NYSE Dow Jones finished today at:

[bigdog]

https://www.usnews.com/news/busines.../asian-shares-tumble-ahead-of-data-heavy-week

Energy Firms Lead US Stocks Mostly Lower as Oil Prices Slip
A sluggish day of trading on Wall Street finished Monday with stocks edging mostly lower as investors came back from the Thanksgiving holiday.

By ALEX VEIGA, AP Business Writer

A sluggish day of trading on Wall Street finished Monday with stocks edging mostly lower as investors came back from the Thanksgiving holiday.

Energy stocks declined the most following a slide in crude oil prices. Materials companies also declined, partly offsetting gains among utilities and industrial stocks.

Retailers posted solid gains on reports the holiday shopping season is off to a strong start.

Investors also cheered some corporate deals and looked ahead to several economic reports and potential market-moving news out of Washington this week.

"As you look at the context of this entire week, Monday is a little bit light on market-moving events, but as we proceed through the balance of this week, we have a busy economic calendar," said Bill Northey, senior vice president at U.S. Bank Wealth Management.

The Standard & Poor's 500 index slipped 1 point to 2,601.42. The Dow Jones industrial average edged up 22.79 points, or 0.1 percent, to 23,580.78. The Nasdaq composite fell 10.64 points, or 0.2 percent, to 6,878.52. The Russell 2000 index of smaller-company stocks lost 5.85 points, or 0.4 percent, to 1,513.31.

More stocks fell than rose on the New York Stock Exchange.

Bond prices rose. The yield on the 10-year Treasury fell to 2.33 from 2.34 percent late Friday.

Losses among energy stocks weighed on the market Monday as oil prices declined.

Marathon Oil lost 65 cents, or 4.3 percent, to $14.48, while Newfield Exploration gave up $1.05, or 3.4 percent, to $29.69.

Benchmark U.S. crude fell 84 cents, or 1.4 percent, to settle at $58.11 per barrel on the New York Mercantile Exchange. Brent crude, used to price international oils, declined 2 cents to close at $63.84 in London.


Chipmakers were also among the market's big laggards, led by Western Digital. The stock was the biggest decliner in the S&P 500, sliding $6.23, or 6.7 percent, to $86.55.

Several retailers closed higher as the holiday shopping season moved into high gear. Shoppers are expected to spend $6.6 billion on Cyber Monday, up more than 16 percent from a year ago, according to Adobe Analytics, the research arm of software maker Adobe.

Newell Brands climbed $1.42, or 5 percent, to $29.79, while Amazon added $9.83, or 0.8 percent, to $1,195.83. L Brands rose $1.98, or 4.1 percent, to $50.34.

Traders also welcomed the latest news on the corporate deal front.

Time rose almost 10 percent after agreeing to be acquired by Meredith for $1.8 billion, or $18.50 a share. Meredith owns TV stations and magazines including Better Homes & Gardens.

Time surged $1.60, or 9.5 percent, to $18.50, while Meredith gained $6.55, or 10.7 percent, to $67.55.

Barracuda Networks jumped 16.5 percent after the cloud-based security company agreed to be taken private. The stock rose $3.90 to $27.59.

Firearms makers rose after requests for federal background checks for gun purchases jumped 9 percent on Black Friday from a year earlier. American Outdoor Brands, the parent of Smith & Wesson, picked up 45 cents, or 3.4 percent, to $13.73. Sturm, Ruger & Co. added $1.85, or 3.7 percent, to $51.80.

Utilities notched also gains Monday. CenterPoint Energy rose 51 cents, or 1.8 percent, to $29.54.

It's a busy week on the data front, with several manufacturing figures due at the end of the week.

Investors also will have their eye on outgoing Federal Reserve Chair Janet Yellen's remarks before Congress and a possible vote in the Senate on its version of a tax overhaul bill.


In other energy futures trading Monday, wholesale gasoline was little changed at $1.79 a gallon. Heating oil slipped 1 penny to $1.95 a gallon. Natural gas rose 12 cents, or 4.1 percent, to $2.93 per 1,000 cubic feet.

Gold rose $7.10 to $1,294.40 an ounce. Silver added 3 cents to $17.02 an ounce. Copper slid 4 cents to $3.13 a pound.

The dollar weakened to 111.01 yen from 111.58 yen. The euro fell to $1.1899 from $1.1927.

Major stock indexes in Europe closed lower. Germany's DAX fell 0.5 percent, while France's CAC 40 lost 0.6 percent. Britain's FTSE 100 slid 0.3 percent.

Earlier in Asia, Tokyo's Nikkei 225 lost 0.2 percent, while Seoul's Kospi fell 1.4 percent. Hong Kong's Hang Seng declined 0.6 percent. India's Sensex lost 0.2 percent and Sydney's S&P-ASX 200 edged up 0.1 percent.

 

[bigdog]

https://finance.yahoo.com/m/bea31018-eb6d-3d71-8484-a458d579f563/ss_banks-power-solid-gains-for.html

Banks power solid gains for US stocks, more record highs

Associated Press

Banks led a broad rally in U.S. stocks Tuesday, lifting the market to a milestone-shattering finish.

Gains by industrial stocks, retailers and health care companies also helped drive the major stock indexes to record highs.

Investors were encouraged by news that a Senate committee cleared the way for a tax reform bill to go before the full Senate. Financial stocks also got a boost from Federal Reserve chair nominee Jerome Powell, who told another Senate committee that the Fed would consider easing up on bank regulations.

Encouraging economic data and the latest batch of company earnings and deal news also helped drive the rally, which gave the Standard & Poor's 500 index its best day since Sept. 11.

"When you're in a market where you're at new highs with the averages, in theory, nobody has losses," said Mark Chaikin, founder of Chaikin Analytics. "Given seasonal patterns, I expect that we'll see the market strong into year-end."

The S&P 500 index rose 25.62 points, or 1 percent, to 2,627.04. The Dow Jones industrial average gained 255.93 points, or 1.1 percent, to 23,836.71. The Nasdaq composite added 33.84 points, or 0.5 percent, to 6,912.36. The Russell 2000 index of smaller-company stocks picked up 23.12 points, or 1.5 percent, to 1,536.43.

Gainers outnumbered decliners more than 2 to 1 on the New York Stock Exchange.

Early on, investors had their eye on Washington, where the Senate Budget Committee weighed the chamber's version of a sweeping tax bill. The committee voted 12-11 to pass the Republican tax plan late Tuesday afternoon. The sweeping measure, which would lower corporate tax rates, now advances to the full Senate. GOP leaders hope to have the Senate take it up later this week.

Another panel, the Senate Banking Committee, drew the spotlight early on as it heard testimony from Powell, who has been a member of the Fed's board since 2012 and is expected to win confirmation to succeed Janet Yellen.

In written testimony released before the start of the hearing, Powell said that, if confirmed as the next Fed chairman, he expected the central bank to continue raising interest rates gradually.

Powell also said that, under his leadership, the Fed would consider ways to ease the regulatory burdens on banks while preserving the key reforms Congress passed to try to prevent another financial crisis.

"Powell's testimony basically said that he's a Janet Yellen on steroids," said Chaikin. "His testimony gave the market a lot of confidence."

Banks and other financial stocks had their best day since March. The sector is up 15.2 percent this year.

JPMorgan Chase and Bank of America notched their gains since April. Shares in JPMorgan rose $3.43, or 3.5 percent, to $101.36. Bank of America added $1.05, or 3.9 percent, to $27.64.

Investors also got a double dose of encouraging data on the U.S. economy Tuesday.

The Conference Board said that its consumer confidence index rose this month to its highest level since November 2000. Economic growth clocked at a healthy 3 percent annual pace in the third quarter, and the unemployment rate has fallen to a 17-year low of 4.1 percent.

A separate index showed U.S. home prices rose at the fastest pace in more than three years in September, fueled by a record-low supply of homes for sale. Homebuilder shares rose, led by KB Home, which gained $1.17, or 4.1 percent, to $30.

The latest corporate deal news also moved the market.

Buffalo Wild Wings jumped 6.3 percent after it agreed to be acquired by Arby's for $157 a share. Buffalo was at $117.25 a share before reports about a possible deal emerged two weeks ago. The stock added $9.20 to $155.60.

Emerson Electric rose 3.7 percent after the company withdrew its bid for Rockwell Automation. Emerson shares climbed $2.27 to $64.15. Rockwell added $6.09, or 3.2 percent, to $197.13.

Companies with strong quarterly results or outlooks also got a lift.

Thor Industries surged 13.3 percent after the RV maker reported quarterly earnings that were much higher than analysts were expecting. The stock gained $18.12 to $154.37. Rival Winnebago Industries rose $3.95, or 7.8 percent, to $54.60.

Tech Data climbed 10.2 percent after the information technology products company posted better-than-expected third quarter results and gave strong fourth-quarter forecasts. The stock picked up $9.54 to $102.76.

Real estate sector companies were the only laggard. Public Storage fell $5.50, or 2.6 percent, to $209.43.

Bond prices rose. The yield on the 10-year Treasury fell to 2.34 from 2.35 percent late Monday.

Benchmark U.S. crude dropped 12 cents to settle at $57.99 a barrel on the New York Mercantile Exchange. Brent crude, used to price international oils, declined 23 cents to close at $63.61. Wholesale gasoline fell 2 cents to $1.77 a gallon.

In other energy futures trading, heating oil was little changed at $1.95 a gallon. Natural gas rose 15 cents, or 5 percent, to $3.07 per 1,000 cubic feet.

Gold inched up 50 cents to $1,294.90 an ounce. Silver fell 20 cents to $16.82 an ounce. Copper slid 6 cents to $3.07 a pound.

The dollar rose to 111.55 yen from 111.01 yen on Monday. The euro weakened to $1.1847 from $1.1899.

Major stock indexes in Europe rose following a downbeat day in Asia.

Germany's DAX added 0.5 percent, while France's CAC 40 gained 0.6 percent. Britain's FTSE 100 rose 1 percent.

In Asia, Japan's benchmark Nikkei 225 and Hong Kong's Hang Seng were little changed. Australia's S&P/ASX 200 lost nearly 0.1 percent. South Korea's Kospi added 0.3 percent. Shares in Southeast Asia were mixed.

 

[bigdog]

 

[bigdog]

https://www.usnews.com/news/busines...-fall-after-tech-slide-pulls-down-wall-street

Dow Jones Industrials Breach 24,000 in Broad Market Rally
Wall Street finished November with a broad rally that gave the Dow Jones industrial average its biggest gain since March and pushed it past the 24,000 mark for the first time

By ALEX VEIGA and PAUL WISEMAN, AP Business Writers

Wall Street finished November with a broad rally that gave the Dow Jones industrial average its biggest gain since March and pushed it past the 24,000 mark for the first time.

Other market indicators also reached milestones on Thursday. The Standard & Poor's 500 index, which is widely followed by professional investors, had its biggest monthly gain since February.

Technology stocks were responsible for much of the gain, following a sharp pullback the day before.

Investors were encouraged by the latest batch of economic data pointing to a pickup in global and domestic demand. But the run-up in the market really kicked in after developments in Washington gave traders fresh optimism that the Republican-led effort to forge a sweeping tax cut bill will succeed.

"A parade of data have surprised to the upside and that's helped underpin the market's tone," said Quincy Krosby, chief market strategist at Prudential Financial. "But clearly the move toward tax reform, moving through the hurdles, has the market poised for a tax reform package to be legislated either at the end of this year or early next year."

The S&P 500 index climbed 21.51 points, or 0.8 percent, to 2,647.58. The Dow jumped 331.67 points, or 1.4 percent, to 24,272.35. The average was briefly up more than 387 points.

