NYSE Dow Jones finished today at:

[bigdog]

https://www.usnews.com/news/busines...ets-mixed-as-market-awaits-trump-fed-decision

Stocks Around the World Take a Pause Ahead of Frenetic Week
Stock markets around the world took a pause on Monday from their record-setting run ahead of a busy week for markets.

By STAN CHOE, AP Business Writer

NEW YORK (AP) — Stocks retreated from their record highs on Monday, ahead of a frenetic week for markets.

Investors are waiting to learn who the next head of the Federal Reserve will be, what several of the world's biggest central banks will decide on interest rates, and whether Apple and other big U.S. companies can keep piling their profits higher. In the meantime, reports continued to show that the economy is strengthening and negotiations continued in Washington to cut income-tax rates.

Amid the many cross currents, the Standard & Poor's 500 index fell 8.24 points, or 0.3 percent, to 2,572.83 from its record set on Friday. Losses for health care stocks, telecoms and other areas of the market overshadowed gains for technology companies and energy producers.

The Dow Jones industrial average fell 85.45, or 0.4 percent, to 23,348.74, and the Nasdaq composite dropped 2.30, or less than 0.1 percent, to 6,698.96. Smaller stocks fell more than the rest of the market, and the small-cap Russell 2000 index lost 17.42, or 1.2 percent, to 1,490.90.

Investors expect President Donald Trump to announce his choice for the next chair of the Federal Reserve by the end of the week. The central bank has played a pivotal role in the economy's recovery from the Great Recession and the stock market's leap to record after record. Jerome "Jay" Powell, a member of the Federal Reserve's board, is Trump's leading candidate to replace Janet Yellen as the head of the nation's central bank, with an announcement planned for Thursday, according to senior administration officials.

The choice could have far-ranging effects on the markets, particularly if the new chair advocates a more aggressive policy in raising interest rates than Yellen has. Low interest rates have helped to push returns higher for bond funds, stocks and all kinds of other investments around the world. But pressure may be rising for the Fed to increase rates more quickly.

A report on Monday showed that U.S. consumer-spending growth accelerated last month, led by a pickup in auto sales. It's the latest piece of evidence that the economy is picking up momentum.

On Friday, the week's headline economic report is expected to show that job growth continues to be strong and that the unemployment rate remained at a 16-year low.

Against the backdrop of an economy that's growing at a 3 percent annual rate, all those ingredients could lead to higher inflation, something that's been scarce in the global economy for years, said Jim Paulsen, chief investment strategist of the Leuthold Group. That could force the Fed to push rates higher more quickly.

"We've rarely had 3 percent back-to-back quarters of growth in this recovery, and we have never had that when we've been at 4 percent unemployment," he said.

The Federal Reserve is scheduled to start a two-day meeting on Tuesday. Most investors expect the Fed to raise rates at its next meeting in December, which would be the third increase of the year.

Other central banks meeting this week include the Bank of Japan and the Bank of England.

Investors are also waiting to see what progress can be made in Washington on revamping the nation's tax system. Stocks have climbed in recent weeks in part on rising expectations that lower tax bills — and bigger profits — may be on the way for companies. But tax changes still face resistance on Capitol Hill, as Congress looks for ways to raise revenue so the deficit doesn't leap higher.

This week will also see more than 100 companies in the S&P 500 index report their earnings results for July through September. Strong earnings growth has helped to drive the stock market higher, and tech stocks have been delivering some of the most consistent growth. They'll likely need to continue to do so to justify their lofty stock prices. Tech giant Apple will report its results on Thursday.

Merck recorded one of the biggest losses in the S&P 500 on Monday after it withdrew an application to market its Keytruda cancer drug in Europe. Merck fell $3.53, or 6.1 percent, to $54.71.

Telecom stocks were also weak. Shares of Sprint and T-Mobile US plunged after a report from Nikkei in Japan said that Sprint's majority owner, Softbank, wants merger negotiations between the companies called off. Sprint fell 65 cents, or 9.3 percent, to $6.34, and T-Mobile US lost $3.37, or 5.4 percent, to $59.58.

In overseas stock markets, the French CAC 40 was close to flat, Germany's DAX added 0.1 percent and the FTSE 100 in London dipped 0.2 percent. Japan's Nikkei 225 index was virtually flat, South Korea's Kospi rose 0.2 percent and the Hang Seng in Hong Kong lost 0.4 percent.

In the commodities market, benchmark U.S. crude rose 25 cents to settle at $54.15 per barrel. Brent crude, the international standard, rose 46 cents to $60.90 a barrel.

Natural gas was close to flat at $2.97 per 1,000 cubic feet, heating oil added a penny to $1.88 per gallon and wholesale gasoline was close to flat at $1.76 per gallon.

Gold rose $5.90 to $1,277.70 per ounce, silver gained 10 cents to $16.85 per ounce and copper added a penny to $3.11 per pound.

The dollar dipped to 113.18 Japanese yen from 113.81 yen late Friday. The euro rose to $1.1637from $1.1599, and the British pound inched up to $1.3199from $1.3125.

Bond yields fell as prices for Treasurys rose. The yield on the 10-year Treasury note fell to 2.36 percent. The two-year yield dipped to 1.57 percent from 1.60 percent late Friday, and the 30-year yield sank to 2.88 percent from 2.92 percent.

 

[bigdog]

https://www.usnews.com/news/busines...s-sag-after-wall-st-pull-back-weak-china-data

Stocks Rise: S&P 500 Closes Seventh Straight Month of Gains
U.S. stocks inched ahead on Tuesday after the makers of Kellogg's cereal and Oreo cookies joined the parade of companies reporting stronger-than-expected profits for the summer.

By STAN CHOE, AP Business Writer

NEW YORK (AP) — U.S. stocks inched ahead on Tuesday after the makers of Kellogg's cereal and Oreo cookies joined the parade of companies reporting stronger-than-expected profits.

The Standard & Poor's 500 index gained 2.43 points, or 0.1 percent, to 2,575.26, the latest tick higher in what's been a remarkably smooth ride this year. The index closed out October with its seventh straight month of gains, the longest such streak in more than four years.

The Dow Jones industrial average rose 28.50, or 0.1 percent, to 23,377.24, and the Nasdaq composite gained 28.71, or 0.4 percent, to 6,727.67, a new record. Smaller stocks did better than the rest of the market, and the Russell 2000 index of small-cap stocks gained 11.64, or 0.8 percent, to 1,502.53.

Food companies helped lead the market higher after Kellogg and Mondelez International both reported stronger results for the latest quarter than analysts expected. Kellogg jumped $3.66, or 6.2 percent, to $62.53, and Mondelez rose $2.13, or 5.4 percent, to $41.43.

"It's been a fantastic earnings season," said JJ Kinahan, chief market strategist at TD Ameritrade. "People talk about taxes, low interest rates and all these other things, but what really drives the market is earnings."

More than half the companies in the S&P 500 have reported their results for the July-through-September quarter, and most have topped Wall Street's forecasts. Several big names are still on the docket for this week, with Facebook set to report on Wednesday and Apple on Thursday.

Rockwell Automation surged to the biggest gain in the S&P 500 after it received a buyout bid worth $215 per share in cash and stock. The company said it rejected the unsolicited bid from Emerson Electric on Oct. 10. Rockwell Automation jumped $13.82, or 7.4 percent, to $200.82.


On the losing end was Under Armour, which recorded the largest loss in the S&P 500 after it said demand for its sporting gear in North America weakened last quarter and cut its forecast for earnings this year. Its Class A shares fell $3.89, or 23.7 percent, to $12.52.

Besides earnings, investors are also facing a deluge of other events that could be headliners on their own.

Several of the world's largest central banks are meeting this week, and the Bank of Japan decided on Tuesday to keep its interest rates at ultra-low levels. The Bank of England is expected to raise interest rates on Thursday, which would be the first increase in in a decade. And the Federal Reserve will wrap up a two-day meeting on Wednesday, though most economists expect it to wait until its December gathering to raise rates for the third time this year.

More attention is on President Donald Trump's choice for the next Fed chair. He's expected to make the announcement on Thursday, and the leading candidate appears to be Jerome "Jay" Powell, who is already a member of the Fed's board.

The Fed has been slowly raising interest rates, and encouraging economic reports on Thursday further strengthened expectations that it will continue. Confidence among U.S. consumers hit its highest level last month in nearly 17 years, for example.

Investors are also waiting to hear details about Washington's attempts to cut income-tax rates. A cut would help boost profits for companies, and stocks of smaller companies in particular have been rising and falling in sync with expectations for an overhaul of the tax system.


At the end of the week, the government will unveil the month's most anticipated economic data, its jobs report. Economists expect to see continued strength in hiring.

Bond yields held steady Tuesday as prices for Treasurys were close to flat. The yield on the 10-year Treasury note was flat at 2.37 percent, and the two-year yield rose to 1.60 percent from 1.58 percent late Monday. The 30-year Treasury slipped to 2.87 percent from 2.88 percent.

In overseas stock markets, the French CAC 40 rose 0.2 percent, and the FTSE 100 in London rose 0.1 percent. Japan's Nikkei 225 index was virtually flat, while the Hang Seng in Hong Kong lost 0.3 percent and South Korea's Kospi advanced 0.9 percent.

The dollar inched up to 113.71 Japanese yen from 113.18 yen late Monday. The euro ticked up to $1.1651 from $1.1637, and the British pound rose to $1.3282 from $1.3199.

Benchmark U.S. crude oil rose 23 cents to settle at $54.38 per barrel. Brent crude, the international standard, rose 47 cents to $61.37 per barrel.

Natural gas fell 7 cents to $2.90 per 1,000 cubic feet, heating oil was close to flat at $1.88 per gallon and wholesale gasoline rose 2 cents to $1.78 per gallon.

Gold slipped $7.20 to $1,270.50 per ounce, silver lost 15 cents to $16.69 per ounce and copper dipped a penny to $3.10 per pound.

 

[bigdog]

https://www.usnews.com/news/busines...-rise-on-optimism-on-growth-wall-street-gains

S&P 500 Inches Closer to Record as Global Stocks Rise
Stocks around the world pushed higher again on Wednesday, led by companies that pull oil and other commodities from the ground

By STAN CHOE, AP Business Writer

NEW YORK (AP) — Rising energy stocks helped nudge the Standard & Poor's 500 close to its record high, but drops for smaller stocks left U.S. indexes mixed on Wednesday.

Markets around the world were broadly higher as investors got more evidence that the global economy is strengthening and corporate profits are climbing. The Federal Reserve said the U.S. economy is rising "at a solid rate," even with damage from recent hurricanes, as it announced a decision to hold interest rates steady at their low levels.

The S&P 500 rose 4.10 points, or 0.2 percent, to 2,579.36. Earlier in the day, it had climbed above its record closing high of 2,581.07 set last week.

The Dow Jones industrial average gained 57.77 points, or 0.3 percent, to 23,435.01. Other U.S. indexes weakened. The Nasdaq composite fell 11.14 points, or 0.2 percent, to 6,716.53. The small-cap Russell 2000 index lost 10.00 points, or 0.7 percent, to 1,492.78.

Energy stocks led the market, and those in the S&P 500 rose 1.1 percent for the biggest gain among the sectors that make up the index. They climbed after the price of oil topped $55 per barrel to touch its highest level since Jan. 3, though it backtracked as the day went on.

Estee Lauder jumped to the biggest gain in the S&P 500 after strong sales growth in China and Hong Kong helped it to report a bigger profit than analysts expected. It rose $10.31, or 9.2 percent, to $122.12.

The cosmetics giant joined the growing list of companies that beat analysts' expectations for earnings in the most recent quarter. Nearly two thirds of companies in the S&P 500 have said how they performed from July through September, and the majority have topped Wall Street's forecasts.


They have been reaping better revenue and profits as the economy strengthens, and a report on Wednesday showed that private employers added more jobs last month than economists expected. It raises expectations that Friday's more comprehensive jobs report from the government will be strong too.

"What we've been waiting for the last five-plus years is stronger economic growth leading to better employment numbers, or one feeding into the other, and leading to stronger wage growth," said Jon Mackay, investment strategist at Schroders. "We just haven't seen the wage growth part of it, but now we're seeing the wage growth start to tick through."

