NYSE Dow Jones finished today at:

[bigdog]

https://www.usnews.com/news/busines...hares-mostly-higher-ahead-of-us-midterms-vote

Industrials, Tech Lead US Stocks Higher Ahead of Elections
Major U.S. indexes finish broadly higher as technology, industrial and basic materials stocks recover some of the steep losses they took in October.

By MARLEY JAY, AP Markets Writer

NEW YORK (AP) — U.S. stocks rose Tuesday as industrial and technology companies recovered some of the big losses they took over the last month. Strong company earnings also contributed to the gains, but stocks stayed calm as traders waited for results from the midterm elections in the U.S.

Industrial and basic materials companies made some of the biggest gains following reports from fertilizer maker Mosaic and granite, limestone, sand and gravel seller Martin Marietta Materials. Bond prices dipped, sending yields higher. Oil prices continued to fall, extending four weeks of losses. British stocks fell as negotiators from the U.K. and European Union as remained deadlocked over the issue of Ireland's borders.

The midterm elections will determine control of the House of Representatives and Senate, and 36 governorships are being contested along with other state and local positions. The vote could affect U.S. trade, economic and security policies.

Alicia Levine, chief market strategist at BNY Mellon Investment Management, said some of the most dramatic reactions to the elections might be seen in the health care sector, as Republicans could make another attempt to eliminate the 2010 Affordable Care Act if they keep control of the House and Senate.

"If the Democrats take the House, the Affordable Care Act is not under threat of being repealed," she said, which could help health insurers and hospitals. "If we see the Democrats take the governors houses, you could also see the expansion of Medicaid."

A Democratic House majority might work with the administration to try to reduce drug prices, and would take a more lenient approach on food stamp benefits. That could help big box stores and grocery chains, which get a lot of revenue from those programs.

If Republicans keep control of the House, Levine said, they might index capital gains taxes to inflation, which would effectively cut those taxes. While that could boost the economy, it would also encourage the Federal Reserve to keep raising interest rates at a faster pace, and investors are already concerned that rates could rise too fast.

The S&P 500 index rose 17.14 points, or 0.6 percent, to 2,755.45. The Dow Jones Industrial Average gained 173.31 points, or 0.7 percent, to 25,635.01. The Nasdaq composite picked up 47.11 points, or 0.6 percent, to 7,375.96. The Russell 2000 index of smaller-company stocks added 8.59 points, or 0.6 percent, to 1,556.10.

Stocks dropped in October and recovered a sliver of their gains during a three-day rally last week. They made smaller moves over the final few days before the polls closed. Stocks tend to fall before midterm elections and then rally once the voting is over. The S&P 500 has generated an average price return of 16.7 percent in the 12 months after midterm elections since 1946, according to CFRA.

Drugstore and pharmacy benefits manager CVS Health rose 5.7 percent to $77.90 after its results topped Wall Street forecasts in the third quarter. It was helped by a large bump in prescriptions. CVS also said it expects to complete its purchase of health insurer Aetna before the Thanksgiving holiday.

Symantec rallied after the security software maker said it bought two smaller companies. It didn't disclose terms. Shares of Symantec rose further after Reuters reported that private equity firm Thoma Bravo is interested in buying the company. The stock jumped 12.6 percent to $22.54.

Among materials companies, Mosaic rose 10.6 percent to $35.64 after it raised its annual profit forecast, and Martin Marietta climbed 8.4 percent to $189.55. Construction materials company Vulcan gained 3.5 percent to $104.12.

Industrial companies also rose. Caterpillar climbed 2.3 percent to $129.33 and Boeing added 1.2 percent to $366.47.

Oil prices continued to slip after the U.S. said it would allow a group of allies to continue buying oil from Iran as long as they continued to try to reduce their imports from that nation. The U.S. reinstated sanctions on Iran this month after withdrawing from an international agreement intended to curb Iran's nuclear program, and analysts feared that oil prices would jump as supplies tightened.

Benchmark U.S. crude oil fell 1.4 percent to $62.21 a barrel in New York. In early October it traded above $76 a barrel. Brent crude dipped 1.4 percent to $72.13 a barrel in London.