The Nasdaq added 49.58 points, or 0.7 percent, to 6,873.97. The Russell 2000 index of smaller-company stocks picked up 1.84 points, or 0.1 percent, to 1,544.14. The major stock indexes all ended November with gains.

Stocks are being driven higher by a healthy economic backdrop and by the prospect that policy changes will fatten corporate profits.

The global economy is gathering momentum and a falling dollar has made American-made products cheaper overseas, benefiting U.S. corporations. And recent economic data have given investors more reason to feel bullish.


The Commerce Department reported this week that the U.S. economy grew at a 3.3 percent annual pace from July through September, the fastest in three years. Consumer spending and incomes posted healthy gains in October, the Labor Department reported Thursday.

American consumers, whose spending accounts for 70 percent of U.S. economic output, are in the sunniest mood since 2000, their disposition brightened by a healthy job market. The unemployment rate is at a 17-year low 4.1 percent.

The encouraging economic picture has pushed the yield on the 10-year Treasury higher. It climbed Thursday to 2.41 percent from 2.39 percent late Wednesday.

Investors are also enthusiastic about the Republican tax bill moving through Congress. On Thursday, Republican Sen. John McCain, who derailed the GOP effort to dismantle the Obama health care law last summer, said he would back the tax bill. The announcement was a major boost for the legislation, which would slash the tax on corporate earnings to 20 percent from 35 percent, reduce the likely taxes on foreign earnings and temporarily let companies immediately deduct the cost of investments from their taxes.

Traders have also welcomed the Trump administration's bid to reduce regulations, especially on financial firms, potentially boosting profits. The president's pick to run the Consumer Financial Protection Bureau, Mick Mulvaney, is expected to go easier on banks than his predecessor, Richard Cordray. Likewise, incoming Federal Reserve chief Jerome Powell has said he believes regulators can roll back some of the tougher bank rules imposed after the financial crisis.


Investors also have seasonality on their side. On average, December is the best month for stocks. And, while there are some warning signs and reasons for concern, analysts have some solid reasons to think December 2017 will be pretty good, too.

A day after technology stocks fell sharply, investors seized upon the lower share prices to buy into the sector. PayPal added $2.48, or 3.4 percent, to $75.73.

Banks and other financial companies posted solid gains. Goldman Sachs Group rose $6.28, or 2.6 percent, to $247.64.

Crude oil prices recovered from an early afternoon slide after OPEC and a group of allied oil-producing nations agreed to prolong crude output cuts until the end of next year. The move extends a policy that has helped lead to a significant rise in the price of oil over the past year.

Benchmark U.S. crude added 10 cents to settle at $57.40 per barrel on the New York Mercantile Exchange. Brent crude, used to price international oils, gained 46 cents, or 0.7 percent, to close at $63.57 a barrel in London. In other energy futures trading, wholesale gasoline was little changed at $1.73 a gallon. Heating oil shed 3 cents to $1.89 a gallon. Natural gas fell 15 cents, or 4.8 percent, to $3.03 per 1,000 cubic feet.

The dollar rose to 112.53 yen from 111.82 yen on Wednesday. The euro strengthened to $1.1896 from $1.1863.

Gold fell $8.90, or 0.7 percent, to $1,273.20 an ounce. Silver dropped 8 cents to $16.38 an ounce. Copper was little changed at $3.04 a pound.

Major stock indexes in Europe declined. Germany's DAX slipped 0.3 percent, while France's CAC 40 fell 0.5 percent. London's FTSE 100 lost 0.9 percent.


Earlier in Asia, Hong Kong's Hang Seng index gave up 1.5 percent, while Tokyo's Nikkei 225 gained 0.6 percent. Seoul's Kospi fell 1.4 percent. Sydney's S&P-ASX 200 declined 0.7 percent. India's Sensex lost 1.4 percent.

 

[bigdog]

https://www.usnews.com/news/busines...ostly-higher-following-tech-recovery-oil-deal

US Stocks Mostly Recoup Their Losses After Early Slide
Wall Street took investors on a turbulent ride Friday as stock indexes veered into a steep slide that knocked 350 points off the Dow Jones industrial average before the market eventually clawed back most of its losses.

By ALEX VEIGA, AP Business Writer

Wall Street took investors on a turbulent ride Friday as stock indexes veered into a steep slide that knocked 350 points off the Dow Jones industrial average before the market eventually clawed back most of its losses.

The market stumbled after former national security adviser Michael Flynn pleaded guilty to lying to the FBI and said he would cooperate with the probe into Russian meddling in the U.S. presidential election.

That raised concerns among traders that the White House's legislative agenda, including a tax overhaul under debate in Congress, could be at risk. Those jitters were allayed somewhat by early afternoon, when Senate Republicans signaled they have enough votes to push forward on the tax legislation.

"Once the Senate did announce that they had sufficient votes to move forward, there was a respite and we did come off the lower levels," said Eric Wiegand, senior portfolio manager for Private Wealth Management at U.S. Bank.

The Standard & Poor's 500 index fell 5.36 points, or 0.2 percent, to 2,642.22. The index still ended the day with its best week since mid-September. The Dow Jones industrial average slid 40.76 points, or 0.2 percent, to 24,231.59. The Nasdaq composite lost 26.39 points, or 0.4 percent, to 6,847.59. The Russell 2000 index of smaller-company stocks gave up 7.12 points, or 0.5 percent, to 1,537.02.

The indexes, which hit record highs earlier this week, had been little changed before Flynn's plea deal was announced.

"The losses that we saw right when the Flynn information came out — the market just hit an air pocket," said Phil Orlando, chief equity strategist at Federated Investors.

In pleading guilty Friday to lying to the FBI about his contacts with the Russian ambassador, Flynn admitted he followed directions from an unnamed member of President Donald Trump's transition team. Special Counsel Robert Mueller is examining possible coordination between Russia and the Trump campaign to influence the outcome of the 2016 election. Flynn is the first official who worked in the Trump White House to make a guilty plea in the investigation.


The news of Flynn's plea came as investors were keeping an eye on Washington, where Republicans moved to make major changes to their proposed tax overhaul package.

Senate Majority Leader Mitch McConnell said after a closed-door meeting of Republican senators that the GOP had the votes to deliver the legislation, which is expected to add $1 trillion to the nation's deficit over 10 years. It would also slash the corporate tax rate, offer more modest cuts for families and individuals and eliminate several popular deductions.

"The tax bill, in our mind, is going through," said Orlando. "This Flynn situation, the Mueller investigation, does not derail the tax reform, which we think is essentially at hand."

The technology sector, an investor favorite since the beginning of the year, accounted for some of the biggest losses Friday. Qorvo fell $2.37, or 3.1 percent, to $74.21.

Qualcomm declined 1.3 percent after Bloomberg News reported that Broadcom, a rival chipmaker, won't make a new offer for the company until next year. Qualcomm shed 85 cents to $65.49. Broadcom lost $6.38, or 2.3 percent, to $271.56.

Several airlines traded lower as industrial stocks declined.

American Airlines Group fell $1.49, or 3 percent, to $49, while Alaska Air Group gave up $2.26, or 3.3 percent, to $66.91.


Ulta Beauty slid 4.1 percent after the beauty products retailer issued a disappointing forecast for the current quarter that overshadowed solid third-quarter results. The stock dropped $9.13 to $212.58.

Investors welcomed news that Blue Apron named a new CEO. The meal kit maker has struggled since its initial public offering in June. The stock rose 24 cents, or 8 percent, to $3.23.

A pickup in crude oil priced helped lift energy stocks, giving the sector the biggest gain in the S&P 500.

Oil and gas producer Apache Corp. also posted the big gain among S&P 500 companies, climbing $2.39, or 5.7 percent, to $44.22.

Benchmark U.S. crude New York rose 96 cents, or 1.7 percent, to settle at $58.36 a barrel. Brent, the international standard, added $1.10, or 1.8 percent, to close at $63.73 a barrel.

In other energy futures trading, wholesale gasoline gained a penny to $1.74 a gallon. Heating oil picked up 4 cents to $1.94 a gallon. Natural gas gained 4 cents to $3.06 per 1,000 cubic feet.

Bond prices rose. The yield on the 10-year Treasury fell to 2.36 percent from 2.41 percent late Thursday.

The dollar fell to 112.05 yen from 112.53 yen on Thursday. The euro weakened to $1.1893 from $1.1896.

Gold added $5.60, or 0.4 percent, to $1,278.80 an ounce. Silver dropped 9 cents to $16.30 an ounce. Copper rose 3 cents to $3.07 a pound.

Major stock indexes in Europe closed lower. Germany's DAX fell 1.2 percent, while France's CAC 40 fell 1 percent. The FTSE 100 index of leading British shares lost 0.4 percent.

Indexes in Asia were mixed. Japan's Nikkei 225 rose 0.4 percent. South Korea's Kospi fell less than 0.1 percent. Hong Kong's Hang Seng index slipped 0.4 percent. Australia's S&P/ASX 200 gained 0.3 percent.

6366

 

[bigdog]

https://finance.yahoo.com/m/dad0d660-62a1-3282-951f-a12a6117d009/ss_slump-for-tech-stocks.html

Slump for tech stocks overshadows gains by telecoms, banks

NEW YORK (AP) — Stock indexes didn't do much at first glance on Monday, but the modest move for the Standard & Poor's 500 masked some dramatic changes roiling underneath the surface.

Telecom stocks, banks and other areas of the market that stand to benefit the most from Washington's drive to cut corporate tax rates jumped. At the same time, technology stocks slumped and gave up a chunk of the gains that have made them the best-performing part of the market by far this year.

The New York Stock Exchange was nearly evenly split between stocks that rose and fell, and the split in performance left the S&P 500 close to where it began the day. It dipped 2.78 points, or 0.1 percent, to 2,639.44.

The Dow Jones industrial average rose 58.46, or 0.2 percent, to 24,290.05, and the Nasdaq composite fell 72.22, or 1.1 percent, to 6,775.37.

The cross-currents swept through the market on the first day of trading after the Senate narrowly approved its proposal to revamp the tax system. Indexes initially jumped on expectations that lower tax rates would help corporate profits pile up even higher, and the S&P 500 was up as much as 0.9 percent in morning trading.

Lower tax rates would help boost profits for companies, which already have been reporting resurgent earnings growth this year thanks to the improving global economy. If profits do accelerate, it would help allay worries that the stock market, which is still close to record highs, has climbed too far, too quickly.

Telecommunications companies pay some of the highest effective tax rates among the big companies in the S&P 500, so they stand to reap some of the biggest rewards of lower tax rates. Telecom stocks in the index jumped 1.6 percent, tied for the biggest gain of the 11 sectors in the index.

Financial stocks, which analysts also expect to be winners from the tax overhaul, likewise climbed 1.6 percent.

Technology companies, meanwhile, will likely get less of a boost. They already were typically paying the lowest effective tax rates of the 11 sectors in the S&P 500, analysts said.

Tech stocks in the index dropped 1.9 percent, lagging far behind the rest of the market. It's a very different position for the sector, which has nearly doubled the performance of the S&P 500 this year. The strong gains earlier in the year led some skeptics to say that tech stocks had become overly pricey.

"It's not that the tax bill is negative for tech companies," said Ernie Cecilia, chief investment officer at Bryn Mawr Trust. "It's just less positive for it than for other areas. The message is that although tax reform seems to be a positive, we have to see how that will play out on individual companies and industries."

Adding to the uncertainty is the work that remains for the tax overhaul to become law. The Senate and House of Representatives still need to iron out differences in their respective proposals, and Cecilia warned that stocks could see more ups and downs as details come out in coming days about which companies will most benefit.

Congress still has a packed schedule, the tax-overhaul notwithstanding. Washington faces a deadline on Friday to avert a shutdown of the government.

