U.S. and North Korea appeared to ease somewhat on Wednesday, even as investors monitored Hurricane Irma. The mammoth storm, which made its first landfall in the islands of the northeast Caribbean early Wednesday, seemed almost certain to hit the United States by early next week.


A day after spiking more than 20 percent, the VIX, a measure of how much volatility investors expect in stocks, fell nearly 5 percent on Wednesday. And bond yields, which fell sharply a day earlier, rebounded modestly. The yield on the 10-year Treasury note rose to 2.10 percent from 2.06 percent late Tuesday.

Gold, which climbed Tuesday to the highest level in more than a year, fell $5.50 to $1,339 an ounce Wednesday.

Rising oil prices helped boost energy stocks. Helmerich & Payne rose $2.58, or 5.9 percent, to $46.35. Marathon Oil added 44 cents, or 3.9 percent, to $11.73.

All told, benchmark U.S. crude gained 50 cents, or 1 percent, to settle at $49.16 a barrel on the New York Mercantile Exchange. Brent crude, used to price international oils, rose 82 cents, or 1.5 percent, to $54.20 a barrel in London.

Investors also bid up shares in several big retailers.

Gap shares surged 7.4 percent after the apparel retailer said it will shift its focus to its growing brands Old Navy and Athleta, and away from the Gap and Banana Republic. The company said that it will close about 200 Gap and Banana Republic stores in the next three years and open about 270 Old Navy and Athleta stores during the same period. The stock added $1.79 to $25.82. Macy's shares also got a boost, adding $1.16, or 5.5 percent, to $22.17.

Kohl's climbed 4.9 percent after the department store chain said it will open Amazon shops in 10 of its stores. Kohl's shares gained $1.98 to $42.37.


The fallout from Hurricane Harvey, which slammed the Gulf Coast of Texas last month, forced Newell Brands to cut its profit forecast, sending its shares lower Wednesday.

The consumer products maker noted that almost all of its resin suppliers with facilities in Texas and Louisiana shut down after that storm hit. Newell's shares gave up $1.69, or 3.5 percent, to $47.03.

United Continental slid 1.3 percent after the airline cut its third-quarter outlook, citing increased fuel costs due to Harvey. The stock fell 77 cents to $60.33.

Several travel booking companies also slid Wednesday.

Trivago tumbled 16.3 percent after the company cut its profit and revenue guidance. The stock lost $2.44 to $12.49. Rivals Expedia and TripAdvisor also fell. Expedia shed $3.22, or 2.2 percent, to $144.39, while TripAdvisor gave up 24 cents, or 0.5 percent, to $44.31.

The dollar rose to 109.37 yen from 108.66 yen Tuesday. The euro fell to $1.1913 from $1.1918.

In other energy trading, wholesale gasoline dipped 3 cents to $1.67 a gallon. Heating oil rose a penny to $1.76 a gallon. Natural added 3 cents to $3 per 1,000 cubic feet.

Among other metals, silver shed 3 cents to $17.91 an ounce, while copper gained 2 cents to $3.15 a pound.

Global stock markets were mixed. In Europe, Germany's DAX gained 0.7 percent, while France's CAC 40 rose 0.3 percent. The FTSE 100 index of leading British shares fell 0.3 percent.

Earlier in Asia, Japan's Nikkei 225 slipped 0.1 percent and South Korea's Kospi lost 0.3 percent. Hong Kong's Hang Seng index fell 0.5 percent.

 

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https://www.usnews.com/news/busines...ixed-markets-weigh-us-debt-deal-korea-tension

US Stocks End Mixed as Banks Stumble; Health Care Climbs

By MARLEY JAY, AP Markets Writer

NEW YORK (AP) — U.S. stock indexes finished nearly back where they started Thursday as steep losses for banks and insurance companies were balanced out by gains in health care and technology companies.

Banks skidded as bond yields reached their lowest levels of the year, which sent interest rates down. Insurance companies plunged as investors weighed the prospects of big losses caused by Hurricane Irma, which is hitting the north Caribbean and is projected to reach Florida this weekend. Payment processing companies rose after Mastercard increased its revenue forecasts, while losses for Comcast and Disney hurt media companies.

The economy "is going to suffer a few dents from the storms," said John DeClue, chief investment officer for U.S. Bank Private Wealth Management. But he said the economy "is in remarkably good shape," and that won't change even if damage from hurricanes Harvey and Irma slows economic growth for a few months.

If the storms have a noticeable effect on the economy, he added, that will help make sure the Federal Reserve moves slowly in raising interest rates. That's something investors want to see.

The Standard & Poor's 500 index edged down 0.44 points to 2,465.10. The Dow Jones industrial average dipped 22.86 points, or 0.1 percent, to 21,784.78. The Nasdaq composite rose 4.55 points, or 0.1 percent, to 6,397.87. The Russell 2000 index of smaller-company stocks lost 3.52 points, or 0.3 percent, to 1,398.67. Most of the stocks on the New York Stock Exchange rose.

The dollar fell to a two-and-a-half-year low after the European Central Bank raised its economic growth forecast for the region this year. That made the euro stronger and the dollar weaker.


"The European economy is arguably doing as well as ours, or better," said DeClue.

Insurers slumped as Hurricane Irma cut a path of devastation across the northern Caribbean, leaving at least seven dead and thousands homeless, as well as millions without power. Reinsurance companies fell sharply because many of their policies are for catastrophic losses such as those caused by a hurricane.

XL Group fell $1.97, or 5.1 percent, to $36.48 while Everest Re slid $15.44, or 6.8 percent, to $211.94. Berkshire Hathaway, which owns GEICO and other insurers, slumped $2.80, or 1.6 percent, to $173.90.

The European Central Bank left its key interest rates and bond-purchase stimulus program unchanged, but investors expect the bank to start reducing its stimulus program soon as the European economy continues to improve.

The ICE US dollar index, which measures the dollar's value against a basket of other major currencies, continued to fall. The euro strengthened to $1.2003 from $1.1913 and the dollar fell to 108.65 yen from 109.37 yen.

That helped technology companies, which make most of their sales overseas. Microsoft added 94 cents, or 1.3 percent, to $74.34. The weaker dollar makes U.S.-made products less expensive in other markets and increases company profits when they are converted back into dollars. That's one reason tech companies have done far better than any other S&P 500 sector this year.

AbbVie rose $4.73, or 6.1 percent, to $81.78 and Bristol-Myers gained $2.97, or 5 percent, to $62.84 after the companies reported positive clinical trial results. Eli Lilly climbed $1.03, or 1.3 percent, to $81.54 after it said it will cut 3,500 jobs, or about 9 percent of its total jobs. Biotechnology companies also rallied.


Bond prices climbed and yields fell to their lowest level since November. The yield on the 10-year Treasury note fell to 2.04 percent from 2.11 percent late Wednesday. Lower bond yields are linked to lower rates on loans, and banks took steep losses. Bank of America fell 44 cents, or 1.9 percent, to $22.978 and JPMorgan Chase gave up $1.58, or 1.8 percent, to $88.53.

Gold rose to its highest price in a year as it climbed $11.30 to $1,350.30 an ounce. Silver jumped 21 cents, or 1.2 percent, to $18.12 an ounce. Copper dipped 1 cent to $3.14 a pound.

Cable providers and cable channel operators fell after Comcast said it expects to lose as many as 150,000 video subscribers in the third quarter and that competition has been unusually intense. It said intense storms also contributed to the problem. Comcast dropped $2.57, or 6.2 percent, to $38.60.

Disney fell after CEO Bob Iger said the company's earnings this year will be about the same as the year before, which disappointed analysts. Its stock lost $4.44, or 4.4 percent, to $97.06.

Benchmark U.S. crude fell 7 cents to $49.09 a barrel in New York. Brent crude, used to price international oils, gained 29 cents to $54.49 a barrel in London.

Wholesale gasoline lost 1 cent to $1.66 a gallon. Heating oil rose 3 cents to $1.79 a gallon. Natural gas dipped 2 cents to $2.98 per 1,000 cubic feet.

The German DAX rose 0.7 percent and the CAC 40 in France gained 0.3 percent. The British FTSE 100 rose 0.6 percent. In Asia, Japan's benchmark Nikkei 225 rose 0.2 percent, while South Korea's Kospi jumped 1.1 percent. Hong Kong's Hang Seng index gave up early gains to fall 0.3 percent.

 

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https://www.usnews.com/news/busines...mostly-lower-on-hurricane-north-korea-worries

US Stocks Waver Again as Energy Companies Fall
US stocks finish little changed Friday as technology and energy companies lose ground but banks and insurers regain a chunk of their recent losses.

By MARLEY JAY, AP Markets Writer

NEW YORK (AP) — Technology and energy companies skidded Friday while banks and insurers recovered some of their recent losses, leaving major U.S. indexes little changed on the day and moderately lower for the week.

Credit monitoring company Equifax plunged after it disclosed a data breach that affects 143 million Americans. Competitors TransUnion and Experian also fell, while data security companies like Symantec jumped as investors expected they will get more business.

Grocery stores and food companies slumped as Kroger said stiff competition forced it to cut prices. Target also said it is lowering prices. Technology companies including Apple, Facebook, Intel and chipmakers weakened.

Hurricane Irma continued to devastate islands in the Caribbean. The enormous storm killed at least 21 people, a total that is expected to rise as rescuers continue to search. It also left thousands of people homeless, and more than a million people in Florida and Georgia have been ordered to evacuate. Irma is expected to hit Florida over the weekend with winds surpassing 130 miles per hour.

Experts think the storms will slow down U.S. economic growth in the third quarter. While that's likely to be temporary, David Chalupnik, head of equities at Nuveen Asset Management, said the effect on the stock market could linger because it will be hard for investors to tell how much of any individual company's problems are caused by the weather.

"The next couple of months are going to be pretty cloudy," Chalupnik said. He said insurance companies, cruise lines, and oil refiners based in the Gulf Coast or Southeast could take losses and bad debt at credit card companies will increase, and since the storm will push the Federal Reserve to keep interest rates lower for a bit longer, that will hurt banks by keeping interest rates low on loans.


The Standard & Poor's 500 index lost 3.67 points, or 0.1 percent, to 2,461.43. The Dow Jones industrial average gained 13.01 points, or 0.1 percent, to 21,797.79. The Nasdaq composite dropped 37.68 points, or 0.6 percent, to 6,360.19. The Russell 2000 index of smaller-company stocks rose 0.76 points, or 0.1 percent, to 1,399.43. More stocks fell than rose on the New York Stock Exchange.

Equifax, which hit all-time highs last month, took its biggest one-day loss since 1999 after it said a cyber intrusion exposed Social Security numbers and other information from 143 million Americans between mid-May and late July. Equifax tumbled $19.49, or 13.7 percent, to $123.23. TransUnion fell $1.89, or 3.8 percent, to $47.50 and Experian fell 0.7 percent in London.

Security software company Symantec jumped $1.03, or 3.4 percent, to $31.63 and competitor FireEye rose 24 cents, or 1.5 percent, to $16.01.

