NYSE Dow Jones finished today at:

[bigdog]

https://www.usnews.com/news/busines...ets-rise-after-bank-of-japan-policy-statement

Health Care and Industrial Stocks Lead US Indexes Higher
U.S. indexes break out of a three-day losing streak as industrial stocks jump and a batch of strong earnings helps companies in health care and real estate.

By MARLEY JAY, AP Markets Writer

NEW YORK (AP) — U.S. stocks rose Tuesday following strong results from industrial and health care companies as well as a report that the U.S. and China are trying to restart trade talks. Small companies rallied.

Bloomberg News reported that representatives of the U.S. and China are looking for ways to open new talks to end their trade war. The report cited two people familiar with those efforts and said there was no agreement about a time frame for talks or what issues would be discussed. Earlier this month both nations placed import taxes on $34 billion worth of goods, and they've been threatening more severe measures.

The trade dispute could affect sales for many industrial companies and new tariffs on aluminum and steel imports are also sending costs for those companies higher. Companies including Deere and Caterpillar jumped while engine maker Cummins rose after its second-quarter report.

Vincent Reinhart, chief economist at Standish Mellon, a unit of BNY Mellon Asset Management, said investors have mostly stayed calm during the trade dispute because they think most of the tensions will get worked out by November. Rising corporate profits, which have been helped by the recent tax cuts, are also helping.

"Everybody thinks a deal will be cut before the midterms," he said. "That allows you to shake off the bad news and embrace the good."

Earnings from companies including Pfizer and Illumina gave health care stocks a boost and real estate companies climbed as well. Banks were left out of the rally as interest rates slipped.

The S&P 500 index rose 13.69 points, or 0.5 percent, to 2,816.29, making up most of the losses it took on Monday. The Dow Jones Industrial Average gained 108.36 points, or 0.4 percent, to 25,415.19. The Nasdaq composite added 41.78 points, or 0.5 percent, to 7,671.79. The Russell 2000 index of smaller-company stocks jumped 17.67 points, or 1.1 percent, to 1,670.80.

Deere, a farm equipment maker whose profits would be hurt by China's tariffs on soybeans, surged 4.8 percent to $144.79. Engine maker Cummins gained 4.1 percent to $142.81 after a better-than-expected second-quarter report. After a slump on Monday, construction equipment maker Caterpillar rose 2.9 percent to $143.80.

Genetic testing tools maker Illumina raised its forecasts after a strong second quarter and its stock climbed 12.1 percent to $324.36. Pfizer rose 3.5 percent to $39.93 after the biggest U.S. drugmaker topped analysts' projections and raised its forecasts for the year.

Elsewhere, cable company Charter Communications advanced 3.6 percent to $304.58 after its quarterly profit surpassed analysts' estimates.

High-powered laser maker IPG Photonics nosedived 26.9 percent to $164.04 after it said demand from Europe and China worsened during the second quarter. The company's revenue forecast for the current quarter fell far short of Wall Street's estimates.

Apple climbed 2.5 percent to $195.14 in aftermarket trading after reporting that its third-quarter profit and sales both topped analysts' projections. Its fourth-quarter sales forecast was also better than expected.

The Commerce Department said consumer spending grew another 0.4 percent in June, and a key measurement of inflation is up 2.2 percent over the last year. For the last four months, inflation has equaled or been slightly higher than the Federal Reserve's target of 2 percent. The Fed is meeting Tuesday and Wednesday but isn't expected to raise interest rates again until later this year.

The Labor Department said wages and benefits for U.S. workers continued to rise, but they grew at a slightly slower pace in the second quarter. That's a sign that even though unemployment is low, wages aren't picking up.

Technology companies ended a three-day losing streak. Chip equipment maker KLA-Tencor soared 10.5 percent to $117.42 after it topped Wall Street expectations in the second quarter. Chipmaker Qualcomm gained 3.3 percent to $64.09 as it started to buy back stock from shareholders.

Apple added 0.2 percent to $190.29 as investors waited for its quarterly report.

Technology stocks had plunged more than 5 percent in three days, and they regained only a small portion of that Tuesday.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.96 percent from 2.97 percent.

Economic growth in the 19-country eurozone slowed to 0.3 percent in the second quarter as trade tensions between the U.S. and Europe hurt business confidence. Since then, the EU and U.S. have agreed to hold off more tariffs and try to free up trade, though details remain hazy.

The French CAC 40 rose 0.4 percent and the British FTSE 100 gained 0.6 percent. The DAX in Germany added 0.1 percent.

Japan's Nikkei 225 index rose less than 0.1 percent after the Bank of Japan didn't announce any major changes to its monetary policies. South Korea's Kospi added 0.1 percent. Hong Kong's Hang Seng index fell 0.5 percent.

Benchmark U.S. crude lost 2 percent to $68.76 per barrel in New York. Brent crude, used to price international oils, fell 1 percent to $74.25 a barrel in London.

Wholesale gasoline slid 1.4 percent to $2.13 a gallon. Heating oil shed 1.8 percent to $2.13 a gallon. Natural gas slipped 0.5 percent to $2.78 per 1,000 cubic feet.

Gold rose 0.2 percent to $1,223.60 an ounce. Silver added 0.1 percent to $15.56 an ounce. Copper rose 1.4 percent to $2.83 a pound.

The dollar rose to 111.83 yen from 111 yen. The euro slipped to $1.1697 from $1.1710.

 

[bigdog]

https://www.usnews.com/news/busines...in-on-reports-china-us-may-resume-trade-talks

Apple Soars but Energy, Industrial Stocks Weigh on Market
Apple leaps to its largest gain in 18 months after it announced strong sales and rising iPhone prices.

By MARLEY JAY, AP Markets Writer

NEW YORK (AP) — Apple surged to its biggest gain in a year and a half Wednesday and drew closer to $1 trillion in value after it reported stronger iPhone sales and rising prices. But losses for energy and industrial companies left major stock indexes lower.

Already the most valuable company in the U.S., Apple was the biggest gainer of any S&P 500 stock Wednesday and the technology giant finished at another record high.

That made up for a lot of losses elsewhere in the market. Investors sold industrial stocks following reports that the Trump administration is considering a higher tax rate on Chinese imports. Energy and materials companies fell with the price of oil, and metals and car companies also declined.

After the close of trading, the administration said it might put a 25 percent tax on $200 billion in imports from China. It proposed a 10 percent tax in July, shortly after it placed a 25 percent tax on $34 billion worth of imports. China again threatened to retaliate.

China can't match the size of the tariffs the U.S. could put on Chinese exports. But Katie Nixon, chief investment officer for Northern Trust Wealth Management, said the Chinese government is already reacting to the new tariffs and the larger proposed ones by pumping more money into the economy and weakening its currency.

"They're sending a strong signal that they cannot just withstand (tariffs), but they can manage through a period of turmoil related to the negotiations," Nixon said.

The S&P 500 index slid 2.93 points, or 0.1 percent, to 2,813.36. The Dow Jones Industrial Average lost 81.37 points, or 0.3 percent, to 25,333.82.

The Nasdaq composite added 35.50 points, or 0.5 percent, to 7,707.29, but the Russell 2000 index of smaller-company stocks lost 1.54 points, or 0.1 percent, to 1,669.26. Almost two-thirds of the stocks on the New York Stock Exchange traded lower.

The S&P 500 index rose 3.6 percent in July in spite of the trade war between the U.S. and China. The markets got a lift from strong company earnings as well as efforts by the U.S. and European Union to resolve their trade differences.

As expected, the Federal Reserve left interest rates unchanged, but suggested it's likely to raise rates again in September. High-dividend stocks like consumer products makers sank as bond yields increased. Automakers fell as they reported their monthly sales and Ferrari plunged after it said it might not make some of the profit goals laid out by Sergio Marchionne, its late former CEO.

Apple said the average selling price for the iPhone jumped 20 percent in its latest quarter and its third-quarter profit and sales both surpassed analyst projections. Apple's third fiscal quarter is usually its weakest. The company's forecast for fourth-quarter revenue also topped Wall Street estimates.

Apple surged 5.9 percent to $201.50. That gives the company a value of $973 billion, based on its latest quarterly filing.

The Federal Reserve left interest rates unchanged and suggested it plans to keep raising rates as long as the economy stays healthy. The central bank noted the labor market continues to get stronger and the economy is growing at a strong clip, while inflation has reached its target of 2 percent a year.

Automakers mostly slid. Ferrari dropped 11 percent to $118 after new CEO Louis Camilleri warned that the company might not be able to reach the revenue targets outlined by Marchionne.

Industrial companies changed course again and took sharp losses.

Bond prices sank. The yield on the 10-year Treasury note rose to 3 percent from 2.96 percent.

Higher yields force interest rates on mortgages and other loans higher, making it more profitable for banks to lend money. However rising yields drew investors to bonds and away from high-dividend stocks like consumer goods makers.

SodaStream jumped 26.3 percent to $110.30 after the maker of beverage carbonation systems raised its annual forecasts following a strong quarterly report. Clothing maker Hanesbrands plunged 19.3 percent to $17.96 after it posted a smaller-than-expected profit and said Target won't renew a contract for an exclusive line of Champion clothing when the deal expires in January 2020.

Benchmark U.S. crude dropped 2 percent to $67.66 per barrel in New York. Brent crude, used to price international oils, fell 2.5 percent to $72.39 per barrel in London.

Wholesale gasoline sank 1.7 percent to $2.05 a gallon. Heating oil gave up 1.9 percent to $2.10 a gallon. Natural gas dipped 0.9 percent to $2.76 per 1,000 cubic feet.

The price of gold gave up 0.5 percent to $1,227.60 an ounce. Silver fell 0.7 percent to $15.45 an ounce and copper plunged 3 percent to $2.75 a pound.

The dollar fell to 111.56 yen from 111.83 yen. The euro slipped to $1.1664 from $1.1697.

Britain's FTSE 100 dropped 1.2 percent and Germany's DAX fell 0.5 percent. The French CAC 40 dipped 0.2 percent.

Japan's Nikkei 225 index rose 0.9 percent and South Korea's Kospi added 0.5 percent. In Hong Kong, the Hang Seng index dropped 0.9 percent.

 

[bigdog]

https://www.usnews.com/news/busines...-china-trade-worries-send-global-stocks-lower

Apple Tops $1 Trillion, Leading Gains for US Stocks
U.S. stocks shook off an early stumble and finished with solid gains, led by gains in technology companies as Apple reached $1 trillion in value.

By MARLEY JAY, AP Markets Writer

NEW YORK (AP) — U.S. stocks climbed Thursday as Apple led a rally in technology companies and reached $1 trillion in value. Consumer products and health care companies rose as second-quarter results from corporate America continued to surpass investors' expectations.

Stocks in Asia and Europe fell after the White House said it will consider even higher tariffs on Chinese imports, escalating the trade conflict between the world's two biggest economic powers.

U.S. stocks opened lower as energy and basic materials companies slumped, but those early losses eased as the day went on. Solid results from companies including Clorox, drugmaker Regeneron and electric car maker Tesla sent the market higher.

Apple jumped again, and became the first publicly traded company to top $1 trillion in market value. The stock climbed 9 percent over Wednesday and Thursday, its biggest two-day move in more than four years, to hit the milestone.

GBH Insights analyst Daniel Ives said Apple's lofty price tag reflects its unique position as a technology company that sells popular products that work together and which people stick with.

"Once you buy one Apple device in a household, likely you're going to buy multiple, three, four, five devices," he said. "They've built a consumer product empire."

Apple's value rose almost $83 billion in the last two days. That's as much as construction equipment maker and Dow component Caterpillar is worth. Other big technology companies also rose Thursday, recovering some of the losses they had absorbed late last week and early this week. Facebook and Microsoft both climbed.

The S&P 500 index rose 13.86 points, or 0.5 percent, to 2,827.22. The Dow Jones Industrial Average slipped 7.66 points to 25,326.16. The Nasdaq composite jumped 95.40 points, or 1.2 percent, to 7,802.69. The Russell 2000 index of smaller-company stocks added 12.84 points, or 0.8 percent, to 1,682.10.

Apple got to the $1 trillion mark shortly before noon and finished with a gain of 2.9 percent at $207.39.

Despite its eye-popping market value, by some measurements Apple stock isn't very expensive. The stock trades at 17.8 times its expected earnings over the next year. That's about the same as the rest of the S&P 500 index, and Apple has bigger profit margins.

Saudi Arabia's state-owned oil company, known as Saudi Aramco, has taken steps to prepare for an initial public offering, and Saudi officials say the IPO will value the company at around $2 trillion. But it's not clear when that offering might happen and without it, it's difficult to value the company.