Friday is also the day the government will release its monthly jobs report, one of the last major economic reports before the Federal Reserve's meeting next week on interest rates. Many economists expect the Fed to approve the third rate increase of the year.

And hanging over everything in Washington is the investigation that continues into Russia's involvement with last year's presidential election. President Donald Trump's former national security adviser has pleaded guilty to lying to the FBI and has agreed to cooperate with the probe, which could threaten the agenda set by Trump and his fellow Republicans in control of Congress.

In Europe, stock markets rallied as negotiations continued for the United Kingdom's exit from the European Union. France's CAC 40 jumped 1.4 percent, and Germany's DAX surged 1.5 percent. The FTSE 100 in London rose 0.5 percent.

Asian markets were mixed. South Korea's Kospi rose 1.1 percent, the Hang Seng in Hong Kong gained 0.2 percent and Japan's Nikkei 225 index fell 0.5 percent.

In the bond market, the yield on the 10-year Treasury note held steady at 2.37 percent.

The dollar rose to 112.60 Japanese yen from 112.05 yen late Friday. The euro fell to $1.1855 from $1.1893, and the British pound rose to $1.3471 from $1.3468.

Benchmark U.S. crude slumped 89 cents to settle at $57.47 per barrel. Brent crude, the international standard, fell $1.28 to $62.45 a barrel in London.

Natural gas lost 8 cents to $2.99 per 1,000 cubic feet, heating oil lost 5 cents to $1.89 per gallon and wholesale gasoline dropped 5 cents to $1.69 per gallon.

Gold dipped $4.60 to settle at $1,277.70 per ounce, silver lost 2 cents to $16.37 and copper was close to flat at $3.09 per pound.

 

[bigdog]

https://finance.yahoo.com/m/44a68f8e-6f58-3eb8-8596-ff902a0cb86b/ss_s&p-500-drops-to-third.html

S&P 500 drops to third straight loss after tech rally fades

NEW YORK (AP) — Another afternoon fizzle for stocks left the Standard & Poor's 500 index with its third straight loss on Tuesday.

The market seemed like it was headed for a gain in the morning, after technology stocks recovered from one of their few stumbles this year. But the tech rally lost momentum as the afternoon went on, and losses for telecom stocks and utilities helped cement the S&P 500's longest losing streak in nearly four months.

The S&P 500 fell 9.87 points, or 0.4 percent, to 2,629.57. It had been up 0.3 percent in the morning, and it marked the second straight day where an early rally ended up petering out.

The Dow Jones industrial average lost 109.41, or 0.5 percent, to 24,180.64, and the Nasdaq composite fell 13.15, or 0.2 percent, to 6,762.21. Losers outnumbered winners on the New York Stock Exchange by nearly two to one.

The market's ups and downs have come as investors sift through Congress' twin proposals to revamp the tax system. The Senate and House of Representatives are trying to reconcile their respective versions before sending it to President Donald Trump for his approval, and investors are trying to figure out which industries and companies will come out as winners and losers from it.

After leading the market for most of this year, technology stocks moved into the losers' column recently. Technology companies already pay some of the lowest effective tax rates of companies in the S&P 500, so they have less to gain from the proposal.

Tech stocks in the S&P 500 began to stumble last week as expectations ramped up for the tax overhaul and as investors shifted into companies that stand to benefit most from lower rates, such as financial companies. It culminated in a loss of 1.9 percent for S&P 500 tech stocks on Monday, the first trading day after the Senate passed its version of the tax overhaul. The Senate's proposal to keep the alternative minimum tax for all companies also hurt tech stocks.

It's a rare stumble for the tech industry, which had climbed twice as much as the S&P 500 in the first 11 months of the year. And that attracted buyers.

Chip makers and internet companies led the market on Tuesday, and technology stocks in the S&P 500 rose 0.2 percent. It was the only sector of the 11 that make up the index to rise, though it had been up as much as 1.4 percent earlier in the day.

Micron Technology rose $1.31, or 3.3 percent, to $41.21 for the largest gains in the S&P 500.

"I don't think this is the beginning of the end for tech," said Brian Nick, chief investment strategist at Nuveen. "Tech is going to be supported by very strong earnings, which is ultimately what's going to drive the market next year."

The rest of the market, though, was down on Tuesday. Telecom stocks fell 1.8 percent for the sharpest loss among the index's sectors. A day earlier, it had the market's strongest gains. Utilities, industrial companies and retailers were also weak.

Edison International slumped $10.26, or 12.8 percent, to $70 for the biggest loss in the S&P 500. Wildfires are raging outside Los Angeles, and investors are guessing the damage could result in losses for the company's Southern California Edison electric utility subsidiary.

In Europe, markets were down modestly as negotiations continued for the United Kingdom's pending departure from the European Union.

France's CAC 40 dipped 0.3 percent, and Germany's DAX fell 0.1 percent. The FTSE 100 in London lost 0.2 percent.

In Asia, Tokyo's Nikkei 225 index slipped 0.4 percent, Hong Kong's Hang Seng index dropped 1 percent and the Kospi in South Korea gained 0.3 percent.

In the bond market, Treasury yields fell as bond prices rose. The yield on the 10-year Treasury note dropped to 2.35 percent from 2.37 percent late Monday.

The dollar ticked up to 112.62 Japanese yen from 112.60 yen late Monday. The euro dipped to $1.1816 from $1.1855, and the British pound fell to $1.3442 from $1.3471.

Benchmark U.S. crude rose 15 cents to settle at $57.62 per barrel. Brent crude, the international standard, gained 41 cents to $62.86 a barrel in London.

Natural gas fell 7 cents to $2.91 per 1,000 cubic feet, heating oil rose 2 cents to $1.91 per gallon and wholesale gasoline gained 3 cents to $1.72 per gallon.

Gold slipped $12.80 to settle at $1,264.90 per ounce, silver lost 31 cents to $16.07 per ounce and copper dropped 14 cents to $2.95 per pound.

 

[bigdog]

https://www.usnews.com/news/busines...extend-losses-after-dismal-session-on-wall-st

Sinking Energy Stocks Pull S&P 500 to Fourth Straight Loss
U.S. stocks took another small step backward on Wednesday after a plunge in the price of oil dragged down shares of energy producers.

By STAN CHOE, AP Business Writer

NEW YORK (AP) — U.S. stocks took another small step backward on Wednesday after a plunge in the price of oil dragged down shares of energy producers. The losses overshadowed gains for technology companies and other areas of the market.

The Standard & Poor's 500 index dipped by a fraction of a point, down 0.30 to 2,629.27, and it's down just 0.5 percent so far this week. But even those modest movements could count as notable in a year that's been unusually calm and easy for investors. It was the fourth straight loss for the index, the first time that has happened since March.

The Dow Jones industrial average fell 39.73 points, or 0.2 percent, to 24,140.91, the Nasdaq composite rose 14.16, or 0.2 percent, to 6,776.38 and the Russell 2000 index of small-cap stocks lost 7.88, or 0.5 percent, to 1,508.88.

Stocks have been mostly drifting lower this week following a strong run for markets this year. The ups and downs have come as the Senate and House of Representatives try to iron out differences in their proposals to overhaul the tax system, and investors shift their portfolios toward companies that stand to benefit most from lower rates.

"It looks like we topped out last week and we've been rolling a bit," said Phil Orlando, chief equity market strategist at Federated Investors. "The reality is we had a phenomenal run here, and we looked a little overbought in my mind. So I wouldn't at all discount a little bit of a correction here of 2 or 3 percent."

The market, which is still up more than 17 percent for the year, is also in a relatively quiet period, Orlando said. Companies have finished reporting how much profit they made in the summer, and fourth-quarter reports won't start again in earnest for more than a month. That can lead to a drifting market.

The market's biggest movers were energy stocks, which sank with the price of oil. Benchmark U.S. crude fell $1.66 to settle at $55.96 per barrel. Brent crude, the international standard, lost $1.64 to $61.22 a barrel.

That led to a 1.3 percent loss for energy stocks in the S&P 500, the sharpest drop among the 11 sectors that make up the index. Oil company Newfield Exploration fell $2.12, or 6.9 percent, to $28.44 for the biggest loss of any stock in the S&P 500.

Companies in the dental industry were also weak, hurt by fears that their industry is the next that Amazon will upend. Patterson Companies lost $1.51, or 4.2 percent, to $34.81, and Henry Schein fell $3.52, or 5 percent, to $67.58.

Analysts at Morgan Stanley cut their financial estimates for the companies on signs that Amazon has gotten access to a key dental equipment maker and may line up others in coming years, among other factors.

On the winning side was DaVita, which jumped to the biggest gain in the S&P 500 after UnitedHealth Group said it will buy DaVita's medical group, which serves patients through nearly 300 medical clinics, for $4.9 billion in cash. DaVita gained $8.27, or 13.6 percent, to $69.20.

Technology stocks also rose, and they recovered some of their losses from earlier in the week.

The main drivers for the stock market much of this year have been the improving global economy and a resulting jump in profits for businesses. A report on Wednesday implied that the U.S. job market continues to strengthen.

Private employers added 190,000 jobs last month, according to a report from payroll processor ADP. Economists see the report as a relatively good indication of what the more comprehensive federal government's jobs tally will show.

That report arrives on Friday, and it will be one of the last pieces of major economic data released before the Federal Reserve's meeting next week on interest rates. Most economists expect the Fed to raise rates, which would be the third increase of the year.

Treasury yields sank as prices for government bonds rose. The yield on the 10-year Treasury note dropped to 2.33 percent from 2.35 percent late Tuesday.

In markets overseas, Asian stocks slumped. Japan's Nikkei 225 index lost 2 percent for its worst day since March. The Hang Seng in Hong Kong dropped 2.1 percent, and South Korea's Kospi lost 1.4 percent.

In Europe, markets trimmed their losses as the day progressed. Germany's DAX dropped 0.4 percent, and France's CAC 40 ended little changed. The FTSE 100 in London rose 0.3 percent.

The dollar dipped to 112.28 Japanese yen from 112.62 yen late Monday. The euro fell to $1.1793 from $1.1816, and the British pound slipped to $1.3375 from $1.3442.

In the commodities markets, natural gas rose a cent to $2.92 per 1,000 cubic feet, heating oil fell 5 cents to $1.86 per gallon and wholesale gasoline dropped 6 cents to $1.66 per gallon.

Gold ticked up by $1.20 to $1,266.10 per ounce, and silver fell 11 cents to $15.96 per ounce. Copper recovered a fraction of its sharp loss from the day before and rose 2 cents to $2.96 per pound.

 

[bigdog]

https://www.usnews.com/news/busines...ces-mixed-after-us-markets-regain-equilibrium

S&P 500 Snaps Losing Streak as Industrial, Tech Stocks Rise
U.S. stock indexes perked higher following a nearly weeklong slumber, and the Standard & Poor's 500 rose on Thursday for the first time in five days.

By STAN CHOE, AP Business Writer

NEW YORK (AP) — U.S. stock indexes perked higher on Thursday following a nearly weeklong lull, and the Standard & Poor's 500 rose for the first time in five days.

Industrial and technology companies helped lead the way, as broad swaths of the market climbed. Nearly two stocks rose for every one that fell on the New York Stock Exchange, and the price of crude oil clawed back some of its sharp loss from Wednesday.

The S&P 500 rose 7.71 points, or 0.3 percent, to 2,636.98 and snapped its longest losing streak since March. Losses through that span were modest, though, with the index down only 0.7 percent.

The Dow Jones industrials average rose 70.57, or 0.3 percent, to 24,211.48, the Nasdaq composite gained 36.47, or 0.5 percent, to 6,812.84 and the Russell 2000 index of small-cap stocks jumped 11.59, or 0.8 percent, to 1,520.47.