Other economies around the world are also improving in sync, which further raises optimism. "Globally, it tends to have a self-reinforcing effect," Mackay said. "People buy more goods from the U.S., emerging-market economies do better, banks have the capacity to lend more, and that leads to more capital spending and more consumer spending. At some point, it becomes overdone, but we're not anywhere close to that yet."

With the economy improving, the Federal Reserve has been slowly increasing interest rates from their record low. On Wednesday, it decided to hold rates steady, but most economists expect it to raise them at its next meeting in December.

The weakest part of the stock market on Wednesday was smaller stocks. They have generally been rising and falling in recent weeks with expectations that Congress will be able to overhaul the tax system and cut rates. Smaller companies often pay higher tax rates than their bigger rivals.

But House Republicans missed a self-imposed Wednesday deadline for a public release of their tax plan, as members debate whether to change the tax benefits of 401(k) contributions and other details. The rollout appears set for Thursday.


In overseas stock markets, the French CAC 40 rose 0.2 percent, the FTSE 100 in London dipped 0.1 percent and Germany's DAX rose 1.8 percent. The Japanese Nikkei 225 index jumped 1.9 percent, South Korea's Kospi gained 1.3 percent and the Hang Seng in Hong Kong climbed 1.2 percent.

In the commodities market, benchmark U.S. crude dipped 8 cents to settle at $54.30 per barrel. Brent crude, the international standard, fell 45 cents to $60.49. Natural gas was virtually flat at $2.89 per 1,000 cubic feet, heating oil fell 2 cents to $1.86 per gallon and wholesale gasoline rose 1 cent to $1.74 per gallon.

Gold rose $6.80 to settle at $1,277.30 per ounce, silver gained 48 cents to $17.18 per ounce and copper climbed 4 cents to $3.14 per pound.

The 10-year Treasury yield dipped to 2.37 percent from 2.38 percent late Tuesday. The two-year yield held steady at 1.60 percent, and the 30-year yield dipped to 2.85 percent from 2.88 percent.

The dollar rose to 114.22 Japanese yen from 113.71 yen late Tuesday. The euro dipped to $1.1620 from $1.1651, and the British pound fell to $1.3249 from $1.3282.

 

[bigdog]

https://www.usnews.com/news/busines...markets-mixed-as-market-await-next-fed-leader

US Stocks End Mixed on Tax Proposals and Shaky Forecasts

US stocks finished mixed as House Republicans' tax cut proposals give smaller companies a boost, but home improvement retailers and homebuilders fall as the plan calls for reducing the tax deduction for interest on mortgage payments.

By MARLEY JAY, AP Markets Writer

NEW YORK (AP) — U.S. stocks finished mixed on Thursday as investors pored over House Republican's tax proposals and President Donald Trump picked Fed Governor Jerome "Jay" Powell to lead the Federal Reserve. Weak results from consumer and health care companies pulled those parts of the market lower.

The House tax plan would temporarily cut the top corporate tax rate to 20 percent from 35 percent. That helped smaller, more U.S.-focused companies, because they generally pay higher tax rates than larger firms that do a lot of business in other countries. Home improvement retailers and homebuilders slumped because the bill would reduce the amount of interest Americans can deduct on new mortgages. That could hurt home sales, particularly in high-cost areas.

The GOP tax plan was mostly what investors expected, said Mona Mahajan, U.S. investment strategist for Allianz Global Investors. She noted that the bill would immediately lower the corporate tax rate instead of reducing it over time, an idea some Republicans had proposed earlier.

"That alone is a win for corporations becoming more competitive with global peers, especially the small cap and domestic companies," she said.

The choice of Powell also didn't surprise Wall Street, as he had been seen as the most likely pick for a week or so. If he's approved by the Senate, Powell would replace current Chair Janet Yellen when her term ends in February. He has been a Fed policymaker since 2012 and is generally seen as favoring lower interest rates than other top candidates. Investors expect him to keep raising rates at the gradual pace the Fed has maintained over the last few years.

The Standard & Poor's 500 index rose 0.49 points to 2,579.85. The Dow Jones industrial average added 81.25 points, or 0.3 percent, to a record 23,516.26. The Nasdaq composite sank 1.59 points to 6,714.94. The Russell 2000 index of smaller-company stocks picked up 3.77 points, or 0.3 percent, to 1,496.55. Slightly more stocks on the New York Stock Exchange fell than rose.


The House tax plan could go through major changes, and Republicans have a slimmer majority in the Senate. As written, it would double the standard deduction used by most taxpayers to $12,000 for individuals and $24,000 for families and increase the child tax credit. The deduction for state income taxes would be eliminated and a deduction for local property taxes would shrink. It sets a 10 percent tax on profits for overseas subsidiaries of U.S. corporations and would let U.S. companies return profits stockpiled overseas at a one-time 12 percent rate.

Mahajan said a cut in personal taxes could boost consumer spending and economic growth, but she thinks companies would spend most of the savings from a corporate tax cut on dividends and stock buybacks instead of investment that would speed up economic growth.

Another part of the bill would reduce the widely-used deduction for mortgage interest for new home loans. It would cap the deduction for mortgage interest at the first $500,000 of the loan, half the current limit of $1 million. That change would apply only to new loans.

Luxury homebuilder Toll Brothers sank $2.84, or 6.1 percent, to $43.79. Retailer Home Depot fell $2.67, or 1.6 percent, to $162.71.

Several notable companies plunged after they cut their annual forecasts. Sharpie and Rubbermaid maker Newell Brands tumbled $10.99, or 26.6 percent, to a three-year low of $30.01. Underwear and sock maker Hanesbrands lost $1.93, or 8.8 percent, to $20.08.


While Powell, the proposed Federal Reserve chair, is seen as similar to Yellen in important ways, he shares Trump's interest in reducing some of the banking regulations that were imposed after the 2008-09 financial crisis.

Trump's first Federal Reserve appointment, Randy Quarles, was approved last month, and Allianz strategist Mahajan noted that three more Federal Reserve spots are open because of some early retirements and positions that Senate Republicans blocked President Barack Obama from filling. That means Trump can quickly pick several more policymakers who support his goals.

"He has a really unprecedented opportunity to shape the Fed like none other," she said.

In electronic trading, Apple climbed 3.5 percent after its fiscal fourth-quarter results and its forecasts were better than expected.

Bond prices rose. The yield on the 10-year Treasury note declined to 2.35 percent from 2.37 percent. The yield on the 2-year note fell to 1.60 percent from 1.62 percent.

U.S. crude oil rose 24 cents to $54.54 a barrel in New York. Brent crude, the standard for international oil prices, picked up 13 cents to $60.62 a barrel in London.

Wholesale gasoline added 3 cents to $1.77 a gallon. Heating oil fell 1 cent to $1.85 a gallon. Natural gas rose 4 cents to $2.94 per 1,000 cubic feet.

Gold rose 80 cents to $1,278.10 an ounce. Silver dipped 4 cents to $17.14 an ounce. Copper remained at $3.14 a pound.

The dollar slipped to 114 yen from 114.22 yen. The euro rose to $1.1659 from $1.1620.

The Bank of England raised interest rates for the first time in a decade. The pound fell as investors felt rates won't go up again soon, and the British FTSE 100 index rose 0.9 percent. Germany's DAX fell 0.3 percent and the CAC 40 in France declined 0.1 percent. Tokyo's Nikkei 225 gained 0.5 percent and the South Korean Kospi fell 0.4 percent while Hong Kong's Hang Seng index shed 0.3 percent.

 

[bigdog]

https://www.usnews.com/news/busines...muted-as-investors-assess-china-data-fed-pick

Rising Tech Stocks Send S&P 500 to Record, 8th Weekly Gain

Rising technology stocks helped lift U.S. indexes on Friday, and the Standard & Poor's 500 index recorded an eighth straight week of gains.

By STAN CHOE, AP Business Writer

NEW YORK (AP) — Another spurt higher for Apple and other technology stocks helped the Standard & Poor's 500 set a new record on Friday, and the index closed out an eighth straight week of gains.

It was another mostly calm day for markets after a report showed that the U.S. job market strengthened last month, though not by as much as expected. Bond yields held relatively steady, stock markets around the world rose modestly and the price of oil climbed to its highest level in more than two years.

The S&P 500 rose 7.99 points, or 0.3 percent, to 2,587.84 after flipping between modest gains and losses earlier in the day. The push higher helped it clinch its longest weekly winning streak in nearly four years.

The Dow Jones industrial average rose 22.93 points, or 0.1 percent, to 23,539.19, and the Nasdaq composite climbed 49.49 points, or 0.7 percent, to 6,764.44.

Technology stocks led the way, as they have for most of this year. Apple was at the forefront after it reported stronger revenue and earnings for the latest quarter than analysts forecast. A new iPhone model debuted on Friday, and Apple said it expects the $1,000 phone to make this holiday season its best quarter ever. Apple shares rose $4.39, or 2.6 percent, to $172.50.

On the losing side was American International Group, which fell to one of the sharpest losses in the S&P 500 after it reported weaker results for the latest quarter than analysts expected. The insurer's shares dropped $2.98, or 4.6 percent, to $62.00.

AIG was an outlier in what has been a better-than-expected earnings season. Most companies have delivered higher profits for the July-through-September quarter than Wall Street had forecast, with growth particularly strong for the technology sector.


Early in the day, gains for the market were more tentative after the government released the most highly anticipated economic report of each month: the jobs report.

Employers added 261,000 jobs in October, and the unemployment rate dipped to 4.1 percent, its lowest level in nearly 17 years. But job and wage growth were weaker than economists forecast. Average hourly earnings were up 2.4 percent from a year earlier, a slowdown from September's 2.8 percent rate.

While the jobs report offered a mixed bag, other economic reports on Friday were more encouraging, including ones that showed better-than-expected growth in the nation's service sector and factories, said Phil Orlando, chief equity market strategist at Federated Investors. That has him and other investors confident that the economy is continuing to strengthen, which should translate into higher corporate profits.

"I think these numbers will clean themselves up in the next month or two," Orlando said.

Economists said the last two months' jobs reports have been difficult to parse because of the damage that hurricanes did across broad swaths of the economy. The government initially said employers cut 33,000 jobs in September, but on Friday it said that employment actually grew by 18,000 during the month.

The mostly encouraging reports on the economy bolstered expectations that the Federal Reserve will raise interest rates at its next meeting in December. It would be the third increase this year.

The Fed is slowly reining in the stimulus it provided the economy following the Great Recession. Besides gradually raising interest rates, it's also trimming its bond-investment portfolio. Economists expect the slow pace to continue, even as a new chairman arrives. President Donald Trump on Thursday nominated Jerome "Jay" Powell to succeed Janet Yellen, whose term expires in February.


Interest rates held relatively steady. The yield on the 10-year Treasury note dipped to 2.33 percent from 2.35 percent late Thursday. The two-year yield was unchanged at 1.61 percent, and the 30-year yield slipped to 2.81 percent from 2.83 percent.

In the commodities market, benchmark U.S. crude jumped $1.10 to $55.64 per barrel, its highest settlement price since July 2015. Brent crude, the international standard, rose $1.45 to $62.07.

Natural gas rose 5 cents to $2.98 per 1,000 cubic feet, heating oil gained 3 cents to $1.89 per gallon and wholesale gasoline climbed 2 cents to $1.79 per gallon.

Gold fell $8.90 to $1,269.20 per ounce, silver lost 30 cents to $16.83 per ounce and copper dropped 3 cents to $3.12 per pound.

In overseas stock markets, the French CAC 40 rose 0.1 percent, Germany's DAX gained 0.3 percent and the FTSE 100 in London added 0.1 percent.

South Korea's Kospi index rose 0.5 percent, and the Hang Seng in Hong Kong gained 0.3 percent. Japan's market was closed for a holiday.

The dollar rose to 114.16 Japanese yen from 114.00 yen late Thursday. The euro dipped to $1.1608 from $1.1659, and the British pound rose to $1.3069 from $1.3060.

5338

 

[bigdog]

https://www.usnews.com/news/busines...own-after-weak-us-jobs-as-trump-trip-in-focus

Stocks Rise as Oil Jumps 2-Year High; Chipmakers Climb

US stocks are rising as oil prices jump to a two-year high on reports of tumult in Saudi Arabia and technology companies rise as investors consider potential deals among chipmakers.

