NYSE Dow Jones finished today at:

[bigdog]

https://www.usnews.com/news/busines...ubdued-as-us-government-shutdown-threat-looms

US Stocks Close Higher as Market Sets Latest Record High
Investors shrugged off the potential for a federal government shutdown Friday, driving U.S. stocks higher and reaching new milestones for several of the indexes.
Jan. 19, 2018, at 5:12 p.m.

By ALEX VEIGA, AP Business Writer

Investors shrugged off the potential for a federal government shutdown Friday, driving U.S. stocks higher and setting new milestones for several of the indexes.

The Standard & Poor's 500 index, Nasdaq composite and Russell 2000 index of smaller-company stocks finished at record highs as the market bounced back from modest losses a day earlier. The S&P 500 has now posted a weekly gain in nine of the last 10 weeks.

Retailers, banks and consumer goods companies accounted for much of the latest gains. Energy stocks fell along with crude oil prices. Utilities also declined as bond yields edged up to their highest level in more than three years.

The market rally suggested that the possibility of a federal government shutdown this weekend wasn't worrying traders.

"Looking back to some of the previous shutdowns, they weren't terribly extended in nature and didn't cause a lot of disruption by the time everything was done," said Tim Dreiling, regional investment director at U.S. Bank Private Wealth Management. "I don't think it's going to disrupt growth or make much of an impact on GDP, for example."

The S&P 500 index rose 12.27 points, or 0.4 percent, to 2,810.30. The Dow Jones industrial average gained 53.91 points, or 0.2 percent, to 26,071.72. The average hit a new high on Wednesday.

The Nasdaq added 40.33 points, or 0.6 percent, to 7,336.38. The Russell 2000 index of smaller-company stocks picked up 20.90 points, or 1.3 percent, to 1,597.63.

Bond prices fell. The yield on the 10-year Treasury rose to 2.66 percent from 2.63 percent late Thursday. That's the highest level since July 2014. The increase in yields weighed on bond-proxy stocks, such as utilities. Exelon declined 62 cents, or 1.6 percent, to $37.97.

Despite an eleventh-hour effort to reach an agreement, Republicans and Democrats appeared no closer to averting a government shutdown before a midnight Friday deadline. After an afternoon meeting with President Donald Trump, Senate Democratic leader Chuck Schumer said the discussions would continue after having made "some progress."

U.S. House lawmakers voted late Thursday for a stopgap funding bill to keep federal agency doors open until mid-February, but Senate Democrats and some Republicans threatened to block it. Democrats want the bill to include protections for younger immigrants who were brought to the U.S. illegally as children.

Investors have driven stock indexes higher on optimism over the global economic outlook and corporate earnings, and the possibility of a federal government shutdown did not dim that enthusiasm Friday.

Investors bid up shares in clothing makers, restaurant chains, department stores and other consumer-focused companies. Toy maker Mattel led the pack, climbing 91 cents, or 6 percent, to $16.14.

They also drove up tobacco manufacturers, food and beverage makers, and other consumer products companies. Philip Morris International picked up $3.85, or 3.7 percent, to $108.92. Campbell Soup added $1.14, or 2.5 percent, to $47.39.

Banks and other financial stocks also rose. Synchrony Financial gained $1.17, or 3.1 percent, to $38.47.

Lowe's rose 3.5 percent after the home-improvement supply retailer named three new directors. The stock added $3.59 to $104.95.

Some big companies missed out on the broader market gains Friday.

IBM slumped 4 percent despite a solid fourth-quarter report. The technology and consulting company was the biggest decliner in the Dow. The stock slid $6.75 to $162.37.

American Express fell 1.8 percent after the credit card issuer suspended its share buy-back program for six months following a big one-time tax charge. The stock shed $1.83 to $98.03.

Oil futures closed lower after the International Energy Agency said U.S. oil production would rise sharply this year. Benchmark U.S. crude lost 58 cents, or 0.9 percent, to settle at $63.37 a barrel on the New York Mercantile Exchange. Brent crude, used to price international oils, fell 70 cents, or 1 percent, to close at $68.61 a barrel.

The decline in oil prices weighed on energy sector stocks. Range Resources slid 39 cents, or 2.4 percent, to $16.08.

In other energy futures trading, wholesale gasoline fell 2 cents to $1.86 a gallon. Heating oil was little changed at $2.06 a gallon. Natural gas also closed essentially flat at $3.19 per 1,000 cubic feet.

Gold rose $5.90 to $1,333.10 an ounce. Silver added 8 cents to $17.04 an ounce. Copper slipped 1 cent to $3.19 a pound.

The dollar fell to 110.60 yen from 110.98 yen on Thursday. The euro weakened to $1.2234 from $1.2242.

The price of bitcoin edged up 1.4 percent to $11,413, according to the tracking site CoinDesk. Bitcoin futures on the Cboe Futures Exchange declined 3.1 percent to settle at $11,400. The futures allow investors to make bets on the future price of the digital currency.

Major stock indexes in Europe notched gains Friday. Germany's DAX rose 1.2 percent and France's CAC 40 added 0.6 percent. Britain's FTSE 100 gained 0.4 percent. In Asia, Japan's benchmark Nikkei 225 edged up 0.2 percent, while South Korea's Kospi gained 0.2 percent. Hong Kong's Hang Seng ended 0.4 percent higher.

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[bigdog]

https://www.usnews.com/news/busines...stocks-advance-despite-us-government-shutdown

Pharma Deals, Shutdown Pact Help Stocks Set More Records
US stocks set more records as technology companies rise.

By MARLEY JAY, AP Markets Writer

NEW YORK (AP) — Hefty gains for energy and technology companies helped U.S. stocks set more records Monday. Drugmakers announced two major deals worth about $20 billion and smaller-company stocks climbed after the Senate reached a short-term deal to end the government shutdown.

Stocks were slightly higher in the early going as strong fourth-quarter results from Halliburton helped energy companies, and big technology companies like Alphabet and Microsoft continued their ascent. Starting at noon, after Senate Democrats said they would support a three-week government funding bill, bond yields increased and smaller-companies shook off their early losses to turn higher.

French drugmaker Sanofi is buying hemophilia treatment maker Bioverativ in a deal the companies valued at $11.6 billion, while Celgene will buy cancer treatment maker Juno Therapeutics for $9 billion. In the financial sector, insurer AIG is buying Validus, a provider of reinsurance, primary insurance, and asset management services, for $5.56 billion.

Marina Severinovsky, an investment strategist at Schroders, said health care companies are likely to find more money for deals because the Republican-backed tax package gave the companies a one-time tax break on money they've been keeping overseas. Meanwhile AIG's big purchase is a sign of how far the company has come since the federal government bailed it out almost a decade ago.

"AIG became synonymous with this $180 billion bailout and here they are making a deal with cash," said Severinovsky. "We've got a pretty healthy global economy and companies are more willing to take a risk than they have been in recent years."

The Standard & Poor's 500 index picked up 22.67 points, or 0.8 percent, to 2,832.97. The Dow Jones industrial average rose 142.88 points, or 0.5 percent, to 26,214.60. The Nasdaq composite added 71.65 points, or 1 percent, to 7,408.03. The Russell 2000 index of smaller-company stocks gained 7.54 points, or 0.5 percent, to 1,605.17.

The Senate was poised to pass a bill that will fund the federal government until early February. That came after Republican leaders said they will soon address immigration and other contentious political issues. The government shut down after the previous funding bill expired Friday.

The threat of a shutdown has loomed for months and the short-term fix doesn't resolve that. But the threat hasn't troubled Wall Street because investors doubt it would have much effect on the market or the economy unless it persists for several weeks or more. After that, it might affect economic growth or consumer spending.

Sanofi is buying hemophilia treatment maker Bioverativ for $105 a share. Bioverativ makes Eloctate and Alprolix, which treat two different types of hemophilia. It's part of Sanofi's growing focus on rare diseases, which can command high prices at a time generic medications for more common ailments are falling.

Bioverativ jumped $39.68, or 61.9 percent, to $103.79 while Sanofi lost $1.40, or 3.1 percent, to $43.20.

Meanwhile Celgene will pay $87 a share, for its partner Juno Therapeutics. Juno is one of several companies developing CAR-T cancer therapies, which genetically engineer patients' blood cells into "living drugs" that fight cancer. The stock surged last week on reports Celgene might buy the company. On Monday it rose $18.19, or 26.8 percent, to $86 while Celgene added 26 cents to $102.91.

Bond prices gave up an early gain. The yield on the 10-year Treasury note remained at 2.66 percent, a three-year high.

Halliburton climbed after the oil and gas drilling services company posted a bigger adjusted profit and greater revenue than analysts expected. Its stock advanced $3.39, or 6.4 percent, to $56.40. Competitor Schlumberger, which reported better-than-expected results Friday, gained $3.37, or 4.4 percent, to $79.79.

Benchmark U.S. crude rose 25 cents to $63.62 a barrel in New York. Brent crude, used to price international oils, added 42 cents to $69.03 a barrel in London.

Insurer AIG is buying Validus, a provider of reinsurance, primary insurance, and asset management services, for $68 a share. Validus gained $20.57, or 44 percent, to $67.29 and AIG slid 55 cents to $61.

Utility company FirstEnergy surged after it received a $2.5 billion investment from a group of firms including Paul Singer's Elliott Management. Those investors will get $1.62 billion in convertible stock and $850 million in common stock, and FirstEnergy said the funds will help the company pack back debt and contribute to its pension fund as it converts to a fully-regulated utility.

Its stock climbed $3.05, or 10.4 percent, to $32.45.

In other energy trading, wholesale gasoline gained 2 cents to $1.88 a gallon. Heating oil stayed at $2.06 a gallon. Natural gas climbed 4 cents to $3.22 per 1,000 cubic feet.

The dollar rose to 110.99 yen from 110.60 yen from 110.98 yen. The euro edged up to $1.2258 from $1.2234.

Gold slipped $1.20 to $1,331.90 an ounce. Silver lost 5 cents to $16.99 an ounce. Copper gained 1 cent to $3.20 a pound.

The French CAC 40 added 0.3 percent and Germany's DAX edged up 0.2 percent. In Britain the FTSE 100 lost 0.2 percent. Tokyo's Nikkei 225 rose less than 0.1 percent and Hong Kong's Hang Seng advanced 0.4 percent. The Kospi in South Korea lost 0.7 percent.

 

[bigdog]

https://www.usnews.com/news/busines...-rise-on-global-growth-hopes-us-shutdowns-end

Tech and Consumer-Focused Companies Rise; Netflix Leaps
U.S. stocks rise again as technology and consumer-focused companies climb, with Netflix soaring after it gained more than 8 million subscribers in the fourth quarter.

By MARLEY JAY, AP Markets Writer

NEW YORK (AP) — Technology and consumer-focused companies led U.S. stocks to more records Tuesday. Netflix, at the center of both groups, soared after saying it gained more than 8 million subscribers at the end of 2017.

Bond prices rose and yields fell after the Bank of Japan said it isn't cutting back its stimulus programs. Yields had reached long-time highs, and the decline helped high-dividend companies like utilities and real estate investment trusts. Health care and household goods companies fell after Johnson & Johnson and Procter & Gamble gave disappointing quarterly reports.

U.S. solar power companies spiked after President Donald Trump approved tariffs on imported solar-energy components. Some investors were relieved: analysts said the tariffs will make production more expensive for U.S. companies, but they weren't as harsh as they could have been. Companies that do their manufacturing overseas finished lower and some of the U.S. companies gave up their gains before trading ended.

"You could probably argue that this particular tariff is the first implementation of the protectionist rhetoric than he ran on," said Randy Frederick, vice president of trading & derivatives at Charles Schwab. That didn't worry investors much, but Frederick said stocks might decline if there are signs other countries are retaliating or that the administration is preparing to take more aggressive steps.

The Standard & Poor's 500 index added 6.16 points, or 0.2 percent, to 2,839.13. The Dow Jones industrial average fell 3.79 points to 26,210.81. The 30-stock index was pulled lower by Johnson & Johnson and Procter & Gamble's losses. The Nasdaq composite jumped 52.26 points, or 0.7 percent, to 7,460.29. The Russell 2000 index of smaller-company stocks rose 5.54 points, or 0.3 percent, to 1,610.71.

Netflix said it picked up 8.3 million subscribers in the fourth quarter, a much stronger result than the company and analysts had expected. The streaming video company's stock soared $22.71, or 10 percent, to $250.29.

Big technology companies also rallied. Facebook rose $3.98, or 2.1 percent, to $189.35 and Google's parent company Alphabet gained $12.01, or 1 percent, to $1,176.17. Online retailer Amazon climbed $35.23, or 2.7 percent, to $1,362.54.