Insurer Chubb rose $5.97, or 4.4 percent, to $140.85 and XL Group regained $2.13, or 5.8 percent, to $38.61. Still, investors expect the industry to take steep losses from Irma and Hurricane Harvey. Reinsurance companies, which sell policies that cover catastrophic losses like those caused by storms and floods, are down about 10 percent since early August. Property and casualty insurers have also stumbled.

Grocery store chain Kroger said intense competition with Target and Wal-Mart forced it to cut prices in the second quarter, which hurt its profits. Making matters worse, after the quarter ended Amazon.com completed its purchase of Whole Foods and immediately cut prices on many items. Kroger didn't change its annual forecast, but that projection doesn't account for the hurricanes, which may hurt its sales.


Kroger dropped $1.71, or 7.5 percent, to $21.06. Supervalu fell $1.43, or 6.8 percent, to $19.66. Target shed $1.15, or 2 percent, to $57.27 and Wal-Mart gave up $1.25, or 1.5 percent, to $78.88.

Energy companies fell as benchmark U.S. crude skidded $1.61, or 3.3 percent, to $47.48 a barrel in New York. Brent crude, used to price international oils, lost 71 cents, or 1.3 percent, to $53.78 a barrel in London.

Wholesale gasoline declined 1 cent to $1.65 a gallon. Heating oil fell 2 cents to $1.77 a gallon. Natural gas sank 9 cents, or 3.1 percent, to $2.89 per 1,000 cubic feet.

Bond prices dipped. The yield on the 10-year Treasury rose to 2.06 percent from 2.05 percent. Banks traded a bit higher. They had taken sharp losses on Thursday as bond yields and interest rates dropped.

Gold rose 90 cents to $1,351.20 an ounce. Silver added 1 cent to $18.12 an ounce. Copper retreated 10 cents, or 3.2 percent, to $3.04 a pound.

The dollar fell to 107.79 yen from 108.65 yen on Thursday. The euro strengthened to $1.2028 from $1.2003.

Natural disasters affected markets outside the U.S. as well. Mexico's Bolsa stock index fell 0.7 percent after a powerful earthquake hit near the southern coast. Authorities said least 58 people were killed.

The German DAX picked up 0.1 percent and the FTSE 100 index in Britain lost 0.3 percent. In France, the CAC 40 declined less than 0.1 percent. Japan's benchmark Nikkei 225 slid 0.6 percent after the country's economic growth rate was reduced. Hong Kong's Hang Seng added 0.5 percent and the Kospi in South Korea fell 0.1 percent.

2975

 

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https://www.usnews.com/news/busines...s-rise-after-north-korea-refrains-from-launch

US Stocks Set Records as Irma and North Korea Worries Fade
US stocks make their biggest gain in four months, led by financial and technology companies, as investors are relieved Hurricane Irma is weakening and didn't cause as much damage as many had feared.

By MARLEY JAY, AP Markets Writer

NEW YORK (AP) — U.S. stocks rallied to record highs Monday as Hurricane Irma weakened without causing as much damage as many had feared, and a North Korean holiday passed without new missile launches. Financial and technology companies lead the way.

Investors were relieved as Irma, which is still deluging Florida and Georgia, didn't appear to be as bad as it did in projections last week. Insurance companies jumped, especially smaller ones that do a lot of business in Florida. So did travel companies. Home improvement retailers fell. Their stocks had climbed recently as investors expected post-storm repairs to boost their business.

Tensions between the U.S. and North Korea have been on investors' minds recently, and on Monday global markets advanced as the situation didn't get any worse. In the U.S., bond prices fell, sending yields higher. That helped bank stocks because rising yields mean banks can charge higher interest rates on loans.

"This is what happens when the market sells off in the face of what is really an awfully good fundamental environment," said Jim Paulsen, chief investment strategist for the Leuthold Group. He said investors are once again focused on strong economic growth in the U.S. and many other regions.

And while a gridlocked federal government hasn't done much to stimulate the economy, Paulsen said the weakening dollar and falling interest rates could give U.S. businesses, especially technology companies, a big boost.

The Standard & Poor's 500 index made its biggest gain since late April as it rose 26.68 points, or 1.1 percent, to finish at a record high of 2,488.11. The Dow Jones industrial average gained 259.58 points, or 1.2 percent, to 22,057.37. The Nasdaq composite jumped 72.07 points, or 1.1 percent, to 6,432.26, three points below the record closing high it set Sept. 1. The Russell 2000 index of smaller-company stocks added 15.40 points, or 1.1 percent, to 1,414.83.


That wiped out a month of losses linked to international tensions as well as worries about the lingering effects of Hurricanes Harvey and Irma, which are expected to slow the U.S. economy over the next few months.

Irma weakened shortly before it came ashore Sunday. It's caused severe flooding and knocked out power to millions. While the damage is still being assessed, insurers climbed Monday as investors anticipate they won't have to pay out as much in claims as it looked like they would just a few days ago.

HCI Group jumped $5.38, or 17.5 percent, to $36.15 while Heritage Insurance gained $2.02, or 21.6 percent, to $11.39. Larger insurers also rallied. Reinsurance company XL Group advanced $1.94, or 5 percent, to $40.55 and Travelers gained $2.80, or 2.3 percent, to $122.56.

Investors also expected that travel-related companies won't take such a big hit from the storm. Royal Caribbean Cruises jumped $4.24, or 3.6 percent, to $121.69 and American Airlines gained $2.26, or 5.2 percent, to $45.86. Travel booking site Priceline rose $30.29, or 1.6 percent, to $1,868.86.

Investors' sense of relief also pushed orange juice futures a little lower. Futures had risen to $1.54 a pound Friday from $1.30 at the end of August and slipped to $1.51 a pound Monday.

North Koreans observed the 69th anniversary of the country's founding, but did not test another intercontinental ballistic missile, as South Korea's government had warned it might.


Bond prices sank. The yield on the 10-year Treasury note rose to 2.13 percent from 2.05 percent. Banks rose, as JPMorgan Chase gained $1.37, or 1.5 percent, to $89.79 and Fifth Third Bancorp added 60 cents, or 2.4 percent, to $25.70.

In another sign investors were willing to take more risks, gold lost $15.50, or 1.1 percent, to $1,335.70 an ounce. Silver fell 22 cents, or 1.2 percent, to $17.90 an ounce.

Technology companies helped lead the way. Apple, which will unveil its newest iPhone on Tuesday, rose $2.30, or 1.4 percent, to $160.93 and Facebook rose $2.35, or 1.4 percent, to $173.30. Microsoft added 66 cents to $74.65 and Mastercard rose $4.36, or 3.2 percent, to $141.58.

Home improvement retailers fell. They climbed last week after investors anticipated their business could pick up as homeowners were affected by the storm. Home Depot dropped $1.29 to $158.37 and Lowe's declined $1.06, or 1.3 percent, to $77.50.

Benchmark U.S. crude rose 59 cents, or 1.2 percent, to $48.07 a barrel in New York while Brent crude, used to price international oils, added 6 cents to $53.84 a barrel in London.

Wholesale gasoline lost 1 cent to $1.63 a gallon. Heating oil fell 2 cents to $1.74 a gallon. Natural gas rose 6 cents to $2.95 per 1,000 cubic feet.

In other commodities trading, copper added 2 cents to $3.07 a pound.

The dollar rose to 109.34 yen from 107.79 yen late Friday. The euro slid to $1.1962 from $1.12028.

Germany's DAX gained 1.4 percent and the French CAC 40 rose 1.2 percent. The FTSE 100 index in Britain picked up 0.5 percent. The benchmark Nikkei 225 index in Japan jumped 1.4 percent as the yen slipped, which eased pressure on exporters. The Kospi in South Korea advanced 0.7 percent and Hong Kong's Hang Seng added 1 percent.

 

[bigdog]

https://www.usnews.com/news/busines...tly-rise-as-irma-and-north-korea-worries-fade

Gains for Banks and Retailers Take Stocks to Record Highs
US stock indexes finish at record highs as banks climb along with bond yields. Retailers rise after the Labor Department says job openings increased in July.

By MARLEY JAY, AP Markets Writer

NEW YORK (AP) — U.S. stocks rose to record highs Tuesday as banks kept rising and retailers climbed after some encouraging job data.

It was the second straight day for big gains in bank stocks as bond yields pushed higher, which allows banks to charge higher rates on loans. Retailers rose after the Labor Department said job openings and hiring both grew in July, and more people quit their jobs to take new ones. That left investors hopeful people will shop and spend more.

Chemicals company DowDuPont climbed after making changes to its breakup plans, something activist investors had pushed for. Apple's newest iPhones didn't generate much excitement on Wall Street.

The bond market is "moving back to a comfort zone," said Matt Toms, the chief investment officer for Voya Investment Management's fixed income business. "Just enough growth, just enough inflation, but not too much of either."

The Standard & Poor's 500 index rose 8.37 points, or 0.3 percent, to 2,496.48. The Dow Jones industrial average gained 61.49 points, or 0.3 percent, to 22,118.86. The Nasdaq composite picked up 22.02 points, or 0.3 percent, to 6,454.28.

The S&P 500 finished at a record Monday and the Dow finished a fraction of a point above the record it set in early August. The Nasdaq surpassed the record it set on Sept. 1.

The Russell 2000 index of smaller companies got a bigger boost from the job openings report and jumped 8.64 points, or 0.6 percent, to 1,423.46.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.16 percent after it jumped to 2.13 percent Monday. That helped banks. Bank of America added 59 cents, or 2.5 percent, to $23.95 while Citizens Financial Group gained $1.02, or 3 percent, to $34.48. Companies that pay big dividends like utilities and real estate investment trusts didn't do as well as the rest of the market, as income-seeking investors were drawn to bonds.


Stocks were coming off their best day since late April. They rose Monday as Hurricane Irma weakened without doing as much damage as some forecasts had predicted last week. Investors were also relieved that tensions between the U.S. and North Korea didn't get any worse following a national holiday there.

DowDuPont, which was formed when two of the world's largest chemical companies combined in August, made some changes to its breakup plan after pressure from activist investors. DowDuPont will ultimately break up into three public companies. One will focus on agriculture, one on material science and one on specialty products. Tuesday's changes concern the latter two companies.

DowDuPont gained $1.67, or 2.5 percent, to $68.52.

Job openings posted by U.S. employers rose 0.9 percent to 6.2 million in July, the Labor Department said. That's highest on records dating to 2000. Hiring also increased and more people quit their jobs, which often means they are leaving for jobs that pay better. That helped smaller, domestically-focused companies and retailers. Gap jumped $1.67, or 6.4 percent, to $27.61 and Victoria's Secret parent L Brands advanced $1.46, or 3.9 percent, to $39.36.

Apple's stock gyrated as the company announced its newest iPhones and updates to other products. The new iPhone 8 will be able to shoot pictures with better colors and less distortion, particularly in low-light settings, and it will be out Sept. 22. The iPhone X has an edge-to-edge screen and can be unlocked with facial recognition, but won't go on sale until Nov. 3.