The gains were a return to form for a stock market that earlier had been driving higher on expectations that Washington will push through an overhaul of the tax system. The Senate passed its proposal over the weekend, and its plan would create slightly different winners and losers among corporate taxpayers than the House of Representatives' version. This week, investors have been trying to shift to the areas of the market they see ultimately benefiting the most, which led to some ups and downs.

Stocks may continue to drift until investors get more clarity on what the final tax proposal will be, said Tom Stringfellow, chief investment officer at Frost Investment Advisors.

"The market has already been bid up on anticipation of this, and the real test will be what do both houses come up with and what is put on the president's desk to sign," he said.

In the meantime, a strengthening global economy and climbing corporate earnings are supporting stock prices. "We have seen so many positives flow through, from Europe to Asia to global trade," Stringfellow said. "It's just those wild cards out there," such as a potential conflict with North Korea, that worry investors.

Technology stocks were some of the market's better performers, shaking off an uncharacteristic weak stretch. The industry stumbled earlier this week on expectations that it will benefit less from lower tax rates than financial companies, retailers and other areas of the market.

Tech stocks in the S&P 500 rose 0.6 percent, and they trimmed their loss for the week to 0.3 percent. They are up nearly 36 percent for the year, double the S&P 500's gain.

Energy stocks recovered some of their losses from a day earlier as the price of oil ticked higher.

Benchmark U.S. crude added 73 cents to settle at $56.69 per barrel and recovered a chunk of its $1.66 loss from Thursday. Brent crude, the international standard, rose 98 cents, or 1.6 percent, to $62.20 a barrel in London. That helped energy stocks in the S&P 500 rise 0.3 percent.

More evidence that the job market is strengthening also arrived after a government report showed that fewer workers filed for unemployment benefits last week. The numbers are considered a proxy for layoffs, and they offer an encouraging sign that the U.S. labor market continues to improve.

On Friday, the government will release its closely watched monthly jobs report. If it shows as much strength in hiring during November as economists expect, the Federal Reserve will likely be on track to raise interest rates at its meeting next week. It would be the third rate increase of the year.

The yield on the 10-year Treasury note rose to 2.36 percent from 2.34 percent late Wednesday.

The dollar rose to 113.13 Japanese yen from 112.28 yen late Wednesday. The euro dipped to $1.774 from $1.1793, and the British pound rose to $1.3465 from $1.3375.

In the commodities markets, gold fell $13.00 to settle at $1,253.10 per ounce, silver lost 15 cents to $15.80 per ounce and copper was close to flat at $2.96 per pound.

Natural gas fell 16 cents to $2.76 per 1,000 cubic feet, heating oil rose 4 cents to $1.90 per gallon and wholesale gasoline added 4 cents to $1.70 per gallon.

In stock markets overseas, Japan's Nikkei 225 index rose 1.4 percent following its worst day since March, a 2 percent loss. The Hang Seng in Hong Kong rose 0.3 percent, and South Korea's Kospi lost 0.5 percent.

Germany's DAX rose 0.4 percent, the FTSE 100 in London dipped 0.4 percent and France's CAC 40 gained 0.2 percent.

 

[bigdog]

https://www.usnews.com/news/busines...s-rise-on-wall-street-gains-upbeat-japan-data

S&P 500 Returns to Record Following Strong US Jobs Report
Stocks rose on Friday following a better-than-expected U.S. jobs report.

By STAN CHOE, AP Business Writer

NEW YORK (AP) — Stocks rose Friday following a better-than-expected U.S. jobs report, and the strong finish pushed the Standard & Poor's 500 index to its third straight weekly gain despite some weakness earlier in the week.

The gains were widespread, and telecom and health care stocks helped lead the way. Overseas markets were also higher after negotiators hit a breakthrough in the United Kingdom's efforts to leave the European Union.

The S&P 500 rose 14.52 points, or 0.6 percent, to finish at 2,651.50, another record. The Dow Jones industrial average gained 117.68, or 0.5 percent, to 24,329.16, and the Nasdaq composite rose 27.24, or 0.4 percent, to 6,840.08.

The U.S. jobs report, which is the economic highlight of each month, showed that employers added 228,000 jobs last month and the unemployment rate remained at a low 4.1 percent. It's the latest evidence that the U.S. economy continues to improve, in sync with the rest of the world.

Paychecks, though, have not been getting much bigger, and hourly wages rose less last month than economists expected. Higher pay would help workers spend more, but it could also lead to higher inflation.

"The way risk markets are looking at it is it's very much a Goldilocks environment: still muted or low inflation and very positive growth," said Erin Browne, head of asset allocation at UBS Asset Management.

She said that one area where wages seemed to be improving more was in the manufacturing industry. It's an indication that companies are spending more on equipment and other things to grow, an encouraging sign that economists had been waiting years to see.

The jobs report is the last major piece of economic data before the Federal Reserve meets next week to discuss interest rate policy. Most economists expect it to approve the third increase in short-term rates for the year.

Biotechnology stocks helped lead the market, and health care stocks in the S&P 500 rose 1.1 percent for one of the biggest gains of the 11 sectors that make up the index.

Alexion Pharmaceuticals jumped $7.68, or 7.2 percent, to $114.46 for the biggest gain in the S&P 500 following a report from The New York Times that an activist hedge fund has bought shares in the company and pushed it to do more to lift its stock price.

Technology stocks in the S&P 500 rose 0.4 percent. The industry has been the market's biggest winner this year, but it had stumbled recently as investors moved out of tech stocks and into companies seen as benefiting more from Washington's push to overhaul the tax code, such as financial companies and retailers. The pullback was short-lived, and tech stocks erased their losses for the week.

Another potential source of worry for investors dissipated after Congress passed a spending bill that will prevent a government shutdown this weekend. The deal keeps the government running only until Dec. 22, though, when another deadline looms.

Stock markets in Europe climbed after negotiators reached a key agreement that allows talks to continue to the next stage for the United Kingdom to leave the European Union. Investors are hoping for a smooth exit that does not disrupt global trade.

In Germany, meanwhile, political parties agreed to open talks that could renew Chancellor Angela Merkel's governing coalition. That helped Germany's DAX index gain 0.8 percent. The FTSE 100 in London rose 1 percent, and France's CAC 40 gained 0.3 percent.

Japan's Nikkei 225 index jumped 1.4 percent, the Hang Seng in Hong Kong gained 1.2 percent and South Korea's Kospi rose 0.1 percent.

The price of oil continued to recover from its sharp loss in the middle of the week. Benchmark U.S. crude gained 67 cents to settle at $57.36 per barrel. Brent crude, the international standard, rose $1.20 to $63.40 per barrel. That helped energy stocks in the S&P 500 rise 0.9 percent.

Natural gas added a penny to $2.77 per 1,000 cubic feet, heating oil gained 3 cents to $1.93 per gallon and wholesale gasoline added 2 cents to $1.72 per gallon.

Gold slipped $4.70 to settle at $1,248.40 per ounce, silver rose 2 cents to $15.82 per ounce and copper added a penny to $2.98 per pound.

The yield on the 10-year Treasury note held steady at 2.37 percent.

The dollar ticked up to 113.51 Japanese yen from 113.13 yen late Thursday. The euro dipped to $1.1768 from $1.1774, and the British pound slipped to $1.3398 from $1.3465.

6719

 

[bigdog]

https://www.usnews.com/news/busines...-advance-following-encouraging-us-jobs-report

US Stocks Close Modestly Higher; S&P 500, Dow Hit New Highs
Technology companies led U.S. stocks modestly higher Monday, driving the market to another set of milestones.

By ALEX VEIGA, AP Business Writer

Technology companies led U.S. stocks modestly higher Monday, driving the market to another set of milestones.

The Standard & Poor's 500 index and Dow Jones industrial average finished at new highs. Both indexes also hit record highs on Friday.

Solid gains by health care companies also helped lift the market, outweighing losses among banks and industrial stocks. Energy stocks rose along with the price of crude oil.

Investors had their eye on bitcoin futures, which made their market debut. But traders were mostly looking ahead to the outcome of Wednesday's meeting of Federal Reserve policymakers.

"The market is kind of in a holding pattern, just sort of waiting for the Fed meeting," said Randy Frederick, vice president of trading & derivatives at Charles Schwab.

The S&P 500 index rose 8.49 points, or 0.3 percent, to 2,659.99. The index has risen on a weekly basis the past three weeks. The Dow gained 56.87 points, or 0.2 percent, to 24,386.03. The Nasdaq composite added 35 points, or 0.5 percent, to 6,875.08. The Russell 2000 index of smaller-company stocks slipped 1.88 points, or 0.1 percent, to 1,519.84.

The Fed is scheduled to issue an interest rate policy update on Wednesday. Economists expect the central bank to lift short-term rates by 0.25 percent. That would be the third interest rate hike by the central bank this year.

While inflation has remained low, the central bank has seen a path to gradually raise rates as the economy and labor market have strengthened.

The Labor Department said Monday that U.S. employers posted slightly fewer job openings in October than the previous month, but the number of people being hired increased. Last week, another report showed that employers added a net total of 244,000 jobs in October and 228,000 in November. The trend helped keep the unemployment rate at 4.1 percent.


"The Fed sees enough strength in the overall economy, despite the lack of inflation, to still go ahead and continue to hike rates," Frederick said.

Technology companies accounted for much of the market's gains Monday.

Symantec rose $1.24, or 4.4 percent, to $29.22. Apple gained up 1.9 percent after the website Apple Insider said the company is delivering new iPhones to customers at a faster pace. Apple also made news after it agreed to acquire the Shazam music-identification service for an undisclosed amount. The stock added $3.30 to $172.67.

Allergan led the gainers in the health care sector. The company climbed $4.96, or 3 percent, to $172.76.

Drugmaker Bluebird Bio surged 17.9 percent after it reported results from an early study of a cancer treatment that the company is developing with Celgene. Bluebird gained $30.65 to $201.80. Celgene added $1.91, or 1.8 percent, to $108.

Bitcoin futures rose on their first day of trading on a major U.S. exchange. Trading on the contract for the virtual currency began Sunday. The first-ever futures contract closed at $18,545, according to data from Cboe Global Markets, ending its initial day of trading with a 20 percent gain from its opening price.

The futures allow traders to make bets on the future direction of bitcoin. The price of an actual bitcoin has soared since it began the year below $1,000 and was at $17,095 at 5:07 p.m. Eastern Time Friday, according to Coindesk.

Overstock.com, which accepts bitcoin, surged $9.92, or 22 percent, to $55.

Oil and gas prices rose, boosting energy sector stocks. Chesapeake Energy added 15 cents, or 4.1 percent, to $3.83.


Benchmark U.S. crude gained 63 cents, or 1.1 percent, to settle at $57.99 per barrel on the New York Mercantile Exchange. Brent crude, the international standard, added $1.29, or 2 percent, to close at $64.69 per barrel in London.

Shares in banks and other financial companies declined. Zions Bancorporation shed 99 cents, or 1.9 percent, to $49.94.

Several industrial companies also posted losses, including Verisk Analytics. The stock slid $1.84, or 1.9 percent, to $94.32.

In other energy futures trading, wholesale gasoline picked up 1 cent to $1.73 per gallon, while heating oil gained 2 cents to $1.95 per gallon. Natural gas rose 6 cents, or 2 percent, to $2.83 per 1,000 cubic feet.

Gold slipped $1.50 to settle at $1,246.90 per ounce, while silver fell 4 cents to $15.79 per ounce. Copper added 3 cents to $3.01 per pound.

Bond prices were little changed. The yield on the 10-year Treasury note held at 2.38 percent.

The dollar edged up to 113.52 yen from 113.51 yen late Friday. The euro rose to $1.1786 from $1.1768.