Bond prices fell. The yield on the 10-year Treasury note rose to 3.22 percent from 3.19 percent.

Britain's FTSE 100 shed 0.9 percent as Britain and the EU tried to resolve their differences over the Irish border. The two sides are trying to find a way to make sure there are no customs posts or other checks on the border between EU member Ireland and Northern Ireland, which will leave the group along with the rest of the U.K.

In France, the CAC 40 fell 0.5 percent. Germany's DAX dipped 0.1 percent.

In other commodities trading, wholesale gasoline was little changed at $1.69 a gallon and heating oil was also little changed at $2.19 a gallon. Natural gas remained at $3.56 per 1,000 cubic feet.

Gold shed 0.5 percent to $1,226.30 an ounce. Silver lost 1 percent to $14.50 an ounce. Copper fell 0.9 percent to $2.73 a pound.

The dollar rose to 113.40 yen from 113.21 yen. The euro slipped to $1.1413 from $1.1418.

Japan's Nikkei 225 index rose 1.1 percent and the Kospi in South Korea added 0.6 percent. Hong Kong's Hang Seng bounced gained 0.7 percent.

 

[bigdog]

https://www.usnews.com/news/busines...se-as-us-midterm-elections-yield-mixed-result

Tech and Health Care Lead US Stock Surge After Midterms
Stocks rallied Wednesday as investors were relieved to see that the U.S. midterm elections went largely as they expected they would.

By MARLEY JAY, AP Markets Writer

NEW YORK (AP) — Stocks rallied Wednesday as investors were relieved to see that the U.S. midterm elections went largely as they expected they would. Big-name technology and consumer and health care companies soared as the S&P 500 index closed at its highest in four weeks.

Democrats won control of the House of Representatives while Republicans kept a majority in the Senate, as most polls had suggested. It's not clear how the divided Congress will work with Republican President Donald Trump, but if the possibilities for compromise and big agenda items seem limited, Wall Street is fine with that because it means politics is that much less likely to crowd out the performance of the strong U.S. economy.

"The market likes when what it expects to happen happens," said JJ Kinahan, chief markets strategist for TD Ameritrade. "We haven't had that happen in a little while, when you think about major events like Brexit or the presidential election."

The S&P 500 index climbed 58.44 points, or 2.1 percent, to 2,813.89. The index has risen six out of the last seven days to recover most of the losses it suffered in October.

The Dow Jones Industrial Average rose 545.29 points, or 2.1 percent, o 26,180.30. The Nasdaq composite climbed 194.79 points, or 2.6 percent, to 7,570.75. The Russell 2000 index of smaller-company stocks added 26.06 points, or 1.7 percent, to 1,582.16. Three-fourths of the stocks on the New York Stock Exchange traded higher.

Historically markets have performed well after midterm elections and with split control of Congress.

High-growth stocks took an especially brutal beating during the market's drop last month. Quincy Krosby, chief market strategist at Prudential Financial, said it will be worth watching to see if investors are willing to buy those stocks again or if they continue to prefer slower-growing, more "defensive" companies like utilities and household goods makers.

On Wednesday investors bet on growth. Amazon jumped 6.9 percent to $1,755.49 and Microsoft gained 3.9 percent to $111.96, while Google's parent company, Alphabet, picked up 3.6 percent to $1,108.24.

Steady, "defensive" stocks lagged the rest of the stock market. Those companies, which include utilities and household goods makers, tend to do well when stocks are in turmoil, but they're less appealing when investors are betting on economic growth.

Industrial companies made strong gains, but they didn't do as well as the rest of the market. While some investors hope that Trump and Congressional leadership will pass an infrastructure stimulus bill, they've had those hopes dashed more than once since he took office.

It's not clear how the elections will affect the Trump policy Wall Street might be most concerned about: the trade dispute with China. Trump has imposed taxes of up to 25 percent on $250 billion of Chinese imports and threatened additional tariffs on top of those. Beijing has responded with tariffs on $110 billion of American goods.

A primary concern in Asia is the potential for trade tensions to hobble growth for export-reliant economies.