The iPhone is the source of most of Apple's revenue, and some investors have been worried that supply constraints will slow down its sales. Apple was down early in the day, climbed as much as 1.5 percent as it made its announcements, and then wound up with a loss of 64 cents to $160.86.

Energy companies traded higher as benchmark U.S. crude added 16 cents to $48.23 a barrel in New York. Brent crude, the standard for international oil prices, gained 43 cents to $54.27 a barrel in London.

Wholesale gasoline rose 2 cents to $1.66 a gallon. Heating oil remained at $1.74 a gallon. Natural gas climbed 5 cents to $3 per 1,000 cubic feet.

Gold lost $3 to $1,332.70 an ounce. Silver dipped 1 cent to $17.89 an ounce. Copper fell 3 cents to $3.04 a pound.

The dollar rose to 110.11 yen from 109.34 yen. The euro edged up to $1.1970 from $1.1962. The British pound climbed to $1.3293 from $1.3173, its highest level in a year. That move came after inflation figures came in stronger than analysts expected, which left investors thinking the Bank of England may raise interest rates sooner than they had anticipated.

Germany's DAX rose 0.4 percent while the CAC 40 in France gained 0.6 percent. The British FTSE 100 slipped 0.2 percent. In Japan, the Nikkei 225 gained 1.2 percent as the yen weakened again. South Korea's Kospi edged up 0.3 percent and the Hang Seng of Hong Kong was little changed.

 

[bigdog]

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Retailers and Energy Companies Lead US Stocks a Bit Higher
U.S. stock indexes finished with tiny gains Wednesday as retailers jumped after a strong hiring forecast from Target and energy companies rose along with oil prices.

By MARLEY JAY, AP Markets Writer

NEW YORK (AP) — U.S. stock indexes finished with tiny gains Wednesday as retailers jumped after a strong hiring forecast from Target and energy companies rose along with oil prices.

Companies that sell everything from clothing to electronics rose after Target said it will hire 100,000 workers for the holiday season, about 30,000 more than it did a year ago. Energy companies rose after the U.S. government said oil and gasoline stockpiles shrank last week. Those gains were almost canceled out as technology and health care companies, which have led the market higher this year, slipped.

With stocks at record highs, investors hunted for bargains. Retailers and energy and telecommunications companies have all struggled this year and finished higher Wednesday.

One reason stocks may have held steady: the Federal Reserve will meet next week, and along with the usual questions about interest rates and the Fed's balance sheet, investors are wondering about the central bank's leadership. Fed Chair Janet Yellen's four-year term will end in February and it's not clear if President Donald Trump will re-appoint her or replace her.

"There are factions of the Fed, as well as potential Fed chair candidates, that are less focused on market reactions and will be more focused on the need to raise rates from their current levels to offset a future recession," said Eric Freedman, chief investment officer for U.S. Bank Wealth Management.

Freedman said Yellen has made a priority of informing Wall Street about the Fed's plans and taking investor reactions into account. A different Fed chair might not do that, which could lead to a bumpier ride for stocks.

The Standard & Poor's 500 index added 1.89 points, or 0.1 percent, to 2,498.37. The Dow Jones industrial average picked up 39.32 points, or 0.2 percent, to 22,158.18. The Nasdaq composite rose 5.91 points, or 0.1 percent, to 6,460.19. The Russell 2000 index of smaller-company stocks gained 3.43 points, or 0.2 percent, to 1,426.89.


Target said it plans to hire 100,000 workers for the holidays, some 30,000 more than it hired a year ago. Its stock climbed $1.62, or 2.8 percent, to $59.51. Best Buy rose $1.81, or 3.2 percent, to $58.60 and Gap gained 61 cents, or 2.2 percent, to $28.22. Video game seller GameStop added 49 cents, or 2.5 percent, to $20.02 and Amazon.com rose $17.02, or 1.7 percent, to $999.60.

Department store chain Nordstrom climbed after CNBC reported that the Nordstrom family is close to a deal to take the company private. The stock has risen over the last three months following talk that company executives and other descendants of co-founder John Nordstrom might buy the 70 percent of the company they don't already own. The stock gained $2.69 cents, or 6 percent, to $47.74.

Hard drive maker Western Digital slumped $3.04, or 3.4 percent, to $85.74 after its partner Toshiba said it will sell its computer memory business to a consortium led by Bain Capital Private Equity. Western Digital wants to buy that business and has filed a lawsuit to stop Toshiba from selling it to anyone else. Toshiba is trying to offset losses by its Westinghouse Electric nuclear business, which filed for bankruptcy protection in March.

Energy companies rose as benchmark U.S. crude rose $1.07, or 2.2 percent, to $49.30 a barrel in New York. Brent crude, used to price international oils, added 89 cents, or 1.6 percent, to $55.16 a barrel in London.


Credit bureau Equifax hit an 18-month low in heavy trading. The company disclosed Thursday that personal data of about 143 million Americans was compromised in a cyberattack. Equifax has been sharply criticized by Congress, state governments and consumers. The stock dropped another $16.97, or 14.6 percent, to $98.99. It traded above $142 last week before news of the attack broke.

Medicaid program administrator Centene said it will expand into New York through a $3.75 billion acquisition of Fidelis Care. Its stock jumped $7.28, or 8 percent, to $98.16. Centene has expanded into several states in the past year through the Affordable Care Act's exchanges.

Apple slipped again. Investors appeared worried about the $999 price tag of the tenth-anniversary iPhone X as well as its later launch date in early November. That could affect Apple's revenue in the next few quarters. Investors seemed to like some of Apple's plans Tuesday, including new features that are being added to the Apple Watch. The stock lost $1.21 to $159.65.

Bond prices edged higher. The yield on the 10-year Treasury note rose to 2.19 percent from 2.17 percent.

In other energy trading, heating oil rose 3 cents to $1.77 a gallon and wholesale gasoline lost 1 cent to $1.65 a gallon. Natural gas climbed 6 cents to $3.06 per 1,000 cubic feet.

Gold lost $4.70 to $1,328 an ounce. Silver declined 2 cents to $17.87 an ounce. Copper fell 6 cents to $2.98 a pound.

The dollar rose to 110.66 yen from 110.11 yen. The euro fell to $1.1873 from $1.1970.

The German DAX and CAC 40 in France both rose 0.2 percent. London's FTSE 100 index declined 0.1 percent. In Tokyo, the Nikkei 225 rose 0.4 percent. Hong Kong's Hang Seng declined 0.3 percent and the Kospi in South Korea shed 0.2 percent.

 

[bigdog]

https://www.usnews.com/news/busines...n-markets-fall-after-disappointing-china-data

Dow Ekes Out Another Record Even as Other Indexes Struggle
It was a split decision on Wall Street as gains in a handful of industrial and health care companies largely outweighed sluggishness elsewhere in the market, including the technology sector.

By MARLEY JAY, AP Markets Writer

NEW YORK (AP) — It was a split decision on Wall Street on Thursday as gains in a handful of industrial and health care companies largely outweighed sluggishness elsewhere in the market, including the technology sector.

Sizable gains by Boeing and United Technology were enough to push the Dow Jones industrial average to another record, but other major indexes fell.

Retailers were also weak after the government said prices paid by consumers jumped in August. That could prompt the Federal Reserve to raise interest rates sooner than expected in order to cool the economy and stave off inflation. That would be bad for companies like retailers that depend on shoppers spending money.

Energy companies rose as U.S. crude oil climbed to its highest price in six weeks.

The Standard & Poor's 500 index slid 2.75 points, or 0.1 percent, to 2,495.62. The Dow Jones industrial average rose 45.30 points, or 0.2 percent, to 22,203.48. It was the Dow's third straight record high close.

The Nasdaq composite slumped 31.10 points, or 0.5 percent, to 6,429.08 as big names like Facebook and Alphabet, Google's parent company, lost ground. The Russell 2000 index of smaller-company stocks fell 1.87 points, or 0.1 percent, to 1,425.02.

On the New York Stock Exchange, there were slightly more winners than losers.

The Labor Department reported that U.S. consumer prices grew 0.4 percent in August as gas and housing costs rose. Prices are up 1.9 percent over the last year. That could show inflation is speeding up, though it's not clear how much of the recent increase in gas prices was due to Hurricane Harvey, which deluged the Gulf Coast region in late August and caused many drilling rigs and refineries to shut down.


The Federal Reserve will meet next week and investors wondered if Thursday's report makes it more likely the Fed will raise interest rates later in the year. Higher interest rates reduce growth because they make borrowing more expensive.

Michael Scanlon, a portfolio manager for Manulife Asset Management, said if inflation does get stronger over the next few months, "it would be a sign of more health in the economy overall," he said.

Urban Outfitters fell 77 cents, or 3.3 percent, to $22.77 and discount retailer Ross Stores lost 81 cents, or 1.3 percent, to $60.60. Amazon shed $7.39 to $992.21. Coca-Cola lost 38 cents to $46.11 and grocery store operator Kroger fell 47 cents, or 2.2 percent, to $21.26.

Jewelry seller Tiffany dropped $4.56, or 4.8 percent, to $90.95 after one of its biggest shareholders, Qatar's investment fund, said it sold some of its Tiffany stock.

Boeing rose another $3.30, or 1.4 percent, to $245.23. Wednesday afternoon, CEO Dennis Muilenburg said the company expects to start delivering more planes. The stock rose 0.6 percent a day ago. Other industrial companies also climbed. United Technologies gained $2.86, or 2.6 percent, to $113.14.

Benchmark U.S. crude oil rose 59 cents, or 1.2 percent, to $49.89 a barrel. That was its highest closing price since the end of July. Brent crude, used to price international oils, gained 31 cents to $55.47 barrel in London.

Among energy companies, Schlumberger rose 78 cents, or 1.2 percent, to $67.70 and Anadarko Petroleum picked up 40 cents to $43.53.

Chipmaker Lattice Semiconductor slipped after the U.S. government stopped its sale to a firm backed by the Chinese government because of national security concerns. Lattice accepted the $1.02 billion offer from Canyon Bridge Partners in November, but investors have long been skeptical the deal would be completed. Last week a U.S. government panel said the sale should be blocked.


Lattice wobbled between gains and losses and finished 2 cents lower at $5.70. Canyon Bridge agreed to pay $8.30 a share.

The Bank of England kept its key interest rate at a record low but indicated that it could start raising rates sooner than markets have been expecting. That sent the pound higher and British stocks lower. A stronger pound would hurt the earnings of British companies that do a lot of business overseas.

Britain's FTSE 100 fell 1.1 percent while the French CAC 40 rose 0.1 percent and Germany's DAX fell 0.1 percent.

Investors in Asia were disappointed after China's National Bureau of Statistics said the world's second-largest economy grew at a slower pace in August. The Japanese Nikkei 225 fell 0.3 percent and Hong Kong's Hang Seng index fell 0.4 percent. The Kospi in South Korea gained 0.7 percent.

Bond prices edged lower. The yield on the 10-year Treasury note rose to 2.20 percent from 2.19 percent. The yield on the 2-year note rose to 1.37 percent from 1.35 percent.

In other energy trading, wholesale gasoline fell 2 cents to $1.63 a gallon. Heating oil added 1 cent to $1.78 a gallon. Natural gas rose 1 cent to $3.07 per 1,000 cubic feet.