The tariff on imported solar-energy components will start at 30 percent and it's aimed at cheaper imports places like South Korea and China. The latter country called the measures an abuse of trade remedies.

Raymond James analyst Pavel Molchanov said the extra costs from the tariffs will stop some projects from being built, but added that solar power capacity in the U.S. should keep growing at a rapid pace over the next few years.

First Solar rose as much as 8.6 percent before turning lower and falling 48 cents to $68.48. SunPower gained 6.8 percent early on, but later fell 56 cents, or 6.4 percent, to $8.16. However Sunrun gained 37 cents, or 6.1 percent, to $6.41. JinkoSolar Holdings sank $1.85, or 7.9 percent, to $21.52 and Canadian Solar declined 13 cents to $15.64.

The administration also placed a tariff of 50 percent on large washing machines and some components. Whirlpool climbed $5.33, or 3.2 percent, to $171.98.

Johnson & Johnson dropped after the health care giant said sharply higher spending canceled out a big jump in sales. A federal appeals court also ruled against Johnson & Johnson, saying a patent on its rheumatoid arthritis drug Remicade isn't valid. Remicade is its biggest-selling drug and the ruling could lead to increased competition. Its stock shed $6.31, or 4.3 percent, to $141.83.

Tide detergent maker Procter & Gamble lost $2.84, or 3.1 percent, to $89.05. The company reported a bigger profit and better sales than Wall Street expected, but analysts said its profit margins were weak.

Bond prices turned higher. The yield on the 10-year Treasury note fell to 2.62 percent from 2.66 percent. For the last few days, the 10-year yield has been at its highest level since September 2014.

Asian stock indexes also rose after the Bank of Japan said it will continue making massive asset purchases and using negative interest rates to spur inflation. Japan's benchmark Nikkei 225 index jumped 1.3 percent and South Korea's Kospi climbed 1.4 percent. Hong Kong's Hang Seng rose 1.7 percent.

Benchmark U.S. crude rose 90 cents, or 1.4 percent, to $64.47 a barrel in New York. Brent crude, used to price international oils, added 93 cents, or 1.3 percent, to $69.96 a barrel in London.

Wholesale gasoline rose 3 cents to $1.91 a gallon. Heating oil added 3 cents to $2.09 a gallon. Natural gas jumped 22 cents, or 6.8 percent, to $3.44 per 1,000 cubic feet.

Gold rose $4.80 to $1,336.70 an ounce. Silver lost 8 cents to $16.91 an ounce. Copper fell 9 cents to $3.11 a pound.

The dollar slid to 110.30 yen from 110.99 yen. The euro edged up to $1.2294 from $1.2258.

The International Monetary Fund estimated that the world economy expanded at a 3.7 percent annual pace last year, the fastest since 2011, and said it believes growth will accelerate to 3.9 percent in 2018-19. The IMF noted surprisingly strong growth in Europe and Asia and predicted that U.S. tax cuts will give the American economy a short-term boost.

Germany's DAX climbed 0.7 percent and the British FTSE 100 rose 0.2 percent. France's CAC 40 fell 0.1 percent.

 

[bigdog]

https://www.usnews.com/news/busines...-mixed-on-renewed-jitters-over-trade-friction

Technology Stocks Sink, Pulling Indexes Lower; Dollar Falls
Losses for chipmakers like Texas Instruments pull technology companies lower as US indexes give up an early gain.

By MARLEY JAY, AP Markets Writer

NEW YORK (AP) — U.S. stocks bounced up and down and finished mostly lower Wednesday as technology companies slumped. Commerce Secretary Wilbur Ross discussed a more nationalist trade stance, with uncertain effects for the market. The dollar, already at three-year lows, got even weaker.

Stocks got off to a strong start, but technology companies took heavier losses as the day wore on, led by chipmakers after Texas Instruments gave a disappointing forecast for the current quarter. Apple also fell.

The dollar sagged against other currencies after Treasury Secretary Steven Mnuchin said the currency's decline is good for U.S. exporters, suggesting he isn't likely to try to stop its slide. Airlines plunged after United Continental said it plans to ramp up passenger capacity.

Mnuchin and Ross are at the World Economic Forum in Davos, Switzerland. Mnuchin's comments sent the price of gold and silver higher, as investors often buy precious metals when they're concerned about inflation or softness in the dollar. Weakness in the dollar usually helps companies that export a lot of goods from the U.S., but it can hurt smaller, more domestic companies by driving up the costs of imported components.

"Small caps are much more domestically focused than large caps are, but (they are) still buying from foreign companies," said Mark Hackett, chief of investment research at Nationwide Investment Management.

Hackett said smaller U.S. companies will report faster profit growth this year than larger ones. That's because the benefit those companies will get from the recent corporate tax cut will outweigh the pain from the weaker dollar.

The Standard & Poor's 500 index lost 1.59 points, or 0.1 percent, to 2,837.54. The Dow Jones industrial average rose 41.31 points, or 0.2 percent, to 26,252.12. In the morning the Dow rose as much as 181 points and later fell as much as 103 points before turning higher again. That's an unusually large swing for the Dow given the market's recent lack of volatility.

The Nasdaq composite fell 45.23 points, or 0.6 percent, to 7,415.06. The Russell 2000 index of smaller-company stocks skidded 11.10 points, or 0.7 percent, to 1,599.61.

Investors have focused on global trade issues the last few days. On Tuesday, the administration placed tariffs on imported solar power components and washing machines.

On Wednesday Ross said the U.S. is fighting back against countries that have taken advantage of trade deals in the past.

"Trade wars are fought every single day," Ross said. "Unfortunately, every single day there are various parties trying to violate the rules, and trying to take unfair advantage of things ... the difference is that U.S. troops are now coming to the ramparts."

European stocks dropped. Germany's DAX slumped 1.1 percent and the French CAC 40 fell 0.7 percent. The British FTSE 100 fell 1.1 percent.

Texas Instruments fell $10.19, or 8.5 percent, to $109.70 after analysts were disappointed with its revenue forecast for the current quarter. Competitor Applied Materials gave up 88 cents, or 1.5 percent, to $56.91 and Nvidia fell $3.11, or 1.3 percent, to $235.80.

Chipmakers have made huge gains in recent months, and Nvidia has more than doubled over the last year. Citi Investment Research analyst Christopher Danely said business conditions for chipmakers are weakening after a run of strong results.

United Continental plunged after it said it's planning more aggressive growth over the next few years. It's aiming to increase its passenger-carrying capacity by 4 to 6 percent a year through 2020. United has done better recently at handling competition with lower-cost carriers, but investors worried that more flights will mean reduced prices and hurt its profits. The stock plunged $8.9, or 11.4 percent, to $69.05.

The dollar dropped to 109.05 yen from 110.30 yen. The euro advanced to $1.2405 from $1.2294. The ICE US dollar index fell almost 10 percent in 2017 and is down 3 percent so far this year.

Gold climbed $19.60, or 1.5 percent, to $1,356.30 an ounce and silver rose 58 cents, or 3.4 percent, to $17.49 an ounce. Copper rose 12 cents, or 3.8 percent, to $3.23 a pound.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.64 percent from 2.62 percent. That helped banks because higher yields let them charge higher interest rates on loans. JPMorgan Chase rose $1.46, or 1.3 percent, to $115.67.

Appliance maker Whirlpool, which gets most of its revenue overseas, continued to rally as the falling dollar could boost its sales and aid its earnings. The stock rose 3.5 percent Tuesday after the tariffs were announced, and on Wednesday it made its biggest gain in 18 months as it rose another $6.99, or 4.1 percent, to $178.97.

Benchmark U.S. crude rose $1.14, or 1.8 percent, to $65.61 a barrel in New York. Brent crude, used to price international oils, added 57 cents to $70.53 a barrel in London.

Wholesale gasoline rose 1 cent to $1.92 a gallon. Heating oil picked up 2 cents to $2.11 a gallon. Natural gas gained 7 cents to $3.51 per 1,000 cubic feet.

Asian stocks were mixed. Japan's benchmark Nikkei 225 slipped 0.8 percent while the Hang Seng in Hong Kong index rose 0.1 percent. South Korea's Kospi gained 0.1 percent.

 

[bigdog]

Gold picked up $6.60 to $1,362.90 an ounce, and after strong gains over the last few days it's at its highest price since August 2016.

The Standard & Poor's 500 index and Dow Jones industrial average still rose enough to set more records

https://www.usnews.com/news/busines...et-wobble-weak-dollar-pull-asian-shares-lower

Losses for Airlines, Tech Mostly Offset Other Stock Gains
Stock indexes ended another choppy day of trading mixed as airlines continue to fall and homebuilders plunged after a drop in sales of new houses.

By MARLEY JAY, AP Markets Writer

NEW YORK (AP) — U.S. stocks spent a second day flipping between small gains and losses Thursday as investors again looked for hints about the Trump administration's stance on international trade and the dollar. Major indexes ended the day mixed as airlines plunged while biotech drugmakers climbed.

Homebuilders fell sharply after the Commerce Department said sales of new homes dropped in December. Airlines suffered a second day of sharp losses as investors worried about rising costs and the possibility of lower air fares. Retailers and technology companies slipped, but health care companies including Biogen and Celgene rose.

High-dividend stocks such as utilities rallied as bond yields fell, making those stocks more attractive to investors seeking income.

The dollar made small recovery in the afternoon after President Donald Trump said he wants to see a stronger U.S. currency. The dollar has fallen to three-year lows, and it fell further on Wednesday after Treasury Secretary Steven Mnuchin said there were advantages to the dollar's weakness over the last year.

Investors took that to mean the administration wouldn't do much to prop up the dollar. Mnuchin said Thursday that he supports a stronger dollar over a longer term.

The Standard & Poor's 500 index and Dow Jones industrial average still rose enough to set more records, but stocks have wobbled this week as investors monitored the World Economic Forum in Davos, Switzerland, to get a sense of how the Trump administration's nationalist stance might affect global trade. Trump is scheduled give a speech there at around 7 a.m. Eastern time Friday.

Julian Emanuel, chief equity and derivatives strategist for BTIG, said investors have mostly tuned out political news in the last year, but it might be time for that to change because after a stretch of historic calm in the markets, volatility is rising slightly.

"Economies and earnings are the drivers of the market long term, but politics needs to be respected," he said.

The S&P 500 inched up 1.71 points, or 0.1 percent, to 2,839.25. The Dow average climbed 140.67 points, or 0.5 percent, to 26,392.79. The Nasdaq composite fell 3.89 points to 7,411.16. The Russell 2000 index of smaller-company stocks rose 2.06 points, or 0.1 percent, to 1,601.67. Most of the stocks on the New York Stock Exchange closed lower.

Stocks have been setting record highs regularly for more than a year, and the S&P 500 is up 6.2 percent this month. It's on track for its biggest monthly gain since March 2016, a time when the market was recovering after a sharp plunge.

The dollar edged up to 109.41 yen from 109.05 yen and the euro dipped to $1.2391 from $1.2405.

Among airlines, Alaska Air lost $2.62, or 4.1 percent, to $62.07 and Southwest Airlines sank $2.02, or 3.2 percent, to $60.19. They took even bigger losses Wednesday after United Continental said it plans to add passenger capacity at a faster pace over the next few years. That could increase the chances of a glut of flights and lower fares at the same time airlines are dealing with higher fuel expenses and higher labor costs.

The Commerce Department said sales of new homes fell more than 9 percent in December, partly because of severely cold weather. NVR sank $237.20, or 6.6 percent, to $3,350 while Lennar fell $2.35, or 3.3 percent, to $68.47. Those stocks have made huge gains over the last year because of strong demand for homes and rising prices.

Newell Brands, which makes Sharpie pens and Elmer's glue, plunged to its lowest price in almost five years after it again lowered its forecasts for 2017 and said it will consider selling numerous businesses including Rubbermaid. That's a sharp change in direction for Newell, which less than two years ago paid $13 billion to buy Rubbermaid's parent company Jarden.

Newell also said three directors resigned from its board. The stock plunged $6.42, or 20.6 percent, to $24.81.

Bond prices turned higher. The yield on the 10-year Treasury note fell to 2.62 percent from 2.65 percent.

The European Central Bank didn't make any changes to its stimulus programs. ECB head Mario Draghi said the eurozone economy still needs support to keep raising the rate of inflation toward healthier levels. It will continue to buy 30 billion euros ($36 billion) in bonds per month until at least September.

While major exporters like technology and industrial companies have benefited from the decline in the dollar, it has hurt smaller and more U.S.-focused companies, which have not done as well as the rest of the stock market over the last year.