Tesla soared 16.2 percent to $349.54. The electric car maker said production of its lower-cost Model 3 sedan is growing and CEO Elon Musk said the company doesn't expect to need to raise more money from investors.

Clorox rallied 6.2 percent to $142.44 after its fiscal fourth-quarter profit and its forecast for the current year were both better than analysts expected.

As of Wednesday, more than 300 companies in the S&P 500 had reported their quarterly results. S&P Global Markets Intelligence says 82 percent of those companies have announced larger profits than analysts expected. Total S&P 500 earnings are expected to grow 24 percent from last year.

The Trump administration said it might put a 25 percent tax on $200 billion in imports from China. That is up from a 10 percent tax it proposed in June. The tariffs likely wouldn't go into effect until at least September, as the government will hold a hearing about the proposal later in August and will seek public comment until Sept. 5.

TripAdvisor sank 11.2 percent to $51.18 as the travel booking site reported weaker sales than analysts expected and said revenue from hotels decreased.

Wynn Resorts reported profit and sales that missed estimates following a decrease in income from its Macau operation. The stock dropped 6.5 percent to $149.54. That comes a day after Caesars Entertainment said it expects weak results in the current quarter because of fewer scheduled events and lower room rates in Las Vegas.

Bond prices edged higher. The yield on the 10-year Treasury note fell to 2.99 percent from 3 percent.

The DAX index in export-reliant Germany tumbled 1.5 percent and the CAC 40 in France lost 0.7 percent. Britain's FTSE 100 slid 1 percent after the Bank of England raised its main interest rate. Japan's Nikkei 225 index sank 1 percent and Hong Kong's Hang Seng dropped 2.2 percent. The Kospi in South Korea shed 1.6 percent.

Benchmark U.S. crude rose 1.9 percent to $68.96 a barrel in New York. Brent crude, used to price international oils, gained 1.5 percent to $73.45 a barrel in London.

Wholesale gasoline rose 1.1 percent to $2.07 a gallon. Heating oil picked up 1.6 percent to $2.13 a gallon. Natural gas climbed 2.1 percent to $2.82 per 1,000 cubic feet.

Gold lost 0.6 percent to $1,220.10 an ounce. Silver fell 0.4 percent to $15.39 an ounce. Copper dipped 0.4 percent to $2.74 a pound.

The dollar rose to 111.69 yen from 111.56 yen. The euro slipped to $1.1587 from $1.1664.

 

[bigdog]

https://www.usnews.com/news/busines...-china-trade-worries-send-global-stocks-lower

US Stocks Rise as Companies That Pay Big Dividends Surge
US stocks rise after the Labor Department said employers continued to add jobs at a solid pace in July.

By MARLEY JAY, AP Markets Writer

NEW YORK (AP) — U.S. stocks rose Friday after the Labor Department said hiring remained solid in July and strong quarterly earnings continued to boost the market.

U.S. employers added 157,000 jobs last month, fewer than analysts expected. But the Labor Department said more jobs were added in May and June than it previously reported. That made up for the shortfall in July.

There was little reaction to China's threat to put tariffs on $60 billion in U.S. goods. Larger multinational companies climbed while smaller, U.S.-focused companies lagged the rest of the market. That's the opposite of what generally happens when investors are worried about trade tensions.

Bond prices edged higher, sending yields lower. Food companies and other big-dividend stocks rose.

Brad McMillan, chief investment officer for Commonwealth Financial Network, said the data show the economy is likely to keep expanding, but it's not heating up in a way that would push the Federal Reserve to raise interest rates more quickly.

"That's exactly what the market wants to see," he said. "This report is right in the sweet spot."

The S&P 500 index rose 13.13 points, or 0.5 percent, to 2,840.35. The Dow Jones Industrial Average gained 136.42 points, or 0.5 percent, to 25,462.58. The Nasdaq composite rose 9.33 points, or 0.1 percent, to 7,812.01. The Russell 2000 index of smaller-company stocks lost 8.73 points, or 0.5 percent, to 1,673.37.

The benchmark S&P 500 rose for the fifth week in a row. Some of those gains have been small, but that's the longest winning streak for the index this year.

The slightly weak jobs report reflected the bankruptcy of Toys R Us and job cuts in local governments, which dragged down the hiring totals.

Hourly wage growth remained modest in July, and inflation-adjusted wages are actually decreasing because inflation has gradually picked up. McMillan, of Commonwealth, said another reason for the slip is that companies are hiring people with lower education levels because there are more of those workers available. While low or stagnant wages are good for company profits and stock prices, it could pose a problem for the economy.

"One of the real questions going forward is whether in fact consumers can keep spending at the rate they have," he said.

Kraft Heinz climbed after the maker of Oscar Mayer meats and Jell-O pudding said improved sales in Europe and Asia helped offset weaker results from the U.S. and Canada. The New York Post also reported that Kraft has had talks with Campbell Soup about a possible deal.

The Post said Kraft hasn't made an offer. Kraft Heinz gained 8.6 percent to $64.48 and Campbell rose 2.5 percent to $42.76.

Cereal maker Post Holdings climbed 8 percent to $93.58 after reporting quarterly revenue that was higher than analysts expected. The company also said the private equity firm Thomas H. Lee Partners is investing in its private brands division, 8th Avenue Food & Provisions.

Video game publisher Take-Two Interactive jumped 9 percent to $123.41 percent after it topped Wall Street's expectations in the fiscal first quarter and raised its projections for the rest of the year. The company said players spent more money on "Grand Theft Auto Online" and "NBA 2K18" than it expected. Rival Activision Blizzard lost 3.7 percent to $71.32 after a weak revenue forecast.

China and the U.S. continued to threaten each other with tariffs. China's government said Friday that it will put tariffs on $60 billion in goods including coffee, honey and industrial chemicals if the U.S. goes ahead with a proposal to tax $200 billion in Chinese imports. The Trump administration said this week that it might put a tariff of 25 percent on those goods, a higher rate than it had threatened previously.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.95 percent from 2.98 percent.

Benchmark U.S. crude lost 0.7 percent to $68.49 a barrel in New York. Brent crude, used to price international oils, dipped 0.3 percent to $73.21 per barrel in London.

Wholesale gasoline slipped 0.1 percent to $2.07 a gallon. Heating oil fell 0.2 percent to $2.13 a gallon. Natural gas rose 1.3 percent to $2.85 per 1,000 cubic feet.

Energy companies traded lower following some disappointing quarterly reports. Noble Energy sank 7.9 percent to $32.89 and EOG Resources fell 2.8 percent to $122.41. Energy stocks have lagged the rest of the market in recent weeks after making big gains earlier this year.

Gold picked up 0.3 percent to $1,223.20 an ounce. Silver added 0.5 percent to $15.46 an ounce. Copper gained 0.9 percent to $2.76 a pound.

The dollar weakened slightly. It fell to 111.23 yen from 111.69 yen. The euro fell to $1.1578 from $1.1587.

The British FTSE 100 jumped 1.1 percent. Germany's DAX added 0.6 percent and the CAC 40 in France edged up 0.3 percent.

Japan's Nikkei 225 added less than 0.1 percent and Hong Kong's Hang Seng index gave up 0.2 percent. South Korea's Kospi added 0.8 percent.

9791

 

[bigdog]

https://www.usnews.com/news/busines.../asian-stocks-rise-after-solid-us-jobs-report

US Stocks Get a Lift From Earnings; Berkshire Boosts Banks
US stocks are rising following solid second-quarter results from companies including Berkshire Hathaway and Tyson Foods

By MARLEY JAY, AP Markets Writer

NEW YORK (AP) — U.S. stocks finished broadly higher for the third day in a row Monday. Media, retail and technology companies rose, and Warren Buffett's Berkshire Hathaway led gains for the financial sector.

Most sectors climbed as companies including Facebook and Netflix recovered some of the losses they sustained recently. Investors continued to focus on companies' quarterly results instead of the escalating trade threats the U.S. and China made last week.

Company profits have rocketed higher this year thanks to the corporate tax cut and continued economic growth. But in the first quarter investors didn't always react to that growth because they were worried about the U.S.'s numerous trade disputes. Julian Emanuel, chief equity and derivative strategist for BTIG, said that's starting to change.

"The skepticism that we had a quarter ago seems, rightly, to be falling by the wayside," he said.

The S&P 500 index rose 10.05 points, or 0.4 percent, to 2,850.40, its highest close since Jan. 29. The benchmark index has risen for five weeks in a row, its longest winning streak in 2018.

The Dow Jones Industrial Average gained 39.60 points, or 0.2 percent, to 25,502.18. The Nasdaq composite added 47.66 points, or 0.6 percent, to 7,859.68. The Russell 2000 index of smaller-company stocks picked up 10.94 points, or 0.7 percent, to 1,684.31.

Facebook helped pull technology companies upward as it gained 4.4 percent to $185.69. The Wall Street Journal reported that Facebook has talked to four major U.S. banks about possibly offering new services through Facebook Messenger.

Results for Berkshire Hathaway were stronger than analysts expected and the company's Class B shares climbed 2.9 percent to $206.06.

Construction and technical services company Jacobs Engineering jumped 7.8 percent to $72.31 after it gave a strong forecast for its next fiscal year.

Tyson Foods gained 3.3 percent to $59.64. The poultry and pork processor cut its profit forecast last week in part because of uncertainty surrounding trade policy and rising freight costs. Its stock is down 26 percent this year.

Consumer products company Newell Brands dropped 14.3 percent to $22.76. The company said the liquidation of Toys R Us hurt its baby products business.

The company also said the combination of U.S. tariffs on goods from China and tariffs imposed by the European Union and Canada following the U.S. taxes on imported steel and aluminum could cost it as much as $100 million a year.

The S&P 500 is getting close to its most recent closing high of 2,872, which was set on Jan. 26. Emanuel said the index might be at 3,000 now, about 5 percent higher than it was Monday, if not for the ongoing trade disputes. He said the S&P could reach that mark if the trade disputes end, but added that that trading could become volatile this fall if there isn't progress.

"There is a hope and there is an expectation... that you are going to favorably resolve the trade issues," he said.

Rite Aid plunged 9.8 percent to $1.66 after it forecast a bigger loss for the year because generic drug pricing isn't shaping up the way it expected.

Later this week shareholders will vote on the proposed sale of Rite Aid to the Albertsons grocery store chain. The owner of Safeway agreed to buy Rite Aid in February, but two shareholder advisory firms and one major Rite Aid shareholder opposed the deal.

PepsiCo said Indra Nooyi will step down as its CEO in October after 12 years leading the company. Ramon Laguarta, Pepsi's head of corporate strategy, will become its next CEO. The stock rose 0.9 percent to $117.38.

Oil futures gave up most of an early gain, but still finished higher. Benchmark U.S. crude rose 0.8 percent to $69.01 a barrel in New York. Brent crude, used to price international oils, rose 0.7 percent to $73.75 a barrel in London.

Wholesale gasoline remained at $2.07 a gallon. Heating oil climbed 0.6 percent to $2.14 a gallon. Natural gas added 0.2 percent to $2.86 per 1,000 cubic feet.

Regulators in China tightened controls on trading in the yuan in a possible effort to stop its decline against the dollar. The yuan has drifted lower against the dollar since February, which could help Chinese exporters that face higher U.S. tariffs but also raises the risk of capital flowing out of the economy.

The British pound weakened after the U.K.'s trade minister warned that the country risks leaving the European Union without a deal to avoid tariffs and other trade barriers. The currency fell to $1.2944, its lowest in almost a year, from $1.3007 on Friday.

The dollar rose to 111.40 yen from 111.23 yen. The euro fell to $1.1556 from $1.1578.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.94 percent from 2.95 percent.

Gold fell 0.4 percent to $1,217.70 an ounce. Silver dipped 0.7 percent to $15.35 an ounce. Copper lost 1.2 percent to $2.73 a pound.

Germany's DAX lost 0.1 percent and while London's FTSE 100 added 0.1 percent. France's CAC 40 fell less than 0.1 percent.

Tokyo's Nikkei 225 fell 0.1 percent. Hong Kong's Hang Seng added 0.5 percent and Seoul's Kospi dipped less than 0.1 percent.

 

[bigdog]

https://www.usnews.com/news/busines...asian-stock-markets-follow-wall-street-higher

Banks and Technology Lead Stocks Higher for 4th Day in a Row
Strong quarterly results continue to lift U.S. stocks, sending the S&P 500 higher for the fourth day in a row.

By MARLEY JAY, AP Markets Writer

NEW YORK (AP) — U.S. stocks climbed for the fourth straight day Tuesday as strong earnings continued to pull the market closer to the all-time high it set in late January.