Economists at S&P Global, Oxford Economics and the Bank of America all agreed that government gridlock will likely result from the Democrats winning control of the House. But they don't think a stalemate will automatically hinder economic growth.

It's more likely that government will play less of a role in spurring economic growth in 2019 and 2020. As a result, the health of the global economy, interest rates set by the Federal Reserve, and spending by U.S. consumers and companies will have a bigger impact on determining the pace of growth.

The Federal Reserve is also meeting Wednesday and Thursday. It's not expected to raise interest rates this month, but investors believe it will do so in December.

Banks also didn't rise as much other stocks. Republicans had discussed a new round of tax cuts if they maintained full control over Congress, which would have expanded the government's deficits further and required it to issue more debt. Government bond yields spiked overnight after a batch of strong early results for some GOP candidates, but then headed lower as Democrats' fortunes improved, making a new tax cut package unlikely.

Democrats' victory in the House also means that Rep. Maxine Waters will likely become chairwoman of the House Financial Services Committee, which oversees the nation's banking system and its regulators. Waters has called for more regulation of banks, and has been vocal about Trump political appointees moving to roll back regulations on banks and other financial services companies.

The yield on the 10-year Treasury note rose slightly, to 3.22 percent. It spiked as high as 3.25 percent Tuesday night.

The U.S. dollar also weakened. The ICE US dollar index fell 0.2 percent. The U.S. currency fell to 113.34 yen from 113.40 yen, and the euro climbed to $1.1455 from $1.1413.

Major indexes in Europe climbed. The French CAC 40 jumped 1.2 percent, while Britain's FTSE 100 gained 1.1 percent. The DAX in Germany rose 0.8 percent.

The U.S. markets swooned in October, knocking the S&P 500 down nearly 7 percent, as investors worried about rising interest rates and the U.S.-China trade dispute. The S&P 500 is up 3.8 percent so far in November.

October is historically a rough month for stocks, though markets usually rise after midterm elections regardless of how the political landscape may change because Wall Street is glad to have more certainty.

Democrats' win in the House means Republicans won't be able to take another shot at repealing the 2010 Affordable Care Act, which extended health insurance coverage to millions of Americans. Voters in Idaho and Nebraska all voted to expand Medicaid, and the winning gubernatorial candidates in Maine and Kansas also favor expanding Medicaid benefits. Voting on a Medicaid expansion proposition in Utah was too close to call.

Health insurers, hospital operators and Medicaid program operators all jumped. UnitedHealth gained 4.2 percent to $274.63 and hospital company HCA added 4.7 percent to $141.65. Molina, a provider of Medicaid-related services, surged 10.5 percent to $137.32.

Marijuana stocks jumped after Michigan voted to legalize recreational marijuana and Utah and Missouri voters approved medical marijuana measures. The stocks rose even further after the resignation of Attorney General Jeff Sessions, who promoted more aggressive enforcement of those laws. Tilray vaulted 30.6 percent to $139.60 and Canopy Growth rose 8.2 percent to $46.07.

Oil prices continued to fall. U.S. crude lost 0.9 percent to $61.67, and Brent crude, the standard for international oil prices, dipped 0.1 percent to $72.07 a barrel in London.

Wholesale gasoline lost 2.8 percent to $1.65 a gallon and heating oil rose 2.2 percent to $2.24 a gallon. Natural gas was unchanged at $3.56 per 1,000 cubic feet.

Gold rose 0.2 percent to $1,228.70 an ounce. Silver picked up 0.5 percent to $14.57 an ounce. Copper added 0.8 percent to $2.75 a pound.

In Asia, Japan's benchmark Nikkei 225 fell 0.3 percent while South Korea's Kospi slipped 0.5 percent. But Hong Kong's Hang Seng edged 0.1 percent higher.

 

[Skate]

Now that the U.S. midterm elections are over - stability might return to the markets - here's hoping..

Skate.

 

[bigdog]

https://www.usnews.com/news/busines...rally-on-us-midterms-soothing-fears-of-shifts

Oil Prices Sink Again as Post-Election Stock Surge Fades
US stocks fall as the market's big rally from a day earlier fades, while oil prices fall for the ninth day in a row.