Benchmark U.S. crude lost 10 cents to $65.51 a barrel in New York. Brent crude, used to price international oils, gained 41 cents to $70.94 per barrel in London.

Wholesale gasoline remained at $1.92 a gallon. Heating oil rose 1 cent to $2.12 a gallon. Natural gas fell 6 cents to $3.45 per 1,000 cubic feet.

Gold picked up $6.60 to $1,362.90 an ounce, and after strong gains over the last few days it's at its highest price since August 2016. Silver gained 13 cents to $17.62 an ounce. Copper fell 1 cent to $3.22 a pound.

Germany's DAX lost 0.9 percent and the British FTSE 100 fell 0.4 percent. The CAC 40 in France dipped 0.3 percent. Japan's Nikkei 225 sank 1.1 percent while Hong Kong's Hang Seng slipped 0.9 percent. South Korea's Kospi surged 1 percent.

 

[bigdog]

AUSTRALIA DAY HOLIDAY FRIDAY JANUARY 26

U.S. stocks powered to their biggest gain in almost nine months Friday

Already at record highs, the S&P 500 is up 7.5 percent in January and on track for its largest monthly increase since October 2015.

https://www.usnews.com/news/busines...-recoup-losses-dollar-steady-as-eyes-on-trump

Health Care, Tech and Trade Hopes Lead Another Stock Surge
Technology and health care companies help stocks to their biggest gain since March, and investors are pleased President Donald Trump appeared to take a more positive tone on international trade.

By MARLEY JAY, AP Markets Writer

NEW YORK (AP) — U.S. stocks powered to their biggest gain in almost nine months Friday as drugmakers and technology companies surged. Investors were cheered that President Donald Trump appeared to take a more positive tone on international trade.

AbbVie boosted biotechnology companies with a strong fourth quarter and a greater annual profit forecast, while Pfizer and other drugmakers also made big gains. Intel had its best day in almost nine years after its fourth-quarter results reassured investors that security flaws recently discovered in its processors aren't damaging its sales. Wynn Resorts tumbled following numerous allegations of sexual assault and harassment by Steve Wynn, the casino operator's chairman, CEO and biggest shareholder.

Speaking at the World Economic Forum in Davos, President Donald Trump said Friday that leaders should prioritize their own countries, but that his administration isn't opposed to international cooperation and that continued growth for the U.S. economy is good for the rest of the world.

"He did talk about making sure trade deals are fair, but I just thought it was a completely different tone today," said JJ Kinahan, chief investment strategist for TD Ameritrade. "I think the market really took a lot of positives away from that."

On Wednesday and Thursday, comments from Trump as well as Treasury Secretary Steven Mnuchin and Commerce Secretary Wilbur Ross contributed to swings in stock prices and the dollar as investors tried to parse the remarks for indications of administration's stances on the dollar and international trade.

The Commerce Department said the U.S. economy grew 2.6 percent in the fourth quarter. That was a bit less than analysts predicted but still a solid result, as Americans continued to shop and home construction increased. The economy grew 2.3 percent in 2017 and experts think growth will speed up this year, partly because of the tax cut package signed into law in December.

The Standard & Poor's 500 index climbed 33.62 points, or 1.2 percent, to 2,872.87, its biggest gain since March 1. The Dow Jones industrial average added 223.92 points, or 0.8 percent, to 26,616.71. The Nasdaq composite rose 94.61 points, or 1.3 percent, to 7,505.77. The Russell 2000 index of smaller-company stocks gained 6.39 points, or 0.4 percent, to 1,608.06.

Already at record highs, the S&P 500 is up 7.5 percent in January and on track for its largest monthly increase since October 2015.

Technology and industrial companies made hefty gains, as did Amazon and other retailers, and banks rose along with interest rates. Those companies tend to benefit from more global trade and faster economic growth. Many of them are helped by a weaker dollar, and the U.S. currency declined again Friday. The weaker dollar raises costs for more U.S.-focused companies such as those in the Russell 2000, which lagged other indexes Friday.

Intel said its data center business did well in the fourth quarter and the "Meltdown" and "Spectre" security flaws aren't affecting its sales. It forecast $65 billion in revenue this year, more than analysts expected. The stock added $4.78, or 10.6 percent, to $50.08, its biggest gain since March 2009.

Technology companies have led the market's big gains since the start of 2017, and that will be put to the test next week as a slew of major companies including Apple, Microsoft, Facebook and Google's parent company Alphabet all report their quarterly results.

AbbVie posted greater sales of key drugs including Humira, an inflammatory disease treatment that is the world's biggest-selling drug by revenue, and its hepatitis C treatments. AbbVie also raised its profit forecast for 2018. The stock jumped $14.91, or 13.8 percent, to $123.21.

Pfizer rose on reports that it's getting closer to a deal to sell its consumer health care business, a possibility Pfizer raised in October. It stock gained $1.78, or 5.3 percent, to $39.01.

Wynn Resorts stock plunged $20.31, or 10.1 percent, to $180.29 after the Wall Street Journal reported on dozens of allegations against Wynn, who denied any wrongdoing.

Starbucks skidded $2.56, or 4.2 percent, to $57.99 after it posted weaker growth than investors had hoped. Analysts were unhappy with its results outside the U.S., and Starbucks also said sales of holiday merchandise were slow.

The dollar declined further against other currencies. It fell to 108.66 yen from 109.41 yen. The euro rose to $1.2423 from $1.2391. The ICE US dollar index is at three-year lows and has declined for six consecutive weeks.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.66 percent, matching its highest level in more than three years. It finished at 2.62 percent Thursday.

After it reached an 18-month high Thursday, gold fell $10.80 to $1,352.10 an ounce. Silver dropped 17 cents, or 1 percent, to $17.44 an ounce. Copper slipped 2 cents to $3.20 a pound.

Benchmark U.S. crude rose 63 cents, or 1 percent, to $66.14 a barrel in New York. Brent crude, used to price international oils, added 10 cents to $70.52 per barrel in London.

Wholesale gasoline picked up 2 cents to $1.94 a gallon. Heating oil rose 2 cents to $2.14 a gallon. Natural gas rose 9 cents, or 2.5 percent, to $3.53 per 1,000 cubic feet.

The CAC 40 in France jumped 0.9 percent while the German DAX gained 0.3 percent. The FTSE 100 in Britain rose 0.7 percent. Japan's Nikkei 225 slipped 0.2 percent and South Korea's Kospi rose 0.5 percent. Hong Kong's Hang Seng index jumped 1.5 percent.

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[bigdog]

https://www.usnews.com/news/busines...xed-as-benchmarks-fall-back-after-upbeat-open

Technology Companies Lead Modest Pullback in US Stocks
A broad sell-off handed the U.S. stock market its biggest loss in more than four months Monday, pulling the major indexes modestly below their recent record highs.

By ALEX VEIGA, AP Business Writer

A broad sell-off handed the U.S. stock market its biggest loss in more than four months Monday, pulling the major indexes below their recent record highs.

Technology stocks, the biggest gainers in 2017, accounted for much of the slide. Energy companies also fell as crude oil prices finished lower. Utilities and other rate-sensitive sectors declined as bond yields hit their highest level in almost four years.

Investors weighed the latest company earnings and deal news, including Keurig's acquisition of Dr. Pepper Snapple for $16.6 billion, including debt, and looked ahead to a busy week of corporate news and economic data.

The pullback followed a big rally on Friday, which gave the stock market its biggest single-day gain since March 2017.

"It may just be we've had a really good run and people are taking profit off the table right now," said Randy Frederick, vice president of trading & derivatives at Charles Schwab.

The Standard & Poor's 500 index fell 19.34 points, or 0.7 percent, to 2,853.53. The Dow Jones industrial average slid 177.23 points, or 0.7 percent, to 26,439.48. The Nasdaq composite lost 39.27 points, or 0.5 percent, to 7,466.51. The Russell 2000 index of smaller-company stocks gave up 9.95 points, or 0.6 percent, to 1,598.11.

Falling stocks outnumbered rising ones almost five-to-one on the New York Stock Exchange.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.70 percent, the highest level in almost four years, from 2.66 percent late Friday.

The prospect for stronger economic growth, both in the U.S. and abroad, has helped drive bond yields higher. As bond yields rise it puts pressure on yield-sensitive sectors: Real estate investment trusts, telecoms and utilities. The three sectors finished more than 1 percent lower Monday and are in the red for the year.

Investors face a busy week of potential market-moving corporate news and economic data the rest of this week. Several big-name companies are due to report quarterly results on Wednesday and Thursday, including Apple, Amazon, Microsoft, Facebook and Google's parent company Alphabet.

"Combined, that's 14.3 percent of the entire S&P 500 index in five companies -- $3.6 trillion in market cap -- so this is a very important week," said Mike Baele, senior portfolio manager at U.S. Bank Private Wealth Management.

About a quarter of the companies in the S&P 500 have reported results so far this earnings season, and some 65 percent of those have delivered results that exceeded financial analysts' expectations, according to S&P Global Market Intelligence.

On Monday, Lockheed Martin added 1.9 percent after the defense contractor reported better-than-expected quarterly results. The stock rose $6.52 to $351.42.

Apple fell 2.1 percent amid growing investor worries that the iPhone X has not been a hit with customers. Shares in the technology giant have been declining for several days, erasing billions of the company's market capitalization. The stock shed $3.55 to $167.96. Apple is scheduled to report its earnings Thursday.

Beyond earnings, the market will be sizing up new data on U.S. jobs, manufacturing and consumer sentiment this week.

The Commerce Department said Monday that consumer spending rose 0.4 percent in December, a solid though slower pace than in November.

Also on investors' radar: Tuesday night's State of the Union address and a two-day meeting of the Federal Reserve's policymaking committee that wraps up Wednesday.

The Fed has signaled it expects to raise its key short-term interest rate three times this year. But some investors speculated that the growing strength in the U.S. economy and labor market could prompt the central bank to perhaps forecast an extra rate increase this year.

As for President Donald Trump's address to the nation, investors will be listening for any insights on U.S. trade policy, Baele said.

"This is one of the few prepared speeches that the president will give, so the progress on NAFTA and trade with China is something the market is going to watch carefully," Baele said.

Traders welcomed a crop of corporate deals Monday.

Dr. Pepper Snapple Group vaulted 22.4 percent after it agreed to be acquired by Keurig for $16.6 billion, including debt. The deal would create a beverage giant with about $11 billion in annual sales and a stable of brands including Dr. Pepper, 7UP, Snapple, A&W, Mott's, Sunkist and Keurig's single-serve coffee makers. Dr. Pepper Snapple added $21.42 to $117.07.

KapStone Paper and Packaging Corp. soared 30.8 percent after it agreed to be bought by rival WestRock for $35 a share, or $3.39 billion. KapStone shares gained $8.17 to $34.71. WestRock slid $1.86, or 2.6 percent, to $68.41.

Benchmark U.S. crude fell 58 cents, or about 1 percent, to settle at $65.56 a barrel on the New York Mercantile Exchange. Brent crude, used to price international oils, dropped $1.06, or 1.5 percent, to close at $69.46 per barrel.

Gold, which hit an 18-month high last week, fell $11.80 to $1,340.30 an ounce. Silver dropped 31 cents, or 1.8 percent, to $17.13 an ounce. Copper slipped 1 cent to $3.19 a pound.

The dollar, which fell sharply last week, rose to 108.94 yen from 108.66 late Friday. The euro fell to $1.2389 from $1.2423.

The price of bitcoin fell 4.2 percent Monday to $11,207, according to the tracking site CoinDesk. Bitcoin futures on the Cboe Futures Exchange rose 2.1 percent to $11,170.

In other futures trading, wholesale gasoline was little changed at $1.9 a gallon. Heating oil slid 3 cents to $2.11 a gallon. Natural gas rose 13 cents, or 3.6 percent, to $3.63 per 1,000 cubic feet.

Germany's DAX and France's CAC 40 fell 0.1 percent Monday. Britain's FTSE 100 added 0.1 percent. Japan's benchmark Nikkei 225 finished flat, while Hong Kong's Hang Seng index lost 0.6 percent. South Korea's Kospi gained 0.9 percent.

 

[bigdog]

https://www.usnews.com/news/busines...ian-shares-sink-after-pullback-on-wall-street

US Stocks Have Biggest Drop Since August, Led by Health Care
Hefty losses in health care and technology companies led U.S. stocks sharply lower Tuesday, handing the market its biggest pullback since August and its worst two-day drop since May.