Industrial companies rose Tuesday and banks moved higher as interest rates increased. Gains for Microsoft and Google's parent company Alphabet helped technology companies.

Companies including Hertz, Etsy and Mosaic climbed after their results surpassed investors' forecasts. Tesla surged after CEO Elon Musk later said he might take the company private.

Gina Martin Adams, chief equity strategist for Bloomberg Intelligence, said companies are reporting huge profit and revenue growth. That's nudged concerns about trade tensions with China, Europe, Canada and Mexico out of investors' minds.

"Very strong top line and bottom line growth from the vast majority of companies overwhelmed any fears that started to bubble up in June," she said.

She added that the tariffs that the U.S. and its trading partners have announced recently are still small and haven't affected the broader market very much.

The S&P 500 index rose 8.05 points, or 0.3 percent, to 2,858.45. The Dow Jones Industrial Average jumped 126.73 points, or 0.5 percent, to 25,628.91. The Nasdaq composite gained 23.99 points, or 0.3 percent, to 7,883.66. The Russell 2000 index of smaller-company stocks edged up 3.99 points, or 0.2 percent, to 1,688.30.

The S&P 500 closed at an all-time high Jan. 26. After that, it dropped 10 percent in nine days as investors worried about signs that inflation was accelerating. That hasn't materialized, but trade fears have weighed on the market since then.

Rental car company Hertz soared 24.6 percent to $19.53, its biggest gain in almost a decade. But even with that huge gain, the stock is still down 12 percent for the year.

A little more than four years ago, Hertz stock traded above $120 a share. It plunged as the company dealt with overcapacity in the rental car market and the value of its vehicles decreased. Hertz has changed CEOs twice in four years.

Bond prices fell. The yield on the 10-year Treasury note climbed to 2.98 percent from 2.95 percent. Banks and financial companies also climbed as interest rates rose.

Tesla stock climbed after the Financial Times reported that Saudi Arabia's sovereign wealth fund had invested in the company. It soared further after Musk tweeted that he might take the electric car maker private.

He followed up with a blog post saying he hadn't made a decision, but such a move would make it easier for Tesla to focus on long-term goals.

Musk, who owns about 20 percent of Tesla's stock, said he would pay $420 a share, well above Tesla's all-time high from September. The stock gained 11 percent to $379.57.

Dental products maker Dentsply cut its forecasts and took a $1.26 billion charge connected to its technology and equipment business. The company said sales and profit margins have been weaker than expected and it plans to restructure its business. The stock dropped 18.7 percent to $39.41.

Online real estate marketplace Zillow cut its revenue forecast for the year and also said it's buying Mortgage Lenders of America. Terms weren't disclosed. The stock fell 14.8 percent to $49.56.

Weight Watchers International sank 14.8 percent to $78.53. The weight loss company raised its forecasts for the year, but said it lost subscribers in the second quarter.

The stock was worth about $6 per share in October 2015 when the company announced a deal with Oprah Winfrey to promote its products.

Billionaire investor Carl Icahn said health insurer Cigna shouldn't buy pharmacy benefits manager Express Scripts. He said the $52 billion deal costs too much and that Express Scripts faces several major threats.

Icahn owns Cigna stock and has bet that Express Scripts stock will fall. But both stocks rose Tuesday. Express Scripts gained 2.8 percent to $78.95 and Cigna rose 0.2 percent to $188.27.

Cigna is up 5 percent since the Wall Street Journal reported that Icahn is against the deal. Express Scripts is down less than 1 percent.

U.S. crude oil picked up 0.2 percent to $69.17 a barrel in New York. Brent crude, the standard for international oil prices, rose 1.2 percent to $74.65 a barrel in London.

Wholesale gasoline added 1.9 percent to $2.10 a gallon. Heating oil rose 1.4 percent to $2.17 a gallon. Natural gas gained 1.3 percent to $2.90 per 1,000 cubic feet.

A government newspaper said Beijing planned to issue policies to encourage investment amid concern about slowing economic growth and trade tensions. The China Daily said some state banks issued orders to local branches to lend more money.

Gold was little changed at $1,218.30 an ounce. Silver edged up 0.2 percent to $15.37 an ounce. Copper rose 0.8 percent to $2.75 a pound.

The dollar rose to 111.43 yen from 111.40 yen. The euro rose to $1.1594 from $1.1556.

Germany's DAX rose 0.4 percent and France's CAC 40 advanced 0.9 percent. London's FTSE 100 gained 0.7 percent.

The Japanese Nikkei 225 advanced 0.7 percent and Hong Kong's Hang Seng added 1.5 percent. In South Korea, the Kospi rose 0.6 percent.

 

[bigdog]

https://www.usnews.com/news/busines...xed-after-new-us-tariffs-put-on-china-exports

US Stock Indexes Dip as Oil Prices Sink Energy Companies
U.S. stocks finish mostly lower as a drop in oil prices drags down energy companies and industrial companies also decline.

By MARLEY JAY, AP Markets Writer

NEW YORK (AP) — A late gain for U.S. stocks slipped away Wednesday as a four-day winning streak ended. Energy companies sank along with the price of oil.

The price of crude oil fell more than 3 percent Wednesday. Big dividend payers and industrial companies slipped. Gains for Microsoft, Facebook and Alphabet helped technology companies finish higher. Banks and health care companies also rose.

The U.S. and China both announced new tariffs: later this month each country will put a 25 percent tax on $16 billion in goods imported from the other. Both countries placed tariffs on $34 billion in imports earlier this month, and they have threatened much larger tariffs to come.

But investors have been focusing on rising company earnings instead. Karyn Cavanaugh, senior markets strategist at Voya Investment Management, said U.S. companies are expecting bigger profits in spite of the tariffs.

"That speaks to me a lot louder than a lot of negative headlines," she said. "Companies have gotten very good at minimizing their costs and being very efficient with what they have."

The S&P 500 index dipped 0.75 points to 2,857.70. The Dow Jones Industrial Average fell 45.16 points, or 0.2 percent, to 25,583.75. The Nasdaq composite rose 4.66 points, or 0.1 percent, to 7,888.33. The Russell 2000 index of smaller stocks lost 1.42 points, or 0.1 percent, to 1,686.88.

The Trump administration plans to tax Chinese industrial products such as steam turbines and iron girders starting Aug. 23. China's government said it will put tariffs on U.S. goods including cars, crude oil and scrap metal starting on the same date.

Oil futures fell sharply. U.S. crude oil lost 3.2 percent to $66.94 a barrel in New York. Brent crude, the standard for international oil prices, fell 3.2 percent to $72.28 a barrel in London.

Exxon Mobil lost 0.7 percent to $80.73 and Chevron dipped 1 percent to $123.88.

Snap, which runs the Snapchat video app, fell 6.8 percent to $12.23 after it said daily users fell during the second quarter. It's the latest technology company to have its stock drop after announcing discouraging user totals, joining Facebook, Twitter and Netflix.

Match Group, the parent of online dating companies including Match.com and OKCupid, bucked that trend. Its stock jumped 17.3 percent to $45.60 after Match reported big gains in subscribers, especially for Tinder. Its adjusted profit and revenue beat Wall Street projections.

Drugstore and pharmacy benefits manager CVS raised its annual profit forecast and rose 4.2 percent to $68.17. CVS said prescriptions sales grew, although it took a loss after it wrote down the value of its Omnicare pharmacy services business by almost $4 billion.

In April, construction equipment company Caterpillar said it doubted it would top its first-quarter profit for the rest of this year. Investors were concerned that that might hold true for the rest of corporate America, but so far it hasn't.

A month ago analysts expected the companies of the S&P 500 to earn $160.32 per share in 2018. That's risen by almost a dollar, to $161.29 a share. Their estimates for 2019 have risen by a bit more than a dollar, to $177.52 a share from $176.38.

Twinkie maker Hostess Brands plunged 17.6 percent to $11.49 after it said its results were hurt by cuts in promotional support and inventory from a major retailer and higher costs, including for transportation.

Pizza maker Papa John's fell 5.2 percent to $38.94 after it said North American sales fell again. The company also cut its forecasts for the year. Papa John's is in a public spat it with founder John Schnatter, who was ousted as chairman in July after a report he used a racial slur in a conference call.

Domino's, a rival pizza delivery company, climbed 3.4 percent to $286.92.

Walt Disney fell 2.2 percent to $113.98 after the entertainment company's profit and revenue fell short of analysts' estimates.

Cars.com and Avis Budget Group both sank after cutting their sales forecasts. Rental car company Avis skidded 15.2 percent to $32.85 while Cars.com, an online auto marketplace, dipped 2.6 percent to $27.29.

Struggling rival Hertz jumped 24 percent Tuesday after a better-than-expected quarterly report. Hertz fell 7.3 percent to $18.11 Wednesday.

Bond prices turned higher. The yield on the 10-year Treasury note fell to 2.96 percent from 2.97 percent.

In other commodities trading, wholesale gasoline fell 4 percent to $2.02 gallon. Heating oil lost 2.5 percent to $2.12 a gallon. Natural gas rose 1.8 percent to $2.95 per 1,000 cubic feet.

Gold rose 0.2 percent to $1,221 an ounce. Silver gained 0.4 percent to $15.43 an ounce. Copper remained at $2.75 a pound.

The dollar fell to 110.96 yen from 111.43. The euro inched up to $1.1619 from $1.1594.

The German DAX fell 0.1 percent and France's CAC 40 lost 0.4 percent. In Britain, the FTSE 100 index rose 0.8 percent.

Japan's Nikkei 225 index gave up early gains and closed 0.1 percent lower. Hong Kong's Hang Seng index added 0.4 percent while South Korea's Kospi edged 0.1 percent higher.

 

[bigdog]

https://www.usnews.com/news/busines...ks-jump-other-markets-mixed-as-trade-in-focus

Retail Gains and Bank Losses Leave US Stocks Little Changed
Stocks again finish little changed as retailers rise, but banks fall along with interest rates.

By MARLEY JAY, AP Markets Writer

NEW YORK (AP) — Major U.S. indexes stood stock-still for the third consecutive day Thursday as gains for retailers were canceled out by losses for banks and other companies.

Energy companies again headed lower after a sharp drop in oil prices the day before. Amazon and media company Viacom led consumer-focused companies higher. The Nasdaq composite inched higher and notched its eighth gain in a row.

Banks fell along with interest rates after the Labor Department reported that wholesale prices were little changed in July. That's a sign inflation pressures weakened slightly, which could encourage the Federal Reserve to go slower in its process of raising interest rates.

Trading this week has been light and investors seem to have set aside their worries about trade tensions. The S&P 500 made a solid gain on Monday but has hardly budged since then. The VIX, a measure of how much volatility investors expect, has fallen to its lowest level since early January.

"It's not that risk has gone away," said JJ Kinahan, chief market strategist for TD Ameritrade. "Quantifiable risk is not there right now."

The S&P 500 index fell in the final minutes of trading, closing down 4.12 points, or 0.1 percent, to 2,853.58. The Dow Jones Industrial Average slipped 74.52 points, or 0.3 percent, to 25,509.23.

The Nasdaq composite added 3.46 points to 7,891.78. The Russell 2000, an index of smaller companies, added 4.01 points, or 0.2 percent, to 1,690.89.

The Labor Department said wholesale prices were unchanged in July. Gas and food prices both slipped and soybeans prices tumbled, likely reflecting a buildup in stockpiles after China imposed tariffs on them in retaliation for U.S. duties.

Bond prices jumped. The yield on the 10-year Treasury note fell to 2.93 percent from 2.97 percent. That hurt banks, as lower interest rates make long-term loans like mortgages less profitable.

Several companies traded on deal news, but most of the news was about deals that fell apart. Rite Aid called off its sale to the grocery chain Albertsons following opposition from advisory firms and one of Rite Aid's biggest shareholders. Rite Aid fell 11.5 percent to $1.54.

Walgreens tried to buy Rite Aid last year, but settled for buying about half of its stores after regulators opposed a full sale. The company has been struggling with high debt and tough competition.

Tribune Media withdrew from its planned sale to Sinclair Broadcasting and said it will sue Sinclair for breach of contract. Both stocks plunged in mid-July when the Federal Communications Commission expressed major concerns about the deal.

Tribune rose 2.9 percent to $34.60 and Sinclair added 2.6 percent to $27.80.

Electric car maker Tesla tumbled 4.8 percent to $352.45. The stock surged 11 percent Tuesday, mostly because CEO Elon Musk tweeted that he was considering taking Tesla private.

The Wall Street Journal has reported that the Securities and Exchange Commission has opened an inquiry into the wording and the method of Musk's announcement, while Bloomberg News reported that the SEC started an inquiry even before the tweet.