By MARLEY JAY, AP Markets Writer

NEW YORK (AP) — Stocks in the U.S. slipped Thursday as the ninth consecutive drop in crude oil prices hurt energy companies. U.S. markets were coming off huge gains the day before.

U.S. crude oil has now slumped more than 20 percent since early October, meeting Wall Street's definition of a "bear market."

Government fuel stockpiles have steadily expanded, pushing supplies higher, and the U.S. issued waivers to a number of countries that buy oil from Iran. That allows those countries to keep importing Iranian oil in spite of renewed sanctions on that country.

Most other groups of stocks finished little changed. Banks made the largest gains. The Federal Reserve left interest rates where they are, but suggested it plans to keep raising rates in response to the strong U.S. economy.

After its steep plunge in October, the S&P had risen for six of the seven days ending on Wednesday. Stocks started sinking last month because investors worried that the Fed was going to raise interest rates to the point they slowed down economic growth. But John Lynch, chief investment strategist at LPL Research, said he doesn't think that's going to happen and that the Fed will stop raising rates in 2019.

"We do not believe they will be as aggressive as many fear," he said. "We still don't have anything approaching the wage pressures that have historically scared the Fed."

The S&P 500 index shed 7.06 points, or 0.3 percent, to 2,806.83 after it jumped 2.1 percent Wednesday. The Dow Jones Industrial Average inched up 10.92 points to 26,191.22.

The Nasdaq composite dipped 39.87 points, or 0.5 percent, to 7,530.88 after a 2.6 percent surge a day earlier. The Russell 200 index of smaller-company stocks fell 3.95 points, or 0.2 percent, to 1,578.21.

Benchmark U.S. crude oil fell 1.6 percent to $60.67 a barrel in New York. On Oct. 3 it closed at $76.41, the highest level in almost four years.

Brent crude lost 2 percent to $70.65 a barrel in London. Brent crude is the standard for international oil prices and it has also fallen sharply over the last five weeks.

Exxon Mobil fell 1.6 percent to $81.71 and ConocoPhillips gave up 4.5 percent to $119.36.

Bond prices edged lower. The yield on the 10-year Treasury note rose to 3.24 percent, near its highest level this year, from 3.23 percent. The Federal Reserve left interest rates where they are, but suggested it plans to keep raising them in response to the strong U.S. economy. The Fed has raised its key rate eight times since late 2015 and is expected to do so again in December, with several more increases to follow.

Bank of America rose 1.2 percent to $28.87 and M&T Bank added 1.2 percent to $167.37.

The Fed has been raising rates to prevent inflation from getting out of hand. Lynch, of LPL, said that inflation isn't going to get much stronger because wages aren't going to grow much faster than they currently are. He said factors like the retirement of more Baby Boomers, global competition, and slower economic growth in the U.S. will all limit increases in pay.

Chipmaker Qualcomm had a strong fourth quarter, but for the current period it's projecting revenue of $4.5 billion to $5.3 billion, far below the $5.6 billion analysts expected, according to FactSet. Its stock lost 8.2 percent to $58.05.

Apple stopped making royalty payments to Qualcomm following a dispute between the companies, and later decided to stop using Qualcomm modems in some of its products. Qualcomm said both of those changes have hurt its results.

D.R. Horton, one of the largest homebuilders, fell 9 percent to $34.22 after its earnings and sales fell short of Wall Street forecasts. The company said rising home prices and mortgage rates are affecting demand. That exact combination has been weighing on home sales and the stocks all year. PulteGroup fell 3.5 percent to $24.23 and Lennar lost 2.5 percent to $41.90.

Wynn Resorts dropped 13.1 percent to $99.02 after the casino operator said its business in Macau has slowed down recently.

Stocks climbed Wednesday after the midterm elections generally went the way investors thought they would. The Democrats took control of the House of Representatives while the Republicans held on to a majority in the Senate. That means that politics appears that much less likely to crowd out the performance of the strong U.S. economy.