By ALEX VEIGA, AP Business Writer

Hefty losses in health care and technology companies led U.S. stocks sharply lower Tuesday, handing the market its biggest pullback since August and its worst two-day drop since May.

The broad slide, which briefly sent the Dow Jones industrial average down by more than 400 points, erased some of the big gains the market had racked up since the beginning of the year, though the market was still on track to close out January with a gain.

Banks, industrial companies and energy stocks also accounted for a big slice of the market's losses. Bond prices fell, sending yields to their highest level since April 2014.

"This was a market that was overbought and it was vulnerable to something pulling it back," said Quincy Krosby, chief market strategist at Prudential Financial. "That said, we're in the heaviest part of earnings season this week and we expect to see the majority of the reports coming out to be positive. That could be the catalyst to have buyers come in."

The Standard & Poor's 500 index fell 31.10 points, or 1.1 percent, to 2,822.43. That's the biggest one-day drop since August 17. The Dow had its biggest decline since May, losing 362.59 points, or 1.4 percent, to 26,076.89. The average had been down more than 411 points.

The Nasdaq slumped 64.02 points, or 0.9 percent, to 7,402.48. The Russell 2000 index of smaller-company stocks gave up 15.29 points, or 1 percent, to 1,582.82. The market's last two-day losing streak was in late December.

Health care companies were by far the biggest losers on Tuesday. The sector finished with a loss of 2.1 percent. It's still up 8.1 percent this year.

Insurers, drugmakers and distributors slumped following news that Amazon was teaming up with JPMorgan Chase and Berkshire Hathaway to create a company that helps their U.S. employees find quality care at a reasonable cost. The venture, whose initial focus would be on developing technology, is in its early planning stage.

Express Scripts slid $2.61, or 3.2 percent, to $79.31. Cigna tumbled $16.01, or 7.2 percent, to $207.89. UnitedHealth Group lost $10.76, or 4.3 percent, to $236.65. Anthem fell $13.58, or 5.3 percent, to $243.44.

HCA bucked the trend after the hospital chain posted better fourth-quarter results than analysts had expected. The stock gained $3.83, or 3.9 percent, to $101.45.

The news gave Amazon shares a lift. The stock added $20.14, or 1.4 percent, to $1,437.82.

Technology stocks fell almost as much as health care shares. Corning lost $1.92, or 5.6 percent, to $32.33.

Bond prices continued to decline, driving up the yield on the 10-year Treasury to 2.72 percent from 2.70 percent late Monday. That's the highest the rate has been since April 2014. The yield was as low as 2.04 percent last September.

Bond yields have been rising steadily over the past few months, making bonds more appealing to investors seeking income. Rising yields can also lead to higher financing costs for companies, homebuyers and other borrowers.

"With the 10-year rate shooting above 2.7 percent, the cost of capital for equity investments also just increased," said Alexandra Coupe, associated director for Pacific Alternative Asset Management Co. "Investors are stepping back and reevaluating if their holdings can surpass this revised hurdle."

The market sell-off comes during a week with no shortage of potential market-moving corporate news and economic data.

Several big-name companies are due to report quarterly results on Wednesday and Thursday, including Apple, Amazon, Microsoft, Facebook and Google's parent company Alphabet.

Also on investors' radar: Tuesday night's State of the Union address and a two-day meeting of the Federal Reserve's policymaking committee that wraps up Wednesday.

The Fed has signaled it expects to raise its key short-term interest rate three times this year. But some investors speculated that the growing strength in the U.S. economy and labor market could prompt the central bank to perhaps forecast an extra rate increase this year.

Energy sector stocks declined along with the price of crude oil. Noble Energy fell $1.73, or 5.4 percent, at $30.40.

Benchmark U.S. crude slid $1.06, or 1.6 percent, to settle at $64.50 a barrel on the New York Mercantile Exchange. Brent crude, used to price international oils, dropped 44 cents, or 0.6 percent, to close at $69.02 a barrel in London.

In other futures trading, wholesale gasoline fell 4 cents to $1.90 a gallon. Heating oil gave up 3 cents to $2.07 a gallon. Natural gas rose 3 cents, or 0.9 percent, to $3.20 per 1,000 cubic feet.

Gold fell $4.90 to $1,335.40 an ounce. Silver dropped 7 cents to $17.06 an ounce. Copper slipped 1 cent to $3.19 a pound.

The dollar, which fell sharply last week, declined to 108.78 yen from 108.94 yen late Monday. The euro rose to $1.2404 from $1.2389.

Major indexes in Europe declined amid investor worries that new data showing the eurozone grew in 2017 at its fastest pace in a decade could prompt the European Central Bank to wind down its monetary stimulus program earlier than expected.

The DAX in Germany lost 1 percent, while the CAC 40 in France fell 0.9 percent. Britain's FTSE 100 gave up 1.1 percent. Key indexes in Asia also closed lower. Japan's Nikkei 225 index lost 1.4 percent, while Hong Kong's Hang Seng dropped 1.1 percent. South Korea's Kospi sank 1.2 percent.

 

[bigdog]

https://www.usnews.com/news/busines...stocks-mixed-after-wall-streets-sharp-decline

After a Stumble, US Stocks Finish Slightly Higher
U.S. stocks overcame a brief stumble to close slightly higher Wednesday, snapping a two-day losing streak.

By ALEX VEIGA, AP Business Writer

U.S. stocks overcame a brief stumble to close slightly higher Wednesday, snapping a two-day losing streak.

The dip came after the Federal Reserve released its latest statement on interest rate policy and the economy, in which the central bank signaled that it expects inflation to pick up this year. The Fed, as expected, held off on raising interest rates.

Stocks bounced back in the last hour of trading, with gains by technology companies outweighing losses in health care and other sectors.

The latest batch of strong earnings from big companies, including Boeing, helped put investors back in a buying mood a day after the market had its biggest drop since August.

"The markets have turned around," said Erik Davidson, chief investment officer for Wells Fargo Private Bank. "Many people have been waiting for it to dip as it's marched higher and higher, and we finally had two days of weakness, particularly yesterday."

The Standard & Poor's 500 index rose 1.38 points, or 0.1 percent, to 2,823.81. The Dow Jones industrial average added 72.50 points, or 0.3 percent, to 26,149.39. The Nasdaq composite climbed 9 points, or 0.1 percent, to 7,411.48. The Russell 2000 index of smaller-company stocks gave up 7.83 points, or 0.5 percent, to 1,574.98.

All told, the indexes ended January with solid gains.

Boeing climbed 4.9 percent after the aerospace giant's latest results topped Wall Street's expectations. The stock, which has been the biggest gainer in the Dow over the past year, added $16.66 to $354.37.

Electronic Arts led the rally in technology companies, jumping 7 percent after the video game maker forecast quarterly earnings and sales that were well ahead of what analysts expected. The stock was the biggest gainer in the S&P 500, rising $8.26 to $126.96.

Some 80 percent of the companies that have reported earnings in recent weeks have beat expectations. Typically, it's around two-thirds. Management teams are also touting stronger sales growth than in previous quarters.

"The combination is really helping drive the market higher and making investors feel more confident about the outlook for 2018," said Kate Warne, investment strategist at Edward Jones.

The market was higher for most of the day but briefly gave up its gains after the Fed released its economic and interest rate policy update.

The central bank left its benchmark interest rate unchanged in a still-low range of 1.25 percent to 1.5 percent and signaled that it expects to resume raising rates gradually to reflect an improving, healthy job market and economy.

The Fed also said that it expects inflation to finally pick up this year and to stabilize around the Fed's target level of 2 percent. In its previous statement, the Fed had predicted that inflation would remain below its target rate.

That revision appeared to put off some investors, triggering the sell-off that pulled stock indexes into the red until the last hour of trading.

"Investors have continued to think that inflation will remain below 2 percent, and the Fed is more clearly indicating that they think inflation will pick up to the 2 percent range," Warne said. "And that's led to higher long-term rates and, as a result, stocks have moved down today."

Health care stocks posted the biggest decline for the second day in a row.

Eli Lilly lost $4.64, or 5.4 percent, to $81.45, while Gilead Sciences gave up $3.49, or 4 percent, to $83.80.

Some companies' quarterly report cards failed to impress traders.

Juniper Networks slumped 7.7 percent after the provider of network equipment forecast quarterly results that were well below what Wall Street analysts expected. The stock fell more than any other company in the S&P 500, shedding $2.17 to $26.15.

Textron shares also fell after the industrial conglomerate's results fell of forecasts. The stock slid $1.51, or 2.5 percent, to $58.67.

Bond prices didn't move much. The yield on the 10-year Treasury remained at 2.72 percent after briefly moving higher.

The prospect for stronger economic growth, both in the U.S. and abroad, has helped drive bond yields higher in recent months. This week yields have hovered at the highest level since April 2014. Rising yields make bonds more appealing to investors seeking income, but they can also lead to higher financing costs for companies, homebuyers and other borrowers.

The dollar rose to 109.11 yen from 108.78 yen on Tuesday. The euro edged up to $1.2410 from $1.2404.

Gold rose $3.60 to $1,339 an ounce. Silver added 18 cents to $17.24 an ounce. Copper gained 1 cent to $3.20 a pound.

Oil prices reversed an early slide. Benchmark U.S. crude rose 23 cents to settle at $64.73 per barrel on the New York Mercantile Exchange. Brent crude, used to price international oils, gained 3 cents to $69.05 a barrel in London.

In other futures trading, wholesale gasoline added 1 cent to $1.91 a gallon. Heating oil was little changed at $2.07 a gallon. Natural gas fell 20 cents, or 6.3 percent, to $3 per 1,000 cubic feet.

Germany's DAX fell 0.1 percent, while France's CAC 40 gained 0.1 percent. London's FTSE 100 fell 0.7 percent. In Asia, Tokyo's Nikkei 225 fell 0.8 percent, while Hong Kong's Hang Seng rose 0.9 percent. Sydney's S&P-ASX 200 added 0.3 percent.

 

[bigdog]

https://www.usnews.com/news/busines...-markets-mixed-after-fed-keeps-rate-unchanged

US Stocks Head Mostly Lower as Early Gains Fade
The major U.S. stock indexes closed mostly lower Thursday after a midday gain faded by late afternoon.

By ALEX VEIGA, AP Business Writer

The major U.S. stock indexes closed mostly lower Thursday after a midday gain faded by late afternoon.

Retailers, restaurant chains and other consumer-focused companies accounted for much of the market's pullback. The losses outweighed solid gains by financial stocks, which got a boost as climbing bond yields set the stage for higher interest rates on mortgages and other loans.

Even though January was the best month for the stock market since March 2016, the swift rise in the yield on the 10-year Treasury note, which is a benchmark for interest rates, has stoked investor worries that higher rates could dampen company earnings and hurt equity prices.

"Good earnings alone or maybe great earnings alone won't move the stock market up," said Bob Doll, chief equity strategist at Nuveen Asset Management. "We got to have a pause in the rate of increase in interest rates for the uptrend to resume."

The Standard & Poor's 500 index fell 1.83 points, or 0.1 percent, to 2,821.98. The Dow Jones industrial average climbed 37.32 points, or 0.1 percent, to 26,186.71. The Nasdaq composite lost 25.62 points, or 0.3 percent, to 7,385.86. The Russell 2000 index of smaller-company stocks picked up 4.88 points, or 0.3 percent, to 1,579.87.

Bond prices fell. The yield on the 10-year Treasury climbed to 2.79 percent from 2.71 percent late Wednesday.

The prospect for stronger economic growth, both in the U.S. and abroad, has helped drive bond yields higher in recent months. This week yields have hovered at the highest level since April 2014. Rising yields make bonds more appealing to investors seeking income, but they can also lead to higher financing costs for companies, homebuyers and other borrowers.

Those higher borrowing costs can also help lift profits for banks, credit card issuers and other types of lenders. That gave a boost to financial stocks Thursday. Lincoln National climbed $3.11, or 3.8 percent, to $85.91.

Investors continued to sift through a raft of corporate earnings reports Thursday.

About a third of the companies in the S&P 500 have reported results so far this earnings season, and some 65 percent of those have delivered both earnings and revenue that exceeded financial analysts' expectations, according to S&P Global Market Intelligence.

"From an earnings standpoint, the season has been really good and really strong," said David Lyon, global investment specialist at J.P. Morgan Private Bank. "While the numbers look good, there have been a couple of weak spots, but overall, when we look back, it's going to be a really strong earnings season."

Several companies rose after posting strong quarterly results or outlooks.

Qorvo led all gainers in the S&P 500, jumping $11.57, or 16.1 percent, to $83.34. Facebook rose 3.3 percent a day after the social media company posted strong quarter results. The stock added $6.20 to $193.09.