Tesla has given up most of Tuesday's gain, suggesting investors are dubious about the potential deal.

Business information provider Dun & Bradstreet agreed to be bought by a group of investors for $145 a share, or about $5.4 billion. The stock rallied 15.8 percent to $142.21.

The S&P 500 is on track for its sixth weekly gain in a row as an unusually strong round of corporate earnings winds down. Retailers including Macy's and Walmart are scheduled to report their results next week, and Kinahan, of TD Ameritrade, said stocks could resume their upward climb if those companies say shoppers are still spending freely.

Online reviews company Yelp jumped 26.7 percent to $48.33 after it raised its revenue forecast and said advertising revenue surged in the second quarter. Video streaming company Roku climbed 21.3 percent to $57.32 after it took a smaller loss than analysts expected while its revenue surpassed expectations.

Travel site Booking Holdings lost 5 percent to $1,942.39 after a weak profit forecast. Generic drugmaker Perrigo cut its forecasts because of weak results from its prescription business and said it plans to split that unit into a separate company. The stock sank 10.6 percent to $70.03.

Crude prices stabilized following a 3 percent drop a day earlier. Benchmark U.S. crude oil dipped 0.2 percent to $66.81 a barrel in New York. Brent crude, the standard for international oil prices, lost 0.3 percent to $72.07 per barrel in London.

Wholesale gasoline lost 1 percent to $2 a gallon. Heating oil slid 0.2 percent to $2.11 a gallon. Natural gas rose 0.2 percent to $2.96 per 1,000 cubic feet.

The dollar inched up to 111.04 yen from 110.96 yen. The euro fell to $1.1542 from $1.1619.

Gold lost 0.1 percent to $1,219.90 an ounce. Silver added 0.2 percent to $15.46 an ounce. Copper gained 0.5 percent to $2.77 a pound.

The German DAX rose 0.3 percent. Britain's FTSE 100 fell 0.4 percent while France's CAC 40 rose less than 0.1 percent.

Hong Kong's Hang Seng index advanced 0.9 percent and the Japanese Nikkei 225 slipped 0.2 percent. South Korea's Kospi inched up 0.1 percent.

 

[bigdog]

https://www.usnews.com/news/busines...es-slip-despite-upbeat-japanese-economic-data

Turkish Turmoil Knocks US and European Stocks Lower
Stocks in the U.S. and Europe take sharp losses as Wall Street worries about financial instability in Turkey.

By MARLEY JAY, AP Markets Writer

NEW YORK (AP) — Stocks in the U.S. and Europe skidded Friday as investors worried about the financial stability of Turkey and how it might affect the global banking system.

Turkish President Recep Tayyip Erdogan has accumulated more and more control over the country's central bank as well as its financial system, which is now run by his son-in-law. Its currency is plunging and Turkey is also in a diplomatic spat with the U.S., a major trading partner.

Alex Dryden, global markets strategist for JPMorgan Asset Management, said Erdogan showed no signs of changing course Friday, and investors are losing hope that Turkey's government has the knowledge or independence needed to deal with the country's financial problems.

"There was some hope that maybe they'd step back from the brink and you'd see a re-establishment of central bank independence," he said.

While Dryden and other analysts say Turkey's problems aren't a major risk to the financial system, investors didn't wait to find out Friday.

They sold stocks and bought U.S. dollars and government bonds. The bond purchases sent interest rates lower, which hurt banks. The dollar got stronger, partly because the Turkish lira nosedived, and major exporters like technology, basic materials and industrial companies sank.

The S&P 500 slid 20.30 points, or 0.7 percent, to 2,833.28. That was its worst loss in a month and ended a five-week winning streak for the index by wiping out its gains from earlier this week.

The Dow Jones Industrial Average dropped 196.09 points, or 0.8 percent, to 25,313.14. The Nasdaq composite sank 52.67 points, or 0.7 percent, to 7,839.11. It had risen for eight days in a row.

The Russell 2000 index of smaller-company stocks took a smaller loss of 4.08 points, or 0.2 percent, to 1,686.80. The companies in that index are less reliant on exports, and the stronger dollar makes their imports less costly.

Investors are concerned about Erdogan's economic views. He says higher interest rates lead to higher inflation, the opposite of what standard economic theory says. As a result he's pushed Turkey's central bank to keep interest rates low, threatening its independence and preventing it from shoring up the lira.

The U.S. is the biggest importer of Turkish steel, and on Friday President Donald Trump said he will authorize higher tariffs on steel and aluminum from Turkey, a NATO ally. That sent the lira down even further. It's down 40 percent this year against the dollar.

The U.S. sanctions come after Turkey arrested an American pastor and put him on trial for espionage and terror-related charges.

The weakening lira has been pushing up the cost of goods for Turkish people and has damaged international investors' confidence in the country. Since some of Turkey's debt is in dollars, it's also making the country's financial situation worse.

European banks fell sharply. The U.S.-listed shares of Germany's Deutsche Bank lost 4.7 percent to $11.82 and Spanish Banco Santander fell 4.7 percent to $5.19.

Dryden, of JPMorgan Asset Management, said Erdogan has replaced independent advisers and leaders with relatives and supporters and set off a "gradual process of eroding economic credibility among financial and economic institutions."

Bond prices jumped. The yield on the 10-year Treasury note fell to 2.87 percent from 2.93 percent. That helped send bank stocks lower. JPMorgan Chase slid 1 percent to $115.73 and Citigroup retreated 2.4 percent to $70.26.

Emerging market currencies fell and the dollar jumped. The ICE U.S. Dollar Index was already trading around annual highs and it rose another 0.9 percent, a large move.

The euro fell to $1.1398, its lowest in more than a year, from $1.1542. The dollar fell to 110.64 yen from 111.04 yen after a strong economic growth report form Japan.

Germany's DAX fell 2 percent and the CAC 40 in France fell 1.6 percent. Britain's FTSE 100 lost 1 percent. The Nikkei 225 index in Japan lost 1.3 percent. Hong Kong's Hang Seng gave up 0.8 percent. In South Korea, the Kospi lost 0.9 percent.

Energy companies rose slightly as oil prices increased. Benchmark U.S. crude oil rose 1.2 percent to $67.63 a barrel in New York and Brent crude, the standard for international oil prices, rose 1.1 percent to $72.83 a barrel in London.

Wholesale gasoline rose 2 percent to $2.04 a gallon. Heating oil added 1.3 percent to $2.14 a gallon. Natural gas lost 0.4 percent to $2.94 per 1,000 cubic feet.

Online discount retailer Overstock.com surged 7.9 percent to $41.65 after it said private equity firm GSR Capital will make an investment in its blockchain business.

Overstock is one of the few major retailers that accepts payment in bitcoin, and its stock surged as bitcoin prices rose last year. However digital currency prices and the company's stock have both dropped in 2018.

The Labor Department said consumer prices climbed 2.9 percent in July compared with a year ago. The main cause was an increase in housing prices. That matched June's pace, which was the highest in six years.

Gold dipped 0.1 percent to $1,219 an ounce. Silver fell 1.1 percent to $15.30 an ounce. Copper lost 0.8 percent to $2.74 a pound.

3148

 

[bigdog]

https://www.usnews.com/news/busines...ks-sink-as-turkey-fears-hurt-emerging-markets

US Stocks Take Further Losses as Turkey Worries Continue
US stocks give up an early gain and close lower as investors continue to worry that Turkey's financial woes could affect other countries.

By MARLEY JAY, AP Markets Writer

NEW YORK (AP) — Stocks fell further on Wall Street Monday as Turkey's central bank was unable to stop a steep plunge in that nation's currency. That's helping to push the dollar higher, which hurts big U.S. exporters.

Stocks were coming off their worst losses in a month as investors worried about financial and economic upheaval in Turkey and the possibility it will spread to other countries. Asian markets fell overnight, while European markets were slightly lower.

Global markets skidded Friday as investors worried that financial distress in Turkey could affect the international banking system and the broader economy. Many analysts say that isn't likely, but it's caused sharp losses for stocks.

On Monday Turkey's central bank announced measures to help that country's banks, but the Turkish lira and Turkey's stock market continued to slide.

The lira has been tumbling as investors question whether the government of President Recep Tayyip Erdogan can cope with problems including the weakening currency and a diplomatic spat with Washington that has resulted in higher U.S. tariffs.

Erdogan has ruled out the possibility of higher interest rates, which can slow economic growth, but independent analysts say higher rates are urgently needed to stabilize the country's currency. Erdogan's refusal is one of several factors worrying investors.

Investors also backed away from Argentina's stock market. The Argentinian peso sank to an all-time low amid investor caution and a local corruption scandal involving former government officials.

While Turkey and Argentina face very different political situations, the currencies of both countries have tumbled to all-time lows against the dollar, partly because rising interest rates in the U.S. lure investors to take money out of their markets and move it to the U.S.

The U.S. dollar is the strongest it's been in more than a year, which could eventually create problems for U.S. companies that make a lot of sales overseas.

Terry Sandven, chief equity strategist at U.S. Bank Wealth Management, said the dollar has strengthened because economic growth has picked up and other regions aren't doing as well.

"The U.S. is a relative beacon of strength with stable to improving economy. That suggests a stronger dollar," he said.

The S&P 500 index lost 11.35 points, or 0.4 percent, to 2,821.93 after a drop of 0.7 percent Friday. The Dow Jones Industrial Average slid 125.44 points, or 0.5 percent, to 25,187.70.

Energy and industrial companies and basic materials companies took some of the worst losses. Technology companies held up better.

The Nasdaq composite fell 19.40 points, or 0.2 percent, to 7,819.71. The Russell 2000 index of smaller-company stocks sank 11.49 points, or 0.7 percent, to 1,675.32.

Investors are worried about a confluence of factors including Turkey's reliance on foreign loans, which become more difficult to repay when the country's currency is plunging. Also, a diplomatic spat with the U.S. is resulting in sharply higher tariffs on Turkish steel and aluminum.

After a yearlong stretch where much of the global economy was speeding up together and stocks were rising, the recent losses for Turkey and Argentina have caused emerging market indexes to fall out of favor.

Stocks were on a five-week winning streak before last week, and strong corporate earnings reports were a big factor. But most of those reports are done, and Sandven, of U.S. Bank, said stocks may spend the next two months wavering.

In corporate news, German conglomerate Bayer took a dive after a U.S. jury ruled against its Monsanto unit Friday and awarded $289 million to a former school groundskeeper who said that exposure to Monsanto's Roundup weed killer caused cancer. Monsanto said government agencies and hundreds of studies have concluded Roundup is safe.

Trading in Germany, Bayer tumbled 10.3 percent.

Motorcycle maker Harley-Davidson fell 4.3 percent to $41.38 after President Donald Trump tweeted in support of a potential boycott of its products.

Trump has been criticizing the company since June, when it said it would move more manufacturing out of the U.S. to avoid European tariffs. The EU put new taxes on U.S. motorcycles in response to the Trump administration's tariffs on products imported from Europe.

U.S. crude oil fell 0.6 percent to $67.20 a barrel in New York. Brent crude lost 0.3 percent to $72.61 a barrel in London.

Nielsen Holdings jumped 12.1 percent to $24.62 after Elliott Management, a firm run by activist investor Paul Singer, disclosed an ownership stake and said Nielsen should consider selling itself or some of its assets to boost its stock price.

Nielsen stock has been sinking since it traded over $50 two years ago.

Most retailers were down, but Amazon advanced 0.5 percent to $1,896.20. It passed travel website Booking Holdings to become the highest-priced stock on the S&P 500.

In other energy trading, wholesale gasoline dipped 1.2 percent to $2.01 a gallon. Heating oil lost 0.1 percent to $2.14 a gallon. Natural gas slid 0.5 percent to $2.93 per 1,000 cubic feet.

Gold dropped 1.6 percent to $1,198.90 an ounce, its lowest price since January 2017. Silver fell 2 percent to $14.98 an ounce. Copper dipped 0.4 percent to $2.73 a pound.

Bond prices were little changed. The yield on the 10-year Treasury note stayed at 2.88 percent.

Germany's DAX declined 0.5 percent and London's FTSE 100 retreated 0.3 percent. France's CAC 40 fell less than 0.1 percent.

Tokyo's Nikkei 225 lost 2 percent and Hong Kong's Hang Seng retreated 1.5 percent.

The dollar rose to 110.69 yen from 110.64 yen. The euro dipped to $1.1394 from $1.1398.