In other commodities trading, wholesale gasoline was little changed at $1.64 a gallon. Heating oil dropped 3.1 percent to $2.17 a gallon. Natural gas edged down to $3.54 per 1,000 cubic feet.

Gold fell 0.3 percent to $1,225.10 an ounce. Silver lost 1 percent to $14.42 an ounce. Copper slipped 0.7 percent to $2.74 a pound.

The dollar rose to 113.96 yen from 113.34 yen. The euro fell to $1.1363 from $1.1455.

Germany's DAX lost 0.4 percent and the British FTSE 100 picked up 0.3 percent. The CAC 40 in France was 0.1 percent lower.

 

[bigdog]

https://www.usnews.com/news/busines...ck-markets-sink-after-wall-street-rally-fades

Stocks Skid as Tech Companies Fall; Oil Plunge Continues
U.S. stocks fell as a combination of weak economic data from China and disappointing earnings hurt technology and internet companies.

By MARLEY JAY, AP Markets Writer

NEW YORK (AP) — U.S. stocks fell Friday as a combination of weak economic data from China and disappointing earnings hurt technology and internet companies. Crude oil prices fell for the 10th day in a row.

Auto sales in China fell in October for the fourth month in a row and are down 13 percent from a year ago, the latest sign its economy is under pressure. Concerns about China's economy and its trade dispute with the U.S. contributed to the global stock market skid in October. The stocks that fared the worst during that time included tech and internet companies and retailers, which all took sharp losses Friday.

"China has played such a critical role in driving global growth," said Kristina Hooper, chief global market strategist for Invesco. "(Investors) are having concerns that these tariff wars are essentially going to kick China when it's down."

U.S. crude oil slipped 0.8 percent to extend its losing streak. It's fallen for five weeks in a row and tumbled 21 percent since Oct. 3. Energy companies have suffered steep losses during that time.

Weak forecasts from companies including video game company Activision Blizzard and chipmaker Skyworks Solutions also contributed to Friday's decline.

The S&P 500 index dropped 25.82 points, or 0.9 percent, to 2,781.01. The Dow Jones Industrial Average fell 201.92 points, or 0.8 percent, to 25,989.30.

The Nasdaq composite sank 123.98 points, or 1.6 percent, to 7,406.90. The Russell 2000 index of smaller companies gave up 28.72 points, or 1.8 percent, to 1,549.49.

The Labor Department said wholesale prices in the U.S. jumped, and Hooper said that could be linked to the tariff dispute as well. Wholesale prices rose by the most in six years in October as gas, food, and chemical prices increased. The Labor Department's wholesale price index has climbed 2.9 percent over the last year.

Video game maker Activision Blizzard tumbled after its forecast for the critical holiday season fell short of analysts' projections. The stock fell 12.4 percent to $55.01, and Electronic Arts lost 5.3 percent to $88.89.

Major technology and internet companies also turned lower. Apple fell 1.9 percent to $204.47 and Facebook shed 2 percent to $144.96. Amazon lost 2.4 percent to $1,712.43.

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Benchmark U.S. crude fell to $60.19 a barrel in New York, its lowest in almost eight months. Brent crude, used to price international oils, has fared almost as badly as U.S. crude, and it declined 0.7 percent to $70.20 a barrel in London.

West Coast utility companies tumbled as wildfires worsened in South California, with tens of thousands of people forced to flee in Los Angeles and Ventura counties. PG&E plunged 16.5 percent to $39.92 and Edison International skidded 12.1 percent to $61.

General Electric sank another 5.7 percent to $8.58 after a JPMorgan Chase analyst cut his price target on the stock to $6 a share from $10. Stephen Tusa said six of GE's eight divisions might be unprofitable in 2020.

Bond prices rose. The yield on the 10-year Treasury note fell to 3.18 percent from 3.23 percent.

Despite the losses Friday, the S&P 500 still gained 2.1 percent this week. It climbed 2.4 percent last week but would need to rise another 5.4 percent to reach the all-time high it set on Sept. 20.