Major stock indexes in Europe finished mostly lower. Germany's DAX and the CAC 40 in France each fell 0.2 percent, while Britain's FTSE 100 added 0.8 percent.

Earlier in Asia, Japan's Nikkei 225 stock index climbed 0.6 percent, while Hong Kong's Hang Seng index gained 1.0 percent. The S&P ASX 200 in Australia edged 0.1 percent higher. South Korea's Kospi picked up 0.3 percent. India's Sensex rose 0.2 percent. Shares in Southeast Asia also rose.

 

[bigdog]

https://www.usnews.com/news/busines...all-back-as-investors-cautious-over-fed-china

US Stock Indexes Close Mostly Up; New Highs for S&P 500, Dow
Big-name companies notched gains on Wall Street Tuesday, delivering more records for two of the major stock indexes.

By ALEX VEIGA, AP Business Writer

Big-name companies notched gains on Wall Street Tuesday, delivering more records for two of the major stock indexes.

The Standard & Poor's 500 index and the Dow Jones industrial average finished at all-time highs for the second day this week, while a slide in technology stocks pulled the Nasdaq lower. Small-company stocks also lagged.

Banks and other financial stocks led the gainers as the Federal Reserve met to discuss interest rates. The central bank is expected to raise rates for the third time this year on Wednesday, which allows banks to charge more to lend money.

Technology stocks declined the most. Energy stocks also fell as crude oil prices closed lower. Bitcoin futures fell on their second day of trading.

"It's another day, another all-time high," said Brian Nick, chief investment strategist at Nuveen Asset Management.

The S&P 500 index rose 4.12 points, or 0.2 percent, to 2,664.11. The Dow gained 118.77 points, or 0.5 percent, to 24,504.80. The Nasdaq lost 12.76 points, or 0.2 percent, to 6,862.32. The Russell 2000 index of smaller-company stocks fell 3.72 points, or 0.2 percent, to 1,516.12. More stocks fell than rose on the New York Stock Exchange.

Even though inflation has remained low, the Fed has seen a path to gradually raise rates as the economy and labor market have strengthened. While the central bank is widely expected to announce a 0.25 percent increase in short-term interest rates Wednesday, investors will be listening for any hints that the Fed could pick up its pace on rate hikes next year.

"There's a chance at the meeting tomorrow they're going to be showing four rate hikes next year in their forecast as opposed to three, where it had been in September," Nick said. "So this is seen as a not just sort of a one-off hike like we've had in the past, but a continuation of a quarterly cadence of rate hikes."


Meanwhile, the European Central Bank and the Bank of England will have policy announcements on Thursday. Neither is expected to change rates, leaving the focus on their economic forecasts.

The prospect of another short-term interest rate hike helped lift bank shares. Goldman Sachs Group rose $7.55, or 3 percent, to $257.68.

The latest batch of corporate earnings, outlooks and deal news also helped move markets Tuesday.

Several shopping mall owners closed higher after Australian company Westfield agreed to be bought by France's Unibail-Rodamco for $15.7 billion. Macerich gained $3.18, or 5 percent, to $66.47, while Simon Property Group rose $4.09, or 2.5 percent, to $166.35. GGP picked up 38 cents, or 1.6 percent, to $23.77.

Comcast rose 2.8 percent after the Wall Street Journal reported that the cable TV and entertainment company was no longer in talks to buy parts of 21st Century Fox. Comcast added $1.07 to $39.51. The Journal also reported that Disney is in talks with Fox and that a deal could be announced this week. Fox shares gained 44 cents, or 1.3 percent, to $34.10.

Urban Outfitters rose after the retailer issued a positive update on its fourth-quarter sales. The stock added 11 cents, or 0.3 percent, to $32.38.

The latest quarterly snapshot from Casey's General Stores put traders in a selling mood. The retailer slumped 11.6 percent after its second-quarter profit fell short of analysts' estimates. The stock gave up $14.07 to $107.18.

Edison International fell 6 percent after the utility said it believes authorities are looking into the possibility that wildfires in California started at one of its facilities. Edison shares slid $4.40 to $68.58.


Technology stocks, which have been the best performing sector this year with a gain of 37 percent, made up a big portion of the laggards. Micron Technology slid $1.15, or 2.7 percent, to $41.86.

Energy prices fell. Benchmark U.S. crude slid 85 cents, or 1.5 percent, to settle at $57.14 per barrel on the New York Mercantile Exchange. Brent crude, the international standard for oil, shed $1.35, or 2.1 percent, to close at $63.34 per barrel in London.

The decline in oil prices weighed on energy sector stocks. Cabot Oil & Gas shed 73 cents, or 2.6 percent, to $27.60.

In other energy futures trading, wholesale gasoline lost 3 cents to $1.70 a gallon. Heating oil shed 2 cents to $1.93 a gallon. Natural gas fell 15 cents, or 5.3 percent, to $2.68 per 1,000 cubic feet.

Gold fell $5.20, or 0.4 percent, to $1,241.70 an ounce. Silver dropped 12 cents to $15.67 an ounce. Copper added a penny to $3.02 a pound.

The dollar rose to 113.58 Japanese yen from 113.52 yen late Monday. The euro fell to $1.1737 from $1.1786.

Bitcoin futures fell $525, or 2.8 percent, to $18,020 on the Cboe Futures Exchange. The futures allow investors to make bets on the future price of bitcoin. The average price of an actual bitcoin was $17,246 in late-afternoon trading on private exchanges, according to Coindesk. The price of the digital currency has soared this year, having begun 2017 under $1,000.

Bond prices fell. The yield on the 10-year Treasury rose to 2.41 percent from 2.39 percent late Monday.

Major stock indexes in Europe rose. Germany's DAX gained 0.5 percent, while the CAC 40 of France added 0.8 percent. Britain's FTSE 100 rose 0.6 percent.


Earlier in Asia, Japan's Nikkei 225 index lost 0.3 percent, while South Korea's Kospi dropped 0.4 percent. The Hang Seng index in Hong Kong shed 0.6 percent. The S&P ASX 200 added 0.3 percent. India's Sensex dropped 0.7 percent. Other regional markets were mostly lower.

 

[bigdog]

https://www.usnews.com/news/busines...an-stocks-higher-ahead-of-likely-us-rate-hike

US Stocks Indexes Close Mostly Higher After Fed Rate Hike
The major U.S. stock indexes finished mostly higher Wednesday, with small companies notching big gains as lawmakers in the House and Senate reached a deal on a sweeping tax reform package.

By ALEX VEIGA, AP Business Writer

The major U.S. stock indexes finished mostly higher Wednesday, with small companies notching big gains as lawmakers in the House and Senate reached a deal on a sweeping tax reform package.

The Dow Jones industrial average eked out its third record-high close in as many days, driven by a jump in Caterpillar. But a last-minute pullback in bank stocks left the Standard & Poor's 500 index slightly lower.

Packaged food and beverage stocks, health care companies and industrials shares accounted for much of the market's modest gains. Banks struggled as long-term bond yields edged lower, which makes it tougher for banks to earn money from lending.

The decline in financial stocks came even as the Federal Reserve raised its benchmark rate for the third time this year. The move, which was widely expected, came as the central bank noted that the U.S. economy was on sound footing.

"Widely expected. No big surprises. No big changes," said Tim Dreiling, regional investment director at U.S. Bank Wealth Management. "It's encouraging that they continue to see economic growth continuing into 2018, which aligns with our thinking."

The S&P 500 index slipped 1.26 points, or 0.1 percent, to 2,662.85. The index closed at all-time highs on Monday and Tuesday.

The Dow gained 80.63 points, or 0.3 percent, to 24,585.43. The Nasdaq added 13.48 points, or 0.2 percent, to 6,875.80. The Russell 2000 index of smaller-company stocks picked up 8.33 points, or 0.6 percent, to 1,524.45.

Bond prices rose. The yield on the 10-year Treasury fell to 2.34 percent from 2.40 percent late Tuesday.

Trading got off to a subdued start Wednesday as investors waited for the afternoon policy update from the Fed.


As expected, the central bank raised the federal funds rate — what banks charge each other for short-term loans — by 0.25 percentage points to a still-low range of 1.25 to 1.5 percent. The latest short-term rate increase is the third one implemented by the Fed this year and signals the central bank's confidence that the U.S. economy remains on solid footing 8½ years after the end of the Great Recession.

The Fed also said it expects the job market and the economy to strengthen further next year, which is one reason it forecast that it would raise rates three times next year.

Developments out of Washington put investors in the mood to buy small company shares about two hours before the Fed's announcement.

Republican leadership in the House and Senate forged an agreement Wednesday on the GOP's planned overhaul of the nation's tax laws. The move paves the way for final votes next week to slash taxes for businesses and give many Americans modest tax cuts starting next year. Smaller companies stand to benefit most from a reduction in corporate tax rates because they tend to pay higher taxes than bigger corporations.

"If you look at the mix today, small caps are doing better than large caps," said Sameer Samana, global technical and equity strategist for Wells Fargo Investment Institute. "Clearly, they would be the better beneficiaries because they tend to pay higher tax rates."

Packaged food and beverage companies posted solid gains. Coca-Cola rose 61 cents, or 1.3 percent, to $45.90.

Health care stocks also rose. Incyte climbed $2.70, or 2.8 percent, to $98.10.

Caterpillar led the gainers among industrials stocks, adding $5.15, or 3.6 percent, to $148.57. The construction and mining equipment company was also the biggest gainer in the Dow.


Traders also bid up shares in Western Digital after the hard drive maker resolved a dispute with its partner Toshiba over Toshiba's plan to sell its flash memory business. Western Digital rose $1.86, or 2.3 percent, to $83.63.

Investors also welcomed some corporate deal news.

Finisar jumped 22.8 percent after Apple said it will invest $390 million in the fiber optic component supplier so it can make more lasers used in facial recognition technology. Finisar increased $4.40 to $23.70.

Target rose 2.7 percent after the retailer said it plans to boost its same-day delivery capability by paying $550 million for Shipt. The delivery service company charges members $99 a year and sends people out to choose and deliver groceries from stores. Target added $1.65 to $62.67.

Shares in Diebold fell 2.7 percent after the ATM and security systems maker said CEO Andreas Mattes resigned. The stock gave up 50 cents to $18.

Banks and other financial stocks declined the most among the 11 company sectors in the S&P 500. Charles Schwab slid $1.23, or 2.4 percent, to $50.33.

Oil prices veered lower, giving up early gains. Benchmark U.S. crude fell 54 cents to settle at $56.60 per barrel on the New York Mercantile Exchange. Brent crude, used to price international oils, slid 90 cents, or 1.4 percent, to close at $62.44 per barrel in London.

The decline in oil prices weighed on several energy stocks. National Oilwell Varco lost 55 cents, or 1.7 percent, to $32.59.

The dollar fell to 112.52 Japanese yen from 113.58 yen late Tuesday. The euro strengthened to $1.1820 from $1.1737.

Bitcoin futures fell on their third day of trading, dropping $965, or 5.4 percent, to $17,055 on the Cboe Futures Exchange. The futures allow investors to make bets on the future price of bitcoin. The average price of an actual bitcoin was $16,654 in trading on private exchanges, according to Coindesk. The price of the digital currency has soared this year, having begun 2017 under $1,000.


In other energy futures trading, wholesale gasoline fell 5 cents, or 3 percent, to $1.65 a gallon. Heating oil shed 3 cents to $1.90 a gallon. Natural gas rose 4 cents, or 1.4 percent, to $2.72 per 1,000 cubic feet.

Gold rose $6.90 to $1,248.60 an ounce. Silver gained 20 cents to $15.87 an ounce. Copper added 3 cents to $3.05 a pound.

Major stock indexes in Europe also closed lower Wednesday. Germany's DAX fell 0.4 percent, while France's CAC-40 slid 0.5 percent. London's FTSE 100 shed 0.1 percent.