By MARLEY JAY, AP Markets Writer

NEW YORK (AP) — U.S. stocks made modest gains and set more records Monday as upheaval in oil-rich Saudi Arabia sent crude prices to two-year highs. Chipmakers and media companies climbed on deal reports while phone and household goods companies sank.

U.S. crude oil reached its highest price since mid-2015 after dozens of Saudi princes and senior officials and businessmen were arrested as part of a purported corruption investigation. Saudi Arabia is the world's largest exporter of oil, and investors wondered if the tumult could constrict oil supplies and drive prices higher. Energy companies jumped, with drilling companies making some of the biggest gains.

Chipmakers surged after Broadcom offered to buy competitor Qualcomm for $103 billion, which would be the largest technology acquisition ever if it's completed. Wireless carriers Sprint and T-Mobile tumbled after they called off merger talks over the weekend, and reports that Sprint's owner, Japanese conglomerate SoftBank, might buy cable company Charter hammered shares of telecom giants AT&T and Verizon, which might face tougher competition.

Doug Coté, chief market strategist for Voya Investment Management, said in the years after the global economic crisis, companies combined so they could survive. But now that the global economy is doing much better, they're merging for different reasons.

"Global economic growth is expanding somewhat rapidly and the M&A is looking to capitalize on the growth areas, in particular technology," he said. "Any capital investment cycle will begin with technology."

Companies that make and sell household goods slumped on weak quarterly results from CVS Health and food distributor Sysco. Late in the day Twenty-First Century Fox and Disney both climbed after CNBC reported the two sides recently discussed a deal in which Disney would buy most of Fox's assets. Those talks were said to have ended without an agreement.


The Standard & Poor's 500 index rose 3.29 points, or 0.1 percent, to 2,591.13. The Dow Jones industrial average added 9.23 points, or less than 0.1 percent, to 23,548.42. The Nasdaq composite gained 22 points, or 0.3 percent, to 6,786.44. The Russell 2000 index of smaller-company stocks picked up 3.05 points, or 0.2 percent, to 1,497.96.

Broadcom's unsolicited offer values Qualcomm at $70 a share, and it would combine two companies that control about 40 percent of the market for chips used in cellphones. Qualcomm stock has been battered this year as the company is stuck in a legal battle with its biggest customer, Apple. Combining with Broadcom might help Qualcomm end that dispute.

Qualcomm added 71 cents, or 1.1 percent, to $62.52 and Broadcom rose $3.89, or 1.4 percent, to $277.52. Qualcomm stock jumped 12.7 percent Friday on reports Broadcom was going to make an offer. Apple also rose $1.75, or 1 percent, to $174.25 as technology companies rose for the eight straight day.

That wasn't the only potential chip tie-up in the news. After the Wall Street Journal reported that Marvell Technologies is in talks to buy Cavium, Cavium advanced $8.16, or 12 percent, to $76.43 and Marvell rose $1.69, or 9.1 percent, to $20.20.

Sprint fell 77 cents, or 11.5 percent, to $5.90 and T-Mobile sank $3.37, or 5.7 percent, to $55.54 after they dashed investors' hopes they would finally combine.

Verizon dropped $1.89, or 4 percent, to $45.53 and AT&T slid 44 cents, or 1.3 percent, to $32.86 after more reports that Japanese conglomerate SoftBank, which owns Sprint, is interested in buying cable provider Charter Communications. CNBC reported on those discussions Monday while the New York Post said last week that the companies had recent talks about a deal. Combining Sprint and Charter, the country's second-largest cable company, could mean cost savings, deeper pockets and a combined wireless-home internet company that could act as a stronger competitor to AT&T and Verizon.


U.S. crude oil surged $1.71, or 3.1 percent, to $57.35 a barrel in New York. Brent crude, the international standard, climbed $2.20, or 3.5 percent, to $64.27 a barrel in London.

The arrests in Saudi Arabia were part of a purported anti-corruption probe led by Crown Prince Mohammed bin Salman, and they came as a surprise because the royal family normally appears unified in public.

Coté, of Voya Investment Strategies, said he is skeptical that any problems in Saudi Arabia will lead to higher oil prices because he thinks American companies will drill for more oil if prices stay where they are. That will increase supplies and push prices down.

With international tumult in the news, investors bought gold and government bonds. Gold rose $12.40, or 1 percent, to $1,281.60 an ounce. Silver jumped 40 cents to $17.24 an ounce. Copper climbed 4 cents to $3.16 a pound.

The yield on the 10-year Treasury note slipped to 2.32 percent from 2.33 percent.

In other energy trading, wholesale gasoline added 4 cents to $1.83 a gallon. Heating oil rose 6 cents to $1.94 a gallon. Natural gas jumped 15 cents, or 5 percent, to $3.13 per 1,000 cubic feet.

The dollar dipped to 113.77 yen from 114.16 yen. The euro rose to $1.1606 from $1.1608.


In Britain, the FTSE 100 made a tiny gain while France's CAC 40 shed 0.2 percent. The German DAX also dipped 0.1 percent. Japan's Nikkei 225 made a tiny gain and South Korea's Kospi dropped 0.3 percent. Hong Kong's Hang Seng index lost less than 0.1 percent.

 

[bigdog]

My apologies and forgot to post earlier today

ALL Ordinaries yesterday closed at 6087.40, +60.20, +0.99%

ALL Ordinaries reported in table below is today at 11:15

https://www.usnews.com/news/busines...tocks-rise-after-wall-street-gains-oil-surges

Losses for Banks and Smaller Companies Take US Stocks Lower
US stocks take modest losses as banks and smaller, domestically-focused companies stumble.

By MARLEY JAY, AP Markets Writer

NEW YORK (AP) — U.S. stocks slipped Tuesday as smaller companies and banks took their worst losses in a few months. With stock indexes near record highs, investors moved some money into big-dividend stocks like real estate companies.

Banks and other financial companies have been climbing over the last two months, but Tuesday they skidded as interest rates moved lower. Small, domestically-focused companies had their worst day since mid-August as House Republicans began making changes to their tax bill. Their Senate counterparts are expected to introduce their own bill soon. Smaller companies tend to pay higher tax rates than their bigger peers because they make more of their money in the U.S. and don't have as many ways to reduce their taxes.

"Financials would be a primary beneficiary of a 20 percent corporate tax rate because they're domestically based and they pay domestic taxes," said Quincy Krosby, chief market strategist at Prudential Financial.

While the pace of company earnings is slowing, they continued to hold sway over parts of the market. Travel booking companies TripAdvisor and Priceline both plunged while Weight Watchers continued to surge after it raised its forecasts for the year. The weight loss company has more than quadrupled in value this year.

The Standard & Poor's 500 index dipped 0.49 points to 2,590.64. The Dow Jones industrial average added 8.81 points to 23,557.23, another record high. The Nasdaq composite fell 18.65 points, or 0.3 percent, to 6,767.78. The Russell 2000 index tumbled 18.87 points, or 1.3 percent, to 1,479.09.

Banks fell along with bond yields and interest rates. Both have moved lower over the last few days, which reduces the profits banks make from lending. The yield on the 10-year Treasury note slipped to 2.31 percent from 2.32 percent.

JPMorgan Chase fell $2.03, or 2 percent, to $98.75 and U.S. Bancorp lost $1.40, or 2.6 percent, to $53.45. First Financial Bancshares, a smaller, Texas-based bank, fell $1.15, or 2.5 percent, to $44.40.

Red Robin Gourmet Burgers plunged after it slashed its profit forecast. It pointed to higher labor costs and said it will temporarily stop opening new locations at the end of its next fiscal year. The stock lost $19.35, or 28.9 percent, to $47.70. Consumer products distributor Core-Mark fell $3.07, or 9.1 percent, to $30.63 after it cut its outlook.

Household goods makers, utilities, and other companies that pay big dividends did better than the rest of the market. Drugstore and pharmacy benefits company CVS Health jumped $2.15, or 3.2 percent, to $68.95 to recover some of its recent losses. Shopping mall operator GGP soared $3.19, or 16.8 percent, to $22.20. Bloomberg reported that GGP is in talks with Brookfield Asset Management about potentially buying the rest of the company. Competitor Macerich jumped $4.57, or 8.4 percent, to $58.76.

Real estate, household goods and phone companies have lagged far behind the S&P 500 this year. The stocks are generally seen as cautious investments, and investors look for them when they are worried about market volatility. But investors have been betting on improved economic growth rather than looking for safety.

Travel website TripAdvisor plunged after its third-quarter revenue fell short of analyst estimates. Booking service Priceline Group had a better-than-expected quarter, but its forecasts for the current quarter disappointed Wall Street. Analysts said the company is spending a lot of money on advertising, but that may pay off with increased market share. TripAdvisor sank $9.18, or 23.2 percent, to a five-year low of $30.35 while Priceline lost $257.28, or 13.5 percent, to $1,645.72. Expedia shed $3.37, or 2.7 percent, to $119.61.

However Royal Caribbean Cruises jumped $3.89, or 3.1 percent, to $129.23 after it had a strong quarter even though its business was disrupted by three major hurricanes.

Drugmaker Mallinckrodt plunged after it said sales of its costly HP Acthar gel have been hurt because fewer prescriptions are being filled. It said revenue from the drug will decline in the fourth quarter. The company also reported weaker sales of generic drugs. Already trading at all-time lows, the stock dropped $11.07, or 35.5 percent, to $20.11.

Benchmark U.S. crude fell 15 cents to $57.20 a barrel in New York. Brent crude, used to price international oils, dipped 58 cents to $63.69 a barrel in London. Oil prices rose about 3 percent Monday and hit two-year highs after a wave of arrests of princes and other officials in Saudi Arabia. Investors wondered if the upheaval could affect oil supplies and prices.

Wholesale gasoline lost 1 cent to $1.82 a gallon. Heating oil fell 2 cents to $1.92 a gallon. Natural gas rose 2 cents to $3.15 per 1,000 cubic feet.

Gold lost $5.80 to $1,275.80 an ounce. Silver fell 30 cents to $16.94 an ounce. Copper declined 7 cents to $3.09 a pound.

The dollar rose to 113.87 yen from 113.77 yen. The euro fell to $1.1589 from $1.1606.

European stocks fell. The British FTSE 100 and the German DAX each shed 0.7 percent. The CAC 40 in France lost 0.5 percent. Tokyo's Nikkei 225 jumped 1.7 percent and Hong Kong's Hang Seng advanced 1.3 percent. In Seoul, the Kospi lost 0.2 percent.

 

[bigdog]

https://www.usnews.com/news/busines.../asian-markets-fall-after-wall-street-decline

Stocks Tick Upward as Video Game Makers Jump, but Banks Skid
US stock indexes finish slightly higher as video game makers jump while banks and energy companies slip.

By MARLEY JAY, AP Markets Writer

NEW YORK (AP) — U.S. stock indexes finished with small gains Wednesday as video game makers gave technology companies a boost and household goods companies also rose. However a recent decline in interest rates continued to put pressure on banks.

"Grand Theft Auto" and "NBA2K" maker Take-Two Interactive Software soared after it reported better-than-expected sales, while Activision Blizzard jumped after it said the newest "Call of Duty" game had a strong debut over the weekend. Technology companies rose for the tenth day in a row. Companies that make and sell household goods, like Colgate-Palmolive and Wal-Mart, gained ground as well. Energy companies declined and banks fell again as interest rates have weakened since late October, which makes mortgages and other loans less profitable.

The Standard & Poor's 500 index rose 3.74 points, or 0.1 percent, to 2,594.38. The Dow Jones industrial average gained 6.13 points, or less than 0.1 percent, to 23,563.36. The Nasdaq composite rose 21.34 points, or 0.3 percent, to 6,789.12. All three closed at record highs. The Russell 2000 index of smaller-company stocks picked up 2.64 points, or 0.2 percent, to 1,481.73.