Gold rose $1.30 to $1,329.30 an ounce. Silver dropped 8 cents to $17.79 an ounce. Copper lost 2 cents to $2.96 a pound.

The dollar slid to 110.54 yen from 110.66 yen. The euro rose to $1.1914 from $1.1873. The pound jumped to $1.3398 from $1.3197.

 

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https://www.usnews.com/news/busines...ixed-after-north-koreas-latest-missile-launch

S&P 500 Tops 2,500 Mark as Tech and Bank Stocks Climb
US stocks set records as banks and technology companies make further gains.

By MARLEY JAY, AP Markets Writer

NEW YORK (AP) — U.S. stocks edged higher Friday as technology companies and banks rose. The Standard & Poor's 500 index closed above 2,500 for the first time as stocks had one of their best weeks this year.

Stocks wobbled in early trading after the Commerce Department said retail sales slipped in August and the Federal Reserve said industrial production dropped last month, mostly because of Hurricane Harvey. But big names like Apple and Boeing took the market higher. Stocks made big gains Monday and as Hurricane Irma weakened, and they didn't do too much after that, but still wound up with their biggest weekly gain since the beginning of January.

Rick Rieder, the chief investment officer for BlackRock's global fixed income business, said retail sales and inflation have been weak because technological changes keep reducing the prices of clothes, food, travel, and phone plans. That lowers measurements of sales revenue, like the one the government released Friday, but Rieder said they keep people buying — even though the same technological changes can also lower people's wages.

"We get everything cheaper than we used to because of the internet and delivery mechanisms," he said. "The price is coming down so quickly that it's helping demand."

The Standard & Poor's 500 index gained 4.61 points, or 0.2 percent, to a record 2,500.23. The Dow Jones industrial average rose 64.86 points, or 0.3 percent, to 22,268.34, its fourth record close in a row. The Nasdaq composite added 19.38 points, or 0.3 percent, to 6,448.47. The Russell 2000 index of smaller-company stocks picked up 6.69 points, or 0.5 percent, to 1,431.71.

Industrial production in the U.S. fell 0.9 percent in August, the biggest drop in eight years, as Harvey knocked numerous oil refining, plastics and chemicals factories out of business for a time. Many of those factories are based in the Gulf Coast region that Harvey hit. The Federal Reserve said the weather and flooding was responsible for almost all of the loss.


Apple picked up $1.60, or 1 percent, to $159.88 after three days of declines. Chipmaker Nvidia jumped $10.71, or 6.3 percent, to $180.11 and hard drive maker Western Digital gained $2.73, or 3.2 percent, to $88.52.

However shares of software maker Oracle absorbed their biggest loss in four years. The company's first-quarter profit and sales were better than investors expected, but analysts were concerned about forecasts for its cloud computing business. Oracle lost $4.05, or 7.7 percent, to $48.74.

Boeing rose $3.77, or 1.5 percent, to $249 as the aerospace company continued to set record highs. Its stock is up 60 percent in 2017.

Stocks in the U.K. slumped to a four-month low and the pound rose to its highest level since mid-2016, after Bank of England officials confirmed they are close to raising interest rates for the first time in a decade. The first step could happen as soon as November. Many companies on the British FTSE 100 are multinationals whose overseas earnings are diminished in value when the pound appreciates against other currencies.

The pound surged to $1.3571 from $1.3398, its highest since mid-2016. The FTSE 100 fell 1.1 percent after a 1.1-percent loss Thursday.

U.K. stocks did not appear to be affected by a bomb attack on a London subway train. Police said an improvised explosive device hurt more than 20 people, but none of the injuries appeared to be life-threatening.


Credit monitoring companies continued to fall as Senate Democrats introduced a bill that would prevent the companies from charging fees to consumers who want their credit frozen. In many states, the companies collect fees in return for freezing accounts.

Some consumers have chosen to freeze their credit after Equifax said the personal information of 143 million Americans was exposed after a breach of its systems. Those consumers are trying to prevent identity thieves from using their information to open fraudulent accounts.

Equifax fell $3.68, or 3.8 percent, to a two-year low of $92.98. The stock began plunging last Friday after the company disclosed the breach, and this week it took its biggest weekly loss since tend of 1998. Rival TransUnion lost $1.47, or 3.4 percent, to $41.61 and Experian fell 0.9 percent in London.

Bond prices dipped. The yield on the 10-year Treasury note rose to 2.20 percent from 2.19 percent. Interest rates also rose, which helped banks, as they stand to make more money from lending.

U.S. crude oil finished unchanged at $49.89 a barrel in New York. It's at its highest price since the end of July. Brent crude, the standard for international oil prices, gained 15 cents to $55.62 a barrel in London.

Wholesale gasoline rose 3 cents to $1.66 a gallon. Heating oil added 2 cents to $1.80 a gallon. Natural gas fell 5 cents to $3.02 per 1,000 cubic feet.

Gold fell $4.10 to $1,325.20 an ounce. Silver sank 9 cents to $17.70 an ounce. Copper lost 1 cent to $2.95 a pound.

The dollar advanced to 110.88 yen from 110.54 yen. The euro rose to $1.1938 from $1.1914.

Germany's DAX lost 0.2 percent and France's CAC 40 sagged 0.2 percent. Japan's benchmark Nikkei 225 index added 0.5 percent. South Korea's Kospi recouped initial losses to end 0.4 percent higher. Hong Kong's Hang Seng edged up 0.1 percent.

3235

 

[bigdog]

https://www.usnews.com/news/busines...arkets-rise-ahead-of-trump-speech-fed-meeting

Banks Lead US Stocks Modestly Higher; Oil Prices Slide
Banks and other financial companies led U.S. stocks modestly higher Monday, nudging the stock market to another record high.

By ALEX VEIGA, AP Business Writer

Banks and other financial companies led U.S. stocks modestly higher Monday, nudging the stock market to another record high.

The Standard & Poor's 500 index and Dow Jones industrial average closed at new highs as the market extended its gains from last week.

Investors continued to bid up bank shares as interest rates rose. Banks benefit from higher rates, which can translate into higher profits from lending money.

The rise in bond yields also weighed on utilities, real estate companies and other bond proxies. Big retailers like Amazon.com were among the biggest decliners.

"This is really a day which is characterized by rates moving and equities being influenced by interest rates," said Bill Northey, senior vice president with U.S. Bank Wealth Management.

The S&P 500 index rose 3.64 points, or 0.1 percent, to 2,503.87. The Dow gained 63.01 points, or 0.3 percent, to 22,331.35. Both indexes closed at record highs on Friday.

The Nasdaq composite added 6.17 points, or 0.1 percent, to 6,454.64. The Russell 2000 index of smaller-company stocks picked up 9.37 points, or 0.7 percent, to 1,441.08.

Trading was subdued through much of the day as the major indexes mostly held on to slight gains.

Investors were looking ahead to the latest two-day policy meeting of the U.S. Federal Reserve, which begins Tuesday. Forecasters expect the Fed to leave interest rates unchanged and stick to plans to raise rates in December. But traders will be listening for any indications that the central bank could move sooner on a rate increase and for details on the timing for when the Fed might start shrinking its multitrillion-dollar stockpile of bonds.

"Rates have started to move higher and rate-sensitive sectors have started to respond favorably," said Northey, noting that the funds futures market suggests that there is now a two-in-three chance that the Fed will raise interest rates again before the end of the year, up from a one-in-three chance earlier.


Traders sent bond prices lower as the yield on the 10-year Treasury note rose to 2.23 percent from 2.20 percent late Friday. The yield on the 2-year treasury note climbed to 1.40 percent from 1.38 percent.

Citigroup was among the big banks to post gains. The stock added $1.56, or 2.3 percent, to $70.60, while Wells Fargo & Co. rose $1.05, or 2 percent, to $52.71.

Industrials stocks were also big gainers, led by defense contractor Northrop Grumman, which agreed to buy aerospace manufacturer Orbital ATK for $7.8 billion. Shares in Northrop rose $8.94, or 3.3 percent, to $275.97. Orbital soared $22.21, or 20.2 percent, to $132.25.

Investors also cheered another corporate combination.

Silver Spring Networks surged 23.8 percent after the energy networking platform provider agreed to be acquired by Itron in a deal the companies valued at $830 million. Silver Spring shares gained $3.10 to $16.10. Itron climbed $3.70, or 5.1 percent, to $76.50.

Several big retailers were down sharply, including Amazon.com, which slid $12.60, or 1.3 percent, to $974.19.

Toy makers Mattel and Hasbro slumped following published reports saying that Toys R Us may file for bankruptcy protection before this holiday season. Mattel lost 99 cents, or 6.2 percent, to $14.87, while Hasbro fell $1.60, or 1.7 percent, to $93.24.

Energy futures were mixed.

Benchmark U.S. crude rose 2 cents to settle at $49.91 a barrel on the New York Mercantile Exchange. Brent crude, used to price international oils, dropped 14 cents to $55.48 a barrel in London. Wholesale gasoline rose 1 cent to $1.67 a gallon. Heating oil fell 2 cents to $1.78 a gallon. Natural gas jumped 12 cents, or 4 percent, to $3.15 per 1,000 cubic feet.


Gold fell $14.40, or 1.1 percent, to $1,310.80 an ounce. Silver slumped 55 cents, or 3.1 percent, to $17.16 an ounce. Copper added 2 cents to $2.97 a pound.

The dollar rose to 111.47 yen from 110.88 yen on Friday. The euro strengthened to $1.1953 from $1.1938.

Global stock markets closed mostly higher.

In Europe, Germany's DAX rose 0.3 percent, while France's CAC 40 gained 0.3 percent. London's FTSE 100 added 0.5 percent. In Asia, Hong Kong's Hang Seng added 1.3 percent, while Seoul's Kospi gained 1.3 percent. Sydney's S&P-ASX 200 rose 0.4 percent. Japanese markets were closed for a holiday.

 

[bigdog]

https://www.usnews.com/news/busines...-mixed-as-nikkei-rises-on-yen-muted-elsewhere

Slight Gains in US Stocks Lift Dow, S&P, Nasdaq to New Highs
Wall Street capped a day of mostly listless trading with a slight gain, good enough to lift the major U.S. stock indexes to another set of all-time highs.

By ALEX VEIGA, AP Business Writer

Wall Street capped a day of mostly listless trading Tuesday with a slight gain, good enough to lift the major U.S. stock indexes to another set of all-time highs.

Banks, insurers and other financial companies led the gainers. Technology companies also helped lift the market. Health care stocks lagged the most, pulling down insurers, hospital operators and other companies as a Republican effort to repeal President Barack Obama's health care bill appeared to gain momentum. Oil prices fell.

Trading was subdued overall as investors looked ahead to Wednesday, when the Federal Reserve was expected to deliver an update on the central bank's view of the economy and the timing of its plans to raise interest rates and shrink its bond holdings.

"People are still, as they usually are the day before a Fed announcement, kind of in a wait-and-see mode," said Lindsey Bell, investment strategist at CFRA Research.