 

[bigdog]

https://apnews.com/44579da6a78f45c4...rs-small-companies-rally-as-Turkey-fears-ease

US retailers small companies rally as Turkey fears ease

By MARLEY JAY

NEW YORK (AP) — U.S. stocks rallied Tuesday as banks, retailers, and smaller companies jumped. That helped the market recover most of its losses from the previous two days.

The Turkish lira steadied as officials from Turkey and the U.S. said the countries are in talks to ease diplomatic tensions, which have resulted in high tariffs on Turkish steel and aluminum. Stocks in emerging markets like Argentina, Russia and Brazil jumped.

In the U.S., the biggest gains went to small and mid-size companies, which do more business domestically compared to the large multinational firms on indexes like the S&P 500 and the Dow Jones Industrial average. Retailers rose, thanks in part to strong quarterly reports.

The reduced tensions with Turkey also stopped a rally in bond prices and sent yields and interest rates higher. That helped banks. Industrial and basic materials companies also rose Tuesday, but compared to other parts of the market, they didn’t recover as much of their losses.

Invesco Chief Global Market Strategist Kristina Hooper said investors are shifting money into more U.S.-focused companies in response to the Trump administration’s aggressive handling of its dispute with Turkey, a longtime member of NATO.

“This is a reminder that the U.S. is a very different country than it was just a few years ago,” she said.

The S&P 500 index climbed 18.03 points, or 0.6 percent, to 2,839.96. The Dow Jones Industrial Average gained 112.22 points, or 0.4 percent, to 25,299.92. The Nasdaq composite added 51.19 points, or 0.7 percent, to 7,870.89. The Russell 2000 index advanced 17.26 points, or 1 percent, to 1,692.58.

The S&P 500 fell a combined 1.1 percent Friday and Monday as investors worried that Turkey’s financial woes would affect other countries.

Many retailers will report their quarterly results this week, a potential hint about how much money consumers are spending. Tapestry, the parent company of Coach and Kate Spade, jumped after its fourth-quarter results surpassed analysts’ estimates. The stock surged 12 percent to $53.16.

Auto parts retailer Advance Auto Parts jumped 7.8 percent to $156.13 after it did better than expected in the second quarter. Competitors AutoZone and O’Reilly Automotive climbed as well.

Smaller companies made outsize gains. Footwear maker Wolverine World Wide gained 2.4 percent to $38.39 and watchmaker Fossil rose 4.8 percent to $25.68.

Among midsize companies, Boston Beer picked up 3.9 percent to $291.30 and RV maker Thor Industries rose 2.6 percent to $97.06.

Global markets fell Friday and Monday on concern that Turkey’s currency turmoil could spread to banks in other countries and affect the world economy. The Argentine peso and India’s rupee hit record lows against the dollar. Those jitters eased later Tuesday.

Economists say Turkey’s central bank still needs to raise interest rates significantly to strengthen its currency. President Recep Tayyip Erdogan has ruled out that step.

Hooper, of Invesco, said it’s common for stocks to fall across emerging markets when one country is in trouble, but that reaction isn’t necessarily justified.

“What we’re seeing in emerging markets today is a repeat of what we’ve seen crisis after crisis for the last few decades,” Hooper said. “We can’t treat all emerging markets the same way.”

She said Argentina, like Turkey, is dealing with a plunging currency and political turmoil. But most of Turkey’s problems are specific to that country and other emerging markets like Mexico are likely to recover.

Bond prices moved lower. The yield on the 10-year Treasury note rose to 2.90 percent from 2.88 percent.

Cigna and Express Scripts both rose after billionaire investor Carl Icahn said he’s ending his campaign to block the deal. He had urged Cigna shareholders to vote against the $52 billion acquisition of Express Scripts and said the price was far too high.

Health insurer Cigna added 1.9 percent to $185.30 and Express Scripts, a pharmacy benefits manager, picked up 2.4 percent to $86.

Consumer credit company Synchrony Financial rose 2.8 percent to $30.01 after it said it extended a contract to manage credit card programs for home improvement retailer Lowe’s. Lowe’s gained 1.3 percent to $98.40.

Benchmark U.S. crude slipped 0.2 percent to $67.04 per barrel in New York. Brent crude, used to price international oils, dipped 0.2 percent to $72.46 per barrel in London.

Gold added 0.2 percent to $1,200.70 an ounce. Silver rose 0.5 percent to $15.05 an ounce. Copper fell 1.8 percent to $2.68 a pound following weak economic reports from China. Growth in factory output, consumer spending and retail sales in July were slower than expected.

Wholesale gasoline picked up 1 percent to $2.03 a gallon. Heating oil lost 0.4 percent to $2.13 a gallon. Natural gas rose 1 percent to $2.96 per 1,000 cubic feet.

The dollar rose to 111.22 yen from 110.69 yen. The euro fell to $1.1339 from $1.1394.

Germany’s DAX rose less than 0.1 percent. The CAC 40 in France fell 0.2 percent and Britain’s FTSE 100 lost 0.4 percent.

Tokyo’s Nikkei 225 added 2.3 percent. Hong Kong’s Hang Seng declined 0.7 percent while the Kospi in Seoul advanced 0.5 percent.

 

[bigdog]

https://www.usnews.com/news/busines...mostly-lower-despite-easing-fears-over-turkey

Stocks Tumble as Investors Fret About China's Growth
Global stock indexes fell sharply as investors worried about economic growth, especially in China. Technology stocks and oil and metals prices skidded.

By MARLEY JAY, AP Markets Writer

NEW YORK (AP) — Deepening worries about global economic growth, particularly in China, set off a rout in riskier assets including technology stocks, copper and crude oil Wednesday. U.S. retailers took a drubbing after Macy's reported weaker sales.

An unexpected drop in profits for Chinese tech giant Tencent surprised investors and added to some recent concerns about the health of China's economy. Tencent, a gaming and messaging company, and it's the most valuable technology company in China.

Earlier this week, reports on growth in factory output, consumer spending and retail sales in China were all slower than expected.

Large technology companies including Alibaba and Baidu of China and U.S. tech giants including Facebook and Microsoft fell.

Oil prices sank and copper plunged to its lowest price in a year as investors worried about the health of the global economy. The S&P 500 index had its biggest decline since late June while traditionally safe investments like bonds and high-dividend stocks rose.

"This year we've seen slower growth. Everyone expected that," said Kate Warne, an investment strategist for Edward Jones. "Over the last couple of months it looks like growth has been slower than everyone expected."

The S&P 500 slid 21.59 points, or 0.8 percent, to 2,818.37. Earlier it fell as much as 1.3 percent.

The Dow Jones Industrial Average fell 137.51 points, or 0.5 percent, to 25,162.41. The Nasdaq composite dropped 96.78 points, or 1.2 percent, to 7,774.12. The Russell 2000 index of smaller-company stocks sank 21.91 points, or 1.3 percent, to 1,670.67.

Jefferies & Co. analyst Karen Chan said Tencent's revenue was also disappointing, mostly because of weak results from its mobile gaming business.

Tencent's stock fell 3.6 percent in Hong Kong. The U.S.-listed shares of online retailer JD.com fell 4.5 percent to $32.36 and web search company Baidu gave up 1.3 percent to $213.47.

U.S. crude sagged 3 percent to $65.01 a barrel in New York and Brent crude, the standard for international oil prices, lost 2.3 percent to $70.76 a barrel in London.

Copper tumbled 4.5 percent to $2.56 a pound, its lowest price in more than a year.

Copper is considered an important economic indicator because of its uses in construction and power generation, and copper futures have fallen more than 20 percent since they hit an annual high of $3.30 a pound in early June.

Macy's plunged 15.9 percent to $35.15 after reporting that its sales slowed in the second quarter. Kohl's shed 5.8 percent to $74.39.

Retailers have struggled for years as investors worried about the growing threat of Amazon and other online shopping options. Wednesday's losses interrupted a huge rebound for the stocks in 2018.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.86 percent from 2.89 percent.

Banks fell because of a sharp drop in interest rates, which make mortgage and other loans less profitable. High-dividend companies like utilities and phone companies did better than the rest of the market. Investors often treat them as an alternative to bonds and buy them when yields fall.

Turkey's currency stabilized and rose after authorities sought to ease liquidity problems in the banking system. But Turkey imposed $500 million in tariffs on U.S. goods as tensions between the countries increased.

There is also no sign that Turkey's president will let the central bank raise interest rates, which economists say it should do urgently to support the currency.

The Turkish ISE National 100 index slumped 3.4 after a gain of 0.8 percent Tuesday. Indexes in other emerging markets including Brazil and Russia skidded as well.

Wine and beer maker Constellation Brands is ramping up its investment in cannabis company Canopy Growth by buying $4 billion in stock. Canopy shares soared 30.4 percent to $32.11 while Constellation Brands skidded 6.1 percent to $208.27.

Tesla slipped again after Fox Business reported that the Securities and Exchange Commission subpoenaed documents from the electric car company as a previously-reported inquiry into the company intensifies.

CEO Elon Musk tweeted last week that he was considering taking the company private and had secured funding to do so. At least two lawsuits have been also filed over that tweet. The stock spiked after Musk's message but has surrendered that gain. On Wednesday it fell 2.6 percent to $338.69.

Germany's DAX fell 1.6 percent and the French CAC 40 lost 1.8 percent. In Britain, the FTSE 100 retreated 1.5 percent.

Japan's Nikkei 225 index fell 0.7 percent and in Hong Kong, the Hang Seng dropped 1.6 percent. South Korea's markets were closed for a holiday.

In other commodities trading, gold lost 1.3 percent to $1,185 an ounce. Silver fell 4 percent to $14.45 an ounce.

Wholesale gasoline fell 1.8 percent to $2 a gallon and heating oil lost 1.8 percent to $2.09 a gallon. Natural gas dipped 0.6 percent to $2.94 per 1,000 cubic feet.

The dollar fell to 110.57 yen from 111.22 yen. The euro rose to $1.1346 from $1.1339.

 

[bigdog]

https://www.usnews.com/news/busines...s-slide-as-investors-fret-over-chinas-economy

Stocks March Higher on Growing Hopes for China Trade Talks
US stocks jump as China prepares to resume trade discussions with the U.S., the first negotiations in month.

By MARLEY JAY, AP Markets Writer

NEW YORK (AP) — U.S. stocks jumped Thursday as China and the U.S. said they will hold their first trade discussions in months, a potential sign of progress toward ending their trade war.

China will send a trade envoy to Washington later this month in a new attempt to end the trade dispute before it causes major damage to the global economy. The two sides haven't talked since early June. Energy and metals prices and shares of industrial companies turned higher.

Walmart soared after reporting its strongest growth in sales in more than a decade. Other companies that make and sell basic necessities also rose.

Jason Draho, the head of asset allocation for UBS, said investors are eager for the two countries to start making progress and resolve their differences. He added that China may be changing course because its economy has slowed.

"The data we've seen from China recently has showed slowing growth," he said. "It's possible they decided 'OK, we need to take a different approach' and come to the table offering a little more."

The S&P 500 index climbed 22.32 points, or 0.8 percent, to 2,840.69. The Dow Jones Industrial Average jumped 396.32 points, or 1.6 percent, to 25,558.73 as Walmart and Boeing made big gains. The Nasdaq composite rose 32.41 points, or 0.4 percent, to 7,806.52.

The Russell 2000 index of smaller-company stocks added 15.09 points, or 0.9 percent to 1,685.75.

China and the U.S. have been in conflict for months over issues including Beijing's technology policy and its trade surplus with the U.S. After the latest round of talks failed to produce much progress, both countries put taxes on $34 billion in each other's imports.

Those tariffs are set to rise next week, and both countries have threatened even larger increases as early as September.

Walmart posted its biggest gain in more than a decade in sales at stores open at least a year, and its online revenue grew 40 percent, a faster pace than it reported in the first quarter. The stock jumped 9.3 percent to $98.64, which wiped out its losses from earlier this year.

Other retailers and consumer goods companies also edged higher. Target added 1.7 percent to $82.07 and Procter & Gamble rose 1.7 percent to $83.69 while McDonald's climbed 1.2 percent to $161.73.

Banks rallied as interest rates increased. Bond prices turned lower again. The yield on the 10-year Treasury note rose to 2.87 percent from 2.85 percent.

Oil prices were steady after a sharp drop a day earlier. U.S. crude inched up 0.7 percent to settle at $65.46 a barrel in New York. Brent crude, the standard for international oil prices, picked up 0.9 percent to $71.43 per barrel.

In other energy trading, wholesale gasoline slipped 0.5 percent to $1.99 a gallon, heating oil rose 0.3 percent to $2.10 a gallon, and natural gas fell 1.1 percent to $2.91 per 1,000 cubic feet.