It's now been a year since Donald Trump was elected president in an upset, and the S&P 500 has jumped 21 percent. That's more than stocks have risen after many recent presidential elections, although it trails the market move after Barack Obama was re-elected in 2012. Investors felt stocks would do well under a Trump administration, and so far they have, but there have been some major surprises. The biggest is that stocks in other regions, including Europe, Japan and less developed countries, have done ever better.

"Investors were right to be optimistic post-election, but not because of politics," said Jason Draho, the head of American tactical asset allocation for UBS Wealth Management.

Trump and Congressional Republicans haven't delivered the big infrastructure spending bill Trump proposed while campaigning, and it's not clear if they will be able to pass a tax cut that makes a real difference for the economy. But Draho said stocks keep rising because the global economy is doing so well. The economies of the 35 advanced nations in the Organization for Economic Cooperation and Development are all expected to grow this year, and most are gaining steam. Meanwhile, Trump hasn't had a major effect on international trade agreements, as some investors feared.

"In some ways it's worked out better than investors have hoped," Draho said.

Technology companies have climbed almost 40 percent in the last 12 months including Wednesday's gains. Take-Two jumped after its second-quarter revenue blew past Wall Street's estimates. Analysts said its revenue from online games and digital spending was better than expected. The stock soared $11.26, or 10.6 percent, to $117.65. Activision Blizzard surged $3.59, or 5.9 percent, to $64.44 after it said revenue for "Call of Duty: WWII" topped $500 million in its opening weekend.

Bond prices inched lower. The yield on the 10-year Treasury note rose to 2.33 percent from 2.32 percent. Yields reached a seven-month high in late October but they have slipped since then. Investors expect interest rates to rise a bit more slowly in the future, partly because President Donald Trump named Jay Powell as his choice for Federal Reserve chair last month. Powell is expected to take a similar approach to current Fed Chair Janet Yellen and raise rates at a gradual clip. Some of the other candidates for the job were expected to move faster.

Bank of America fell 39 cents, or 1.4 percent, to $26.79 and Comerica shed $1.02, or 1.3 percent, to $76.14. Still, banks are trading around their highest levels in a decade.

Time Warner Cable slumped after AT&T said it doesn't know when its purchase of the media company will close. Reports from The New York Times, CNN and other outlets, citing unidentified people, said the Justice Department wants to require the companies to sell Turner Broadcasting, which includes CNN, TBS and TNT, or else sell satellite TV provider DirecTV, which AT&T bought in 2015. Time Warner Cable has slumped over the last month as investors wonder if the $85 billion deal will still happen.

On Wednesday Time Warner Cable slid $6.16, or 6.5 percent, to $88.50 and AT&T rose 37 cents, or 1.1 percent, to $33.44.

Benchmark U.S. crude fell 39 cents to $56.81 a barrel in New York. Brent crude, used to price international oils, dipped 20 cents to $63.49 a barrel in London.

Wholesale gasoline rose 1 cent to $1.82 a gallon. Heating oil stayed at $1.92 a gallon. Natural gas picked up 2 cents to $3.18 per 1,000 cubic feet.

Gold rose $7.90 to $1,283.70 an ounce. Silver jumped 20 cents to $17.14 an ounce. Copper rose 1 cent to $3.10 a pound.

The dollar fell to 113.78 yen from 113.87 yen. The euro rose to $1.1596 from $1.1589.

Germany's DAX gained a sliver of a point and the French CAC 40 dropped 0.2 percent. The FTSE 100 index in Britain rose 0.2 percent. In Japan the Nikkei 225 index shed 0.1 percent while Hong Kong's Hang Seng retreated 0.3 percent. The Kospi in South Korea advanced 0.3 percent.

 

[bigdog]

https://www.usnews.com/news/busines...s-mixed-as-investors-watch-trumps-china-visit

Industrial and Tech Stocks Fall on Potential Tax Cut Delay
US stocks slide after Senate Republicans propose delaying a cut in corporate tax rates for a year.

By MARLEY JAY, AP Markets Writer

NEW YORK (AP) — U.S. stocks skidded Thursday after Senate Republicans surprised Wall Street by proposing a delay in cutting corporate taxes. Industrial and technology companies fell the most, but stocks regained some of their losses before the closing bell.

Senate Republicans introduced a tax bill a week after their House counterparts did the same. While both bills would ultimately reduce the corporate tax rate to 20 percent from 35 percent, the Senate legislation doesn't do that until 2019. However the worst results Thursday came not from the smaller, U.S.-focused companies that might benefit the most from a domestic tax cut, but from larger multi-national companies like industrial and technology firms and basic materials makers.

Industrial companies had their worst day in almost three months. Weak reports from aircraft parts maker TransDigm and medical waste processor Stericycle were partly to blame, while a weak forecast from Johnson Controls also hurt the sector. Media companies traded higher after a solid report from Twenty-First Century Fox and energy companies also rose. At midday stocks were on track for their biggest loss in months, as the Dow Jones industrial average fell as much as 253 points, but they made up some of that ground in the afternoon.

The stock sectors that fell Thursday include some of the best-performing stocks on the market this year, and investors reacted to the potentially delayed tax cut by taking some profits.

"Most investors knew there was uncertainty about the specific provisions, but thought that the House and the Senate would at least agree there would be some kind of cut in corporate tax rates in 2018," said Kate Warne, an investment strategist at Edward Jones.

The Standard & Poor's 500 index dropped 9.76 points, or 0.4 percent, to 2,584.62. The Dow Jones industrial average fell 101.42 points, or 0.4 percent, to 23,461.94. The Nasdaq composite slid 39.07 points, or 0.6 percent, to 6,750.05. Each closed at an all-time high on Wednesday. The Russell 2000 index of smaller-company stocks fell 6.71 points, or 0.5 percent, to 1,475.02, its lowest level since late September.

Google's parent company Alphabet tumbled $157, or 1 percent, to $1,047.22 while payment company eBay lost $1.32, or 3.6 percent, to $35.69.

Warne added that something else worried investors Thursday: reports over the last two days that the Justice Department has objections to AT&T's purchase of Time Warner Cable. Donald Trump's administration has emphasized cutting regulations, and she said investors are surprised the government is taking issue with the $85 billion deal — and that the Justice Department and the companies are arguing about it in public.

After a steep loss Wednesday, Time Warner Cable fell a further $1.45, or 1.6 percent, to $87.05 and AT&T rose 56 cents, or 1.7 percent, to $34.

Twenty-First Century Fox posted a bigger profit and more revenue than investors expected. Analysts said its cable networks did well, and it didn't lose subscribers the way some of its competitors have done recently. Its stock added 61 cents, or 2.2 percent, to $28.70 and cable provider Comcast gained 35 cents, or 1 percent, to $36.56. Walt Disney, which was reported this week to have spoken to Fox about buying most of its entertainment assets, added $1.50, or 1.5 percent, to $102.68.

Macy's surged $1.93, or 11 percent, to $19.50 after its third-quarter profit was greater than expected. Competitor Kohl's reversed most of an early loss and picked up 38 cents to $41.17 cents to $40.65. Dillard's jumped $6.20, or 12.2 percent, to $57.22 following its report. Macy's and Kohl's have both fallen sharply this year as they deal with falling sales and growing competition from online retailers.

Benchmark U.S. crude gained 36 cents to $57.17 a barrel in the New York. This week oil has been trading at its highest prices since the middle of 2015. Brent crude, used to price international oils, added 44 cents to $63.93 a barrel in London.

Wholesale gasoline held steady at $1.82 a gallon. Heating oil rose 3 cents to $1.95 a gallon. Natural gas climbed 3 cents to $3.20 per 1,000 cubic feet.

Gold rose $3.80 to $1,287.50 an ounce. Silver lost 16 cents to $16.98 an ounce. Copper dipped 1 cent to $3.09 a pound.

Bond prices were little changed. The yield on the 2-year Treasury note fell to 1.64 percent from 1.65 percent. The yield on the 10-year note remained at 2.33 percent.

The dollar fell to 113.32 yen from 113.78 yen. The euro rose to $1.1643 from $1.1596.

European stocks also sank. Germany's DAX gave up 1.5 percent and the CAC 40 in France dropped 1.2 percent. Britain's FTSE 100 shed 0.6 percent. Japan's Nikkei 225 index surged as much as 2 percent early on but finished with a loss of 0.2 percent. The Kospi in South Korea lost 0.1 percent and Hong Kong's Hang Seng added 0.8 percent.

 

[bigdog]

https://www.usnews.com/news/busines...ares-track-wall-street-losses-on-us-tax-fears

US Stocks on Two-Day Losing Streak as Health Stocks Fall
US stocks fall for second day as medical device makers take sharp losses.

By MARLEY JAY, AP Markets Writer

NEW YORK (AP) — So that's what a losing streak feels like. Stocks fell for the second day in a row Friday, which hadn't happened in a month, as Amazon put a scare into yet another industry: medical device and health care equipment companies.

Those companies slumped after an analyst for Citi Investment Research said Amazon might be on the verge of shaking up their industry by speeding up distribution and cutting prices. Energy companies gave up some of their recent gains while retailers, media companies and household goods companies moved higher. Stocks finished the week with small losses, ending an eight-week winning streak.

One factor in those losses was uncertainty over the Republican plan to cut taxes. Stocks dipped Thursday after Senate Republicans proposed leaving corporate tax rates alone in 2018 before cutting them in 2019. That surprised investors, who pulled stocks down slightly from their recent record highs.

"We would expect a little bit more of that as we get more delays and uncertainty in the tax plan," said Sean Lynch, the co-head of global equity strategy for Wells Fargo Investment Institute. Lynch said an eventual tax cut for companies, and for at least some individuals, would give investors "a dose of confidence" that company earnings will grow a bit faster and the economy and stock market will rise for a bit longer.

The Standard & Poor's 500 index lost 2.32 points, or 0.1 percent, to 2,582.30. The Dow Jones industrial average slid 39.73 points, or 0.2 percent, to 23,422.21. The Nasdaq composite turned higher and rose 0.89 points to 6,750.94. The Russell 2000 index of smaller-company stocks inched up 0.26 points to 1,475.27.

The S&P 500 set an all-time high on Wednesday, but finished the week down 0.2 percent. The index had gained five percent over its winning streak, the longest in almost four years. The Russell 2000, which is comprised of smaller companies that might benefit more from a corporate tax cut, fell 1.3 percent this week. That was its largest loss in three months.


Citi Investment Research analyst Amit Hazan wrote Friday that Amazon is making quick progress in the medical supply field and could soon start distributing goods to hospitals, as some organizations appear interested in working with the online retail giant.

"New online distribution/wholesaling models like Amazon's will come to dominate the supply chain" in coming years, Hazan said.

Baxter International, which sells intravenous pumps and other hospital equipment, fell $1.35, or 2.1 percent, to $64.04. Becton, Dickinson dipped $5.25, or 2.3 percent, to $219.23. Medical device maker Medtronic slid $1.48, or 1.8 percent, to $79.33.

Competition with Amazon has hurt retailers for years and the online giant has also pressured supermarkets and grocery stores with its purchase of Whole Foods. In recent weeks, health care product companies, medication distributors and drugstores have all fallen as Wall Street wondered what Amazon's logistics expertise and its willingness to slash prices will do to their businesses. Drugstores CVS and Walgreens jumped Friday; investors may be relieved that Amazon could turn its focus to industries they are less involved in.

Long-suffering department stores made gains Friday. J.C. Penney advanced 42 cents, or 15.3 percent, to $3.17 after it said a closely-watched sales measurement grew for the first time in more than a year. The company also took a smaller quarterly loss than analysts had expected. Macy's built on its 11 percent jump a day ago and added another 48 cents, or 2.5 percent, to $19.98. Competitor Kohl's rose $1.87, or 4.5 percent, to $43.04. All of those companies have seen their sales and stocks tumble in large part because of increasing online competition.


Walt Disney Co. rose $2.10, or 2 percent, to $104.78 after it said it received bigger payments from cable companies for ESPN and offered more details about its planned sports streaming services. The company also announced plans for a new "Star Wars" film trilogy. "Star Wars: The Force Awakens," released in late 2015, grossed about $2 billion and investors have high hopes for next month's "The Last Jedi."

U.S. crude oil lost 43 cents to $56.74 a barrel in New York. Brent crude, used to price international oils, gave up 41 cents to $63.52 a barrel in London.