The Standard & Poor's 500 index rose 2.78 points, or 0.1 percent, to 2,506.65. The index, regarded as the broadest measure of the stock market, has hit a record high three days in a row.

The Dow Jones industrial average gained 39.45 points, or 0.2 percent, to 22,370.80. The average is on a six-day streak of new highs.

The Nasdaq composite added 6.68 points, or 0.1 percent, to 6,461.32. The tech-heavy index also notched a new high, its first since last Wednesday.

The Russell 2000 index of smaller-company stocks declined 0.68 points, or 0.1 percent, to 1,440.40.

The major stock indexes wavered in early trading, but recovered to hold their small gains by afternoon. Investors sized up new economic data that showed the pace of U.S. home construction slowed in August due to a steep drop in apartment construction. A separate report on business confidence showed CEO optimism reached its highest level since early 2014.


Mostly, though, investors were focused on what the Fed will have to say on Wednesday.

Forecasters expect the Fed to leave interest rates unchanged and stick to plans to raise rates in December. But traders will be listening for word on whether the central bank is ready to begin shrinking its multitrillion-dollar stockpile of bonds.

Such a move would allow the Fed to effectively raise interest rates without touching its key short-term rate, known as the federal funds rate, said Phil Blancato, CEO of Ladenburg Thalmann Asset Management.

"That's the most important aspect here," Blancato said. "That does have an impact on the bond market, and you see the bond market going slightly higher here over the last two days."

Bond prices fell Tuesday, sending the yield on the 10-year Treasury note up to 2.24 percent from 2.23 percent late Monday.

Speculation that the Fed will announce plans to unwind its bond portfolio helped lift shares in banks and other financial companies. Such a move by the Fed would likely push long-term interest rates up. Banks benefit from higher rates, which can translate into higher profits from lending money. U.S. Bancorp added 78 cents, or 1.5 percent, to $53.16. Wells Fargo & Co. rose 65 cents, or 1.2 percent, to $53.36.

Progressive gained 2.9 percent after the insurer reported lower-than-expected losses from Hurricane Harvey. The company is the second insurer to report losses related to the hurricane, which battered Texas and Louisiana last month, that were far less than financial analysts expected. Progressive shares rose $1.32 to $47.63.


Technology stocks were also among the big movers. The sector is the biggest gainer this year, up 26 percent. NetApp climbed $1.08, or 2.7 percent, to $41.71.

Several health insurers and hospital operators were trading lower after top Senate Republicans said Tuesday that their last-ditch effort to overhaul the Affordable Care Act is gaining momentum.

Envision Healthcare sank $4.56, or 9.6 percent, to $43.11. Humana slid $8.41, or 3.4 percent, to $240.04. Centene, which administers Medicaid programs and sells health plans to the ACA's exchanges, lost $4.80, or 5.1 percent, to $89.78.

Investors welcomed news that Post Holdings, maker of cereals such as Honey Bunches of Oats and Fruity Pebbles, agreed to acquire Bob Evans Farms in a deal worth about $1.53 billion.

Shares in Bob Evans, a maker of refrigerated side dishes, gained $4.48, or 6.1 percent, to $77.41. Post added 52 cents, or 0.6 percent, to $86.36.

Traders were less enthused by word that the Federal Trade Commission signed off on a deal for Walgreens Boots Alliance to buy 2,186 Rite Aid stores for $5.19 billion. That amounts to a much smaller deal than the companies originally sought when Walgreens pushed to buy Rite Aid. The companies abandoned that deal following opposition from regulators. Rite Aid shares lost 33 cents, or 12.1 percent, to $2.40. Walgreens slid $1.39, or 1.7 percent, to $81.21.

Energy futures closed lower.

Benchmark U.S. crude fell 43 cents, or 0.9 percent, to settle at $49.48 a barrel on the New York Mercantile Exchange. Brent crude, used to price international oils, gave up 34 cents, or 0.6 percent, to close at $55.14 a barrel in London.

Wholesale gasoline slid 1 cent to $1.66 a gallon. Heating oil fell 1 cent to $1.77 a gallon. Natural gas declined 2 cents to $3.12 per 1,000 cubic feet.


In metals trading, gold slipped 20 cents to $1,310.60 an ounce. Silver gained 12 cents to $17.28 an ounce. Copper held steady at $2.97 a pound.

The dollar rose to 111.50 yen from 111.47 yen on Monday. The euro strengthened to $1.1997 from $1.1953.

Global shares were mixed Tuesday.

In Europe, Germany's DAX was flat, while France's CAC 40 rose 0.2 percent. The FTSE 100 index of leading British shares gained 0.3 percent. In Asia, Japan's benchmark Nikkei 225 added nearly 2.0 percent coming off a national holiday on Monday. Australia's S&P/ASX 200 edged down 0.1 percent, while South Korea's Kospi lost nearly 0.1 percent. Hong Kong's Hang Seng fell nearly 0.4 percent.

 

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https://www.usnews.com/news/busines...s-flat-as-investors-await-fed-meeting-results

US Stocks Wobble After Fed Announcement, but Close Higher
U.S. stock indexes overcame an afternoon wobble to close mostly higher Wednesday after the Federal Reserve said it would start reducing its huge bond portfolio next month and was still on track to raise interest rates later this year

By ALEX VEIGA, AP Business Writer

The central bank's announcement drove bond yields higher, lifting shares in banks and other financial companies. Banks benefit from higher bond yields because it means they can charge higher interest rates on loans.

High-dividend stocks like utilities and household goods makers fell. Income-seeking investors find those stocks less appealing when bond yields move higher.

"The announcement was pretty much in line with what was expected," said David Chalupnik, head of equities at Nuveen Asset Management. "So far, the market is taking it in stride, but I don't know if it should. This will slowly impact growth."

The Standard & Poor's 500 index inched up 1.59 points, or 0.1 percent, to 2,508.24. The Dow Jones industrial average rose 41.79 points, or 0.2 percent, to 22,412.59. The modest gains nudged both indexes to record highs, extending a run of milestones that stretches back to last week.

The Nasdaq composite lost 5.28 points, or 0.1 percent, to 6,456.04. The Russell 2000 index of smaller-company stocks added 5.02 points, or 0.4 percent, to 1,445.42.

Trading on Wall Street had been mostly subdued this week ahead of the Fed's announcement.

Fed policymakers decided to leave the central bank's short-term benchmark interest rate between 1 percent and 1.25 percent, but also said they still expect to increase the rate one more time this year and three times in 2018, if persistently low inflation rebounds.

The Fed has modestly raised the rate four times since December 2015 after keeping it at a record low for seven years after the 2008 financial crisis.


In addition, the Fed said it will begin to gradually unwind its $4.5 trillion balance sheet next month. The portfolio primarily consists of government and mortgage-backed bonds. The move will gradually increase long-term borrowing rates.

The prospect of another Fed rate hike this year at a time when the U.S. economy is growing modestly and may slow somewhat from the impact of hurricanes Harvey and Irma, could be bad news for stocks the next few weeks, Chalupnik said.

"At least over the near term, probably between now and the end of October, the market is at risk," he said. "And it's at risk because of lower economic numbers, higher interest rates and earnings that, on an individual-company basis, could disappoint if they were impacted by hurricanes Harvey and Irma."

Following the announcement, bond prices slumped, sending the yield on the 10-year Treasury note to 2.27 percent from 2.25 percent late Tuesday.

Investors also bid up shares in banks and other financial companies, which led the gainers. Zions Bancorporation climbed 70 cents, or 1.6 percent, to $45.11. Raymond James Financial rose $1.15, or 1.4 percent, to $82.32.

The Fed statement also sent the dollar higher against other currencies. The dollar rose to 112.38 yen from 111.50 yen on Tuesday. The euro weakened to $1.1885 from $1.1997.

Technology companies were among the biggest decliners. Qorvo slid $4, or 5.4 percent, to $70.32. Adobe Systems also slumped. The business software company posted solid quarterly results, but investors were concerned about the performance of its cloud business. The stock lost $6.64, or 4.2 percent, to $149.96.


Traders also sold off several packaged food companies after General Mills' latest quarterly results fell short of Wall Street's expectations. The cereal maker slid $3.21, or 5.8 percent, to $52.17. Kellogg fell $1.15, or 1.7 percent, to $64.72, while Campbell Soup lost 81 cents, or 1.7 percent, to $46.51.

Bed Bath and Beyond plunged 15.9 percent after the home goods retailer reported that its latest quarterly sales at stores open at least a year, a key metric for retailers, fell short of analysts' forecasts. The stock lost $4.29 to $22.74.

Investors also weighed new data on the U.S. housing market that showed sales of previously occupied homes fell 1.7 percent in August. Over the past 12 months, U.S. home sales have risen only 0.2 percent. The report from the National Association of Realtors pulled down homebuilder shares. CalAtlantic Group fell the most, shedding 97 cents, or 2.7 percent, to $34.60.

Energy companies rose along with the price of crude oil. Chesapeake Energy added 15 cents, or 3.7 percent, to $4.19.

Benchmark U.S. crude added 93 cents, or 1.9 percent, to settle at $50.41 a barrel on the New York Mercantile Exchange. Brent crude, used to price international oils, gained $1.15, or 2.1 percent, to $56.29 a barrel in London.

Wholesale gasoline was little changed at $1.66 a gallon. Heating oil added 3 cents to $1.81 a gallon. Natural gas declined 3 cents to $3.09 per 1,000 cubic feet.

Among metals, gold gained $5.80 to $1,316.40 an ounce. Silver rose 6 cents to $17.33 an ounce. Copper held steady at $2.97 a pound.

Markets overseas were mixed Wednesday.

In Europe, Germany's DAX rose 0.1 percent, while the CAC 40 in France added 0.1 percent. The FTSE 100 index of leading British shares was flat. In Asia, Japan's Nikkei 225 added 0.1 percent and South Korea's Kospi slipped 0.2 percent. Hong Kong's Hang Seng index added 0.4 percent. Australia's S&P/ASX 200 fell 0.1 percent.

 

[bigdog]

https://www.usnews.com/news/busines...s-lower-dollar-up-after-feds-latest-statement

US Stocks Slide, First Decline for the Market This Week

By ALEX VEIGA, AP Business Writer

A slide in technology companies weighed on U.S. stocks Thursday, pulling the market lower for the first time this week and erasing modest gains from a day earlier.

Supermarket operators, beverage companies and other consumer-focused stocks also declined. Industrial companies and banks led the gainers. Trading was mostly subdued as investors sized up the latest company earnings and deal news.

The Standard & Poor's 500 index lost 7.64 points, or 0.3 percent, to 2,500.60. The Dow Jones industrials fell 53.36 points, or 0.2 percent, to 22,359.23. Both indexes posted record highs on Wednesday. The Nasdaq composite lost 33.35 points, or 0.5 percent, to 6,422.69. The Russell 2000 index of smaller-company stocks gave up 1.24 points, or 0.1 percent, to 1,444.18.

The stock market was coming off modest gains on Wednesday following the latest policy update from the Federal Reserve. The central bank indicated that it remains on course to raise interest rates on several occasions over the coming year.