Metals prices also turned higher. Gold dipped 0.1 percent to $1,184 an ounce. Silver rose 1.8 percent to $14.71 an ounce. Copper added 2.2 percent to $2.62 a pound. That made up for much of Wednesday's loss, but copper prices are still down 20 percent since early June.

Stocks have swung wildly over the last week. Thursday marked the Dow's largest gain since April. The day before that, stocks took their biggest loss in six weeks.

Global markets slumped Friday and Monday as investors worried about Turkey's currency crisis, then rebounded Tuesday only to fall again Wednesday on rising concerns about China's economic growth.

J.C. Penney tumbled 27 percent to $1.76 after it took a bigger loss than analysts expected and reported weaker sales. The chain also cut its forecasts for the year again. Dillard's dropped 8.7 percent to $75.80 after its report.

Other than Penney, most department store stocks have jumped this year. They dropped Wednesday after Macy's said its sales growth slowed during the second quarter.

Macy's inched up 1.9 percent to $35.81 after a 16 percent plunge the day before. Nordstrom and Kohl's also managed small gains.

Symantec rose 4.6 percent to $19.41 after the activist investment firm Starboard Value disclosed an investment in the company and said it plans to nominate five directors for spots on Symantec's board of directors.

Symantec said it has been talking to Starboard for the past several weeks and is evaluating the candidates it nominated.

Chipotle lost 4.4 percent to $502.70 after Ohio heath officials said tests from a Chipotle location came back positive for an illness that occurs when food is left at unsafe temperatures.

Teva Pharmaceutical Industries jumped 7.3 percent to $24.11 after U.S. health officials approved its generic version of EpiPen, the emergency allergy medication made by Mylan. The injections are stocked by schools and parents to treat allergic reactions to food and bug bites.

The dollar rose to 110.88 yen from 110.57 yen. The euro rose to $1.1365 from $1.1346.

Germany's DAX added 0.6 percent and in France the CAC 40 rose 0.8 percent. Britain's FTSE 100 rallied 0.8 percent.

Japan's Nikkei 225 index fell 0.1 percent and the Hang Seng in Hong Kong lost 0.8 percent. South Korea's Kospi reopened from a holiday and tumbled 0.8 percent.

 

[bigdog]

https://www.usnews.com/news/busines...s-gain-on-growing-hopes-for-china-trade-talks

Stocks Jump as Hopes Rise for Progress on China Trade Talks
US stocks rise at the finish of trading as investors hope for more progress in trade talks between the US and China.

By MARLEY JAY, AP Markets Writer

NEW YORK (AP) — Stocks rose late in the day Friday as investors welcomed signs of progress in resolving the trade dispute between the U.S. and China. The Wall Street Journal reported that the countries hope to have a resolution by November.

Industrial, health care and basic materials companies made some of the biggest gains. The report came a day after China said it will send an envoy to Washington for the first talks between the countries since early June.

Marina Severinovsky, an investment strategist at Schroders, said stocks could jump if the U.S. and China make real progress toward a trade agreement. But stocks in emerging markets might make even bigger gains.

"The rally that could come, if there is a better outcome, would be in emerging markets," she said. "China has suffered pretty greatly ... the U.S. has held up pretty well."

The late gains came in spite of weak results for several chipmakers. Electric car maker Tesla took its biggest drop in two years on reports of a wider government investigation into the company and concerns about CEO Elon Musk's health.

The S&P 500 index rose 9.44 points, or 0.3 percent, at 2,850.13. The Dow Jones Industrial Average added 110.59 points, or 0.4 percent, to 25,669.32. The Nasdaq composite edged up 9.81 points, or 0.1 percent, to 7,816.33. The Russell 2000 index of smaller-company stocks gained 7.19 points, or 0.4 percent, to 1,692.95.

The Wall Street Journal cited officials in both the U.S. and China as it said negotiators want to end the trade war before U.S. President Donald Trump and Chinese President Xi Jinping meet at multilateral events in November.

Industrial companies made some of the biggest gains after agricultural equipment maker Deere posted stronger than expected sales. Its stock rose 2.4 percent to $140.59.

Construction equipment maker Caterpillar rose 2.3 percent to $139.34 and engine maker Paccar added 2.3 percent to $67.16.

Chipmakers fell after two companies gave weaker forecasts for the third quarter. Nvidia said it no longer expects much revenue from products used in mining digital currencies, and its stock fell 4.9 percent to $244.82. Applied Materials slumped 7.7 percent to $43.77.

While big names like Netflix, Facebook and Amazon slipped, Apple led technology companies slightly higher overall. Apple stock rose 2 percent to $217.58.

Nordstrom jumped 13.2 percent to $59.18 after raising its annual profit and sales forecasts and posting better earnings and sales than analysts expected. It's been a mostly difficult week for department stores as Macy's and J.C. Penney both plunged after issuing their quarterly reports.

The S&P 500 finished this week with a solid gain of 0.6 percent, but it took a difficult path to get there. Stocks fell early this week due to worries about Turkey's currency crisis, and later investors fretted about China's economic growth.

The recovery started Thursday as investors hoped the upcoming talks between the U.S. and China will help end the impasse that has resulted in higher tariffs from both countries.

The Hang Seng index in Hong Kong has fallen 13 percent since early June as the dispute has dragged on, and other emerging market indexes have also taken a hit. The S&P 500 has risen over that time.

Tesla was hit with a series of reports that concerned shareholders. The Wall Street Journal reported that the Securities and Exchange Commission started investigating the electric car maker last year to determine if it made false statements about production of its Model 3 sedan.

The SEC is also reportedly looking into CEO Elon Musk's comment on Twitter about possibly taking the company private.

Tesla stock rose from about $345 a share to about $380 following Musk's tweet last week, which said Tesla could go private for $420 a share. On Friday it dropped 8.9 percent to $305.50.

Musk also gave an emotional interview to the New York Times, published Friday, about the stress he's experienced as the company tries to ramp up production. He said this year has been "excruciating" and described working up 120 hours a week, raising concerns about his health.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.86 percent from 2.87 percent.

U.S. crude picked up 0.7 percent to $65.91 a barrel in New York. Brent crude, the standard for international oil prices, added 0.6 percent to $71.83 per barrel in London.

Wholesale gasoline dipped 0.3 percent to $1.98 a gallon. Heating oil inched up 0.1 percent to $2.10 a gallon. Natural gas rose 1.3 percent to $2.95 per 1,000 cubic feet.

Gold was little changed at $1,184.20 an ounce. Silver fell 0.6 percent to $14.63 an ounce. Copper added 0.5 percent to $2.63 a pound.

The dollar dipped to 110.60 yen from 110.88 yen. The euro rose to $1.1443 from $1.1365.

The German DAX lost 0.2 percent and France's CAC 40 fell 0.1 percent. The FTSE 100 in Britain was little changed.

Japan's Nikkei 225 index added 0.4 percent and Hong Kong's Hang Seng gained 0.4 percent. In South Korea, the Kospi gained 0.3 percent.

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[bigdog]

https://www.usnews.com/news/busines...ise-on-hope-for-progress-on-china-trade-talks

Retailers, Airlines Lift US Stocks Higher, Extending Gains
Retailers and airlines helped lift U.S. stocks broadly higher Monday, extending the market's gains from last week.

By ALEX VEIGA, AP Business Writer

Retailers and airlines helped lift U.S. stocks broadly higher Monday, extending the market's gains from last week.

Consumer-focused companies and industrial stocks grabbed most of the gains. Banks and health care stocks also rose. Energy companies climbed along with the price of U.S. crude oil.

Technology companies lagged the broader market, weighing down the Nasdaq composite index for much of the day.

The market's latest gains, while modest, added to what has been a mostly solid summer for stocks. The S&P 500, the market's benchmark index, has posted a weekly gain in six of the past seven weeks.

On Monday, the S&P 500 rose 6.92 points, or 0.2 percent, to 2,857.05. The Dow Jones Industrial Average climbed 89.37 points, or 0.3 percent, to 25,758.69.

The Nasdaq composite recovered from a morning slide, adding 4.68 points, or 0.1 percent, to 7,821.01. The Russell 2000 index of smaller-company stocks also rebounded, picking up 5.75 points, or 0.3 percent, to 1,698.69.

Stocks got off to a mixed start as investors weighed the latest corporate earnings and deal news.

Since last week investors have been feeling cautiously optimistic about the prospects for an end to the trade dispute between the U.S. and China, which has led to costly, dueling tariffs between the two nations and caused uncertainty in the markets. Hopes rose late last week on news that China will send an envoy to Washington this month to discuss a way out of the standoff before President Donald Trump and Chinese President Xi Jinping meet in November.

"Is there motivation to get it resolved before November? Sure, but it's not going to be resolved any time soon," said Tom Martin, senior portfolio manager with Globalt Investments. "It's going to continue to be an overhang and there's going to be a lot of posturing before any real deals are reached."

On Monday, investors bid up shares in consumer-focused companies, with several big department store chains leading the way. Macy's was the biggest gainer in the S&P 500, vaulting 6.1 percent to $38.21. Kohl's picked up 3.2 percent to $78.85, while Nordstrom rose 4 percent to $61.56. Gap gained 2.8 percent to $32.17.

Airlines climbed as part of a broader rise in industrial sector stocks. American Airlines Group jumped 5.8 percent to $39.99, while United Continental gained 3.9 percent to $85.22. Southwest Airlines rose 3.3 percent to $61.63.

Estee Lauder climbed 3.4 percent to $140.56 after the cosmetics company reported quarterly results that topped Wall Street's forecasts. The company benefited from better-than-expected global sales, particularly in Asia.

Traders also welcomed the latest corporate deal news.

SodaStream jumped 9.4 percent to $142.11 after PepsiCo agreed to buy the Israeli maker of carbonated drink machines for $3.2 billion. China Biologic Products Holdings surged 8.7 percent to $100 after the company received a takeover offer from an investor group for $118 a share in cash.

Technology stocks, which have outperformed other sectors this year, slumped Monday. Intel fell 1.3 percent to $46.50.

"The biggest thing you're seeing is the continued divergence between growth and value (stocks)," said Martin, noting that investors have lately been rotating portfolios to favor value stocks more than growth stocks, such as technology, which finished slightly lower Monday.

"The valuation of technology stocks is high, relative to other areas," Martin said.

U.S. benchmark crude rose 0.8 percent to settle at $66.43 per barrel in New York. Brent crude, the standard for international oil prices, added 0.5 percent to close at $72.21 per barrel in London.

The pickup in oil prices helped lift energy sector stocks. Baker Hughes gained 3.2 percent to $32.01.

Bond prices rose. The yield on the 10-year Treasury fell to 2.82 percent from 2.87 percent late Friday.

The dollar fell to 110.23 yen from 110.60 yen late Friday. The euro strengthened to $1.1467 from $1.1443.

Gold rose 0.9 percent to $1,194.60 an ounce. Silver added 0.3 percent to $14.67 an ounce. Copper gained 1.5 percent to $2.69 a pound.

In other energy futures trading, heating oil rose 0.7 percent to $2.11 a gallon. Wholesale gasoline gained 1.7 percent to $2.02 a gallon. Natural gas fell 0.2 percent to $2.94 per 1,000 cubic feet.

Major indexes in Europe finished higher. Germany's DAX added 1 percent, while France's CAC 40 rose 0.7 percent. Britain's FTSE 100 gained 0.4 percent.

In Asia, Japan's benchmark Nikkei 225 gave up 0.3 percent. Australia's S&P/ASX 200 added 0.1 percent. South Korea's Kospi was little changed. Hong Kong's Hang Seng gained 1.4 percent. Shares also rose in Taiwan.

 

[bigdog]

https://www.usnews.com/news/busines...gain-despite-doubts-over-us-china-trade-talks

S&P 500 Touches All-Time High as Earnings Drive Stock Gains
The S&P 500 index briefly traded at an all-time high Tuesday just as the U.S. stock market's bull run came closer to becoming the longest on record.

By ALEX VEIGA, AP Business Writer

The S&P 500 index briefly traded at an all-time high Tuesday just as the U.S. stock market's bull run came closer to becoming the longest on record.

The market's benchmark index eked out a slight gain, closing a little below the high mark it set in January. The rally pushed the Russell 2000 index of smaller-company stocks to a record high.

The current bull market, which began in 2009, is on track to become the longest in history on Wednesday, surpassing the bull run of the 1990s.

Tuesday's gains were driven by strong earnings by homebuilders, retailers and other companies.

"That we got to these levels in January was a big surprise, more so than we're back there now," said Bob Doll, chief equity strategist at Nuveen Asset Management. "We've had a mildly higher market after the correction on the back of these amazing earnings."