Wholesale gasoline gave up 1 cent to $1.81 a gallon. Heating oil lost 1 cent to $1.93 a gallon. Natural gas rose 1 cent to $3.21 per 1,000 cubic feet.

Bond prices slumped. The yield on the 10-year Treasury note rose to 2.38 percent from 2.34 percent.

Gold dropped $13.30, or 1 percent, to $1,274.20 an ounce. Silver fell 10 cents to $16.87 an ounce. Copper lost 1 cent to $3.08 a pound.

The dollar rose to 113.54 yen from 113.32 yen. The euro fell to $1.1618 from $1.1643.

The FTSE 100 index in Britain fell 0.7 percent. The French CAC 40 lost 0.5 percent and the German DAX dipped 0.4 percent. Japan's benchmark Nikkei 225 index lost 0.8 percent and South Korea's Kospi fell 0.3 percent. In Hong Kong, the Hang Seng dipped less than 0.1 percent.

 

[bigdog]

https://www.usnews.com/news/busines...n-stocks-mixed-after-wall-streets-losing-week

Consumer Goods Firms Lead US Stocks Slightly Higher
The major U.S. stock indexes capped a day of mostly subdued trading with slight gains Monday.

By ALEX VEIGA, AP Business Writer

The major U.S. stock indexes capped a day of mostly subdued trading with slight gains Monday.

Consumer and household goods companies led the market higher, offsetting losses by industrial and energy stocks.

A batch of corporate deal news also helped put investors in a buying mood. Mattel soared nearly 21 percent on a report that Hasbro offered to buy the rival toymaker.

General Electric slumped about 7 percent after cutting its dividend and releasing a weak forecast for next year.

The Standard & Poor's 500 index rose 2.54 points, or 0.1 percent, to 2,584.84. The Dow Jones industrial average gained 17.49 points, or 0.1 percent, to 23,439.70. The Nasdaq composite added 6.66 points, or 0.1 percent, to 6,757.60.

The Russell 2000 index of smaller-company stocks dipped 0.21 points, or 0.01 percent, to 1,475.07. More stocks fell than rose on the New York Stock Exchange.

Bond prices were little changed. The yield on the 10-year Treasury note held at 2.40 percent.

The gains in consumer stocks and utilities, which also rose, suggest that investors were looking for yield, said Lindsey Bell, investment strategist at CFRA Research.

"They're maybe showing a little bit of skepticism in the bull market that's more than eight years old," she said. "Maybe they're feeling a little bit squeamish after last week."

The stock market snapped an eight-week string of gains last week.

The major stock indexes opened lower on Monday and then wavered between small gains and losses. By midmorning they had inched back up into positive territory, hovering just above their Friday closing levels for the rest of the day.

Consumer and household goods companies were among the big gainers Monday. J. M. Smucker rose $2.37, or 2.3 percent, to $106.49.

While trading was mostly subdued, investors bid up shares in companies at the center of merger-related news.

Toymaker Mattel soared 20.7 percent following a report that rival Hasbro made an offer to buy the company. Mattel was the biggest gainer in the S&P 500, climbing $3.02 to $17.64. Hasbro added $5.39, or 5.9 percent, to $96.84.

Mall owner GGP jumped 8.3 percent after Brookfield Property Partners offered to buy the rest of the company for $14 billion, or $23 a share. Shares in GGP rose $1.85 to $24.05.

Traders also sent shares in Qualcomm 3 percent higher after the company rejected an unsolicited takeover offer from Broadcom worth $103 billion, or $70 a share. Qualcomm said the proposal was significantly undervalued and that a tie-up between the massive chipmakers would face substantial regulatory resistance. Shares in Qualcomm added $1.92 to $66.49. Broadcom rose 5 cents to $265.01.

Some corporate deals failed to put investors in a buying mood.

WisdomTree Investments fell 5.5 percent after the asset management company said it will pay $611 million to buy a European division of ETF Securities. Shares in WisdomTree shed 66 cents to $11.28.

General Electric tumbled 7.2 percent after the company said it would slash its dividend in half to 12 cents per share, starting next month. The company also released annual profit projections that were well below what Wall Street had been expecting.

Chairman and CEO John Flannery, speaking to investors gathered in Boston, said the cost-cutting maneuver was part of the measures GE will undertake to make the company simpler and stronger. The stock was the biggest decliner in the S&P 500, losing $1.47 to $19.02. GE is down just under 40 percent this year.

The slide in GE weighed on the industrials sector. GE accounts for about 8 percent of the sector's market capitalization.

Traders also had their eye on the latest company earnings Monday.

Tyson Foods rose 2 percent after the meat producer posted a larger profit and greater sales than analysts had expected. The stock added $1.45 to $75.59.

Energy futures closed mostly lower.

Benchmark U.S. crude rose 2 cents to settle at $56.76 per barrel on the New York Mercantile Exchange. Brent crude, used to price international oils, slipped 36 cents to close at $63.16 a barrel in London.

In other energy trading, wholesale gasoline gave up 2 cents to $1.79 a gallon. Heating oil was little changed at $1.93 a gallon. Natural gas fell 5 cents to $3.17 per 1,000 cubic feet.

Stocks in the S&P 500's energy sector declined the most. Newfield Exploration slid $1.22, or 3.7 percent, to $32.09.

Gold rose $4.70 to $1,278.90 an ounce. Silver added 18 cents to $16.05 an ounce. Copper gained 4 cents to $3.12 a pound.

The dollar rose to 113.57 yen from 113.54 yen on Friday. The euro strengthened to $1.1667 from $1.1618. The pound slid to $1.3114 from $1.3126 as investors worried that British Prime Minister Theresa May is facing a rebellion within her own party over the handling of the Brexit talks.

Major stock indexes in Europe closed lower. Germany's DAX shed 0.4 percent, while France's CAC 40 fell 0.7 percent. London's FTSE 100 slid 0.2 percent.

Earlier in Asia, Tokyo's Nikkei 225 fell 1.3 percent, while Hong Kong's Hang Seng gained 0.2 percent. Seoul's Kospi slid 0.5 percent. Sydney's S&P-ASX 200 fell 0.1 percent. India's Sensex lost 0.4 percent. Benchmarks in New Zealand and Jakarta rose, while Taiwan and Singapore declined.

 

[bigdog]

https://finance.yahoo.com/news/us-stocks-decline-early-trading-151758285.html

Energy leads modest slide in US stocks as oil prices fall

Alex Veiga, AP Business Writer

Energy companies led U.S. stocks modestly lower Tuesday, erasing the small gains the market made a day earlier.

The biggest drop in crude oil prices since October weighed on oil producers and other energy stocks. Disappointing results or outlooks from retailers and other companies also weighed on the market.

Utilities and consumer-focused companies like packaged food and beverage makers, restaurant chains, bucked the trend.

Investors had their eye on Washington D.C., where the House is expected to vote on its version of a major tax bill this week. Expectations that the tax overhaul will sharply lower corporate taxes have helped lift the market higher this year.

"We're through earnings season, which was pretty good, with earnings up about 10 percent," said Stuart Freeman, co-head of global equity strategy for Wells Fargo Investment Institute. "Now investors are waiting and watching to see what shape this tax reduction bill is going to take."

The Standard & Poor's 500 index fell 5.97 points, or 0.2 percent, to 2,578.87. The Dow Jones industrial average lost 30.23 points, or 0.1 percent, to 23,409.47. The Nasdaq composite slid 19.72 points, or 0.3 percent, to 6,737.87. The Russell 2000 index of smaller-company stocks gave up 3.81 points, or 0.3 percent, to 1,471.26.

The steep drop in crude oil prices weighed on oil exploration companies and other energy sector stocks.

Newfield Exploration was the biggest decliner in the S&P 500, tumbling $2.27, or 7.1 percent, to $29.82. Range Resources lost $1.23, or 6.6 percent, to $17.35.

Benchmark U.S. crude fell $1.06, or 1.9 percent, to settle at $55.70 per barrel on the New York Mercantile Exchange. That's the biggest single-day decline since October. Brent crude, used to price international oils, declined 95 cents, or 1.5 percent, to close at $62.21 a barrel in London.

"There's this perception that there's a lot of supply waiting in the wings and as prices have moved higher that's made the marginal producer want to come out and just find more oil," said Eric Freedman, chief investment officer of U.S. Bank Wealth Management.

The market's spotlight is on retailers this week, with many of the companies reporting quarterly results over the next few days, including Target Corp., Wal-Mart Stores and Best Buy.

On Tuesday, Home Depot turned in better-than-expected results and raised its outlook for the year. Shares in the home-improvement retailer rose $2.71, or 1.6 percent, to $168.06.

Advance Auto Parts vaulted 16.3 percent after the company's latest quarterly earnings exceeded Wall Street's expectations. The stock was the biggest gainer in the S&P 500, climbing $13.44 to $95.72.

Other big retailers failed to impress traders.

TJX Cos., the parent company of T.J. Maxx and Marshalls, fell 4 percent after it reported revenue and earnings that missed analysts' estimates. Its shares lost $2.82 to $67.94.

Dick's Sporting Goods slid 2.8 percent after the retailer reported a solid quarter but also said its earnings per share could drop as much as 20 percent next year. The stock gave up 73 cents to $25.59.

General Electric was among the market's big movers, sliding sharply for the second straight day after analysts downgraded the industrial conglomerate. On Monday, GE pulled back on profit expectations and slashed its dividend in half. The stock tumbled $1.12, or 5.9 percent, to $17.90 Tuesday. It's now down 43.4 percent this year.

Investors bid up shares in Buffalo Wild Wings following a report that Roark Capital has offered to buy the company for $150 a share, or $2.3 billion. Shares in the restaurant chain soared $28.10, or 24 percent, to $145.35.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.38 percent from 2.41 percent late Monday.

In other energy futures trading, wholesale gasoline gave up 3 cents to $1.76 a gallon. Heating oil fell 3 cents to $1.91 a gallon. Natural gas slid 7 cents to $3.10 per 1,000 cubic feet.

Gold rose $4 to $1,282.90 an ounce. Silver added 3 cents to $17.07 an ounce. Copper fell 5 cents to $3.07 a pound.

The dollar fell to 113.40 yen from 113.57 yen on Monday. The euro strengthened to $1.1794 from $1.1667.

Major stock indexes in Europe closed lower or flat. Germany's DAX fell 0.3 percent, while France's CAC 40 shed 0.5 percent. Britain's FTSE 100 was little changed.

Earlier in Asia, Japan's Nikkei 225 stock index finished flat. Hong Kong's Hang Seng index slipped 0.1 percent. Australia's S&P/ASX 200 fell 0.9 percent. South Korea's Kospi edged down 0.2 percent. Shares in Taiwan and Southeast Asia were mostly higher.

 

[bigdog]

https://www.usnews.com/news/busines...ares-fall-tracking-wall-st-drop-in-oil-prices

US Stocks Decline for a Second Straight Day; Oil Falls
Technology companies led U.S. stocks lower Wednesday, giving the market its biggest loss since early September.

By ALEX VEIGA, AP Business Writer

Technology companies led U.S. stocks lower Wednesday, giving the market its biggest loss since early September.

Grocery stores and packaged foods and beverage companies also accounted for much of the decline. Energy stocks fell as the price of crude oil closed lower a day after its biggest loss since October. Banks and phone companies eked out modest gains.

The latest slide extended the market's losses from a day earlier and added to its pullback in November.

Unlike October's broad market rally, fewer stocks and sectors have been notching gains this month, and the latest market decline reflects that, noted Bruce Bittles, chief investment strategist at Baird.

"And that's exemplary of a market that's losing momentum, and that's the real story here," Bittles said. "It means the market is struggling here, and it could mean that a lot of the good news on the economy, earnings and even the potential for a tax-reform bill are to a great extent already built into current prices."

The Standard & Poor's 500 index fell 14.25 points, or 0.6 percent, to 2,564.62. The Dow Jones industrial average lost 138.19 points, or 0.6 percent, to 23,271.28. The Nasdaq composite slid 31.66 points, or 0.5 percent, to 6,706.21. The Russell 2000 index of smaller-company stocks gave up 7.16 points, or 0.5 percent, to 1,464.09.