"The talk yesterday was still very much in generalities, without specific plans," said JJ Kinahan, chief strategist for TD Ameritrade. "As those details start to become more clarified, you may see a bigger reaction from the market."

Investors continued to rotate out of technology stocks. Despite the pullback, the sector remains up about 25 percent this year, well ahead of all other sectors in the S&P 500. Chipmaker Nvidia slid $5.08, or 2.7 percent, to $180.76. Video game publisher Electronic Arts fell $2.32, or 1.9 percent, to $118.02.

Beverage, food and supermarket companies closed lower. Kroger dropped 58 cents, or 2.8 percent, to $20.22. Dr. Pepper Snapple Group gave up $2.18, or 2.4 percent, to $89.50.


Health care stocks also declined. Allergan shares shed $7.34, or 3.5 percent, to $202.66.

"Harry Potter" publisher Scholastic fell 7.1 percent after reporting a disappointing quarter. The stock shed $2.72 to $35.79.

Industrial stocks got a strong lift as investors bid up shares in airlines and other big companies. American Airlines added 87 cents, or 1.9 percent, to $46.29. General Electric gained 43 cents, or 1.8 percent, to $24.75.

Financial stocks also got a boost Thursday. Citizens Financial Group picked up 48 cents, or 1.3 percent, to $36.27.

Traders welcomed news that Calgon Carbon agreed to be acquired by Kurary, a Japanese company, for $1.1 billion. Shares in the maker of water and air filtration systems soared $8.20, or 62.1 percent, to $21.40.

Separately, Ash Grove Cement jumped 82.5 percent after saying it would be bought by CRH. Ash Grove added $235 to $520.

Anadarko Petroleum vaulted 8.2 percent after the company announced a $2.5 billion share buyback authorization that runs through the end of next year. The stock added $3.68 to $48.49.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.28 percent from 2.27 percent late Wednesday.

The dollar rose to 112.55 yen from 112.38 yen on Wednesday. The euro climbed to $1.1934 from $1.1885.

Benchmark U.S. crude fell 14 cents, or 0.3 percent, to settle at $50.55 a barrel on the New York Mercantile Exchange. Brent crude, used to price international oils, gained 14 cents, or 0.2 percent, to $56.43 a barrel in London. Heating oil added 1 cent to $1.82 a gallon. Wholesale gasoline slipped 1 cent to $1.64 a gallon. Natural gas declined 15 cents, or 4.8 percent, to $2.95 per 1,000 cubic feet.


In metals trading, gold fell $21.60 to $1,294.80 an ounce. Silver lost 32 cents to $17.02 an ounce. Copper slid 3 cents to $2.94 a pound.

World markets were mixed. In Europe, Germany's DAX rose 0.2 percent, while the CAC 40 in France edged up 0.5 percent. The FTSE 100 index of leading British shares slid 0.1 percent. Earlier, in Asia, Japan's benchmark Nikkei 225 added 0.2 percent as the yen weakened against the dollar. South Korea's Kospi slipped 0.2 percent and Hong Kong's Hang Seng index shed 0.1 percent.

 

[bigdog]

https://www.usnews.com/news/busines...s-fall-on-north-korea-concerns-china-rate-cut

Energy Leads US Stocks Indexes to a Mostly Higher Finish

By ALEX VEIGA, AP Business Writer

A listless day on Wall Street finished with U.S. stocks eking out small gains Friday, as strength in energy, phone and industrial companies offset losses elsewhere.

Some health insurers bounced back as support dwindled for the Senate Republicans' latest effort to roll back the Affordable Care Act.

Real estate and utilities companies were among the biggest decliners. A new round of tensions between the U.S. and North Korea helped send bond yields lower, which weighed on banks and other financial stocks. The sector notched daily gains earlier in the week.

"Geopolitical tensions coming out of North Korea caused a flight to quality, which kind of put the brakes on the momentum in financials," said David Schiegoleit, managing director of investments at U.S. Bank Private Wealth Management. "Today equity markets are simply moving sideways and probably digesting that."

The Standard & Poor's 500 index rose 1.62 points, or 0.06 percent, to 2,502.22. The Dow Jones industrial average shed 9.64 points, or 0.04 percent, to 22,349.59. The average was held back by a loss in Apple, which slid $1.50, or 1 percent, to $151.89.

The Nasdaq composite added 4.23 points, or 0.07 percent, to 6,426.92.

Small-company stocks did better than the rest of the market. The Russell 2000 gained 6.60 points, or 0.5 percent, to 1,450.78, a fraction of a point above its previous record high.

The Russell 2000 also notched the biggest weekly gain, 1.3 percent. The S&P 500 and Dow posted small gains, while the Nasdaq closed out the week with a modest loss.

The stock indexes spent much of the day drifting between small gains and losses as investors weighed the latest developments in the political brinkmanship between the U.S. and North Korea.


Tensions between the two nations ratcheted up after President Donald Trump authorized stiffer sanctions in response to North Korea's nuclear weapons advances, drawing a furious response from Pyongyang. Trump expanded the Treasury Department's ability to target anyone conducting significant trade in goods, services or technology with North Korea, and to ban them from interacting with the U.S. financial system. North Korean leader Kim Jong Un retaliated by calling Trump "deranged" and saying he'll "pay dearly" for his threats.

The heightened tensions drove up bond prices, which sent yields lower. The yield on the 10-year Treasury slipped to 2.25 percent from 2.28 percent late Thursday.

That weighed on bank shares, including Fifth Third Bancorp, which declined 23 cents, or 0.8 percent, to $27.31. Lower bond yields mean banks have to charge lower interest rates on long-term loans like mortgages.

Several health care companies recovered some of the ground they lost earlier after Sen. John McCain said he won't vote for the latest Republican bill to repeal the ACA. His statement likely deals a fatal blow to the last-gasp GOP measure in a Senate showdown expected next week.

Centene, which administers Medicaid programs and sells health plans to ACA exchanges, rose $1.48, or 1.6 percent, to $92.22. Molina Healthcare gained $2.81, or 4.5 percent, to $65.32.

Energy stocks rose as crude oil prices finished higher. Hess added 87 cents, or 2 percent, to $44.50.

Benchmark U.S. crude rose 11 cents, or 0.2 percent, to settle at $50.66 a barrel on the New York Mercantile Exchange. Brent crude, used to price international oils, rose 43 cents, or 0.8 percent, to close at $56.86 a barrel in London.


Real estate investment trusts and utilities were among the biggest decliners. Ventas fell $1.48, or 2.2 percent, to $66.04. Duke Energy slid 91 cents, or 1.1 percent, to $84.25.

Industrial stocks, including several airlines, were among the gainers. Alaska Air Group added $1.84, or 2.5 percent, to $74.75. American Airlines Group gained 77 cents, or 1.7 percent, to $47.06.

Traders welcomed news of a possible combination between two major wireless carriers.

Sprint climbed 6.1 percent after Reuters reported the company is close to signing a deal with rival T-Mobile. Shares in Sprint added 49 cents to $8.52. T-Mobile gained 67 cents, or 1.1 percent, to $64.06. Verizon also got a boost, rising 96 cents, or 2 percent, to $49.90.

Among the big movers Friday was Compass Minerals, which slumped 13.5 percent after the mining company cut its annual profit forecast after a partial ceiling cave-in at a rock salt mine in Ontario that will slow operations for six weeks. The stock lost $9.40 to $60.10.

CarMax jumped 7.8 percent after the used car retailer's latest quarterly results beat analysts' forecasts. The stock gained $5.35 to $74.19.

In other energy futures trading, heating oil was little changed at $1.82 a gallon. Wholesale gasoline gained 3 cents to $1.67 a gallon. Natural gas rose 1 cent to $2.96 per 1,000 cubic feet.

Gold rose $2.70 to $1,297.50 an ounce. Silver lost 3 cents to $16.98 an ounce. Copper added 1 cent to $2.95 a pound.

The dollar weakened to 112.05 yen from 112.38 yen on Thursday. The euro climbed to $1.1941 from $1.1885.

Markets overseas were mixed Friday.

Germany's DAX fell 0.1 percent, while France's CAC 40 gained 0.3 percent. Britain's FTSE 100 rose 0.6 percent. In Asia, markets finished unevenly after S&P downgraded the credit rating for China and Hong Kong. Japan's benchmark Nikkei 225 slipped 0.3 percent, while South Korea's Kospi lost 0.7 percent. Hong Kong's Hang Seng shed 0.8 percent.

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[bigdog]

https://www.usnews.com/news/busines...-mixed-as-investors-mull-weekend-vote-results

A Rare Tumble for Tech Stocks Pulls US Indexes Lower
U.S. stock indexes fell on Monday after losses for technology companies overshadowed gains for energy producers and elsewhere.

By STAN CHOE, AP Business Writer

NEW YORK (AP) — Technology stocks slammed into reverse on Monday, and the losses overshadowed gains in other areas of the market to send broad U.S. indexes lower.

Treasury bond prices and gold rose, meanwhile, as investors looked for safer places for their money following the latest escalation in the heated rhetoric between the United States and North Korea. Stock markets around the world were mixed after the leader of Europe's largest economy retained her position, though her political strength may have weakened.

The Standard & Poor's 500 index dropped 5.56 points, or 0.2 percent, to 2,496.66. The Dow Jones industrial average fell 53.50 points, or 0.2 percent, to 22,296.09, and the Nasdaq composite dropped 56.33, or 0.9 percent, to 6,370.59. Smaller stocks held up better than the rest of the market, and the small-cap Russell 2000 index rose 1.18, or 0.1 percent, to 1,451.96.

The day's action was centered around the technology sector, and tech stocks in the S&P 500 lost 1.4 percent. That's more than three times the loss of any of the other 10 sectors that make up the index, and the losses were broad: Facebook fell 4.5 percent, Nvidia lost 4.5 percent and video-game developer Electronic Arts lost 3.6 percent.

Any stumble for tech this year has been notable given how much better it's done than the rest of the market. Tech stocks in the S&P 500 have jumped 23 percent in 2017, double the S&P 500's gain. They've been so successful that many hedge funds and other investors have bought them in hopes of riding the tide higher. But tech stocks' success also means that they're look more expensive than the rest of the market, relative to corporate profits.


"There have been a lot of dollars trafficking in these areas that have been winners the last year or so," said Nate Thooft, senior portfolio manager at Manulife Asset Management. "As people get scared — as they see better opportunities elsewhere, or as they see someone else heading for the gates — it's a bit of a self-fulfilling prophecy," he said, where investors look to sell their tech stocks before everyone else does.

As investors moved out of tech stocks on Monday, some money flowed into areas of the market that haven't done as well.

Energy stocks, which have been the worst performers in the S&P 500 this year, had the day's strongest gains. Marathon Oil gained 3.1 percent, for example, and Noble Energy rose 2.7 percent.

They rose with the price of oil, which has been holding above $50 per barrel in recent days after spending most of the summer below that level. Benchmark U.S. crude rose $1.56 to settle at $52.22, and Brent crude, the international standard, jumped $2.16 to $59.02 a barrel.