Shares in eBay vaulted 13.8 percent after the e-commerce company gave a strong forecast for the current quarter. The stock picked up $5.61 to $46.19.

Companies that reported disappointing results weighed on the market.

United Parcel Service slumped 6.1 percent after the packaged delivery company said that higher costs affected its business in the fourth quarter. The stock lost $7.81 to $119.51.

PayPal slid 8.1 percent after eBay said it would move to a different payment processor. PayPal shares tumbled more than any other company in the S&P 500, shedding $6.92 to $78.40.

Hershey's latest quarterly results also fell short of Wall Street's expectations. Shares in the maker of KitKat chocolate bars and Twizzlers candy fell $6.56, or 5.9 percent, to $103.77.

Benchmark U.S. crude rose $1.07, or 1.7 percent, to settle at $65.80 per barrel on the New York Mercantile Exchange. Brent crude, used to price international oils, gained 76 cents, or 1.1 percent, to close at $69.65 per barrel in London.

The rise in oil prices helped lift some energy sector stocks. Schlumberger added $1.93, or 2.6 percent, to $75.51.

In other futures trading, natural gas slumped 14 cents, or 4.6 percent, to $2.86 per 1,000 cubic feet. Wholesale gasoline was little changed at $1.90 a gallon and heating oil rose 2 cents to $2.09 a gallon.

Gold rose $4.80 to $1,347.90 an ounce. Silver dropped 9 cents to $17.16 an ounce. Copper added 1 cent to $3.21 a pound.

The dollar rose to $109.42 yen from 109.11 yen on Wednesday. The euro strengthened to $1.2502 from $1.2410.

The price of bitcoin fell 9.7 percent to $9,178 as of 4:58 p.m. Eastern Time Thursday, according to the tracking site CoinDesk. Bitcoin futures on the Cboe Futures Exchange slid 8.8 percent to settle at $9,080.

Major stock indexes in Europe declined. Germany's DAX lost 1.4 percent, while France's CAC 40 slid 0.5 percent. Britain's FTSE 100 fell 0.6 percent.

Markets in Asia finished mixed. Japan's Nikkei 225 jumped 1.7 percent and South Korea's Kospi added 0.1 percent. Hong Kong's Hang Seng index fell 0.8 percent. Australia's S&P/ASX 200 rose 0.9 percent.

 

[bigdog]

US Stocks Swoon, Sending Dow Down More Than 650 Points handing the market its worst week in two years.

https://www.usnews.com/news/busines...lower-as-investors-mull-earnings-yields-weigh

US Stocks Swoon, Sending Dow Down More Than 650 Points
U.S. stocks slumped Friday, pulling down the Dow Jones industrial average by more than 650 points and handing the market its worst week in two years.

By ALEX VEIGA, AP Business Writer

U.S. stocks slumped Friday, pulling down the Dow Jones industrial average by more than 650 points and handing the market its worst week in two years.

Technology, banks and energy stocks accounted for much of the broad slide. Several major companies, including Exxon Mobil and Google's parent company, Alphabet, sank after reporting weak earnings.

Fears of rising inflation sent bond yields higher and contributed to the stock market swoon after the government reported that wages grew last month at the fastest pace in eight years.

The sharp drop follows a long period of unprecedented calm in the market. Stocks haven't had a pullback of 10 percent or more in two years, and hit their latest record highs just one week ago.

"We've enjoyed low interest rates for so long, we're having to deal with a little bit higher rates now, so the market is trying to figure out what that could mean for inflation," said Darrell Cronk, head of the Wells Fargo Investment Institute.

The increase in bond yields hurts stocks in two ways: it makes it more expensive for companies to borrow money, and it also makes bonds more appealing to investors than riskier assets such as stocks.

The Standard & Poor's 500 index fell 59.85 points, or 2.1 percent, to 2,762.13. That's the biggest loss for the benchmark index since September 2016. The S&P 500 has lost 3.9 percent since hitting a record high a week ago.

The Dow Jones industrial average lost 665.75 points, or 2.4 percent, to 25,520.96. The Nasdaq slid 144.92 points, or 2 percent, to 7,240.95. The Russell 2000 index of smaller-company stocks gave up 32.59 points, or 2.1 percent, to 1,547.27.

While interest rates are still low by historical standards, meaning borrowing is still relatively cheap for businesses and people, they've been rising more swiftly, and that's what has markets on edge.

"The pace of rate increases is more important than the level," said Nate Thooft, senior portfolio manager at Manulife Asset Management.

The increase in rates has been driven by the prospect of stronger economic growth, and higher inflation, in the U.S. and abroad.

Bond prices declined again Friday, pushing yields higher. The yield on the 10-year Treasury note, a benchmark for interest rates on many kinds of loans, including mortgages, climbed to 2.83 percent, the highest level in roughly four years. The rate was at 2.41 percent four weeks ago and 2.66 percent on Monday.

"Once we started going north of 2.5 percent, and you put that together with an overbought market, it had the ingredients of a sell-off, especially since January was so strong," said Jeff Zipper, regional investment strategist at U.S. Bank Private Wealth Management.

The S&P 500, which many index funds track, soared 5.6 percent in January, its biggest monthly gain since March 2016.

The expectation among investors has long been for a gradual rise in interest rates, as the Federal Reserve slowly pulls back from the stimulus that it implemented for the economy amid the Great Recession. But if rates rise more quickly than expected, it could upset markets.

The key concern is that the Fed will respond to higher inflation by raising its key interest rate more quickly than expected. The government's latest job and wage data stoked those concerns Friday.

U.S. employers added a robust 200,000 jobs in January, slightly above market expectations for an 185,000 increase. Meanwhile wages rose sharply, suggesting employers are competing more fiercely for workers. The figures point to an economy on strong footing even in its ninth year of expansion, fueled by global economic growth and healthy consumer spending at home.

That's good news for Main Street USA, but not for Wall Street. Investors fear the pickup in hourly wages, along with a recent uptick in inflation, may make it more likely that the Fed will raise short-term interest rates more quickly in the coming months. Some economists were predicting Friday that the central bank will raise its benchmark rate four times this year, rather than the three times most previously expected.

"With financial conditions continuing to ease and core price inflation also starting to pick up, we expect this will persuade the Fed to hike rates four times this year," Andrew Hunter, an economist with Capital Economics, wrote in a published note Friday.

The market slide may have been overdue, particularly after the strong start for stocks this year where the S&P 500 had its best January in two decades.

The global economy is still strong, corporate profits and sales have been better than expected this reporting season and buyers for stocks still remain, all reasons to be optimistic about stocks, said Nate Thooft, senior portfolio manager at Manulife Asset Management.

"It's appealing, these 2 to 3 percent pullbacks," said Thooft, who had been trimming some of his stock holdings after the market's big January gains. "We look at this and say, 'Maybe it's your first day to buy a little bit.'"

4421

 

[bigdog]

Dow Plunges 1,175 Points in Worst Day for Stocks Since 2011
The Dow Jones industrial average briefly plunged as much as 1,600 points as a market rout that began Friday deepened.

https://www.usnews.com/news/busines...-extend-global-losses-after-wall-streets-rout

Dow Plunges 1,175 Points in Worst Day for Stocks Since 2011
The Dow Jones industrial average briefly plunged as much as 1,600 points as a market rout that began Friday deepened.

By MARLEY JAY, AP Markets Writer

NEW YORK (AP) — The Dow Jones industrial average plunged more than 1,100 points Monday as stocks took their worst loss in six and a half years. Two days of steep losses have erased the market's gains from the start of this year and ended a period of record-setting calm for stocks.

Banks fared the worst as bond yields and interest rates nosedived. Health care, technology and industrial companies all took outsize losses and energy companies sank with oil prices.

At its lowest ebb, the Dow was down 1,597 points from Friday's close. That came during a 15-minute stretch where the 30-stock index lost 700 points and then gained them back.

Market pros have been predicting a pullback for some time, noting that declines of 10 percent or more are common during bull markets. There hasn't been one in two years, and by many measures stocks had been looking expensive.

"It's like a kid at a child's party who, after an afternoon of cake and ice cream, eats one more cookie and that puts them over the edge," said David Kelly, the chief global strategist for JPMorgan Asset Management.

Kelly said the signs of inflation and rising rates are not as bad as they looked, but after the market's big gains in 2017 and early 2018, stocks were overdue for a drop.

The Dow finished down 1,175.21 points, or 4.6 percent, at 24,345.75.

The Standard & Poor's 500 index, the benchmark most professional investors and many index funds use, skidded 113.19 points, or 4.1 percent, to 2,648.94. That was its biggest loss since August 2011, when investors were fearful about European government debt and the U.S. came close to breaching its debt ceiling.

The Nasdaq composite fell 273.42 points, or 3.8 percent, to 6,967.53. The Russell 2000 index of smaller-company stocks sank 56.18 points, or 3.6 percent, for 1,491.09.


The slump began on Friday as investors worried that creeping signs of higher inflation and interest rates could derail the U.S. economy along with the market's record-setting rally. Energy companies, banks, and industrial firms are taking some of the worst losses.

The S&P 500 has fallen 7.8 percent since January 26, when it set its latest record high. Investors are worried about evidence of rising inflation in the U.S. Increased inflation might push the Federal Reserve to raise interest rates more quickly, which could slow down economic growth by making it make it more expensive for people and businesses to borrow money. And bond yields haven't been this high in years. That's making bonds more appealing to investors compared with stocks.

The stock market has been unusually calm for more than a year. The combination of economic growth in the U.S. and other major economies, low interest rates, and support from central banks meant stocks could keep rising steadily without a lot of bumps along the way. Experts have been warning that that wouldn't last forever.

As bad as Monday's drop is, the market saw worse days during the financial crisis. The Dow's 777-point plunge in September 2008 was equivalent to 7 percent, far bigger than Monday's decline.

Stocks hadn't suffered a 5 percent drop since the two days after Britain voted to leave the European Union in June 2016. They recovered those losses within days.

The last 10 percent drop for markets came in early 2016, when oil prices were plunging as investors worried about a drop in global growth, which could have sharply reduced demand. U.S. crude hit a low of about $26 a barrel in February of that year. A drop of 10 percent from a peak is referred to on Wall Street as a "correction."


Wells Fargo sank $5.91, or 9.2 percent, to $58.16. Late Friday the Fed said it will freeze Wells Fargo's assets at the level where they stood at the end of last year until it can demonstrate improved internal controls. The San Francisco bank also agreed to remove four directors from its board.

Benchmark U.S. crude oil fell $1.30, or 2 percent, to $64.15 a barrel in New York. Brent crude, the standard for international oil prices, lost 96 cents, or 1.4 percent, to $67.62 a barrel in London.

Bond prices tumbled after moving sharply higher on Friday. The yield on the 10-year Treasury slipped to 2.73 percent from 2.84 percent. That hurt banks by sending interest rates lower, which means banks can't charge as much money for mortgages and other types of loans.

The dollar fell to 109.70 yen from 110.28 yen. The euro slipped to $1.2399 from $1.2451.

Gold declined 80 cents to $1,336.50 an ounce. Silver dipped 4 cents to $16.67 an ounce. Copper rose 3 cents to $3.22 a pound.

Stocks in Europe also fell. Leading political parties in Germany, which is the largest economy in Europe, have struggled to form a government. Chancellor Angela Merkel's conservative Union bloc and the center-left Social Democrats are still in talks about extending their alliance of the past four years.

Britain's FTSE 100 lost 1.5 percent while France's CAC 40 slid 1.5 percent. The DAX in Germany shed 0.8 percent.

Japan's benchmark Nikkei 225 tumbled 2.6 percent and the South Korean Kospi shed 1.3 percent. Hong Kong's Hang Seng index sank 1.1 percent.

 

[bigdog]

Dow turns 567 point loss into 567 point gain as stocks rally

https://finance.yahoo.com/m/8a2179d...37c2ffa/ss_dow-turns-567-point-loss-into.html

Dow turns 567 point loss into 567 point gain as stocks rally

MARLEY JAY

NEW YORK (AP) — U.S. stocks rallied Tuesday as a late surge helped them regain almost half their losses from the day before, when they had their biggest plunge in 6 ½ years. That came at the end of a day of huge swings for the market.

Major indexes in Asia and Europe took steep losses and U.S. markets started sharply lower, only to repeatedly change direction. After its 1,175-point nosedive Monday, the Dow Jones industrial average lost 567 points right after trading began. After numerous turns higher and lower, it wound up with a gain, coincidentally, of 567.