Earlier in Asia, Hong Kong's Hang Seng rose 1.5 percent, while Tokyo's Nikkei 225 shed 0.5 percent. Seoul's Kospi added 0.8 percent. Sydney's S&P-ASX 200 picked up 0.1 percent and India's Sensex added 0.4 percent.

 

[bigdog]

https://www.usnews.com/news/busines...ares-slip-as-fed-china-hikes-dampen-sentiment

Health Care Companies, Banks Drive Lower Close for US Stocks
Health care companies and banks drove U.S. stocks lower Thursday, pulling the major indexes below their recent highs.

By ALEX VEIGA, AP Business Writer

Health care companies and banks drove U.S. stocks lower Thursday, pulling major indexes below their recent highs.

The afternoon slide, which erased gains from earlier in the day, came on news that some Republican senators' support for the GOP's proposed tax overhaul bill was faltering.

Small-company stocks, which would be among the biggest beneficiaries of the bill's reduction of corporate income tax rates, declined more than the rest of the market.

"The market is focused almost completely on the corporate tax reduction," said Quincy Krosby, chief market strategist at Prudential Financial. "And there are still concerns that some of the key Republican senators are wavering."

The losses outweighed gains among retailers, which got a boost from a government report showing that retail sales jumped in November.

The Standard & Poor's 500 index fell 10.84 points, or 0.4 percent, to 2,652.01. The Dow Jones industrial average lost 76.77 points, or 0.3 percent, to 24,508.66. The Nasdaq shed 19.27 points, or 0.3 percent, to 6,856.53. The Russell 2000 index of smaller-company stocks gave up 17.50 points, or 1.2 percent, to 1,506.95.

Despite the declines, the indexes are all on track to finish the week with a gain.

Republican Sen. Marco Rubio said Thursday he will vote against the proposed tax bill unless negotiators expand its child tax credit. The bill would increase the child tax credit to $2,000 from $1,000, but the Florida lawmaker wants more. Meanwhile, a spokesman for Republican Mike Lee said the senator is undecided on the bill.

House and Senate leaders agreed on the bill in principle on Wednesday, but were still finalizing the legislation, which they plan to unveil Friday and then move it through the Senate next week.


"With all eyes being on tax reform and getting really, really close to having it passed, now it comes down to the votes," said Tom Martin senior portfolio manager at GLOBALT Investments.

The stock indexes had been moving higher earlier in the day after the Commerce Department said that sales at retailers and restaurants jumped 0.8 percent last month. Sales in a category that mostly includes online shopping leapt 2.5 percent, while sales at electronics stores rose 2.1 percent. Furniture store sales increased 1.2 percent.

The report helped lift several retailers. Tiffany & Co. gained $3.24, or 3.4 percent, to $99.34, while Mattel added 65 cents, or 4.2 percent, to $16.24.

Health care stocks accounted for much of the market's losses. Medical care services company DaVita shed $2.27, or 3.2 percent, to $69.03.

Shares in several banks and other financial companies also declined. Navient fell 32 cents, or 2.5 percent, to $12.62.

Pier 1 Imports' latest outlook put investors in a selling mood. The home decor company slumped 29.5 percent after it cut its forecasts and said its business has struggled in December. The stock slid $1.72 to $4.12.

Traders welcomed news that Disney agreed to buy a large part of the Murdoch family's 21st Century Fox for about $52.4 billion in stock.

The deal includes film and television studios and cable and international TV businesses. The transaction also includes approximately $13.7 billion in debt. Robert Iger will continue as Disney's chairman and CEO through the end of 2021. Disney added $2.96, or 2.8 percent, to $110.57. Fox was the biggest gainer in the S&P 500, climbing $2.13, or 6.5 percent, to $34.88.


Teva Pharmaceuticals was another big gainer. The Israeli drugmaker jumped 10.2 percent after it said that it would lay off 14,000 workers, or more than a quarter of its staff. The move is part of a global restructuring meant to salvage its ailing business. Teva's shares picked up $1.60 to $17.30.

Bond prices were little changed. The yield on the 10-year Treasury held at 2.35 percent.

Oil prices rose, reversing an early slide. Benchmark U.S. crude added 44 cents to close at $57.04 a barrel on the New York Mercantile Exchange. Brent crude, used to price international oils, rose 86 cents, or 1.4 percent, to $63.30 per barrel in London.

The dollar fell to 112.18 yen from 112.52 yen on Wednesday. The euro weakened to $1.1792 from $1.1820.

Bitcoin futures declined on their fourth day of trading, dropping $255, or 1.5 percent, to $16,800 on the Cboe Futures Exchange. The futures allow investors to make bets on the future price of bitcoin. The average price of an actual bitcoin was $16,496 in trading on private exchanges, according to Coindesk. The price of the digital currency has soared this year, having begun 2017 under $1,000.

In other energy futures trading, wholesale gasoline added 2 cents, or 1.5 percent, to $1.67 a gallon. Heating oil rose a penny to $1.91 a gallon. Natural gas slipped 3 cents, or 1.1 percent, to $2.68 per 1,000 cubic feet.

Gold rose $8.50 to $1,257.10 an ounce. Silver gained 7 cents to $15.93 an ounce. Copper added 2 cents to $3.07 a pound.

Major stock indexes in Europe finished lower after the European Central Bank and the Bank of England opted to keep interest rates unchanged, as expected. Germany's DAX fell 0.4 percent, while France's CAC 40 lost 0.8 percent. Britain's FTSE 100 shed 0.6 percent.


Earlier in Asia, Japan's benchmark Nikkei 225 index fell 0.3 percent. South Korea's Kospi gave up 0.5 percent, while Hong Kong's Hang Seng slipped 0.2 percent. Australia's S&P/ASX 200 lost 0.2 percent.

 

[bigdog]

https://www.usnews.com/news/busines...ostly-lower-as-us-tax-bill-uncertainty-weighs

Tech Companies Lead US Stocks Higher as Tax Plan Advances
Wall Street capped the week with broad gains, propelling the major stock indexes to a new set of milestones Friday.

By ALEX VEIGA, AP Business Writer

Wall Street capped the week with broad gains, propelling the major stock indexes to a new set of milestones Friday.

Investors welcomed signs that Congressional Republicans were solidifying support for a major overhaul of the nation's tax laws ahead of an expected vote next week.

Technology stocks led the gains, which more than wiped out the market's losses from the day before. Health care companies and banks also posted solid gains. Energy stocks were the only laggard.

Small-company stocks, which stand to benefit most from lower corporate tax rates, rose more than the rest of the market.

"The tax bill seems to be the driver right now," said Erik Davidson, chief investment officer at Wells Fargo Private Bank. "The market just thinks it will get done."

The Standard & Poor's 500 index rose 23.80 points, or 0.9 percent, to 2,675.81. The Dow Jones industrial average gained 143.08 points, or 0.6 percent, to 24,651.74. The Nasdaq added 80.06 points, or 1.2 percent, to 6,936.58. The Russell 2000 index of smaller-company stocks picked up 23.47 points, or 1.6 percent, to 1,530.42.

The Dow, S&P 500 and Nasdaq closed at record highs and finished the week with gains.

The indexes were headed higher early on as investors watched developments in Washington with the Republican-led tax overhaul bill. GOP leaders moved to placate Florida Sen. Marco Rubio, who had said Thursday that he would vote against the bill unless the child tax credit was beefed up.

By Friday afternoon, Congressional Republicans had finalized the bill, expanding the child tax credit, and winning Rubio's support. The move provided a major boost for the GOP lawmakers in the Senate who are trying to hold together a razor-thin majority to pass the bill in a vote next week.


Technology stocks, which are leading the market this year, notched solid gains. Intel rose $1.30, or 3 percent, to $44.56.

"We had seen some rotation out of it the last few weeks," said Jim Davis, regional investment strategist at U.S. Bank Wealth Management. "We're starting to see more of a change back to some of the sectors that have done well this year."

Banks and other financial companies were among the biggest gainers. Navient added 58 cents, or 4.6 percent, to $13.20.

A batch of strong company earnings and outlooks also helped lift the markets Friday.

Costco Wholesale rose 3.3 percent after the warehouse club operator's latest quarterly earnings and sales came in well above financial analysts' expectations. The stock added $6.20 to $192.73.

Shares in Jabil gained 1.5 percent after the electronics manufacturer posted a bigger profit and better revenue than analysts had anticipated. The stock picked up 42 cents to $27.87.

Oracle's latest quarterly results failed to impress investors. Its stock fell 3.8 percent after the second-quarter performance of the business software company's cloud-computing business and its forecast for its current quarter disappointed traders. Oracle slid $1.89 to $48.30.

CSX slumped 7.6 percent after the railroad operator said CEO Hunter Harrison is taking a medical leave. The stock was the biggest decliner in the S&P 500, shedding $4.38 to $52.93.

Bond prices were little changed. The yield on the 10-year Treasury held steady at 2.35 percent late Thursday.

Oil futures finished mixed. Benchmark U.S. crude rose 26 cents to settle at $57.30 a barrel on the New York Mercantile Exchange. Brent crude, used to price international oils, fell 8 cents to close at $63.23 per barrel in London.


Gold added 40 cents to $1,257.50 an ounce. Silver added 13 cents to $16.06 an ounce. Copper gained 6 cents, or 2 percent, to $3.13 a pound.

The dollar rose to 112.63 yen from 112.18 yen on Thursday. The euro weakened to $1.1757 from $1.1792.

Bitcoin futures finished its first week of trading on the Cboe Futures Exchange on a high note, climbing $1,305, or 7.8 percent, to $18,105.

The futures allow investors to make bets on the future price of bitcoin. The average price of an actual bitcoin was $17,682 in trading Friday on private exchanges, according to Coindesk. The price of the digital currency has soared this year, having begun 2017 under $1,000.

Bitcoin futures trading on the Cboe, which began late Sunday and had its first day of full trading on a major U.S. exchange on Monday, slowed a little bit after the first day, said Kalen Holliday, spokeswoman for Interactive Brokers, which handled half the volume on the initial day of trading.

All told, the weekly volume for the January contract was 9,588, according to FactSet.

At this point, it's too early to tell whether futures trading, which makes it easier to short bitcoin, will reduce the volatility of the digital currency.

"You have to have a pretty strong stomach at this point," Holliday said. "It's just right at the outset. Maybe things will settle down, maybe they won't. It's too early to tell."

Investors will get another option to trade in bitcoins Sunday, when the Cboe rival Chicago Mercantile Exchange is set to begin trade in bitcoin futures contracts.

In other energy futures trading, wholesale gasoline slipped 2 cents, or 1 percent, to $1.65 a gallon. Heating oil lost a penny to $1.90 a gallon. Natural gas fell 7 cents, or 2.7 percent, to $2.61 per 1,000 cubic feet.


Major stock indexes in Europe finished mostly higher. Germany's DAX rose 0.3 percent, while France's CAC 40 shed 0.2 percent. Britain's FTSE 100 rose 0.6 percent after European Union leaders said they would allow the Brexit talks to move on to the next stage, including trade.

Earlier in Asia, Japan's benchmark Nikkei 225 index dipped 0.6, while South Korea's Kospi climbed 0.5 percent. Hong Kong's Hang Seng shed 1.1 percent.

7812

 

[bigdog]

https://finance.yahoo.com/m/0f08b43...063b57d/ss_deals-and-hopes-for-corporate.html

Deals and hopes for corporate tax cuts drive stocks higher

MARLEY JAY

NEW YORK (AP) — U.S. stocks climbed again Monday and set more records as investors grew more certain Republicans will pass their tax plan this week. Technology companies climbed, as did banks and retailers, which are likely to see lower taxes.