The S&P 500 rose 5.91 points, or 0.2 percent, to 2,862.96. The Dow Jones Industrial Average gained 63.60 points, or 0.2 percent, to 25,822.29. The Nasdaq composite added 38.17 points, or 0.5 percent, to 7,859.17. The Russell 2000 picked up 19.35 points, or 1.1 percent, to 1,718.05. It's last all-time high was set June 20th.

Shortly before 1 p.m. Eastern Time, the S&P 500 briefly crossed above its latest closing high of 2,872 set on Jan. 26. The market took a steep plunge immediately after that, in early February, and has been mostly clawing higher since then, with some bumps along the way, thanks to a still-recovering economy and a boom in corporate profits.

Stocks have been buffeted by concerns about mounting trade tensions this spring and summer, particularly with China. Signs of potential progress have helped stocks rally in recent weeks. S&P Dow Jones Indices, which compiles the S&P 500, says that on Wednesday, the current bull market become the longest in history.

"Earnings are still going to carry the market higher, but the trade issue holds us back for stocks keeping up with earnings," Doll said.

Investors have had much to cheer about when it comes to company earnings this year, and the second-quarter reporting period has been no exception. Of the 93 percent of the companies in the S&P 500 that have reported quarterly results, 62 percent delivered earnings and revenue that beat analysts' forecasts, according to S&P Global Market Intelligence.

"Earnings season was phenomenal and that removed one worry," said Craig Birk, chief investment officer at Personal Capital. "When people are just looking at companies and just looking at economic fundamentals, they feel good about things."

Investors cheered the latest batch of strong company earnings Tuesday.

Traders sent homebuilder shares higher after Toll Brothers reported earnings that came in well ahead of what analysts were expecting. The luxury builder vaulted 13.8 percent to $39.52. Other homebuilders also got a boost. Lennar gained 4.2 percent to $53.26, while PulteGroup added 5.5 percent to $29.67.

TJX also delivered quarterly results that impressed investors, who sent shares in the operator of T.J. Maxx, Marshalls and other discount retail chains 4.7 percent higher to $106.46.

Medtronic gained 5.7 percent to $95.17 after the medical technology company's latest quarterly report card also beat Wall Street's projections.

Discount brokers fell sharply after CNBC reported that JPMorgan Chase will offer free online trading. ETrade fell 4.4 percent to $58.56. Charles Schwab lost 2.4 percent to $50.17. TD Ameritrade slumped 7.1 percent to $55.88.

J.M. Smucker fell 6.6 percent to $108.20 after the maker of Jif peanut butter, Crisco cooking oil and other products reported quarterly results that fell short of analysts' estimates. The company also trimmed its outlook for the year.

U.S. benchmark crude rose 1.4 percent to settle at $67.35 per barrel in New York. Brent crude, the standard for international oil prices, gained 0.6 percent to close at $72.63 per barrel in London.

Bond prices fell. The yield on the 10-year Treasury rose to 2.84 percent from 2.82 percent late Monday.

The dollar rose to 110.40 yen from 110.23 yen late Monday. The euro strengthened to $1.1574 from $1.1467.

Gold rose 0.5 percent to $1,200 an ounce. Silver added 0.7 percent to $14.77 an ounce. Copper gained 0.9 percent to $2.71 a pound.

In other energy futures trading, heating oil rose 0.5 percent to $2.12 a gallon. Wholesale gasoline gained 0.1 percent to $2.02 a gallon. Natural added 1.3 percent to $2.98 per 1,000 cubic feet.

Major indexes in Europe finished mostly higher. Germany's DAX added 0.4 percent, while France's CAC 40 climbed 0.5 percent. Britain's FTSE 100 slipped 0.3 percent.

In Asia, Japan's benchmark Nikkei 225 rose nearly 0.1 percent, while Australia's S&P/ASX 200 lost nearly 1 percent. South Korea's Kospi rose 1 percent. Hong Kong's Hang Seng climbed 0.6 percent. Shares were higher in Taiwan but fell in Singapore.

 

[bigdog]

https://www.usnews.com/news/busines...res-mixed-after-s-p-500-touches-all-time-high

S&P 500 Marks Longest Bull Run on Mixed Day for Indexes
The bull market in U.S. stocks is now the longest on record.

By ALEX VEIGA, AP Business Writer

The bull market in U.S. stocks is now the longest on record.

The current bull run on Wall Street became the longest in history on Wednesday at 3,453 days, beating the bull market of the 1990s that ended in the dot-com collapse in 2000.

That's how long the benchmark S&P 500 index of major U.S. stocks has gone without a drop of 20 percent or more, the traditional definition of a bear market.

Despite its long duration, this bull market actually wasn't as big in terms of overall gains as the 1990s one.

The milestone arrived on a listless day of trading that left the S&P 500 with a slight loss. Gains by technology and energy companies outweighed losses in industrial stocks, banks and other sectors.

"This expansion is alive and well, this bull market is alive and well," said Jason Pride, chief investment officer for private clients at Glenmede. "Valuations are definitely higher than we tend to like to see them, but they're actually not that atypical for the back part of an economic expansion."

The S&P 500 index finished with a loss of 1.14 points, or 0.04 percent, at 2,861.82. The Dow Jones Industrial Average slid 88.69 points, or 0.3 percent, to 25,733.60. The Nasdaq composite gained 29.92 points, or 0.4 percent, to 7,889.10.

The Russell 2000 index of smaller-company stocks picked up 4.50 points, or 0.3 percent, to 1,722.54. The Russell marked its second straight all-time high.

Gainers finished with a slight edge on decliners on the New York Stock Exchange.

The bull market for U.S. stocks began in March 2009 and has now lasted nine years, five months and 13 days, a record that few would have predicted when the market struggled to find its footing after a 50 percent plunge during the financial crisis.

The long rally has added trillions of dollars to household wealth, helping the economy, and stands as a testament to the ability of large U.S. companies to squeeze out profits in tough times and confidence among investors as they shrugged off repeated crises and kept buying.

Despite its longevity, the bull market lags others on the basis of magnitude, or the cumulative gain it has generated for investors.

As of Tuesday, the S&P 500 had climbed 323 percent over the current bull market. By comparison, the bull market that ran through much of the 1990s and ended in March 2000 led to a 417 percent gain for the S&P 500, according to S&P Dow Jones Indices.

"While it's long in time, it could still go on longer because, magnitude-wise, it's just not that far (along)," Pride said.

Despite the milestone, investors mainly kept an eye on company earnings reports and the release of the minutes from the Federal Reserve's most recent meeting of policymakers earlier this month.

The minutes of their discussions revealed deepening concerns that escalating trade wars could hurt the economy. The minutes also underscored expectations that the central bank is likely to increase its policy rate at its next meeting in September. Many economists believe another rate hike will follow in December.

The afternoon release of the minutes didn't have much of an impact on the market, which continued to trade in a narrow range.

Later this week, central bankers, including new Fed chief Jerome Powell, gather in Jackson Hole, Wyoming, an annual symposium that has often generated market-moving news.

Stocks traded mostly in a narrow range for much of the day Wednesday.

Technology sector stocks reversed course after an early slide. Nvidia gained 3.8 percent to $262.82.

Traders also bid up shares in a couple of big retailers that reported quarterly results that topped Wall Street's expectations. Target climbed 3.2 percent to $85.94, while Lowe's jumped 5.8 percent to $105.52.

Industrial stocks took some of the heaviest losses. American Airlines Group lost 2.8 percent to $39.19.

U.S. benchmark crude climbed 3.1 percent to $67.87 per barrel in New York. Brent crude, the standard for international oil prices, dipped 0.1 percent to $74.70 per barrel in London.

The pickup in oil prices helped boost energy sector stocks. Marathon Oil gained 3.3 percent to $20.87.

In other energy futures trading, heating oil rose 2.1 percent to $2.17 a gallon. Wholesale gasoline gained 2.5 percent to $2.07 a gallon. Natural gas dropped 0.8 percent to $2.96 per 1,000 cubic feet.

Bond prices rose. The yield on the 10-year Treasury fell to 2.82 percent from 2.84 percent late Tuesday.

The dollar rose to 110.57 yen from 110.40 yen late Tuesday. The euro strengthened to $1.1589 from $1.1574.

Gold rose 0.3 percent to $1,203.30 an ounce. Silver fell 0.1 percent to $14.75 an ounce. Copper slid 0.7 percent to $2.69 a pound.

In Europe, Germany's DAX was flat, while France's CAC 40 edged up 0.2 percent. The FTSE 100 index of leading British shares added 0.1 percent. In Asia, Japan's benchmark Nikkei 225 closed 0.6 percent higher. Australia's S&P/ASX 200 lost 0.3 percent. South Korea's Kospi rose 0.1 percent. Hong Kong's Hang Seng added 0.6 percent.

 

[Skate]

View attachment 88993

https://www.usnews.com/news/busines...res-mixed-after-s-p-500-touches-all-time-high

S&P 500 Marks Longest Bull Run on Mixed Day for Indexes
The bull market in U.S. stocks is now the longest on record.

By ALEX VEIGA, AP Business Writer

The bull market in U.S. stocks is now the longest on record.

The current bull run on Wall Street became the longest in history on Wednesday at 3,453 days, beating the bull market of the 1990s that ended in the dot-com collapse in 2000.

That's how long the benchmark S&P 500 index of major U.S. stocks has gone without a drop of 20 percent or more, the traditional definition of a bear market.

Despite its long duration, this bull market actually wasn't as big in terms of overall gains as the 1990s one.

The milestone arrived on a listless day of trading that left the S&P 500 with a slight loss. Gains by technology and energy companies outweighed losses in industrial stocks, banks and other sectors.

"This expansion is alive and well, this bull market is alive and well," said Jason Pride, chief investment officer for private clients at Glenmede. "Valuations are definitely higher than we tend to like to see them, but they're actually not that atypical for the back part of an economic expansion."

The S&P 500 index finished with a loss of 1.14 points, or 0.04 percent, at 2,861.82. The Dow Jones Industrial Average slid 88.69 points, or 0.3 percent, to 25,733.60. The Nasdaq composite gained 29.92 points, or 0.4 percent, to 7,889.10.

The Russell 2000 index of smaller-company stocks picked up 4.50 points, or 0.3 percent, to 1,722.54. The Russell marked its second straight all-time high.

Gainers finished with a slight edge on decliners on the New York Stock Exchange.

The bull market for U.S. stocks began in March 2009 and has now lasted nine years, five months and 13 days, a record that few would have predicted when the market struggled to find its footing after a 50 percent plunge during the financial crisis.

The long rally has added trillions of dollars to household wealth, helping the economy, and stands as a testament to the ability of large U.S. companies to squeeze out profits in tough times and confidence among investors as they shrugged off repeated crises and kept buying.

Despite its longevity, the bull market lags others on the basis of magnitude, or the cumulative gain it has generated for investors.

As of Tuesday, the S&P 500 had climbed 323 percent over the current bull market. By comparison, the bull market that ran through much of the 1990s and ended in March 2000 led to a 417 percent gain for the S&P 500, according to S&P Dow Jones Indices.

"While it's long in time, it could still go on longer because, magnitude-wise, it's just not that far (along)," Pride said.

Despite the milestone, investors mainly kept an eye on company earnings reports and the release of the minutes from the Federal Reserve's most recent meeting of policymakers earlier this month.

The minutes of their discussions revealed deepening concerns that escalating trade wars could hurt the economy. The minutes also underscored expectations that the central bank is likely to increase its policy rate at its next meeting in September. Many economists believe another rate hike will follow in December.

The afternoon release of the minutes didn't have much of an impact on the market, which continued to trade in a narrow range.

Later this week, central bankers, including new Fed chief Jerome Powell, gather in Jackson Hole, Wyoming, an annual symposium that has often generated market-moving news.

Stocks traded mostly in a narrow range for much of the day Wednesday.

Technology sector stocks reversed course after an early slide. Nvidia gained 3.8 percent to $262.82.

Traders also bid up shares in a couple of big retailers that reported quarterly results that topped Wall Street's expectations. Target climbed 3.2 percent to $85.94, while Lowe's jumped 5.8 percent to $105.52.

Industrial stocks took some of the heaviest losses. American Airlines Group lost 2.8 percent to $39.19.

U.S. benchmark crude climbed 3.1 percent to $67.87 per barrel in New York. Brent crude, the standard for international oil prices, dipped 0.1 percent to $74.70 per barrel in London.

The pickup in oil prices helped boost energy sector stocks. Marathon Oil gained 3.3 percent to $20.87.