Despite the turbulence, Tuesday's trading looked similar to the patterns that have shaped the market for the last year: investors bought companies that do well when economic growth is strongest. Gainers included technology companies, retailers like Amazon and Home Depot, and industrial companies and banks.

Bond yields turned higher after a sharp drop Monday. As a result, the biggest losses went to high-dividend companies such as utility and real estate companies, which investors often buy as an alternative to bonds. When bond yields rise, those stocks become less appealing to investors seeking income. The yield on the 10-year Treasury note rose to 2.80 percent from 2.71 percent.

The Dow finished 567.02 points higher, or 2.3 percent, at 24,912.77.

The Standard & Poor's 500 index, a broader market barometer that many index funds track, climbed 46.20 points, or 1.7 percent, to 2,965.14. The Nasdaq composite rose 148.36 points, or 2.1 percent, to 7,115.88.

The steep drops Friday and Monday wiped out the gains the Dow and S&P 500 made since the beginning of the year, but both remain higher over the past 12 months. The Dow is up 24 percent over that time, the S&P 500 18 percent.

Even after Tuesday's gain, the S&P 500 is still down 6.2 percent from the recent record high it set on January 26. That's less than the 10 percent drop that is known on Wall Street as a "correction."

Corrections are seen as entirely normal during bull markets, and even helpful in curbing excessive gains and allowing new investors to buy into the market at lower prices. It has been an uncommonly long time since the last market correction, which ended almost two years ago.

Brent Schutte, chief investment strategist at Northwestern Mutual Wealth Management, said the plunge wasn't caused by inflation fears alone. The markets have been unusually calm since late 2016, and he said investors were betting that would continue.

"People were positioned for more central bank easing or continued central bank easing, low rates, and importantly, low volatility," he said. "Corrections are caused by people having to reposition for new environments."

Investors remain fearful that signs of rising inflation and higher interest rates could bring an end to the bull market that has sent stocks to record high after record high in recent years.

Friday's U.S. jobs report showed wages grew at a faster pace in January, and investors worried that that means inflation is speeding up, and that the Federal Reserve will have to raise interest rates faster than previously expected in order to keep that inflation in check. Higher rates act like a brake on the economy by slowing down borrowing and lending.

Schutte, of Northwestern Mutual, added that corrections can end quickly, and they often do so when investors see evidence of continued economic growth. Experts do think the global economy will keep growing this year even though that is likely to bring more inflation. Schutte said that as central banks stop propping up the market, trading will probably be more volatile in the next few years.

Travel bookings site TripAdvisor was one of only two S&P 500 companies that finished higher on Monday. On Tuesday it rallied another $5.22, or 14.7 percent, to $40.84.

U.S. crude oil fell 76 cents, or 1.2 percent, to close at $63.39 a barrel in New York. Brent crude, the benchmark for international oil prices, lost 76 cents, or 1.1 percent, to $66.86 a barrel in London.

Wholesale gasoline lost 4 cents to $1.81 a gallon. Heating oil dipped 3 cents to $1.99 a gallon. Natural gas added 1 cent to $2.76 per 1,000 cubic feet.

Investors often buy gold when they're worried about market volatility, but they aren't doing that now. Gold fell $7, or 0.5 percent, to $1,329.50 an ounce and silver dipped 9 cents, or 0.5 percent, to $16.58 an ounce.

Among the biggest losers Tuesday was Tokyo's Nikkei 225 stock average, which ended 4.7 percent lower. Hong Kong's Hang Seng skidded 5.1 percent and South Korea's Kospi declined 1.5 percent.

In Europe, Germany's DAX fell 2.3 percent and the CAC 40 in France lost 2.3 percent. The British FTSE 100 index fell 2.6 percent.

In other commodities trading, copper fell 3 cents to $3.19 a pound.

The dollar fell to 109.33 yen from 109.70 yen. The euro dipped to $1.2392 from $1.2399.

On Monday, the Dow finished down 4.6 percent while the S&P 500 sank 4.1 percent. The last fall of that size came in August 2011 when investors were fretting over Europe's debt crisis and the debt ceiling impasse in Washington that prompted a U.S. credit rating downgrade.

 

[bigdog]

https://www.washingtonpost.com/nati...6deb18cca19_story.html?utm_term=.5e21b948108d

Stocks rally, wobble, then end lower as turbulence continues

By Marley Jay | AP February 7 at 5:16 PM
NEW YORK — It was another shaky day on Wall Street as indexes rallied in the morning, bobbed up and down for much of the day, then sank in the last few minutes of trading. Energy companies dropped along with oil prices and technology companies also declined.

Stocks were coming off a big gain on Tuesday. At times investors looked ready to jump back in after steep losses Friday and Monday, yet every gain the market made was met with more selling. About 20 minutes before the close of trading the Dow Jones industrial average was up more than 260 points, but it finished with a small loss.

After two steep plunges, including its worst loss in six and a half years Monday, the S&P 500 is down 6.7 percent from its most recent record high set on January 26.

While markets were noticeably calmer on Wednesday, there are signs that investors are still far more nervous than they were just a few days ago. The VIX, which is called Wall Street’s “fear gauge” because it measures how much volatility investors expect in the future, is currently at 27, more than double where it was two weeks ago. It spiked above 50 early Tuesday.

“The markets had blinders on,” said Invesco Chief Global Markets Strategist Kristina Hooper. “I thought it was almost alarming that markets weren’t considering that, for example, we have a different (Federal Reserve) in 2018 that could be more hawkish.”

Stocks tumbled Friday after the Labor Department said that workers’ wages rose in January at their fastest pace in eight years. That’s good for the economy, but Hooper noted that higher pay to workers can reduce corporate profits, and those profits are the stock market’s fuel. And while higher pay affects company profits quickly, it can take a long time for workers to start spending more money after they get a raise.

The Standard & Poor’s 500 index lost 13.48 points, or 0.5 percent, to 2,681.66. The Dow slid 19.42 points, or 0.1 percent, to 24,893.35. The Nasdaq composite fell 63.90 points, or 0.9 percent, to 7,051.98. Smaller companies fared better than the rest of the market, and more stocks rose than fell on the New York Stock Exchange.

The gap between the Dow’s highest and lowest levels on Wednesday was about 500 points, or 2 percent. That big, but it’s dwarfed by the lurching moves the market made the last few days.

While investors may still be uncertain about where stocks are going, they’re not rushing for cover in ultra-safe investments like bonds. Bond prices fell, sending yields higher. The yield on the 10-year Treasury note, a benchmark for mortgages and other kinds of loans, rose to 2.84 percent from 2.81 percent.

Other safe-play investments also fell. The price of gold fell $14.90, or 1.1 percent, to $1,314.60 an ounce and silver lost 34 cents, or 2.1 percent, to $16.24 an ounce.

Precious metals prices often rise when the market hits a rough patch. They climbed in December and January and have actually decreased over the last few days.

Global markets mostly rose and appeared calmer Wednesday. Germany’s DAX was up 1.6 percent while the British FTSE 100 index rose 1.9 percent. The CAC 40 in France picked up 1.8 percent. Hong Kong’s Hang Seng fell 0.9 percent while Japan’s Nikkei 225 stock average closed up 0.2 percent. The Kospi in South Korea fell 2.3 percent.

The biggest technology companies fared the worst. Apple fell $3.49, or 2.1 percent, to $159.54 and Facebook lost $5.13, or 2.8 percent, to $180.18. Alphabet, Google’s parent company, lost $29.092, or 2.7 percent, to $1,055.41.

Wynn Resorts jumped $14.10, or 8.6 percent, to $177.32 after Steve Wynn resigned as chairman and CEO. The Wall Street Journal reported last month that a number of women accused Wynn of sexual harassment or assault, and said Wynn paid $7.5 million to settle one such case.

Wynn has denied the accusations but said he could not be effective in his corporate positions in the face of those allegations. Wynn stock has fallen 11.6 percent since the Journal’s report.

Energy companies fell as oil prices sank. Benchmark U.S. crude dropped $1.60, or 2.5 percent, to $61.79 a barrel in New York. Brent crude, the international standard for oil prices, lost $1.35, or 2 percent, to $65.51 a barrel in London. That came after the U.S. government said oil production jumped last week, raising concerns about an increase in the supply of crude. Supplies of gasoline and diesel also rose.

Newspaper publisher Tronc soared $3.45, or 19.1 percent, to $21.55 after it agreed to sell the Los Angeles Times and a group of other newspapers to Dr. Patrick Soon-Shiong, a major Tronc shareholder and former board member, for $500 million.

Snap, the parent of Snapchat, the disappearing-message application, rose $6.69, or 47.6 percent, to $20.75 after it reported strong user growth and greater-than-expected revenue in the fourth quarter. The stock went public in March and traded above $29 a share shortly after its initial public offering.

In other commodities trading, wholesale gasoline fell 4 cents to $1.77 a gallon. Heating oil lost 5 cents to $1.93 a gallon. Natural gas skidded 6 cents to $2.70 per 1,000 cubic feet. Copper fell 10 cents, or 3.2 percent, to $3.09 a pound.

The dollar edged up to 109.42 yen from 109.33 yen. The euro fell to $1.2276 from $1.2392.

 

[bigdog]

Dow Industrials Drop Another 1,000 Points Selling Spreads
Stocks plunged again, sending the Dow industrials down 1,000 points, as investors continued to get out of the market after signs of rising inflation last week.

https://www.usnews.com/news/busines...xed-in-skittish-trading-after-wall-st-decline

Dow Industrials Drop Another 1,000 Points Selling Spreads
Stocks plunged again, sending the Dow industrials down 1,000 points, as investors continued to get out of the market after signs of rising inflation last week.

By MARLEY JAY, AP Markets Writer

NEW YORK (AP) — Stocks plunged again Thursday, and for the second time in four days the Dow Jones industrial average sank more than 1,000 points.

The two best-known stock market indexes, the Dow and the Standard & Poor's 500, have dropped 10 percent from their all-time highs, set Jan. 26. That means they are in what is known on Wall Street as a "correction," their first in almost two years.

Stocks fell further and further as the day wore on and suffered their fifth loss in the last six days. Many of the companies that led the market's gains over the last year have struggled badly in the last week. Those included technology companies, banks, and retailers and travel companies and homebuilders.

After huge gains in the first weeks of this year, stocks started to tumble last Friday after the Labor Department said workers' wages grew at a fast rate in January. That's good for the economy, but investors worried it will hurt corporate profits and that rising wages are a sign of faster inflation. It could prompt the Federal Reserve to raise interest rates at a faster pace, which would act as a brake on the economy.

"Far and away the most important things are the fear that the Fed is going to make a mistake, and higher wages are going to cut into margins," said Scott Wren, senior global equity strategist for Wells Fargo Investment Institute. The worry, he said, is that the Fed will raise interest rates too quickly.

The Dow Jones industrial average lost 1,032.89 points, or 4.1 percent, to 23,860.46. Boeing, Goldman Sachs and Home Depot took some of the worst losses.

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Don't Worry About Market Volatility
The S&P 500, the benchmark for many index funds, shed 100.66 points, or 3.8 percent, to 2,581. It hasn't been that low since mid-November. The Nasdaq composite fell 274.82 points, or 3.9 percent, to 6,777.16.


Tom Martin, senior portfolio manager with Globalt Investments, said he didn't see anything specific moving the market lower today, just a continuation of a shift in investor mindset from fear of missing out in a rising market to worry of clocking big losses in a market that's turned.

"This is going to take longer to work out than people expect," he said. "In January we talked about fear of missing out. What we have now is what I call fear of getting caught."

The losses were broad. Eight stocks fell for every one that rose on the New York Stock Exchange and 490 of the companies in the S&P 500 took a loss.

The market didn't get much help Thursday from company earnings reports, several of which disappointed investors. While U.S. companies mostly did well at the end of 2017, a number of them had a weak finish to the year.

Hanesbrands, which makes underwear, T-shirts and socks, reported a smaller profit than investors expected, and its forecast for the current year didn't live up to analysts' estimates either. The company also said it will pay $400 million to buy Australian retailer Bras N Things. The stock dropped $2.39, or 10.9 percent, to $19.57.

IRobot, which makes Roomba vacuums, plummeted 32 percent after projected a smaller annual profit than Wall Street was expecting. The stock dropped $28.24 to $59.80.

Twitter had a banner day, soaring 12 percent after turning in a profit for the first time. Its fourth-quarter revenue was also better than expected. The stock rose $3.27 to $30.18.

Online delivery company GrubHub soared after it announced a partnership with Yum Brands, the parent of Taco Bell and KFC. GrubHub will provide the delivery people and technology to let people order food from those restaurants. GrubHub jumped $19.13, or 27.4 percent, to $89.04.