Stocks have made hefty gains as the GOP appeared to shore up enough support to pass the bill, and Congressional Republicans are scheduled to start voting on the legislation Tuesday. The biggest gains have gone to companies that pay relatively higher tax rates, including smaller, U.S.-focused companies, banks and retailers.

"A lot of those companies don't have, or haven't taken advantage of, all of the nooks and crannies of the tax code," said Jason Pride, director of investment strategy at Glenmede. He thinks the average company will get a roughly 4 percent boost to its profits, and a tax break on corporate investment could push companies to spend more money on equipment.

Deal news also helped put investors in a buying mood. Two major food companies agreed to buy smaller snack makers: Campbell Soup plans to purchase pretzel maker Snyder's-Lance for $4.87 billion and Hershey will buy Amplify Snack Brands for $1.2 billion.

The Standard & Poor's 500 index gained 14.35 points, or 0.5 percent, to 2,690.16. The Dow Jones industrial average advanced 140.46 points, or 0.6 percent, to 24,792.20. The Nasdaq composite traded above 7,000 for the first time but later slipped below that milestone. It rose 58.18 points, or 0.8 percent, to 6,994.76. The Russell 2000 index of smaller-company stocks climbed 18.50 points, or 1.2 percent, to 1,548.92.

Campbell Soup will buy pretzel maker Snyder's-Lance for $50 a share, or $4.87 billion. The deal will give Campbell a group of brands including Snyder's of Hanover, Kettle Brand and Pop Secret. Snyder's climbed $3.25, or 6.9 percent, to $50.04. It has surged 27 percent since Tuesday's close on reports Campbell Soup was preparing a bid. Campbell gained 7 cents to $49.66.

Chocolate and candy maker Hershey agreed to buy Amplify Snack Brands for $12 a share, or $1.2 billion. Amplify's foods include Skinny Pop popcorn, Tyrrells potato chips and Oatmega protein bars. Amplify went public in August 2015 at $18 a share but had fallen steadily for more than a year. On Monday its stock jumped $5.01, or 71.6 percent, to $12.01. Hershey added 12 cents to $114.26.

Stocks also climbed Friday as Republicans in Congress appeared to shore up support to pass their tax plan. They hope to muscle the $1.5 trillion bill through Congress this week before a year-end break. The bill slashes the corporate tax rate, and that's especially significant for smaller and more domestically-focused companies because they pay higher rates than larger, more multi-national companies do.

Financial companies including regional U.S. banks did well Monday. Fifth Third Bancorp rose 44 cents, or 1.5 percent, to $30.47 and KeyCorp gained 40 cents, or 2 percent, to $20.16.

Among smaller companies, wheel and tire supplier Titan International climbed $1.05, or 8.9 percent, to $12.84. Clothing retailer Abercrombie & Fitch rose $1.12, or 6.7 percent, to $17.83. Instant-win lottery ticket maker Scientific Games advanced $1.25, or 2.5 percent, to $52.10.

Other leaders included technology companies. Apple gained $2.45, or 1.4 percent, to $176.42, another all-time high. Cloud services provider Akamai Technologies leaped after Elliott Management, led by activist investor Paul Singer, disclosed a 6.5 percent stake in the company and said it wants to discuss changes to the company's business and other areas. Akamai climbed $7.91, or 13.7 percent, to $65.67.

Bitcoin futures began trading on the Chicago Mercantile Exchange on Sunday. They dipped $375, or 1.9 percent, to $19,125. Bitcoin futures started trading on the Cboe last week. Neither one involves actual bitcoin. Instead, they allow investors make bets on what the future price of bitcoin will do.

Benchmark U.S. crude declined 14 cents to $57.16 a barrel in New York. Brent crude, used to price international oils, gained 18 cents to $63.41 a barrel in London.

Wholesale gasoline rose 2 cents to $1.67 a gallon. Heating oil picked up 2 cents to $1.93 a gallon. Natural gas jumped 13 cents, or 5.1 percent, to $2.75 per 1,000 cubic feet.

Gold rose $8 to $1,265.50 an ounce. Silver added 14 cents to $16.21 an ounce. Copper picked up 1 cent to $3.15 a pound.

Bond prices dipped. The yield on the 10-year Treasury note rose to 2.39 percent from 2.35 percent.

The dollar fell to 112.56 yen from 112.63 yen. The euro rose to $1.1784 from $1.1757.

Germany's DAX rose 1.6 percent and the CAC 40 of France climbed 1.3 percent. In Britain, the FTSE 100 rose 0.6 percent.

Japan's Nikkei rose 1.6 percent after the country's exports surged in November, driven by robust demand for cars and manufacturing equipment. The Hang Seng in Hong Kong added 0.6 percent and the South Korean finished little changed.

 

[bigdog]

https://www.usnews.com/news/busines...ixed-after-wall-street-gains-on-tax-cut-hopes

Stocks Retreat From Record Highs as House Passes Tax Bill
US stocks take losses after the House passed the Republican-backed tax bill, with technology companies and smaller firms taking some of the worst losses.

By MARLEY JAY, AP Markets Writer

NEW YORK (AP) — After big gains over the last two days, U.S. stocks declined Tuesday after the House of Representative approved the Republican-backed tax bill, which would lower corporate tax rates.

Big technology companies gave up some of their recent gains, and so did smaller companies, which have surged because investors feel they will be major beneficiaries of the reduced corporate tax rate. High-dividend stocks dropped as bond yields rose. U.S. indexes had jumped to record highs over the last two days as Republicans appeared to shore up enough support to make sure the bill passes.

Investors like that because it would boost corporate profits and likely raise stock prices along with it. The bill would initially cut taxes for most Americans but by 2027 would increase tax bills for most.

While stocks weren't doing much Tuesday, bond prices fell. The yield on the 10-year Treasury note rose to its highest price in more than a month, to 2.45 percent from 2.39 percent late Monday.

Invesco Global Market Strategist Kristina Hooper said two factors are sending bond yields higher: investors are selling bonds to buy stocks as the tax bill appears likely to pass, and they also feel the bill may contribute to inflation.

"There's this expectation that we'll see companies save money on taxes, to put it simply, and spend more in other areas," she said. Investors think "it's going to have an impact on employment, wages, and therefore inflation," she said.

The Standard & Poor's 500 index lost 8.69 points, or 0.3 percent, to 2,681.47. The Dow Jones industrial average shed 37.45 points, or 0.2 percent, to 24,754.75. The Nasdaq composite gave up 30.91 points, or 0.4 percent, to 6,963.85. The Russell 2000 index of smaller-company stocks fell 12.17 points, or 0.8 percent, to 1,536.75. It climbed almost 3 percent over the previous two days.


Apple fell $1.88, or 1.1 percent, to $174.54 after it closed at a new high on Monday. Visa lost $1.41, or 1.2 percent, to $112.14.

The tax bill passed through the House, largely along party lines ahead of a Senate vote scheduled for Tuesday night. The $1.5 trillion package would cut the corporate tax rate to 21 percent from 35 percent, and would slash taxes for the wealthy, with smaller cuts for middle-and low-income families.

Investors also traded on corporate news. Offshore drilling platform maker McDermott International said it will acquire engineering, procurement and construction services company Chicago Bridge & Iron. The companies valued the deal at $6 billion. McDermott fell 90 cents, or 11.9 percent, to $6.69 and CB&I lost $1.91, or 10.7 percent, to $16.01.

Medical device maker Zimmer Biomet climbed after it named Bryan Hanson to be its new CEO. Hanson most recently led at Medtronic's minimally invasive therapies business. Former CEO David Dvorak left the company in July. Zimmer gained $6.95, or 6.1 percent, to $121.38.

Hospital operator Tenet Healthcare said it will cut another $100 million in costs and will look to sell its Conifer business, which provides revenue management services. The company also said it will continue shaking up its board. Its stock gained 29 cents, or 2 percent, to $15.03.

Nursing and rehabilitation center company Kindred Healthcare said it will be bought by health insurer Humana and two private equity firms for $9 a share. That values Kindred at $782 million, and the company said the deal is worth $4.1 billion including debt.


Rumors of a sale have boosted the stock 23 percent this month, including a gain of 10.5 percent Monday. On Tuesday it retreated 40 cents, or 4.2 percent, to $9.10.

The hype surrounding digital currencies showed no signs of slowing. Shares in the financial technology company Longfin have skyrocketed since it bought Ziddu.com, which created a virtual currency for micro-lending. Longfin went public last Wednesday at $5 a share and announced the Ziddu deal Friday. The stock slipped $4.11, or 5.7 percent, to $68.27, giving Longfin a market value of $5.7 billion.

Even CEO Venkat Meenavalli attributed the sudden spike to "euphoric mania" in an interview with CNBC late Monday.

Energy companies edged higher along with the price of oil. Benchmark U.S. crude rose 30 cents to $57.46 a barrel in New York while Brent crude, used to price international oils, added 39 cents to $63.80 a barrel in London.

Wholesale gasoline picked up 2 cents to $1.70 a gallon. Heating oil gained 1 cent to $1.94 a gallon. Natural gas sank 5 cents to $2.69 per 1,000 cubic feet.

Gold slipped $1.30 to $1,264.20 an ounce. Silver fell 5 cents to $16.15 an ounce. Copper added 1 cent to $3.15 a pound.

The dollar rose to 112.94 yen from 112.56 yen. The euro rose to $1.1845 from $1.1784.

The DAX in Germany slid 0.7 percent and the French CAC 40 gave up 0.7 percent. In Britain, the FTSE 100 rose 0.1 percent. Tokyo's Nikkei 225 shed 0.2 percent and Hong Kong's Hang Seng rose 0.7 percent. The Kospi in Seoul declined 0.1 percent.

 

[bigdog]

https://www.usnews.com/news/busines...mixed-in-listless-trading-on-wall-street-fall

Stocks End Mixed After Bouncing Around for Much of the Day
Stock indexes finished mixed after bouncing around for much of the day.

By MARLEY JAY, AP Markets Writer

NEW YORK (AP) — U.S. stocks bounced around Wednesday and finished little changed after Congress passed the Republican-sponsored tax bill. Smaller companies fared the best.

The Senate narrowly passed the tax bill after midnight and the House, which passed a similar bill Tuesday but had to go back and make changes, followed suit in the afternoon. President Donald Trump is expected to sign the bill soon.

Smaller companies climbed, as they might benefit the most from the corporate tax cut. Bond yields rose, which hurt companies that pay big dividends, including utilities and household goods makers.

Stocks have jumped over the last four weeks as the tax legislation moved closer to passing, but they haven't done much over the last two days as Congress voted on the bill. Stocks set all-time highs Monday and slipped on Tuesday.

It's been a very strong year for the market, and ordinarily investors might sell some of their holdings in late December and take some profits before they make new investments in January. But with a tax bill passing at the very end of the year, TD Ameritrade Chief Market Strategist JJ Kinahan said that pattern might not hold.

"This could be a year where you see the selling pressure at the beginning of the year because people are delaying their selling, waiting for a better tax environment," he said. "There are always unintended consequences with tax plans."

The Standard & Poor's 500 index lost 2.22 points, or 0.1 percent, to 2,679.25. The Dow Jones industrial average fell 28.10 points, or 0.1 percent, to 24,726.65. The Nasdaq composite slid 2.89 points, or less than 0.1 percent, to 6,960.96. The Russell 2000 index of smaller-company stocks rose 3.33 points, or 0.2 percent, to 1,540.08.


Investors have sent stocks higher in recent weeks as the tax bill's prospects improved. It would cut the corporate tax rate to 21 percent from 35 percent, which could increase corporate profits. Other provisions are intended to encourage companies to invest more money in their businesses.