The major indexes are all in the red for the month, but still near their most recent record highs.

Stocks were headed lower from the get-go on Wednesday as investors weighed a batch of new government data on inflation, retail sales and manufacturing.

The Commerce Department said retail sales rose 0.2 percent in October, while a closely watched report by the Federal Reserve Bank of New York showed manufacturing expanded at a slower pace this month in New York, but remained at a healthy level. In addition, the Labor Department said consumer prices edged up 0.1 percent last month, the smallest gain in three months. That followed a report earlier this week showing that prices at the wholesale level spiked last month.


"The inflation data that was released this week are basically giving a green light to the Fed to raise rates," said Quincy Krosby, chief market strategist at Prudential Financial.

Investors were keeping an eye on Washington, where Senate Republicans began pushing their version of a major tax overhaul that would slash corporate taxes.

But the Senate measure was complicated by the last-minute inclusion of a repeal of the section of the Affordable Care Act that requires Americans to get insurance coverage. The legislative push also appeared to hit a snag Wednesday, when Sen. Ron Johnson of Wisconsin said he opposes the GOP tax bill, saying it helps corporations more than other businesses.

Expectations of a big business tax cut have helped lift the market higher this year.

The uncertainty over the fate and timing of the tax bill contributed to growing market unease.

The VIX index, which tracks expected price swings in the S&P 500, jumped 13 percent Wednesday, a three-month high. The index closed at a record low as recently as Nov. 3.

A sell-off in high-yield bonds may be another potential red flag for the market. An exchange-traded fund that tracks high-yield bonds, the SPDR Bloomberg Barclays High Yield Bond ETF, has declined 2.2 percent since Oct. 24 and is at its lowest level since March.

"That would suggest, as opposed to the economy steaming ahead, that some folks are looking for the economy maybe to slow next year," said Bittles.


Technology sector stocks, which have done far better than the rest of the market this year, took some of the biggest losses Wednesday. Chipmaker Nvidia lost $4.20, or 2 percent, to $209.98. Macom Solutions Technology Holdings slumped 18 percent after the chipmaker's latest quarterly results fell short of Wall Street's expectations. The stock gave up $6.59 to $30.02.

Companies that make consumer products also were big decliners. General Mills slid $1.59, or 2.9 percent, to $52.53.

Target slumped 9.9 percent after the retailer issued a weak profit forecast for the quarter including the holiday season. The stock was the biggest decliner in the S&P 500, tumbling $5.93 to $54.16.

IBM fell 1.2 percent after Warren Buffett's Berkshire Hathaway disclosed that it sold another chunk of the technology company's stock. IBM declined $1.79 to $147.10.

Investors bid up shares in banks and other financial companies. Bank of America climbed 55 cents, or 2.1 percent, to $26.79.

Crude oil prices pared some of their early losses, but still finished lower.

Benchmark U.S. crude fell 37 cents, or 0.7 percent, to settle at $55.33 per barrel on the New York Mercantile Exchange. Brent crude, used to price international oils, lost 34 cents, or 0.5 percent, to close at $61.87 a barrel in London.

A report from the International Energy Agency pointing to strong production growth in the years ahead, particularly in the U.S., has weighed on oil prices this week. That's pulled down energy stocks, such as Halliburton. The stock dropped $1.25, or 2.9 percent, to $41.69.

In other energy futures trading, wholesale gasoline gave up 2 cents to $1.74 a gallon. Heating oil was little changed at $1.91 a gallon. Natural gas declined 2 cents to $3.08 per 1,000 cubic feet.


Gold fell $5.20 to $1,277.70 an ounce. Silver slid 10 cents to $16.97 an ounce. Copper shed 1 cent to $3.06 a pound.

The dollar fell to 112.89 yen from 113.40 yen on Tuesday. The euro was unchanged at $1.1794.

Major stock indexes in Europe also closed lower. Germany's DAX fell 0.4 percent, while the CAC 40 in France slid 0.3 percent. The FTSE 100 index of leading British shares was 0.6 percent lower.

Earlier in Asia, Tokyo's Nikkei 225 index tumbled 1.6 percent as manufacturers' shares were stung by a stronger yen. Hong Kong's Hang Seng lost 1.0 percent, while Australia's S&P ASX 200 fell 0.6 percent. The Kospi of South Korea declined 0.3 percent.

 

[bigdog]

https://www.usnews.com/news/busines...n-leads-asian-shares-higher-oil-prices-steady

Strong Earnings From Wal-Mart, Cisco Drive US Stocks Higher

By ALEX VEIGA, AP Business Writer

U.S. stocks closed sharply higher Thursday, snapping a two-day losing streak.

Investors cheered strong quarterly earnings from Wal-Mart Stores, Cisco Systems and other companies. Technology stocks accounted for much of the market's gains, which helped lift the Nasdaq composite to its first record high in just over a week.

Health care companies and consumer product makers also posted solid gains. Energy and utilities stocks lagged. Oil prices declined.

The rally knocked the major stock indexes into positive territory for the month, as investors seized on the encouraging company earnings news to buy shares a day after the market suffered its worst decline in two months.

"Investors have been looking to buy on weakness and they got a little bit of it," said Erik Davidson, chief investment officer for Wells Fargo Private Bank. "The desire to buy in dips has been very, very strong and we've seen a little bit of a dip."

The Standard & Poor's 500 index rose 21.02 points, or 0.8 percent, to 2,585.64. The Dow Jones industrial average gained 187.08 points, or 0.8 percent, to 23,458.36. The Nasdaq added 87.08 points, or 1.3 percent, to 6,793.29. The Russell 2000 index of smaller-company stocks picked up 22.79 points, or 1.6 percent, to 1,486.88.

The major stock indexes were poised to rebound from the start of trading Thursday following solid gains in markets in Europe and Asia. Investors shrugged off the prior day's doldrums and welcomed latest batch of strong corporate earnings or outlooks.

Data storage company NetApp vaulted 15.9 percent as investors applauded its quarterly results and forecasts. The stock was the biggest gainer in the S&P 500 and one of the reasons technology stocks posted some of the biggest gains. Its shares rose $7.29 to $53.11.

Cisco Systems also delivered a bigger profit than analysts expected. The internet gear maker also said revenue should grow in the current quarter after two years of declines. Cisco shares climbed 5.2 percent, its biggest gain since February 2016. The stock added $1.77 to $35.88.

Wal-Mart also got a big boost, climbing 10.9 percent, its biggest gain since October 2008. In addition to posting strong third-quarter results, the retail giant raised its annual profit outlook. The stock rose $9.79 to $99.62.

A forecast for better full-year sales helped lift J.M. Smucker 9.5 percent. The food company's shares gained $10.14 to $116.65.

"We've had very good earnings from Amazon, Google, Nvidia, Tencent, just to name a few," said Tom Martin, senior portfolio manager with Globalt Investments. "Even with Wal-Mart you're seeing a very strong reaction to the positives that are going on there."

The quarterly report card from some companies failed to put traders in a buying mood.

Best Buy fell 3.6 percent after the electronics retailer's latest quarterly results and forecast for the holiday season fell short of estimates. The stock slid $2.05 to $55.25.

Apart from earnings, investors had their eye on developments in Washington, where the House voted to pass a near $1.5 trillion package overhauling corporate and personal taxes.

The focus now moves to the Senate, where lawmakers were working on a different version of a tax reform bill. Both the House and Senate versions of the legislation would slash the 35 percent corporate tax rate to 20 percent and reduce some personal taxpayers' rates.

Expectations of a big business tax cut have helped lift the market higher this year, though the Thursday afternoon House vote didn't move the market's much.

"To have a bit of positive news on tax reform is helpful, but there's still a long way to go with that," Martin said.

Traders bid up shares in Procter & Gamble after activist investor Nelson Peltz said an independent count showed he won election to the consumer products company's board. The stock added $1.02, or 1.2 percent, to $89.25.

Time soared 28.1 percent after The New York Times reported that Meredith Corp. will make another offer for the publisher. Time gained $3.55 to $16.20.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.37 percent from 2.32 percent late Wednesday.

Energy prices declined. Benchmark U.S. crude slipped 19 cents to settle at $55.14 a barrel on the New York Mercantile Exchange. Brent crude, used to price international oils, slid 51 cents to $61.36 a barrel in London.

Wholesale gasoline gave up 3 cents to $1.71 a gallon. Heating oil dipped a penny to $1.90 a gallon. Natural gas declined 3 cents to $3.05 per 1,000 cubic feet.

Gold edged up 50 cents to $1,278.20 an ounce. Silver added 10 cents to $17.07 an ounce. Copper shed 1 cent to $3.05 a pound.

The dollar strengthened to 112.98 yen from 112.89 yen on Wednesday. The euro weakened to $1.1765 from $1.1794.

Major stock indexes in Europe also notched gains Thursday. Germany's DAX rose 0.5 percent, while France's CAC 40 added 0.7 percent. Britain's FTSE 100 picked up 0.2 percent.

Earlier in Asia, Japan led the region higher as its benchmark Nikkei 225 snapped a six-day losing streak and jumped 1.5 percent. South Korea's Kospi added 0.7 percent. Hong Kong's Hang Seng index gained 0.6 percent. Australia's S&P/ASX 200 rose 0.2 percent.

 

[bigdog]

https://www.usnews.com/news/busines...res-mostly-higher-on-us-earnings-tax-progress

Retailers Rise Again, but Tech Leads Other US Stocks Lower
US stock indexes finish lower as technology companies return some of the previous day's gains.

By MARLEY JAY, AP Markets Writer

NEW YORK (AP) — Retailers and smaller U.S. companies jumped again Friday as they continued to report strong third-quarter results, but technology companies and other big U.S. corporations couldn't add to the previous day's gains.

A slew of retailers including discount chain Ross Stores, shoe store Foot Locker and clothing companies Gap and Abercrombie & Fitch soared following strong results or forecasts. Wal-Mart helped kick off a retail rally a day ago. Technology, health care and industrial companies slumped. On Thursday they led stocks to their biggest gain in two months.

Investors have liked what they've seen from retailers the last two days. Invesco Global Market Strategist Kristina Hooper said the companies are giving a double dose of good news. Consumers are spending more, and there are signs some companies are figuring out how to survive in a world where more and more sales are made online.

"Businesses are starting to evolve and alter their models and may be able to survive quite well in very changed circumstances," she said. "This is only the beginning of what they're going to need to do to stay competitive."

The Standard & Poor's 500 index fell 6.79 points, or 0.3 percent, to 2,578.85. The Dow Jones industrial average gave up 100.12 points, or 0.4 percent, to 23,358.24. The Nasdaq composite dipped 10.50 points, or 0.2 percent, to 6,782.79 after it closed at a record high Thursday.

The Russell 2000 index of smaller and more U.S.-focused stocks climbed 5.94 points, or 0.4 percent, to 1,492.82. Most of the companies on the New York Stock Exchange rose.

The S&P 500 finished slightly lower for the second week in a row after an eight-week winning streak.

Ross Stores jumped $6.56, or 10 percent, to $72.25 after its profit and sales were greater than expected, and the company raised its forecast for the rest of the year. The discount retailer said its business remained strong even though it dealt with the effects of several major hurricanes. Gap, too, did better than expected as sales at Old Navy and Athleta improved and it cut spending. Its stock gained $1.92, or 7 percent, to $29.40.

Foot Locker had a solid quarter and said that in spite of steep discounts, it expects to meet or "modestly exceed" its annual profit and sales forecasts. It surged $8.97, or 28.2 percent, to $40.82. Hibbett Sports raised its profit forecast and expects a smaller decline in an important sales measurement. Its stock climbed $2.25, or 15.2 percent, to $17.10. Foot Locker has fallen 42 percent this year and Hibbett has dropped 54 percent.

Twenty-First Century Fox continued to soar on growing speculation that some of the media company's assets will be sold. Comcast is in talks to buy Twenty-First Century Fox's movie studio, some of its cable channels, and its international business. The Wall Street Journal and CNBC first reported Comcast's interest. The Journal reported that Verizon and Sony are also interested in some of Fox's assets.

Reports last week said Disney recently discussed a deal with Fox for the same businesses Comcast is now interested in. Fox is up 25 percent in two weeks after it gained $1.83, or 6.2 percent, to $31.15. Comcast fell 91 cents, or 2.5 percent, to $36.16. Verizon picked up 65 cents, or 1.5 percent, to $45.42.