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Alternatives for Investors as Stocks Drop
After a sharp loss Wednesday, benchmark U.S. crude lost 64 cents, or 1 percent, to $61.15 a barrel in New York. Brent crude, the international standard for oil prices, gave up 70 cents, or 1.1 percent, to $64.81 per barrel in London.

Stocks in Europe declined and bond yields increased after the Bank of England said could raise interest rates in coming months because of the strong global economy. That also sent the pound higher. Britain's FTSE 100 fell 1.5 percent and the French CAC 40 lost 2 percent. Germany's DAX declined 2.6 percent.

Bond prices wobbled and turned higher. The yield on the 10-year Treasury note rose to 2.83 percent from 2.84 percent. Rising yields have made bonds more appealing to some investors compared to stocks. The yield on the 10-year note was as low as 2.04 percent as recently as September.

In other commodities trading, wholesale gasoline remained at $1.77 a gallon. Heating oil lost 1 cent to $1.92 a gallon. Natural gas gave up 1 cent to $2.70 per 1,000 cubic feet.

In Tokyo the Nikkei 225 index rose 1.1 percent. South Korea's Kospi gained 0.5 percent and the Hang Seng of Hong Kong rose 0.4 percent.

 

[bigdog]

https://www.usnews.com/news/busines...plunge-after-major-us-index-enters-correction

US Stocks Swing Back to Gains, Dow up 330 on Turbulent Day
Wall Street caps day of wild swings with a rally; Dow climbs 330 points.

By ALEX VEIGA, AP Business Writer

Wall Street capped a day of wild swings Friday with a late-afternoon rally that reversed steep early losses and sent the Dow Jones industrial average 330 points higher. Even with the rebound, this was the worst week for the market in about two years.

Stocks struggled to stabilize much of the day as investors sent prices climbing, then slumping in unsteady trading a day after the market entered its first correction in two years.

The up-and-down swings followed a drop of 10 percent from the latest record highs set by major U.S. indexes just two weeks ago. At midday, the market was on pace for its worst weekly decline since October 2008, at the height of the financial crisis.

The Dow briefly sank 500 points in afternoon trading after surging more than 349 points earlier in the day. The blue chip average suffered its second 1,000-point drop in a week on Thursday.

The Standard & Poor's 500 index, the benchmark for many index funds, also wavered between gains and losses.

As of Thursday, some $2.49 trillion in value had vanished from the index since its most recent peak on Jan. 26, according to S&P Dow Jones Indices.

"Equities have traded in a roller coaster fashion all week and today is no exception," said Terry Sandven, chief equity strategist at U.S. Bank Wealth Management. "There's a fair amount of volatility in the market, and our belief is the volatility is leaving investors riddled with stress and uncertainty, which is likely to continue."

The S&P 500 rose 38.55 points, or 1.5 percent, to 2,619.55. The Dow gained 330.44 points, or 1.4 percent, to 24,190.90. The Nasdaq composite added 97.33 points, or 1.4 percent, to 6,874.49.

Technology companies accounted for most of the broad gains, outweighing losses in energy stocks, which slumped as U.S. crude prices declined, sending the price of oil below $60 a barrel for the first time this year.

Bond prices fell. The yield on the 10-year Treasury rose to 2.85 percent from 2.83 percent late Thursday.

Some companies rose after reporting quarterly results and outlooks that beat Wall Street's forecasts. Skechers USA climbed $2.88, or 7.5 percent, to $41.06. Chipmaker Nvidia added $14.56, or 6.7 percent, to $232.08.

Expedia slumped after its latest earnings fell short of analysts' expectations. The travel website's 2018 outlook also disappointed investors. Its shares sank $19.03, or 15.5 percent, to $104.

The turbulence in U.S. stock indexes followed a broad slide in global markets.

In Europe, Germany's DAX fell 1.2 percent, while France's CAC 40 lost 1.4 percent. Britain's FTSE 100 shed 1.1 percent. Asian markets fell more sharply. Tokyo's Nikkei 225 lost 2.3 percent and Hong Kong's Hang Seng gave up 3.1 percent.

U.S. stocks started to tumble last week after the Labor Department said workers' wages grew at a fast rate in January.

Investors worried that rising wages will hurt corporate profits and could signal an increase in inflation that could prompt the Federal Reserve to raise interest rates at a faster pace, putting a brake on the economy.

On Wall Street, many companies that rose the most over the last year have borne the brunt of the selling. Facebook and Boeing have both fallen sharply.

Financial analysts regard corrections as normal events but say the latest unusually abrupt plunge might have been triggered by a combination of events that rattled investors. Those include worries about a potential rise in U.S. inflation or interest rates and budget disputes in Washington.

The market, currently in its second-longest bull run of all time, had not seen a correction for two years, an unusually long time. Many market watchers have been predicting a pullback, saying stock prices have become too expensive relative to company earnings.

What many failed to predict, however, is the S&P 500's blazing slide from a record high on Jan. 26 to a drop of 10 percent on Thursday.

"The S&P 500 hasn't moved into correction mode this quickly, ever," said Lindsey Bell, investment strategist at CFRA Research. It's taken nine days to go from the January 26 peak to where we are today."

American employers are hiring at a healthy pace, with unemployment at a 17-year low of 4.1 percent. The housing industry is solid, and manufacturing is rebounding.

Major economies around the world are growing in tandem for the first time since the Great Recession, and corporate profits are on the rise. That combination usually carries stocks higher. But stock prices have climbed faster than profits in recent years.

Many investors justified that by pointing out that interest rates were low and few alternatives looked like better investments. Fast rising interest rates would make that argument much less persuasive.

5810

 

[bigdog]

Markets in Japan were closed for a holiday.

https://www.usnews.com/news/busines...markets-mostly-higher-after-wall-street-gains

Stocks Power Higher After a Dreadful Week; Dow Jumps 410
Stocks jump again as the market claws back some of its massive losses last week, when it slumped into a 'correction' for the first time in two years. The Dow gained 410 points.

By MARLEY JAY, AP Markets Writer

NEW YORK (AP) — Stocks powered higher Monday, sending the Dow Jones industrial average up 410 points, as the market clawed back more of its massive losses from the previous two weeks.

Apple jumped 4 percent and led a rally in technology companies, while industrial companies, banks, and consumer-focused companies like retailers also rose.

Netflix and Amazon surged again as stocks that led the market higher in 2017 recovered more of the ground they lost recently. Energy companies got some relief as oil prices turned higher. All of that helped stocks build on the market's gains from late Friday.

Some market watchers say the recent bout of turbulence may not be over. Jim Paulsen, chief investment strategist for the Leuthold Group, said he thinks stocks and bonds will fall further as investors consider the likelihood that interest rates will keep rising and inflation will increase. Inflation and higher wages can cut into company profits, and higher interest rates slow down economic growth.

"The catalyst behind this bull market up until maybe the last year or so has just been the ability of this economy to grow, even if it's very sluggishly (...) without creating any negative consequences for the financial markets," he said.

Paulsen said the consumer prices report Wednesday or the February employment report due next month could both have major effects on the market.

The Standard & Poor's 500, the benchmark for many index funds, gained 36.45 points, or 1.4 percent, to 2,656. The Dow climbed 410.37 points, or 1.7 percent, to 24,601.27. It had risen as much as 574 earlier, led by big gains for Boeing and Apple.

The Nasdaq composite advanced 107.47 points, or 1.6 percent, to 6,981.96. The Russell 2000 index of smaller-company stocks rose 13.15 points, or 0.9 percent, to 1,490.98.

It took just nine days for stocks to plunge 10 percent from their latest peak, which was reached on January 26. A drop of that size is known on Wall Street as a market "correction." According to LPL Financial, it was the swiftest move from a record high to a correction in the history of the S&P 500. The index rose 1.5 percent Friday but still wound up with its worst weekly loss in more than two years.

Despite the two-day recovery, the S&P 500 is down 7.5 percent from its record high, and investors expect far more volatility in the stock market than they did two weeks ago.

That comes after a remarkably calm year for stocks: there were only eight days in 2017 where the S&P 500 rose or fell at least 1 percent. But it's happened six times in the last seven trading days, and eight times since the market's peak Jan. 26. That includes several drops that were far larger than anything the market endured last year.

Other gainers in the technology industry included Cisco Systems, which rose $1.07, or 2.7 percent, to $40.60. Chipmakers Broadcom and Qualcomm each climbed after CNBC reported that the companies will meet this week to discuss Broadcom's $121 billion offer to buy Qualcomm.

Retailers, apparel makers and other companies that focus on consumers made some of the largest gains, a sign that investors expect shoppers to keep spending and the economy to keep growing.

Benchmark U.S. crude gained 9 cents to $59.29 a barrel in New York. Brent crude, used to price international oils, lost 20 cents to $62.59 a barrel in London.

Oil prices have dropped since reaching long-time highs in late January, when U.S. crude peaked at $66 a barrel. The S&P 500 energy index is down 12.7 percent over the last month.

Defense contractor General Dynamics will spend almost $7 billion to buy internet technology company CSRA. The Trump administration has been pushing defense spending aggressively higher. CSRA climbed $9.57, or 31.1 percent, to $40.39 Monday. General Dynamics lost $2.57, or 1.2 percent, to $209.53.

Twenty-First Century Fox picked up 66 cents, or 1.9 percent, to $36.40 after The Wall Street Journal reported that cable and internet provider Comcast is still interested in buying Fox's entertainment divisions and could make another offer. Disney agreed to buy Fox's movie and television studios and some cable and international TV businesses in December for $52.4 billion.

Comcast fell 3 cents to $38.54 while Disney added 30 cents to $103.39.

Bond prices were little changed. The yield on the 10-year Treasury note stayed at 2.86 percent.

In other energy trading, wholesale gasoline fell 2 cents to $1.68 a gallon. Heating oil fell 2 cents to $1.84 a gallon. Natural gas slid 3 cents to $2.55 per 1,000 cubic feet.

The dollar rose to 108.67 yen from 108.53 yen. The euro rose to $1.2284 from $1.2231.

Gold rose $10.70 to $1,326.40 an ounce. Silver jumped 43 cents, or 2.7 percent, to $16.57 an ounce. Copper added 5 cents, or 1.7 percent, to $3.09 a pound.

Germany's DAX jumped 1.4 percent while the CAC 40 in France and the British FTSE 100 both advanced 1.2 percent.

Hong Kong's Hang Seng lost 0.2 percent and Seoul's Kospi rose 0.9 percent. Markets in Japan were closed for a holiday.

 

[bigdog]

https://www.usnews.com/news/busines...lifted-by-wall-street-rally-nikkei-falls-back

Stocks Edge Higher as a 3-Day Win Streak Restores Some Calm
Stocks shake off a slow start and finish higher for the third day in a row as banks and technology companies climb.

By MARLEY JAY, AP Markets Writer

NEW YORK (AP) — U.S. stocks rose for the third day in a row Tuesday, led by banks, retailers and technology companies. The rebound over the last few days follows a harrowing drop of more than 10 percent over the previous two weeks.

After a wobbly start, stocks started climbing in the early afternoon and wound up with their most placid day in the last few weeks.

Amazon climbed once again, and athletic apparel companies rose following solid fourth-quarter results from Under Armour.

Apple continued to recoup some of its recent losses. Energy companies slipped again, and companies that distribute prescription drugs and medical supplies slumped.

Stocks have been making big swerves higher and lower recently. Last week the Dow Jones industrial average twice fell 1,000 points in a day, sometimes gaining or losing hundreds of points in a few minutes. But on Tuesday, the gap between the Dow's highest mark and its lowest was a more modest 284 points.

Mark Hackett, chief of investment research at Nationwide Investment Management, said investors who have steered clear of the stock market started to pile in over the last few months, but that round of buying ended abruptly.

"The pattern that we saw over the last month and a half is not by any stretch of the imagination unusual," he said, "But it is compressed. It normally doesn't happen over a six-week period."

Hackett said he feels stocks have fallen to more reasonable prices, partly because of the market slump and partly because corporate earnings grew at a strong clip in the fourth quarter.

The Standard & Poor's 500 index rose 6.94 points, or 0.3 percent, to 2,662.94. The Dow added 39.18 points, or 0.2 percent, to 24,640.45. The Nasdaq composite gained 31.55 points, or 0.5 percent, to 7,013.51. The Russell 2000 index of smaller-company stocks finished up 3.97 points, or 0.3 percent, at 1,494.95.

On Wednesday the Labor Department will issue its monthly report on consumer prices. Investors will be watching carefully because the recent bout of market volatility was touched off by worries that inflation might be increasing.