In other energy futures trading, heating oil rose 2.1 percent to $2.17 a gallon. Wholesale gasoline gained 2.5 percent to $2.07 a gallon. Natural gas dropped 0.8 percent to $2.96 per 1,000 cubic feet.

Bond prices rose. The yield on the 10-year Treasury fell to 2.82 percent from 2.84 percent late Tuesday.

The dollar rose to 110.57 yen from 110.40 yen late Tuesday. The euro strengthened to $1.1589 from $1.1574.

Gold rose 0.3 percent to $1,203.30 an ounce. Silver fell 0.1 percent to $14.75 an ounce. Copper slid 0.7 percent to $2.69 a pound.

In Europe, Germany's DAX was flat, while France's CAC 40 edged up 0.2 percent. The FTSE 100 index of leading British shares added 0.1 percent. In Asia, Japan's benchmark Nikkei 225 closed 0.6 percent higher. Australia's S&P/ASX 200 lost 0.3 percent. South Korea's Kospi rose 0.1 percent. Hong Kong's Hang Seng added 0.6 percent.

@bigdog - sometimes you are the bearer of good news & sometimes the bearer of bad news but your posts are highly informative that I appreciate reading every day.

The Takeaway - from todays post.
I was excited when the DJIA hit 20,000 points & now even more excited at the strength & length of the U.S. Bull market in turbulent times. As you know Trading is global & interlinked - when the U.S. markets (the benchmark) is doing well it bodes well for us.

Confidence Builder
The bull market in U.S. stocks is now the longest on record beating the bull market of the 1990s that ended in the dot-com collapse in 2000. The bull market for U.S. stocks began in March 2009 and has now lasted nine years, five months and 13 days, a record that few would have predicted when the market struggled to find its footing after a 50 percent plunge during the financial crisis.

Wealth Creation
The long rally has added trillions of dollars to household wealth in the U.S.A, helping the economy, and stands as a testament to the ability of large U.S. companies to squeeze out profits in tough times and confidence among investors as they shrugged off repeated crises and kept buying.

Concerns
The minutes from this month’s U.S. Federal Reserve has just been released and it revealed their deepening concerns that escalating trade wars could hurt the U.S. economy.

Update
The concerns relating to those minutes are relatively old news as U.S. & China trade negotiations have a more conciliatory tone which the markets like.

Skate.

 

[bigdog]

https://www.usnews.com/news/busines...-markets-mixed-ahead-of-us-china-tariff-hikes

Slide in Banks, Energy Firms Weighs on US Stock Indexes
U.S. stocks capped another day of listless trading with a slight loss Thursday as a slide in banks and industrial companies offset solid gains for the technology sector.

By ALEX VEIGA, AP Business Writer

U.S. stocks capped another day of listless trading with a slight loss Thursday as a slide in banks and industrial companies offset solid gains for the technology sector.

Homebuilders also declined following new data showing sales of new U.S. homes slumped in July. U.S. crude oil prices also ended essentially flat.

Investors had their eye on the latest developments in the U.S.-China trade dispute as both nations held their first high-level talks in two months. Traders also were looking ahead to Friday's gathering of central bankers, including Federal Reserve Chairman Jerome Powell, in Jackson Hole, Wyoming, an annual symposium that has often generated market-moving news.

"It's been a fairly quiet day," said Paul Springmeyer, head of investments at U.S. Bank Wealth Management. "There's obviously some reservation about what's going to come out from Jackson Hole, from Chairman Powell."

The S&P 500 fell 4.84 points, or 0.2 percent, to 2,856.98. The Dow Jones Industrial Average slid 76.62 points, or 0.3 percent, to 25,656.98. The Nasdaq composite lost 10.64 points, or 0.1 percent, to 7,878.46. The Russell 2000 index of smaller-company stocks gave up 5.49 points, or 0.3 percent, to 1,717.05.

Stocks spent much of the day hovering just below their prior day closing levels.

Markets showed little reaction to the latest round of dueling tariffs between the U.S. and China. The countries imposed 25 percent tariffs on $16 billion of each other's goods Thursday, including automobiles and factory equipment. The increases were announced previously.

Beijing has rejected U.S. demands to scale back technology development plans that its trading partners say violate Chinese market-opening pledges and that American officials worry might erode the United States' industrial leadership.

Investors came into this week feeling cautiously optimistic that the talks may lead to an end to the U.S.-China trade dispute. The market has mostly shrugged off the trade uncertainty in recent weeks, focusing instead on another strong quarter of corporate earnings growth. Earnings at S&P 500 companies have surged 23 percent in the first half of this year versus the same period a year earlier, according to S&P Global Market Intelligence.

"The market is waiting to see the effect of the tariffs," said JJ Kinahan, chief market strategist for TD Ameritrade. "It's hard to argue what's going on with earnings."

Of more immediate interest for the market is Friday's annual gathering of central bankers. Powell was scheduled to deliver a keynote speech that traders are sure to scrutinize for signs of Fed views on Turkey's currency crisis and U.S.-China trade tensions. If Powell sounds confident, investors would likely conclude the Fed will keep gradually raising rates.

Banks and other financial stocks took some of the biggest losses Thursday. Charles Schwab declined 1.5 percent to $50.17. Industrial stocks also fell. Caterpillar lost 2 percent to $136.79.

New housing data also weighed on stocks. The Commerce Department said sales of new U.S. homes slumped 1.7 percent in July, the second monthly decline in a row. Toll Brothers led a slide in homebuilder shares, losing 2.8 percent to $37.29.

"The backbone of the progress we've seen this year so far in the market really is an indication of how strong the economy is in general," Springmeyer said. "Housing has probably been the one single piece of economic information to come out recently that has been somewhat disappointing."

Hormel Foods fell 3.1 percent to $37.33 after the Spam maker cut its sales outlook, partly because of uncertain trade conditions. Other packaged foods companies also declined. J.M. Smucker lost 0.9 percent to $104.45. Campbell Soup slid 1.5 percent to $40.61.

Investors bid up shares in companies that delivered solid quarterly results or outlooks.

Synopsys climbed 6.4 percent to $100.75 after the maker of software used to test and develop chips topped Wall Street expectations in the third quarter.

Williams-Sonoma's latest results also impressed analysts. Shares in the home furnishings and cookware company jumped 16.1 percent to $72.66.

Technology companies led the gainers. Advanced Micro Devices vaulted 6.7 percent to $22.29.

Benchmark U.S. crude settled essentially flat at $67.83 per barrel in New York. Brent crude, used to price international oils, dipped 0.1 percent to $74.73 per barrel in London.

Bond prices were little changed. The yield on the 10-year Treasury held steady at 2.82 percent.

The dollar rose to 111.28 yen from 110.57 yen late Wednesday. The euro weakened to $1.1536 from $1.1589.

Gold fell 0.8 percent to $1,194 an ounce. Silver slid 1.4 percent to $14.54 an ounce. Copper dropped 0.6 percent to $2.68 a pound.

In other energy futures trading, heating oil rose 0.3 percent to $2.18 a gallon. Wholesale gasoline fell 0.4 percent to $2.06 a gallon. Natural gas gained 0.3 percent to $2.96 per 1,000 cubic feet.

Major indexes in Europe finished essentially flat. Germany's DAX dropped 0.2 percent while the CAC 40 in France was little changed. London's FTSE 100 slipped 0.1 percent.

In Asia, Tokyo's Nikkei 225 closed 0.2 percent higher, while Hong Kong's Hang Seng lost 0.5 percent. Seoul's Kospi gained 0.4 percent.

 

[bigdog]

https://www.usnews.com/news/busines...track-wall-st-weakness-as-eyes-on-fed-comment

S&P 500, Nasdaq and Russell 2000 Close at Record Highs
Wall Street ended a week of milestones with a few more Friday. S&P 500, other indexes close at all-time highs.

By ALEX VEIGA, AP Business Writer

Wall Street ended a week of milestones with a few more Friday.

The benchmark S&P 500 index closed at an all-time high, just two days after the current bull market in U.S. stocks became the longest in history. The Nasdaq composite and the Russell 2000 indexes also ended the day at all-time highs.

Technology companies, the best-performing sector in the market this year, accounted for much of the gains. The price of oil snapped a seven-week losing streak, finishing this week about 5 percent higher.

The rally capped another solid week for the stock market, which has been riding a wave of strong corporate earnings even amid uncertainty over simmering global trade tensions.

"It appears that the market is really focusing on fundamentals," said Rob Eschweiler, global investment specialist at J.P. Morgan Private Bank. "We're at the very tail end of earnings season and there's no other way to characterize the earnings season other than 'spectacular.'"

The S&P 500 index gained 17.71 points, or 0.6 percent, to 2,874.69. It has now finished with a weekly gain in seven out of the last eight weeks.

The Dow Jones Industrial Average rose 133.37 points, or 0.5 percent, to 25,790.35. The 30-company average is still below the high it set in January.

The Nasdaq added 67.52 points, or 0.9 percent, to 7,945.98. Its previous all-time high was set on July 25. The Russell 2000 index of smaller-company stocks picked up 8.62 points, or 0.5 percent, to 1,725.67. It also notched back-to-back all-time highs earlier this week.

Since entering a correction in early February, which is defined as a loss of 10 percent or more from a peak, the S&P 500 has mostly crawled higher, with some bumps along the way, thanks to a still-recovering economy and a boom in corporate profits.

More recently, stocks have been buffeted by concerns about mounting trade tensions this spring and summer, particularly with China. But investors have increasingly focused on strong corporate earnings growth.

Earnings at S&P 500 companies have surged 23 percent in the first half of this year versus the same period a year earlier, according to S&P Global Market Intelligence.

The string of all-time highs for the indexes underscore the resilience of the U.S. stock market's bull run, which began in 2009 and became the longest on record Wednesday.

Stocks were trading higher from the get-go Friday, then climbed further after investors weighed new remarks from Federal Reserve Chairman Jerome Powell.

Speaking at an annual conference of central bankers in Jackson Hole, Wyoming, Powell struck a measured tone about the economy and said the Fed plans to stick with a gradual pace of rate hikes.

Powell said the central bank recognizes the need to strike a careful balance between its mandates of maximizing employment and keeping price increases stable. And he noted that a gradual approach to rate hikes is the best way to navigate between the risks of raising rates too fast and "needlessly shortening the expansion" and moving too slowly and risking an overheated economy.

Powell added that while annual inflation has risen to near the Fed's 2 percent target rate, it doesn't seem likely to accelerate above that point. That suggests that Powell doesn't foresee a need for the Fed to step up its rate hikes. Next month, the Fed is widely expected to resume raising rates.

"The equity markets wanted to hear that slow-and-steady is the path, and I didn't hear anything to the contrary," Eschweiler said.

Investors continued to bid up technology sector stocks Friday. Video game publisher Activision Blizzard rose 4.1 percent to $74.09.

Shares in materials sector companies posted solid gains. Albemarle picked up 2.4 percent to $96.

Software maker Autodesk surged 15.3 percent to $157.20 after issuing a better-than-expected quarterly report and strong forecasts.

Some retailers fell after reporting disappointing earnings or outlooks.

Gap slumped 8.6 percent to $29.65 after the clothing chain said sales at Gap stores fell in the second quarter compared to a year earlier. Hibbett Sports sank 30.2 percent to $20.53 after the retailer cut its fiscal year profit and sales forecasts following a weak second quarter.

Benchmark U.S. crude gained 1.3 percent to settle at $68.72 per barrel in New York. It snapped a seven-week losing streak, finishing this week about 5 percent higher. Brent crude, used to price international oils, rose 1.5 percent to close at $75.82 per barrel.

The latest increase in oil prices helped boost energy stocks. Concho Resources gained 2.7 percent to $137.99.

Bond prices rose. The yield on the 10-year Treasury fell to 2.81 percent from 2.82 percent late Thursday.

The dollar fell to 111.20 yen from 111.28 yen late Thursday. The euro strengthened to $1.1625 from $1.1536.

Gold rose 1.6 percent to $1,213.30 an ounce. Silver gained 1.7 percent to $14.79 an ounce. Copper climbed 1.7 percent to $2.72 a pound.

In other energy futures trading, heating oil rose 1.2 percent to $2.20 a gallon. Wholesale gasoline gained 0.9 percent to $2.08 a gallon. Natural fell 1.6 percent to $2.92 per 1,000 cubic feet.

Major stock indexes in Europe eked out gains Friday. Germany's DAX rose 0.2 percent, while the CAC 40 in France added 0.2 percent. The FTSE 100 index of leading British shares gained 0.2 percent.

In Asia, Japan's Nikkei 225 stock index closed 0.9 percent higher. The Kospi in South Korea rose 0.5 percent. Hong Kong's Hang Seng lost 0.4 percent.

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