In a note earlier this week, after the bill was largely complete, Barclays analyst Maneesh Deshpande said the bill will reduce the effective tax rate for S&P 500 companies to 20.7 percent from 26 percent because of changes taxation for profits made overseas. He said household goods companies, banks and industrial companies will get the largest tax cuts, while technology and health care companies won't see as much of a difference.

FedEx raised its annual profit forecast after saying its holiday season is off to a strong start. FedEx also said the tax bill could boost its profit this year by $4.40 to $4.50 a share because of changes in its deferred tax liabilities as well as a reduced tax rate. Its stock climbed $8.53, or 3.5 percent, to $251.07.

Bond prices fell further. The yield on the 10-year Treasury note rose to a nine-month high of 2.50 percent from 2.46 percent. When yields rise, it's good for banks because they can charge higher interest rates on mortgages and other kinds of loans.

AT&T rose 50 cents, or 1.3 percent, to $38.55. The company said last month that it would invest $1 billion domestically if the tax measure was adopted.

Energy companies climbed with oil prices. Benchmark U.S. crude rose 53 cents to $58.09 a barrel in New York. Brent crude, used to price international oils, added 76 cents, or 1.2 percent, to $64.56 a barrel in London.


Wholesale gasoline rose 4 cents to $1.74 a gallon. Heating oil stayed at $1.94 a gallon. Natural gas fell 6 cents to $2.64 per 1,000 cubic feet.

Clothing styling service Stitch Fix plunged $2.42, or 9.8 percent, to $22.34 after the company reported its results for the first time since it went public in November. Stitch Fix said its profit margins decreased because of its newer men's and plus size clothes.

Philip Morris International sank after Reuters reported that some of the employees who have worked on clinical studies of the company's iQOS device, which heats tobacco without burning it, have questions about the quality of that research. The company has spent years working on iQOS and asked the Food and Drug Administration to approve it at the end of 2016 based in part on those trials.

The stock fell $2.68, or 2.5 percent, to $104.37.

Gold rose $5.40 to $1,269.60 an ounce. Silver climbed 12 cents to $16.28 an ounce. Copper added 4 cents to $3.20 a pound.

Bitcoin futures turned sharply lower. On the CME, the price dropped $1,425, or 7.8 percent, to $16,775.

The dollar rose to 113.42 yen from 112.94 yen. The euro edged up to $1.1879 from $1.1845.

Germany's DAX dropped 1.1 percent and the French CAC 40 dipped 0.6 percent. In Britain, the FTSE 100 fell 0.3 percent. Japan's Nikkei 225 rose 0.1 percent. The South Korean Kospi lost 0.3 percent. The Hang Seng in Hong Kong slipped 0.1 percent.

 

[bigdog]

https://www.usnews.com/news/busines...ixed-lower-as-us-tax-passage-fails-to-impress

Banks, Energy Companies Lead Rebound in US Stocks
Banks and energy companies led U.S. stocks higher Thursday, erasing modest losses from the day before.

By ALEX VEIGA, AP Business Writer

Banks and energy companies led U.S. stocks higher Thursday, erasing modest losses from the day before.

Retailers and makers of consumer products also posted solid gains. Small-company stocks rose more than the rest of the market, and technology stocks lagged. Trading was mostly subdued as investors looked ahead to the long holiday weekend.

"Most of the optimism of the tax plan was probably built into the market already and I thought we might be in a little bit of a sideways mode here for a while," said Randy Frederick, vice president of trading & derivatives at Charles Schwab. "But we've pretty much gained back almost what we gave up in the last two days. It's a pretty good sign to see that."

The Standard & Poor's 500 index rose 5.32 points, or 0.2 percent, to 2,684.57. The Dow Jones industrial average gained 55.64 points, or 0.2 percent, to 24,782.29. The Nasdaq composite added 4.40 points, or 0.1 percent, to 6,965.36. The Russell 2000 index of smaller-company stocks picked up 7.03 points, or 0.5 percent, to 1,547.11.

The indexes are all on course to finish the month with solid gains.

They have risen over the past few weeks as Washington moved closer to passing its tax overhaul, but they haven't done much over the last several days as Congress voted on the bill.

On a day when many traders were starting to look ahead to the long holiday weekend, the market received some encouraging data on the economy.

The Commerce Department said Thursday that the U.S. economy grew at a solid 3.2 percent annual rate in the third quarter, slightly slower than previously estimated. The latest GDP estimate follows a 3.1 percent gain in GDP for the second quarter. Combined, the two quarters represent the best back-to-back quarterly growth rates in three years.


"GDP is still strong," said Tom Martin, senior portfolio manager at GLOBALT Investments. "A revision of one-tenth of a percentage point is really not much."

Banks and other financial companies accounted for a big portion of the market's gains. Wells Fargo rose $1.47, or 2.4 percent, to $61.61.

Oil prices veered higher, reversing losses from earlier in the day. The rebound helped lift energy stocks. Hess climbed $2.35, or 5.3 percent, to $46.34.

Benchmark U.S. crude added 27 cents to settle at $58.36 a barrel. Brent crude, which is used to price international oils, gained 34 cents to close at $64.90 a barrel in London.

"You definitely wanted to be long on energy today," Martin said.

Several big retailers and makers of consumer products also posted solid gains. Toymaker Mattel added 59 cents, or 3.9 percent, to $15.71. Luxury Jeweler Tiffany & Co. gained $2.41, or 2.4 percent, to $102.46.

Investors bid up shares in companies that beat earnings or outlook forecasts.

Finish Line jumped 12.9 percent after the athletic shoe and apparel retailer reported its quarterly revenue came in ahead of financial analysts' estimates. It also posted a loss that was more modest than analysts were expecting. Its shares gained $1.51 to $13.20.

Consulting firm Accenture rose 1.6 percent after it reported earnings that beat analysts' estimates. The stock was up $2.45 to $154.20.

Technology stocks, which are on track for an annual gain of 38 percent, the biggest gain this year, lagged the most Thursday.

Micron Technology was among the big decliners in the sector, sliding $1.33, or 2.9 percent, to $44.42.

California utility PG&E plunged 12.9 percent after it suspended its dividend to conserve cash amid concerns that it may be found liable for wildfires in northern California. The stock lost $6.62 to $44.50.


In other energy futures trading, wholesale gasoline rose a penny to $1.75 a gallon. Heating oil added 1 cent to $1.95 a gallon. Natural gas fell 4 cents or 1.5 percent, to $2.60 per 1,000 cubic feet.

Gold rose $1 to $1,270.60 an ounce. Silver fell 4 cents to $16.24 an ounce. Copper added 2 cents to $3.22 a pound.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.48 percent from 2.50 percent late Wednesday.

The dollar fell to 113.35 yen from 113.42 yen on Wednesday. The euro weakened to $1.1873 from $1.1879.

Major stock indexes in Europe closed higher Thursday. Germany's DAX rose 0.3 percent, while France's CAC 40 added 0.6 percent. The FTSE 100 index of leading British shares gained 1 percent. In Asia, Japan's benchmark Nikkei 225 fell 0.1 percent, and the Hang Seng in Hong Kong gained 0.5 percent.

 

[bigdog]

https://www.usnews.com/news/busines...reep-higher-tracking-wall-st-pre-holiday-lull

Health Care and Bank Stocks Pull US Indexes Slightly Lower
Stocks finish lower Friday as health care companies and banks fall.

By MARLEY JAY, AP Markets Writer

NEW YORK (AP) — Stocks finished slightly lower Friday in subdued trading ahead of a three-day holiday weekend. Health care companies and banks slipped.

President Donald Trump signed the Republican-backed tax bill into law, but for the fourth day in a row, stocks didn't move much. They had made strong gains in recent weeks as investors became more sure the $1.5 trillion package would pass.

High-dividend stocks made small gains even as bond yields remained near their recent highs. The price of bitcoin fell as much as 30 percent after making gigantic gains throughout the year.

The price of bitcoin was down about 8 percent in the late afternoon after trading in a gigantic range between $10,834 and $15,830 during the day, according to the tracking site CoinDesk.

"The bubble is really in the conversation about bitcoin at this point," said Brett Ewing, chief market strategist of First Franklin. "If you were to go out and talk to 100 people you know, all of them know about bitcoin ... but how many of them actually own it?"

The Standard & Poor's 500 index fell 1.23 points, or less than 0.1 percent, to 2,683.34. The Dow Jones industrial average lost 28.23 points, or 0.1 percent, to 24,754.06. The Nasdaq composite fell 5.40 points, or 0.1 percent, to 6,959.96.

The Russell 2000 index of smaller-company stocks dipped 4.18 points, or 0.3 percent, to 1,542.93. Those companies, which stand to benefit more than others from lower tax rates, outpaced the market this week.

Stocks are below the record highs they reached Monday but still finished higher for the fifth week in a row.

Markets will be closed Monday in observance of Christmas, and with just four days of trading left in 2017, stocks are on pace to finish every month of the year with gains, when dividends are included.


Nike slumped $1.48, or 2.3 percent, to $63.29. The company had a strong quarter overall, as its profit and sales both beat Wall Street projections. But Nike's North American business continued to struggle.

Bond prices were little changed. The yield on the 10-year Treasury note remained at 2.48 percent.

Banks took modest losses. They've done far better than the rest of the market as the tax bill has been at the forefront of investors' minds and interest rates have moved higher.

The S&P 1500 banking index, which tracks small, medium and large-sized banks, has soared 9 percent over the last month. The S&P 1500 is up about 3 percent over that time.

Papa John's founder John Schnatter will step down as the pizza chain's CEO next month, about two months after he criticized the NFL leadership over national anthem protests by players. The company did not say if the move was related to those comments, for which Schnatter later apologized.

Chief Operating Officer Steve Ritchie will become CEO on Jan. 1 while Schnatter, who appears in the chain's commercials and on its pizza boxes, remains chairman and the company's biggest shareholder. Papa John's stock shed $2.33, or 3.9 percent, to $56.90.

World Wrestling Entertainment dropped $2.32, or 7.3 percent, to $29.55 after the company disclosed that Chairman and CEO Vince McMahon sold 3.3 million shares to raise money for new investments in sports and entertainment, potentially including football. McMahon helped create the XFL, which lasted a single season in 2001. WWE said he plans to remain its chairman and CEO, and he remains its main shareholder.


Around 4:50 p.m. bitcoin had fallen 8 percent to $14,358, according to CoinDesk. It had soared close to $20,000 as of Sunday. Bitcoin futures on the Chicago Mercantile Exchange, which began trading on Monday, lost 7.8 percent to $14,135.

The losses, steep as they are, only bring the price of bitcoin back to where it was two weeks ago. It's still made huge gains this year, and was trading below $1,000 in January. Many economists and market watchers say bitcoin is in a speculative bubble that is ready to burst any time.

Benchmark U.S. crude rose 11 cents to $58.47 a barrel in New York. Brent crude, which is used to price international oils, rose 35 cents to $65.25 a barrel in London.

Wholesale gasoline picked up 1 cent to $1.76 a gallon. Heating oil rose 2 cents to $1.97 a gallon. Natural gas jumped 7 cents to $2.67 per 1,000 cubic feet.

Gold rose $8.20 to $1,278.80 an ounce. Silver climbed 21 cents to $16.44 an ounce. Copper gained 2 cents to $3.24 a pound.

The dollar fell to 113.31 yen from 113.35 yen. The euro fell to $1.1852 from $1.1873.

Spain's IBEX fell 1.2 percent after a group of pro-independence parties won a majority in elections to Parliament. The DAX in Germany fell 0.3 percent and the French CAC 40 lost 0.4 percent. In Britain the FTSE 100 slid 0.1 percent.

In Japan, the Nikkei 225 slid 0.7 percent. Hong Kong's Hang Seng index added 0.7 percent and the Kospi in South Korea climbed 0.4 percent.

8825