Electronic Arts stock dropped after the video game company announced a last-minute change to "Star Wars Battlefront II" right before its Friday launch. EA turned off in-game purchases after fans complained about the cost of a feature that allowed players to skip ahead in the game to parts that include famous characters such as Luke Skywalker and Darth Vader. Earlier this week the company reduced the payments, but that didn't quiet the uproar.

The stock fell $2.78, or 2.5 percent, to $108.92 and it's down 9 percent this month.

Other technology companies also struggled. Microsoft lost 80 cents, or 1 percent, to $82.40 and Intel slipped $1.02, or 2.2 percent, to $44.63.

Gold and oil prices jumped as the dollar weakened to its lowest level in almost a month. Benchmark U.S. crude rose $1.41, or 2.6 percent, to $56.55 a barrel in New York. Brent crude, used to price international oils, gained $1.36, or 2.2 percent, to $62.72 a barrel in London.

Gold rose $18.30, or 1.4 percent, to $1,296.50 an ounce. Silver climbed 30 cents, or 1.8 percent, to $17.37 an ounce. Copper rose 2 cents to $3.07 a pound.

The dollar fell to 112.13 yen from 112.98 yen. The euro rose to $1.1796 from $1.1765.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.34 percent from 2.38 percent.

In other energy trading, wholesale gasoline rose 3 cents to $1.74 a gallon. Heating oil gained 4 cents to $1.95 a gallon. Natural gas climbed 4 cents to $3.10 per 1,000 cubic feet.

France's CAC 40 shed 0.3 percent and Germany's DAX slid 0.4 percent. The British FTSE 100 slipped 0.1 percent. Japan's benchmark Nikkei 225 rose 0.2 percent and South Korea's Kospi ended was little changed. Hong Kong's Hang Seng index gained 0.6 percent.

5768

 

[bigdog]

https://www.usnews.com/news/busines...-waver-in-muted-trading-ahead-of-thanksgiving

Technology Companies, Retailers Send US Stock Indexes Higher
Technology companies and retailers take US stocks slightly higher on Wall Street.

By MARLEY JAY, AP Markets Writer

NEW YORK (AP) — U.S. stocks rose Monday as a mix of smaller, U.S.-focused companies, technology firms and banks climbed. Drugmakers struggled, which limited those gains.

Retailers and smaller companies rose for the third day in a row as their latest quarterly reports have investors feeling better about the U.S. economy and the amount of shopping people are likely to do over the holidays. Technology companies rose following another deal between chipmakers, and industrial companies also posted gains.

Companies that sell opioid pain medications tumbled after the government released a new, much higher estimate of the costs of the ongoing addiction crisis. Merck fell after a good report from competitor Roche about a drug that competes with Merck's cancer medication Keytruda.

Trading was relatively light. That's probably going to be the case throughout the week as the Thanksgiving holiday approaches and investors turn their attention to 2018. Jeff Kravetz, regional investment strategist for U.S. Bank Private Wealth Management, expects more gains for U.S. stocks, but thinks indexes in other parts of the world will do better, as they've done this year.

"We've got developed markets working and we've got emerging markets working," he said. "This is just a wonderful year for international markets after a bit of a drought."

The Standard & Poor's 500 index picked up 3.29 points, or 0.1 percent, to 2,582.14. The Dow Jones industrial average gained 72.09 points, or 0.3 percent, to 23,430.33. The Nasdaq composite advanced 7.92 points, or 0.1 percent, to 6,790.71. The Russell 2000 index of smaller-company stocks climbed 10.57 points, or 0.7 percent, to 1,503.40.

Chipmaker Marvell Technology Group said it will buy competitor Cavium for $6 billion. Cavium jumped $8.19, or 10.8 percent, to $84.02 and it's up 22 percent over the last two weeks on reports Marvell would make a bid. Marvell rose $1.30, or 6.4 percent, to $21.59.

Other technology companies also rose. IBM added $1.54, or 1 percent, to $150.51 and Cisco Systems gained 60 cents, or 1.7 percent, to $36.50.

A White House group said the opioid drug epidemic cost the U.S. $504 billion in 2016, far larger than other recent estimates, and companies that make those pain medications traded sharply lower.

Last year a separate estimate said the crisis cost the country $78.5 billion in 2013, including lost productivity and health care and criminal justice spending. The Council of Economic Advisers said the new figure reflects the worsening crisis and that earlier figures didn't calculate deaths or include the use of illegal drugs.

Allergan gave up $3.76, or 2.2 percent, to $171.12 and Teva Pharmaceutical Industries fell 76 cents, or 5.5 percent, to $13.08. Insys Therapeutics shed 17 cents, or 3.2 percent, to $5.20. Executives including Insys' founder and its former CEO have been charged with offering kickbacks to doctors to get them to prescribe its fentanyl spray Subsys. Its stock traded above $40 in mid-2015.

Merck stumbled after Genentech, a unit of Swiss drugmaker Roche, reported positive results from a study of its drug Tecentriq as a primary treatment for lung cancer. Genentech said patients who were given Tecentriq as part of their treatment regimen were less likely to die or see their cancer get worse.

The results could affect sales of Merck's drug Keytruda and Bristol-Myers Squibb's Opdivo. Merck fell $1.10, or 2 percent, to $54.10 and Bristol-Myers Squibb lost 52 cents to $60.80.

The Department of Justice plans to file a lawsuit to stop AT&T from buying Time Warner. Shares of Time Warner have stumbled over the last two weeks as investors anticipated that regulators might try to block the deal. The $85 billion deal would give AT&T the Warner Bros. movie studio and cable networks including HBO and CNN.

Time Warner lost $1.01, or 1.1 percent, to $87.71 and AT&T added 13 cents to $34.64.

Benchmark U.S. crude fell 46 cents to $56.09 a barrel in New York. Brent crude, which is used to price international oils, dropped 50 cents to $62.22 a barrel in London.

Wholesale gasoline remained at $1.74 a gallon. Heating oil lost 1 cent to $1.93 a gallon. Natural gas slipped 5 cents to $3.05 per 1,000 cubic feet.

The dollar rose to 112.67 yen from 112.13 yen late Friday. The euro slipped to $1.1732 from $1.1796 after a group of German political parties couldn't agree to form a government, which might mean new elections are on the way.

A weaker euro is good for companies that export a lot of products, and the German DAX was up 0.7 percent while France's CAC 40 rose 0.5 percent. The FTSE 100 in Britain added 0.2 percent. In Japan, the Nikkei 225 index lost 0.6 percent and South Korea's Kospi shed 0.3 percent. Hong Kong's Hang Seng index added 0.2 percent.

Gold slumped $21.20, or 1.6 percent, to $1,275.30 an ounce. Silver sank 53 cents, or 3.1 percent, to $16.84 an ounce. Copper gained 3 cents to $3.09 a pound.

Bond prices edged lower. The yield on the 10-year Treasury note rose to 2.36 percent from 2.35 percent.

 

[bigdog]

https://www.usnews.com/news/busines...-shares-advance-as-wall-street-regains-ground

Led by Technology and Health Care, Stocks Set More Records
US stocks jump to all-time highs as Apple and Facebook lead a rally in technology companies while health care companies like medical device maker Medtronic also rise.

By MARLEY JAY, AP Markets Writer

NEW YORK (AP) — The market's biggest winners this year, technology and health care, powered U.S. stock indexes to more all-time highs on Tuesday.

Huge technology companies like Apple and Facebook continued their ascent, while strong reports from companies including medical device maker Medtronic and construction and technical services company Jacobs Engineering helped health care and industrial companies, respectively.

Basic materials companies, which have done better than the rest of the Standard & Poor's 500 index, also rose. Telecommunications companies declined, while energy companies and banks didn't do as well as the rest of the market.

Apple, Facebook, Alphabet, Microsoft and Amazon, the five most valuable companies on the stock market, all rose more than 1 percent, and they've all had a very strong year. JJ Kinahan, chief market strategist at TD Ameritrade, said that's not about to stop.

"They're seeing better earnings, better sales, better growth," he said. "It's difficult to argue with that."

The S&P 500 index climbed 16.89 points, or 0.7 percent, to 2,599.03. The Dow Jones industrial average gained 160.50 points, or 0.7 percent, to 23,590.83. The Nasdaq composite added 71.76 points, or 1.1 percent, to 6,862.48.

The Russell 2000 index of smaller-company stocks rose for a fourth day and picked up 15.49 points, or 1 percent, to 1,518.89. All four indexes set records. The Russell had struggled in recent weeks, but on Tuesday it beat its record close from early October.

Big-name technology companies lead the way overall. Apple rose $3.16, or 1.9 percent, to $173.14 and Facebook added $3.12, or 1.7 percent, to $181.86. Health care companies climbed as well. Those two sectors are the best-performing parts of the market this year.


Homebuilders climbed after the National Association of Realtors said sales of homes grew in October. They're down slightly from last year because there are so few houses on the market, but the tight supply and rising prices have sent homebuilder stocks soaring this year. On Tuesday, NVR advanced $59.69, or 1.8 percent, to $3,377, while D.R. Horton gained $1.15, or 2.4 percent, to $49.35.

Along with those reports, investors were cheered by projections from Goldman Sachs analyst David Kostin, who forecast that the S&P 500 will rise 14 percent in 2018 if corporate taxes are cut. Kostin, who didn't think stocks would rise that much this year, now says the bull market could last three more years, with continued economic growth and lower taxes taking the S&P 500 to 3,100 by the end of 2020.

Kinahan, of TD Ameritrade, said the potential tax cuts might help stocks in another way: usually, investors might sell some of their holdings after a better-than-expected year like this one. But right now, they're not sure what their taxes will look like in 2018.

"People may not be taking profits as aggressively at the end of this year as they would in a normal year because they're not sure where the tax plan will come out," he said.

Medtronic jumped after it posted profit that was larger than analysts had expected. The company said sales of heart devices including newer devices like its CoreValve Evolut Pro heart valve, drove its sales higher in the fiscal second quarter. The stock rose $3.76, or 4.8 percent, to $82.66.

Signet Jewelers plunged $23.05, or 30.4 percent, to $52.79 after the company slashed its annual forecast. The company recently sold its highest-quality loans to Alliance Data Systems, but the company said "disruptions" related to that move have affected sales, especially for its Kay brand.


Alliance Data Systems fell 83 cents to $223.84. Aaron's, which is running a lease-payment program for other Signet customers, fell 54 cents, or 1.5 percent, to $36.20.

Campbell Soup's profit and sales both fell a bit short of analysts' forecasts. The company reported a 9 percent drop in soup revenue and said carrot costs increased. It also faced greater logistics costs in the aftermath of the hurricanes. The stock shed $4.09, or 8.2 percent, to $45.84.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.36 percent from 2.37 percent.

Benchmark U.S. crude oil rose 41 cents to $56.84 a barrel in New York, while Brent crude, the international standard, added 35 cents to $62.57 a barrel in London.

Wholesale gasoline climbed 3 cents to $1.77 a gallon. Heating oil was little changed at $1.94 a gallon. Natural gas slipped 3 cents to $3.02 per 1,000 cubic feet.

Gold rose $6.40 to $1,281.70 an ounce. Silver added 12 cents to $16.96 an ounce. Both metals had taken sharp losses Monday. Copper rose 4 cents to $3.13 a pound.

The dollar slipped to 112.44 yen from 112.67 yen. The euro rose to $1.1742 from $1.1732.

Germany's DAX gained 0.8 percent and the CAC 40 of France CAC 40 rose 0.5 percent. The FTSE 100 index in Britain rose 0.3 percent. Japan's Nikkei 225 rose 0.7 percent while the Kospi in South Korea added 0.1 percent. The Hang Seng in Hong Kong rose 1.9 percent, its biggest gain in two months.

 

[bigdog]

https://www.usnews.com/news/busines.../asian-stocks-advance-after-wall-street-gains

U.S. markets will be closed Thursday for the Thanksgiving holiday. They will reopen Friday but will close at 1 p.m. ET.