Genuine Parts had the biggest gain in the S&P 500 after it said it would buy Alliance Automotive Group, a European distributor of auto parts, tools and workshop equipment. Genuine Parts valued the deal at $2 billion, including debt.

Genuine Parts gained $5.24, or 6 percent, to $93.22.

The stock market has been remarkably placid for much of this year, and the biggest move for the S&P 500 last week was a dip of just 0.3 percent. A few events are on the schedule for this week, though, which could make markets more active.

Federal Reserve Chair Janet Yellen will give a speech on inflation and monetary policy on Tuesday, one of several central bankers on the schedule for the week. Investors are also waiting to hear more details about President Donald Trump's plans to cut taxes.


Investors were also keeping a close eye on tensions between North Korea and the U.S. On Monday, North Korea's foreign minister said Trump's threat over the weekend that leader Kim John Un may not be "around much longer" was a declaration of war.

Prices for Treasury bonds jumped after North Korea's foreign minister made his comments. That in turn pushed down yields.

The yield on the 10-year Treasury note fell to 2.21 percent from 2.25 percent late Friday. The two-year fell to 1.41 percent from 1.44 percent, and the 30-year dipped to 2.76 percent from 2.78 percent.

The price of gold had been down in morning trading, but it quickly reversed course following the North Korean statement. It rose $14 to $1,311.50 per ounce.

Silver gained 16 cents to $17.15 per ounce, and copper lost a penny to $2.94 per pound.

Natural gas dropped 4 cents to $2.92 per 1,000 cubic feet, heating oil rose 4 cents to $1.86 per gallon and wholesale gasoline added 5 cents to $1.72 per gallon.

In overseas markets, Germany's DAX index was virtually flat after Chancellor Angela Merkel won a fourth term. Merkel's party and its allies, though, lost some seats as they turned in one of their weakest postwar results. The results sent the euro lower and underscored the challenge Merkel has in forming a coalition with new partners to lead Europe's biggest economy.

The CAC 40 fell 0.3 percent in Paris, and the FTSE 100 dipped 0.1 percent in London.

In Asia, Japan's Nikkei 225 rose 0.5 percent, South Korea's Kospi slipped 0.3 percent and Hong Kong's Hang Seng fell 1.4 percent.

The euro fell to $1.1846 from $1.1941 late Friday, and the British pound slipped to $1.3470 from $1.3527. The dollar fell to 111.61 Japanese yen from 112.05 yen.

 

[bigdog]

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https://www.usnews.com/news/busines...s-lower-as-investors-watch-us-nkorea-tensions

Tech Stocks Rise, but US Indexes Finish Little Changed
US stocks finish little changed overall as small companies continue to rise and technology companies bounce back even as other sectors slump.

By MARLEY JAY, AP Markets Writer

NEW YORK (AP) — U.S. stock indexes finished barely higher Tuesday after a late slump erased most of an early gain. Technology companies recovered some of the losses they took a day earlier, but energy companies and banks slipped.

Strong gains for software company Red Hat and recoveries for big names like Apple and Facebook helped technology companies move higher. Cruise lines rose after Carnival had a stronger third quarter than analysts expected. Small-company stocks continue to set record highs.

With little corporate or economic news to focus on, investors turned their attention to a speech by Federal Reserve Chair Janet Yellen for clues about the Fed's thinking on interest rates.

Yellen told a conference of economists that the Fed is puzzled that inflation remains so low. While she and other policymakers still think inflation will eventually reach the Fed's 2 percent target, Yellen conceded that the Fed may need to change its assumptions.

Yellen also said the Fed should take care not to raise rates too slowly. JJ Kinahan, chief strategist for TD Ameritrade, said that was notable.

"That was a little bit stronger language than we've seen before," he said. Kinahan said investors have concluded over the last two weeks that the Fed will raise interest rates again in December, and Yellen's remarks did nothing to dispel that idea.

In Washington, Senate Republicans said they won't hold a vote on their latest health care bill because it did not have enough votes to pass. On Wednesday, the Trump administration plans to release an outline of its ideas on changes to the tax code.

With long negotiations likely just beginning, Kinahan said investors don't expect much to get done right away.


"For calendar year 2017, the market is giving Washington a pass on taxes," he said. "In 2018 that's not going to be the case."

The Standard & Poor's 500 index added 0.18 points to 2,496.84. The Dow Jones industrial average, which rose as much as 73 points during the day, lost 11.77 points, almost 0.1 percent, to 22,284.32 as McDonald's fell and Chevron went into a late slide.

The Nasdaq composite gained 9.57 points, or 0.2 percent, to 6,380.16 after a drop of 0.9 percent on Monday. The Russell 2000 index of smaller-company stocks gained 4.91 points, or 0.3 percent, to a record 1,456.86.

Carnival's third-quarter profit and revenue surpassed Wall Street's expectations. The cruise line raised its annual forecasts and said bookings and prices for next year are higher than they were at this time a year ago. Carnival gained $1.82, or 2.9 percent, to $65.32 and competitor Royal Caribbean Cruises rose $3.31, or 2.9 percent, to $117.19.

Open-source software maker Red Hat climbed $4.31, or 4.1 percent, to $110.07 after reporting a better-than-expected second quarter. Chipmaker Nvidia rose after it said several major Chinese companies, including e-commerce giants Alibaba and Baidu, will use its products in data centers and cloud computing platforms. It added 96 cents to $171.96.

Elsewhere, Apple picked up $2.59, or 1.7 percent, to $153.14 and Facebook rose $1.34 to $164.21.

The director of global sports marketing for athletic apparel maker Adidas was one of 10 people charged in what the U.S. government described as a scheme to match agents and advisers to college basketball players before they became NBA stars. Four assistant basketball coaches were arrested along with Adidas executive James Gatto. Adidas fell 2.4 percent in Germany.


Benchmark U.S. crude slid 34 cents to $51.88 a barrel in New York. Brent crude, the standard for international oil prices, gave up 58 cents to $58.44 a barrel in London. Chevron gave up 47 cents to $117.52 and Schlumberger fell 83 cents, or 1.2 percent, to $68.82.

Equifax announced the retirement of its chairman and CEO as the credit reporting agency tries to clean up a mess left by a data breach that exposed highly sensitive information about 143 million Americans. Richard Smith had been the company's CEO since 2005. The company said Smith won't receive his annual bonus or other benefits until Equifax finishes its investigation into the data breach it disclosed earlier this month. Two other company executives left on Sept. 15.

Equifax fell early on, but later recovered to finish 96 cents higher at $106.05.

Wholesale gasoline lost 2 cents to $1.70 a gallon. Heating oil retreated 1 cent to $1.85 a gallon. Natural gas remained at $2.92 per 1,000 cubic feet.

Bond prices declined. The yield on the 10-year Treasury note rose to 2.23 percent from 2.22 percent.

Gold lost $9.80 to $1,301.70 an ounce. Silver declined 26 cents to $16.88 an ounce. Copper fell 2 cents to $2.92 a pound.

The dollar rose to 112.17 yen from 111.61 yen. The euro fell to $1.1798 from $1.1846.

Germany's DAX rose 0.1 percent and the FTSE 100 in Britain fell 0.2 percent. France's CAC 40 rose less than 0.1 percent. Tokyo's Nikkei 225 lost 0.3 percent and the Hang Seng of Hong Kong gained less than 0.1 percent. The South Korean Kospi declined 0.3 percent.

 

[bigdog]

https://www.usnews.com/news/busines...stly-down-as-investors-focus-on-us-tax-reform

Small Companies Make Biggest Gains as US Stocks Rise
US stocks climb, and the biggest gains go to smaller banks, industrial and technology companies after the Labor Department said business investment appeared to get stronger in August.

By MARLEY JAY, AP Markets Writer

NEW YORK (AP) — U.S. stocks climbed Wednesday as smaller companies soared following a report that showed business investment climbed in August. Investors also hoped stocks will benefit from tax cuts proposed by President Donald Trump and congressional Republicans.

The Labor Department said orders for long-lasting manufactured goods rose, and a gauge of business investment climbed for the second month in a row. Investors hope that means U.S. manufacturing is getting stronger as the global economy continues to improve, and they bet on continued growth: technology companies rallied for a second day, while the prices of traditionally safe investments like bonds and gold dropped.

"We've been waiting for that," said Kate Warne, an investment strategist for Edward Jones, of the recent improvement. "Business spending has been relatively weak," with spending by consumers keeping the economy afloat.

Smaller, domestically-focused banks and technology and industrial firms made especially large gains, and the Russell 2000 index of smaller-company stocks made its biggest gain since March. The tax proposal was similar to what investors had come to expect, and with months of negotiations likely ahead and key details missing, it's not clear what kind of plan might ultimately pass. But lower corporate taxes could help smaller companies more than large ones.

"A corporate tax cut tends to be better news for smaller companies because they don't have as many ways to reduce their tax rate," said Warne.

The proposal would cut tax rates for individuals and corporations. It would lower the top corporate tax rate to 25 percent from its current 35 percent, and also reduces the number of personal tax brackets and nearly doubles the standard deduction used by most Americans.


The Standard & Poor's 500 index added 10.20 points, or 0.4 percent, to 2,507.04. The Dow Jones industrial average rose 56.39 points, or 0.3 percent, to 22,340.71. The Nasdaq composite leaped 73.10 points, or 1.1 percent, to 6,453.26.

The Russell 2000 did even better and continued to set records. It gained 27.95 points, or 1.9 percent, to 1,484.81. After a sluggish few months, the Russell has jumped more than 9 percent since mid-August. The S&P mid-cap and small-cap indexes also climbed.

The Labor Department's report gave investors hope the economy will keep growing, and Wall Street bet that interest rates will keep rising. The yield on the 10-year Treasury note climbed to 2.30 percent from 2.24 percent. That helped banks, as higher interest rates mean they can charge more to lend money. Bank of America picked up 60 cents, or 2.4 percent, to $25.41 and Citigroup rose $1.34, or 1.9 percent, to $72.28.

Meanwhile companies that pay big dividends took steep losses. Kimco Realty, a real estate investment trust that owns outdoor shopping centers, fell 75 cents, or 3.7 percent, to $19.41. Household products maker Procter & Gamble gave up $1.78, or 1.9 percent, to $90.87. Rising bond yields made government bonds a more appealing investment to investors seeking income.

The dollar got stronger and rose to 112.75 yen from 112.17 yen. The euro fell to $1.1756 from $1.1798.

Chipmaker Micron Technology had a better quarter than investors expected, and its stock rose $2.81, or 8.5 percent, to $37.09. Facebook climbed $3.47, or 2.1 percent, to $167.68 and Google's parent company Alphabet picked up $22.47, or 2.4 percent, to $959.90.


Shoe and athletic gear maker Nike said sales in the U.S. remained weak in its first fiscal quarter and steep discounts continued to affect its business. While its earnings and revenue were better than analysts expected, analysts chalked much of that up to lower taxes, stock repurchases, and spending cuts.

Nike lost $1.03, or 1.9 percent, to $52.67.