Under Armour climbed after it reported better-than-expected sales as shoe and accessory revenue picked up. The stock had plunged 50 percent in 2017 on top of a 30 percent decline in 2016. It rose $2.47, or 17.2 percent, to $16.70. Athletic apparel retailer Foot Locker also gained ground.

Amazon climbed $28.28, or 2 percent, to $1,414.51, and dollar stores, department stores and clothing companies made gains as well.

Prescription drug distributor AmerisourceBergen jumped $8.32, or 9.3 percent, to $97.77 after The Wall Street Journal reported that Walgreens Boots Alliance wants to buy the rest of the company. It already owns 26 percent of AmerisourceBergen, one of the largest prescription drug distributors in the U.S. It also distributes products to hospitals and other health systems. The Wall Street Journal said Walgreens made an approach several weeks ago that no offer has been made. Walgreens lost 17 cents to $68.29.

Separately, the Journal reported that Amazon is looking to win over hospitals and clinics to distribute a variety of medical products. Two other distributors of prescription drugs also fell. Cardinal Health lost $2.34, or 3.4 percent, to $65.69 and McKesson fell $2.84, or 1.9 percent, to $146.18.

In January Amazon announced a partnership with JPMorgan Chase and Berkshire Hathaway aimed at reducing health care costs. It's widely believed to have designs on a larger role in the health care system.

The Federal Trade Commission said it is suing three large dental product suppliers for conspiring to deny discounts to groups that buy products for small practices. Henry Schein, Patterson, and privately-held Benco control 85 percent of the $10 billion market for products like gloves, sterilization products, lights and dentists' chairs.

The companies rejected the allegations and said they will defend themselves in court. Henry Schein fell $4.79, or 6.6 percent, to $67.39 and Patterson sank $1.71, or 5.2 percent, to $31.21.

Nutrition supplement company GNC Holdings soared 18 percent after it formed a joint venture with Harbin Pharmaceutical Group of China. Harbin is investing $300 million in GNC, which will make it the company's largest shareholder. The stock rose 76 cents to $4.96.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.83 percent from 2.86 percent.

Energy companies declined, and benchmark U.S. crude fell 10 cents to $59.19 a barrel in New York. Brent crude, used to price international oils, added 13 cents to $62.72 a barrel in London.

Wholesale gasoline add 1 cent to $1.69 a gallon. Heating oil stayed at $1.84 a gallon. Natural gas rose 4 cents to $2.59 per 1,000 cubic feet.

Gold rose $4 to $1,330.40 an ounce. Silver slipped 4 cents to $16.53 an ounce. Copper climbed 8 cents to $3.16 a pound.

The dollar fell to 107.69 yen from 108.67 yen. The euro rose to $1.2355 from $1.2284.

Germany's DAX shed 0.7 percent and the CAC 40 of France fell 0.6 percent. Britain's FTSE 100 lost 0.1 percent. Japan's Nikkei 225 lost 0.7 percent and Hong Kong's Hang Seng index added 1.4 percent. South Korea's Kospi rose 1.1 percent.

 

[bigdog]

http://www.tvnewscheck.com/article/...-news-feed-Dow-Climbs-253-Nasdaq-Moves-Up-130

DOW CLIMBS 253, NASDAQ MOVES UP 130

After a shaky start, stocks rose for the fourth straight day Wednesday, and banks made some of the largest gains as bond yields reached new four-year highs. The move in yields came after the government said consumer prices climbed in January a slightly faster pace than economists had expected.

By Marley Jay
The Associated Press, February 14, 2018 5:06 PM EST

NEW YORK (AP) — Investors saw some new hints that inflation is increasing on Wednesday, but they still sent banks, technology firms, and consumer-focused companies climbing. That was a big change after the market’s inflation-inspired plunge earlier this month.

After a shaky start, stocks rose for the fourth straight day, and banks made some of the largest gains as bond yields reached new four-year highs. The move in yields came after the government said consumer prices climbed in January a slightly faster pace than economists had expected. A different government report showed retail sales were unchanged in December and slipped last month.

Stocks began plunging Feb. 1 after the Labor Department said wages grew at a rapid clip in January. Investors worried that that meant inflation was rising and that it would push the Federal Reserve to start raising interest rates more quickly, making it more expensive for people and businesses to borrow money. That would slow down economic growth as well growth in as corporate profits. Nixon said that Wednesday’s reports show inflation probably isn’t rising that fast.

The Standard & Poor’s 500 index rose 35.69 points, or 1.3 percent, to 2,698.63. The Dow Jones industrial average added 253.04 points, or 1 percent, to 24,893.49. The Nasdaq composite climbed 130.10 points, or 1.9 percent, to 7,143.62. The Russell 2000 index of smaller-company stocks rose 27.15 points, or 1.8 percent, to 1,522.10.

After a 10 percent plunge in just nine days, the S&P 500 has risen 4.5 percent in the last four days.

The Labor Department said prices paid by consumers rose 0.3 percent in January, excluding volatile items like food and energy. That’s the most in a year, and it sent bond yields and gold prices higher.

The yield on the 10-year Treasury note rose to 2.91 percent, its highest mark in four years, from 2.84 percent a day earlier. That helped banks, as the higher interest rates make lending more profitable. But it hurt high-dividend companies like utility and phone companies. Those stocks are often compared to bonds because of their big dividend payments and relatively steady prices, but investors find them less appealing when bond yields are rising.

Retailers traded higher despite the tepid numbers in the report. Amazon rose $36.54, or 2.6 percent, to a record high of $1,451.05 and Tiffany added $2.15, or 2.1 percent, to $103.11. Nike picked up $2.09, or 3.2 percent, to $67.96.

Nixon, of Northern Trust, said she doesn’t expect inflation to increase very much, but it can be unpredictable from month to month. She noted that it could go higher as people who received tax cuts or bonuses spend their extra pay.

Netflix climbed after the streaming video company said it signed another big-name TV writer and producer to a production deal. According to reports, “Glee” and “American Horror Story” producer Ryan Murphy received a $300 million deal that will span five years. In August Netflix announced a deal with “Scandal” and “Gray’s Anatomy” creator and producer Shonda Rhimes.

Netflix climbed $7.73, or 3 percent, to $266.

Chipotle Mexican Grill soared after naming Taco Bell CEO Brian Niccol to lead the company. Chipotle has been hit hard by food safety scares over the last few years and has had trouble winning back customers. Niccol launched breakfast at Taco Bell and also introduced mobile ordering from its restaurants, and investors felt he might improve the company’s fortunes. Founder Steve Ells resigned as CEO in November.

The stock rose $38.58, or 15.4 percent, to $289.91. It traded above $700 in mid-2015.

After years of declines, watchmaker Fossil soared $7.93, or 87.7 percent, to $16.97 after it did far better than Wall Street expected in the fourth quarter. The stock was worth more than $100 at the end of 2014, but plunged as competition from smart watches and fitness trackers eroded its sales.

Gold jumped $27.60, or 2.1 percent, to $1,358 an ounce. Silver rose 35 cents, or 2.1 percent, to $16.88 an ounce. Copper picked up 7 cents, or 2.3 percent, to $3.24 a pound.

U.S. crude rose $1.41, or 2.4 percent, to $60.60 a barrel in New York. Brent crude, used to price international oils, gained $1.64, or 2.6 percent, to $64.36 a barrel in London.

Wholesale gasoline added 3 cents to $1.71 a gallon. Heating oil rose 5 cents to $1.88 a gallon. Natural gas lost 1 cent to $2.59 per 1,000 cubic feet.

The dollar fell to 107.09 yen from 107.69 yen. The euro dipped to $1.2435 from $1.2355.

The DAX in Germany rose 1.2 percent and the French CAC 40 added 1.1 percent. The FTSE 100 in Britain picked up 0.6 percent. Japan’s benchmark Nikkei 225 slipped 0.4 percent after its economy grew at a slower-than-expected pace in the fourth quarter. South Korea’s Kospi gained 1.1 percent and Hong Kong’s Hang Seng rose 2.3 percent.

 

[bigdog]

Markets in mainland China, South Korea and Taiwan were closed for the lunar new year holiday.

https://www.usnews.com/news/busines...rack-wall-st-gains-as-inflation-fears-subside

US Stocks Keep Gaining as Tech, Industrial Companies Rise
Technology companies are leading stocks higher Thursday as US stocks rose for the fifth day in a row.

By MARLEY JAY, AP Markets Writer

NEW YORK (AP) — Technology companies climbed Thursday as stocks rose for the fifth day in a row. They have now recovered about half their losses during the market's dramatic plunge earlier this month.

Tech bellwether Cisco Systems jumped after it posted strong quarterly results and announced a big stock repurchase, while Apple rose after an analyst said sales of the iPhone X in China are improving. Most other parts of the market climbed as well, with notable gains for industrial companies and household goods makers. Energy companies continued to struggle.

It took stocks just nine days to skid from record highs into a 10 percent drop, known on Wall Street as a "correction." Concerns about rising inflation contributed to the fall, but even though investors have seen more signs of inflation in the last few days, major indexes are on a five-day winning streak and have recouped about half of their recent losses.

"The market should never have gone down 10.5 percent," said Rick Rieder, BlackRock's chief investment officer of global fixed income. Rieder noted that inflation remains low, and the newly-passed government budget will push interest rates higher because it creates so much new debt.

After a brief dip late in the morning, the Standard & Poor's 500 index rallied and rose 32.57 points, or 1.2 percent, to 2,731.20. The Dow Jones industrial average rose 306.88 points, or 1.2 percent, to 25,200.37. The Nasdaq composite climbed 112.81 points, or 1.6 percent, to 7,256.43.

The Russell 2000 index of smaller companies rose 15.10 points, or 1 percent, to 1,537.20.

Cisco reported a bigger profit and better sales than analysts expected, and said it will buy back another $25 billion of its own stock. It climbed $1.99, or 4.7 percent, to $44.08. Apple rose $5.62, or 3.4 percent, to $172.99 after an analyst for Morgan Stanley said the iPhone X is gaining market share in China, a critical market for Apple's products. Microsoft jumped $1.85, or 2 percent, to $92.66.

Among industrial companies, Boeing jumped $11.61, or 3.4 percent, to $356.46 and elevator and jet engine maker United Technologies gained $4, or 3.2 percent, to $130.

The market's recent moves might look familiar because investors have been "buying on the dips" for years. The last significant drop in the market prior to this month came in June 2016, after the United Kingdom voted to leave the European Union. The S&P 500 fell more than 5 percent in just two days, and gained it back almost as quickly.

Trading volumes have returned to more typical levels this week. They spiked in the first two weeks of February as stock indexes took some wild swings.

In economic news, the Labor Department said U.S. wholesale prices rose 0.4 percent in January, the biggest increase since November. The main reason for the increase was a big jump in energy prices, and those have dropped recently. U.S. crude oil peaked at $66 a barrel in late January and is trading around $60 a barrel now.

Bond prices were little changed. The yield on the 10-year Treasury note remained at 2.91 percent, its highest level in four years.

Rieder, of BlackRock, said bond prices hardly moved during the recent downturn because investors are realizing that the new federal budget agreement, which puts the country on track for $1 trillion annual deficits over the next few years, will keep bond prices lower and interest rates higher.

"So much Treasury debt is going to have to come to the market that people are starting to do the calculus of 'this is going to push interest rates higher,'" he said.

U.S. crude oil turned higher in afternoon trading after a slump in the morning. It rose 74 cents, or 1.2 percent, to $61.34 a barrel in New York. Brent crude, used to price international oils, lost 3 cents to $64.33 a barrel in London.

Wholesale gasoline picked up 2 cents to $1.74 a gallon. Heating oil rose 1 cent to $1.89 a gallon. Natural gas slipped 1 cent to $2.58 per 1,000 cubic feet.

Still, energy companies mostly fell. They've done far worse than any other part of the market lately: of the 32 energy companies in the S&P 500, only six are currently higher than they were at the start of the year.

Gold lost $2.70 to $1,355.30 an ounce. Silver fell 8 cents to $16.80 an ounce. Copper added 1 cent to $3.25 a pound.

The dollar slid to 106.27 yen from 107.09 yen. The euro rose to $1.2506 from $1.2435.

France's CAC 40 climbed 1.1 percent, led by a big gain from Airbus. Germany's DAX added 0.1 percent and Britain's FTSE 100 rose 0.3 percent. Japan's Nikkei 225 rose 1.5 percent and in Hong Kong the Hang Seng advanced 2 percent in a half-day trading session. Markets in mainland China, South Korea and Taiwan were closed for the lunar new year holiday.