US Stocks Mostly Slip Away From Their Latest Record Highs
U.S. stocks mostly slip away from their latest record highs as technology companies and banks slide.

By MARLEY JAY, AP Markets Writer

NEW YORK (AP) — U.S. stocks mostly slipped away from their latest record highs Wednesday as the two former halves of Hewlett-Packard both tumbled, while falling interest rates helped phone companies but hurt banks.

The price of oil jumped on reports OPEC and a group of other countries might extend the cuts in production they made at the start of this year. That took energy companies higher. Hewlett Packard Enterprise sank after it said CEO Meg Whitman will retire, while printer and PC maker HP lost ground after its latest quarterly report.

Interest rates fell after the Federal Reserve released minutes from its latest meeting, which ended Nov. 1. While most officials were comfortable raising interest rates soon, as investors think they will do in December, a few Fed leaders wanted to wait until there is more evidence inflation is rising. The Fed has suggested it wants to raise rates three more times next year.

"The market certainly doesn't believe it, and hasn't believed it all along," says Scott Wren, senior global equity strategist for Wells Fargo Investment Institute. He said investors may change their minds as economic reports roll in over the next few weeks, and they may get nervous if they think the Fed will move faster.

The Standard & Poor's 500 index dipped 1.95 points, or 0.1 percent, to 2,597.08. The Dow Jones industrial average slid 64.65 points, or 0.3 percent, to 23,526.18. The Nasdaq composite rose 4.88 points, or 0.1 percent, to a record 6,867.36. The Russell 2000 index of smaller-company stocks lost 2.13 points, or 0.1 percent, to 1,516.76.

All four indexes closed at record highs Tuesday, and on Wednesday most of the companies on the New York Stock Exchange finished higher.


U.S. markets will be closed Thursday for the Thanksgiving holiday. They will reopen Friday but will close at 1 p.m. ET.

The two main companies that once comprised Hewlett-Packard took the largest losses in the S&P 500. Hewlett Packard Enterprise, which sells data-center hardware and tech gear, dropped after it announced company President Antonio Neri will replace Whitman as CEO Feb 1. Whitman became CEO of Hewlett-Packard in 2011 and oversaw its split in 2015. HPE also reported mixed fourth-quarter results.

Analysts said they were surprised by the timing because Whitman suggested last month that she wasn't leaving soon. Like several other analysts, Steven Milunovich of UBS said Neri is a good choice, but that Whitman will be hard to replace.

"Whitman's star power could be missed when competing with the likes of Michael Dell, Chuck Robbins, and Ginni Rometty for large enterprise deals," he said, referring to the CEOs of Dell, Cisco Systems and IBM.

HP Enterprise fell $1.02, or 7.2 percent, to $13.10. Meanwhile HP Inc., which sells PCs and printers, had a solid quarter but couldn't sustain the gains it's made this year. The stock lost $1.12, or 5 percent, to $21.34. It's up 44 percent in 2017.

Bond prices started the day with small gains, which sent yields lower. Yields moved lower still as investors looked over the Federal Reserve minutes. The Fed has already raised interest rates twice this year in spite of low inflation, and Wren, of Wells Fargo, said investors may get jumpy as they examine economic data in the next few weeks and try to figure out how fast the Fed will move next year.

The yield on the 10-year Treasury note fell to 2.32 percent from 2.36 percent. That sent banks lower because lower yields translate to smaller profits on loans. Cincinnati Financial fell 80 cents, or 1.1 percent, to $72.66. Phone companies, which pay big dividends similar to bonds, climbed higher. Verizon Communications rose 92 cents, or 2 percent, to $47.10.


The dollar also weakened as investors expected lower interest rates. It sank to 111.17 yen from 112.44 yen. The euro rose to $1.1822 from $1.1742.

U.S. crude rose $1.19, or 2.1 percent, to $58.02 a barrel in New York. Brent crude, used to price international oils, gained 75 cents, or 1.2 percent, to $63.32 a barrel in London. Both oil benchmarks are at two-year highs.

Reuters reported that Saudi Arabia, the biggest oil exporter in the world, wants the OPEC cartel to extend this year's cut in oil production for another nine months. The nations of OPEC, as well as other major oil producers including Russia, will meet in Vienna next week to discuss their goals.

Farm equipment maker Deere posted a bigger profit and better sales than analysts expected, and it also gave surprisingly strong forecasts for its new fiscal year. The stock climbed $6.02, or 4.3 percent, to $145.25.

Gold added $10.50 to $1,292.20 an ounce. Silver rose 15 cents to $17.11 an ounce. Copper rose 1 cent to $3.14 a pound.

In other energy trading, wholesale gasoline lost 1 cent to $1.77 a gallon. Heating oil remained at $1.93 a gallon. Natural gas skidded 5 cents to $2.97 per 1,000 cubic feet.

Germany's DAX lost 1.2 percent while the FTSE 100 in London rose 0.1 percent and France's CAC 40 slipped 0.2 percent. Tokyo's Nikkei 225 gained 0.5 percent and the Hang Seng index of Hong Kong advanced 0.6 percent. The Kospi in South Korea rose 0.4 percent.

 

[bigdog]

U.S. markets were closed Thursday for the Thanksgiving holiday.
They will reopen Friday but will close at 1 p.m. ET.

Rest of Open Markets

https://www.usnews.com/news/busines...hanghai-stocks-tumble-other-asian-stocks-clam

China Stock Slump Weighs on Global Markets
European stock markets were weighed down Thursday by the earlier slump in China's main stock market to its lowest level since September. Trading levels were relatively modest though with U.S. markets closed for the Thanksgiving holiday.

By The Associated Press

LONDON (AP) — European stock markets were weighed down Thursday by the earlier slump in China's main stock market to its lowest level since September. Trading levels were relatively modest though with U.S. markets closed for the Thanksgiving holiday.

KEEPING SCORE: In Europe, Britain's FTSE 100 fell 0.1 to 7,410 while Germany's DAX dipped 0.2 percent to 12,995. France's CAC 40 outperformed its counterparts, trading up 0.6 percent at 5,384.

CHINA SLIDE: Chinese stocks fell sharply on reports that the government is moving to rein in online lending firms. Investors also pulled back after Hong Kong's Hang Seng index hit a 10-year high Wednesday to take profits. The Shanghai Composite Index sank 2.3 percent to 3,351.92, its lowest level since September, while the Hang Seng slumped 1 percent to 29,707.94.

ANALYST TAKE: "Sentiment in China was dented by Beijing halting approvals for all new online lending companies to curb a credit bubble," said Mike van Dulken at Accendo Markets.

REST OF ASIA: Other Asian markets finished generally flat. South Korea's Kospi finished 0.1 percent lower at 2,537.15 and Australia's S&P/ASX 200 finished unchanged at 5,986.20. Stocks in Singapore and other Southeast Asian countries were mixed. Japan was closed for a holiday.

EUROZONE BOOMING: The 19-country eurozone is set for its best quarterly performance since early 2011, according to a closely watched survey Thursday, the latest sign that a robust economy has gained further momentum heading into the year's end. Financial information company IHS Markit said its purchasing managers' index — a broad gauge of business activity across the manufacturing and services sectors — rose to 57.5 points in November from 56 the previous month. Anything above 50 indicates an expansion and the index now stands at its highest level since April 2011.


FED: Minutes of the Fed's last meeting that ended Nov. 1 showed that most officials generally believe it will soon be time for another increase in the Fed's key interest rate. A few Fed leaders think rates should stay where they are until there is more evidence inflation is rising, showing the concerns the U.S. inflation rate is falling short of expectations despite the jobless rate falling to the lowest level in nearly 17 years. But the minutes did not change expectations of a December rate hike, analysts said.

OIL: The price of oil retreated after a jump on reports that key oil producers might extend the cuts in production they made at the start of this year. U.S. crude fell 20 cents to $57.82 per barrel on the New York Mercantile Exchange while Brent crude, used to price international oils, lost 31 cents to $63.01 per barrel in London.

CURRENCIES: The euro rose 0.2 percent to $1.1844 while the dollar was unchanged at 111.21 yen.

 

[bigdog]

The Dow finished slightly below its record high from Tuesday

https://www.usnews.com/news/busines...hares-mixed-china-in-focus-after-big-sell-off

More Stock Records as Technology and Energy Companies Rise
US stocks rise as technology companies climb further and energy companies rise with oil prices.

By MARLEY JAY, AP Markets Writer

NEW YORK (AP) — U.S. stocks set more records in quiet post-holiday trading Friday as technology companies again did much of the heavy lifting. Energy companies rose with the price of oil.

Macy's and some of its retail counterparts rose after the department store's CEO said Black Friday sales were going well. Online titan Amazon made an even bigger gain. Oil prices and energy companies rose after Bloomberg reported that a group of key oil producers plans to extend production cuts until the end of 2018.

"If you take the cumulative effect of online and foot traffic going into the stores, it's showing you a robust consumer spending pattern," said Quincy Krosby, chief market strategist at Prudential Financial.

The Standard & Poor's 500 index rose 5.34 points, or 0.2 percent, to 2,602.42, its first close above 2,600.

The Dow Jones industrial average added 31.81 points, or 0.1 percent, to 23,557.99. The Nasdaq composite gained 21.80 points, or 0.3 percent, to 6,889.16. The Russell 2000 index of smaller companies climbed 2.40 points, or 0.2 percent, to 1,519.16.

The Dow finished slightly below its record high from Tuesday but the other major indexes closed at all-time highs. Trading ended early after the Thanksgiving holiday on Thursday.

Macy's CEO Jeffrey Gennette told CNBC holiday shopping is off to a good start with relatively few discounts and strong sales of some especially profitable products like winter clothing. Macy's gained 44 cents, or 2.1 percent, to $21.07 and other department stores climbed as well.

Experts are mostly predicting strong sales over the holiday shopping period because of increased consumer confidence and a very low unemployment rate. The National Retail Federation trade group expects sales to grow at least as fast as they did last year.


Big retailers like Wal-Mart and Urban Outfitters and Gap have also reported strong quarterly results recently. On Friday, Gap added 47 cents, or 1.6 percent, to $29.64 and electronics retailer Best Buy gained 51 cents to $57. Amazon's stock rose $29.84, or 2.6 percent, to $1,186.

Amazon, along with tech giants Apple, Facebook, Microsoft and Google's parent company Alphabet, have played a huge role in the market's gains this year. Those five companies combined are responsible for more than one-fourth of the value the S&P 500 has gained this year. Amazon and Facebook closed all-time highs Friday and the other three set record highs earlier this month.

U.S. benchmark crude rose 93 cents, or 1.6 percent, to $58.95 a barrel in New York. Krosby said the Keystone oil pipeline spill earlier this month has also pushed U.S. oil prices higher by disrupting supplies.

Brent crude, used to price international oils, added 31 cents to $63.86 a barrel in London.

Hess gained 95 cents, or 2.2 percent, to $44.40 and Marathon Oil added 25 cents, or 1.7 percent, to $15.13.

Billionaire investor Carl Icahn disclosed that he's acquired a 13.5 percent stake in SandRidge Energy. A week ago SandRidge agreed to buy oil and gas company Bonanza Creek Energy, and Icahn said he's opposed to the $736 million deal. Another major SandRidge investor, Fir Tree Partners, is also against the deal. SandRidge jumped $1.40, or 8 percent, to $18.90 while Bonanza tumbled $3.76, or 11.7 percent, to $28.38.

In other energy trading, wholesale gasoline added 2 cents to $1.79 a gallon. Heating oil rose 2 cents to $1.95 a gallon. Natural gas sank 16 cents, or 5.2 percent, to $2.81.


The dollar rose to 111.58 yen from 111.23 yen. The euro climbed to $1.1927 from $1.1853.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.34 percent from 2.32 percent late Wednesday.

Gold fell $4.90 to $1,287.30 an ounce. Silver lost 12 cents to $16.99 an ounce. Copper rose 3 cents to $3.17 a pound.

France's CAC 40 rose 0.2 percent and the DAX in Germany gained 0.4 percent. Britain's FTSE 100 slipped 0.1 percent. Japan's benchmark Nikkei 225 index rose 0.1 percent while the Hang Seng in Hong Kong rebounded 0.5 percent and South Korea's Kospi added 0.3 percent.

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