Utility company Scana took its biggest loss in almost nine years after state police in South Carolina said they are looking into "potential criminality" by the company after a nuclear plant construction project was shut down after some $10 billion had already been spent. Its South Carolina Electric & Gas unit and partner Santee Cooper canceled the project in July after contractor Westinghouse filed for bankruptcy.

Scana said it will cooperate fully with the inquiry. Its stock sank $4.35, or 7.8 percent, to a two-year low of $51.22.

Gold fell to its lowest in a month. The metal's price declined $13.90, or 1.1 percent, to $1,287.80 an ounce. Two weeks ago gold was at a 12-month high, but it's fallen sharply since then. Silver lost 6 cents to $16.83 an ounce. Copper rose 1 cent to $2.93 a pound.

Benchmark U.S. crude added 26 cents to $52.14 a barrel in New York while Brent crude, the standard for international oil prices, fell 54 cents, to $57.90 a barrel in London.

Wholesale gasoline fell 4 cents to $1.65 a gallon. Heating oil remained at $1.85 a gallon. Natural gas rose 6 cents to $2.97 per 1,000 cubic feet.

The FTSE 100 index in Britain rose 0.4 percent while Germany's DAX rose 0.4 percent. The CAC 40 in France added 0.3 percent. Japan's Nikkei 225 fell 0.3 percent and South Korea's Kospi dipped less than 0.1 percent. Hong Kong's Hang Seng index rose 0.5 percent.

 

[bigdog]

https://www.usnews.com/news/busines...ixed-as-investors-gauge-impact-of-us-tax-plan

Gains for Drugmakers Help US Stocks Reach New Records
US stocks edge higher as drugmakers, technology companies and financials all rise.

By MARLEY JAY, AP Markets Writer

NEW YORK (AP) — U.S. stocks finished slightly higher Thursday, led by technology companies and drugmakers. After a big move the day before, that was enough to take stocks back to record highs.

After a slow start, stocks gradually moved upward in afternoon trading as companies in technology, basic materials, real estate and finance contributed modest gains. Drugmaker AbbVie jumped after it reached a deal with a competitor that would delay competition for its anti-inflammatory treatment Humira, the biggest-selling drug in the world. Industrial firms took small losses as big names like Boeing and General Electric declined.

September is historically the weakest month of the year for stocks, but the Standard & Poor's 500 has risen 1.6 percent this month. The third quarter ends Friday, and the index has climbed 12 percent this year. That has some investors wondering if other markets are poised to do better than U.S. stocks in the months to come.

"The U.S. economic cycle is so much further along than the Europe economic cycle," said Sameer Samana, global quantitative strategist for the Wells Fargo Investment Institute. He added that European stocks haven't done as well as U.S. stocks in 2017, and with the European Central Bank getting ready to start raising interest rates, banks in Europe should start making more money.

But Samana thinks stocks that are linked to U.S. economic growth, like banks and industrial and consumer-focused companies, should continue to do well. Those stocks mostly climbed on Thursday.

The Standard & Poor's 500 index rose 3.02 points, or 0.1 percent, to a record high of 2,510.06. The Dow Jones industrial average gained 40.49 points, or 0.2 percent, to 22,381.20. The Nasdaq composite inched up 0.19 points to 6,453.45. The Russell 2000 index of smaller-company stocks continued to set new highs as it advanced 3.97 points, or 0.3 percent, to 1,488.79.


Drugmaker AbbVie climbed after it resolved a patent dispute over Amgen's version of AbbVie's drug Humira, which is the source of most of its revenue. Amgen agreed not to begin selling its version of the anti-inflammatory medicine in Europe until October 2018, and the U.S. version won't go on the market until Jan. 31, 2023.

The settlement would mean billions of dollars in additional sales for AbbVie, which reported $16 billion in Humira sales in 2016. Its stock gained $4.21, or 5 percent, to $88.96 and Amgen rose 58 cents to $185.46.

Abbott Laboratories jumped after the Food and Drug Administration approved its FreeStyle Libre Flash glucose monitoring system for adults with Type 1 diabetes. The product uses a sensor inserted below the skin to measure blood glucose. Analysts say Abbott could have a competitive edge because the FDA did not advise patients to take samples of their blood to confirm the system's readings.

Abbott rose $1.9, or 2.9 percent, to $53.64. DexCom, which gets all its revenue from selling its own blood glucose monitoring system, plunged $22.03, or 32.7 percent, to $45.44 in heavy trading.

Spice maker McCormick raised its profit and revenue estimates after it beat expectations in the fiscal third quarter. Its stock gained $5.20, or 5.4 percent, to $101.65.

Streaming video device maker Roku surged in its first day of trading. Its initial public offering priced at $14 a share and it jumped $9.50, or 67.9 percent, to finish at $23.50. the company makes boxes and sticks that let users watch Netflix, Hulu and other streaming networks on their TVs. Roku was an early entrant in that industry, but now faces competition from companies like Amazon, Apple, and Google's parent company Alphabet.


Roku raised $219 million from the offering and the IPO valued the company at $1.3 billion.

Drugstore chain Rite Aid dropped after its quarterly revenue fell short of Wall Street's forecasts. The stock lost 25 cents, or 11 percent, to $2.03. Earlier this month the company agreed to sell almost half of its stores to rival Walgreens for $4.38 billion, but the slimmed-down deal was smaller than investors had hoped.

Benchmark U.S. crude gave up an early gain and fell 58 cents, or 1.1 percent, to $51.56 a barrel in New York. Brent crude, the standard for international oil prices, fell 49 cents to $57.41 per barrel in London.

Wholesale gasoline lost 2 cents to $1.63 a gallon. Heating oil fell 1 cent to $1.83 a gallon. Natural gas slid 4 cents to $3.02 per 1,000 cubic feet.

Bond prices rebounded from an early slump. The yield on the 10-year Treasury note remained at 2.31 percent.

Gold inched up 90 cents to $1,288.70 an ounce. Silver added 2 cents to $16.85 an ounce. Copper rose 5 cents to $2.98 a pound.

The dollar dipped to 112.39 yen from 112.75 yen. The euro rose to $1.1791 from $1.1756.

The German DAX gained 0.4 percent and the CAC 40 in France rose 0.2 percent. In Britain the FTSE 100 added 0.1 percent. Japan's Nikkei index rose 0.5 percent and in South Korea the Kospi made a tiny gain. Hong Kong's Hang Seng index slipped 0.8 percent.

 

[bigdog]

https://www.usnews.com/news/busines...res-slightly-higher-though-japan-is-exception

Technology Firms and Small Companies Lead US Stocks Higher
Stocks finish the third quarter by setting more records as technology companies and smaller, domestically-focused companies climb.

By MARLEY JAY, AP Markets Writer

NEW YORK (AP) — Large technology and health care companies and smaller U.S.-focused firms rose again Friday as stocks finished the third quarter at record highs.

Stocks were mixed at the start of trading, as they had been the day before. But chipmakers and big-name technology companies pulled stocks higher, as they have done all year. Health care companies also did better than the rest of the market. Tyson Foods climbed after it gave strong profit forecasts, and investors cheered strong quarterly results from homebuilder KB Home.

The market ended the quarter on a four-day winning streak that began after Federal Reserve Chair Janet Yellen said the central bank plans to continue to raising interest rates.

"It's all about the confidence they have that despite low inflation, it still makes sense to raise interest rates," said Randy Frederick, vice president of trading and derivatives at the Schwab Center for Financial Research. "She's confident in the economy and the economic backdrop is very solid."

The Standard & Poor's 500 index rose 9.30 points, or 0.4 percent, to 2,519.36. The Dow Jones industrial average turned higher to finish with a gain of 23.89 points, or 0.1 percent, at 22,405.09. The Nasdaq composite jumped 42.51 points, or 0.7 percent, to 6,495.96. The S&P 500 and Nasdaq both closed at all-time highs.

The Russell 2000 index of small-company stocks added 2.08 points, or 0.1 percent, to 1,490.86. It's also at record highs after a big rally this month. It climbed 6 percent in September as investors felt positive about the U.S. economy and hoped Congress and President Donald Trump's administration will reduce taxes.

Tyson Foods jumped after the food company raised its annual guidance and said profits for its beef business were better than expected. Thanks in part to cost cuts, Tyson also forecast a bigger profit than analysts expected for next year.


Tyson climbed $5, or 7.6 percent, to $70.45. The stock gained more ground Friday than it had for the rest of this year put together. Rival Hormel Foods, whose brands include Skippy, rose 43 cents, or 1.4 percent, to $32.14. Those companies and their competitors have struggled in recent years as Americans look for fresher food options.

Technology companies rose further and were the best-performing S&P 500 sector in the third quarter. They also held that distinction in the first quarter. The S&P 500 technology index has climbed 26 percent in 2017, while the S&P 500 is up 12.5 percent.

Facebook added $2.14, or 1.3 percent, to $170.87 and chip equipment maker Applied Materials rose $1.47, or 2.9 percent, to $52.09. Chipmaker Nvidia advanced $3.09, or 1.8 percent, to $178.77.

The recent gains for tech companies have come in spite of a slump for Apple, the world's most valuable publicly-traded company. While Apple has soared this year, it's down 4 percent since it announced its new line of iPhones and other products Sept. 12.

KB Home advanced after its third-quarter profit and sales beat estimates. The stock rose $1.90, or 8.6 percent, to $24.12. Other homebuilders also rose. Meritage Homes picked up 85 cents, or 2 percent, to $44.40 and D.R. Horton advanced 95 cents, or 2.4 percent, to $39.93.

Oil prices recovered and turned higher just before the close of trading. Benchmark U.S. crude rose 11 cents to $51.67 a barrel in New York. Brent crude, the standard for international oil prices, rose 13 cents to $57.54 a barrel in London.


U.S. crude oil rose 12 percent in the third quarter, which helped energy companies do better than the rest of the market. But on Friday those companies gave back some of their recent gains.

Stocks have risen for eight quarters in a row, and Frederick, of the Schwab Center, said he expects that to continue in the fourth quarter as the global economy is likely to keep growing and interest rates in the U.S. should rise more, which will help profits for banks. However Frederick said it's possible that concerns about domestic politics, including the federal debt limit, or international concerns such as tensions with North Korea will weigh on stocks again, as they did at times in the third quarter.

In other energy trading, wholesale gasoline slid 3 cents to $1.61 a gallon. Heating oil declined 2 cents to $1.81 a gallon. Natural gas gave up 1 cent to $3.01 per 1,000 cubic feet.

Bond prices turned lower. The yield on the 10-year Treasury note rose to 2.33 percent from 2.31 percent.

Gold lost $3.90 to $1,284.80 an ounce. Silver slid 17 cents to $16.68 an ounce. Copper fell 3 cents to $2.96 a pound.

The dollar rose to 112.51 yen from 112.39 yen. The euro rose to $1.1816 from $1.1791.

Germany's DAX added 1 percent and the FTSE 100 in Britain and CAC 40 in France both gained 0.7 percent. In Japan, the benchmark Nikkei 225 inched down less than 0.1 percent. South Korea's Kospi jumped 0.9 percent and Hong Kong's Hang Seng edged up 0.5 percent.

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