Walt Disney's net earnings were better than expected, as the entertainment giant raked in revenue from movies including "Avengers: Infinity War," "'Incredibles 2" and "Ant-Man and the Wasp." The stock gained 1.7 percent to $118.

A federal judge blocked a permit from the Trump administration for the construction of TransCanada's Keystone XL pipeline, pending an environmental review. The long-delayed $8 billion project pipeline would begin in Alberta and run through a half dozen states to terminals on the Gulf Coast. U.S. District Judge Brian Morris ruled that the potential impact had not been considered as required by federal law after environmentalists and Native American groups sued to stop the project, citing property rights and potential oil spills.

In Toronto, shares of TransCanada lost 1.7 percent.

Online reviews company Yelp nosedived after it posted weak third-quarter revenue and its forecast for the fourth quarter also fell short of Wall Street's estimates. The company said part of the problem is an advertising model that is intended to encourage advertisers to try the site without signing a long-term contract. Yelp said that has made its results more sensitive to short-term problems. Its stock fell 26.6 percent to $31.93.

In other commodities trading, natural gas prices jumped 5 percent to $3.72 per 1,000 cubic feet. That helped gas companies stem their losses. Heating oil was little changed at $2.17 a gallon and wholesale gasoline fell 1.4 percent to $1.62 a gallon.

Gold fell 0.3 percent to $1,208.60 an ounce. Silver lost 2 percent to $14.14 an ounce. Copper slid 1.9 percent to $2.68 a pound.

The dollar slipped to 113.76 yen from 113.99 yen. The euro fell to $1.1333 from $1.1356.

The French CAC 40 and the FTSE 100 in Britain both fell 0.5 percent. Germany's DAX was little changed.

Tokyo's Nikkei 225 retreated 1 percent and Hong Kong's Hang Seng fell 2.4 percent. Seoul's Kospi gave up 0.3 percent.

6403

 

[bigdog]

https://finance.yahoo.com/m/8b9c8d4...296019f/ss_tech-giants-slide,-pulling-us.html

Tech giants slide, pulling US stock market sharply lower

ALEX VEIGA

A broad sell-off in technology companies pulled U.S. stocks sharply lower Monday, knocking more than 600 points off the Dow Jones Industrial Average.

The wave of selling snared big names, including Apple, Amazon and Goldman Sachs. Banks, consumer-focused companies, and media and communications stocks all took heavy losses. Crude oil prices fell, erasing early gains and extending a losing streak to 11 days.

The tech stock tumble came followed an analyst report that suggested Apple significantly cut back orders from one of its suppliers. That, in turn, weighed on chipmakers.

"With the news out of the Apple supplier this morning, you have the market overall questioning the growth trajectory as we look out to 2019," said Lindsey Bell, investment strategist at CFRA. "We continue to like tech going into next year, but we think it could be a little bit of a rocky period for the group as we continue through the last two months of the year."

The market's slide came after a two-week winning streak.

The S&P 500 index dropped 54.79 points, or 2 percent, to 2,726.22. The Dow fell 602.12 points, or 2.3 percent, to 25,387.18. It was down briefly by 648 points.

The Nasdaq composite slid 206.03 points, or 2.8 percent, to 7,200.87. The Russell 2000 index of smaller companies gave up 30.70 points, or 2 percent, to 1,518.79.

Bond trading was closed for Veterans Day. Stocks in Europe also suffered losses.

Apple tumbled 5 percent to $194.17 after Wells Fargo analysts said the iPhone maker is the unnamed customer that optical communications company Lumentum Holdings said was significantly reducing orders. Shares in Lumentum plunged 33 percent to $37.50.

Several chipmakers also fell. Advanced Micro Devices gave up 9.5 percent to $19.03, while Nvidia lost 7.8 percent to $189.54. Micron Technology gave up 4.3 percent to $37.44.

Amazon slid 4.4 percent to $1,636.85.

Banks and other financial companies also took heavy losses Tuesday. Goldman Sachs slid 7.5 percent to $206.05.

"Expectations are really that the deregulation process that has benefited banks up to this point is going to be slowed down with the Democrats in charge," Bell said.

Stocks appeared to have regained their footing after a skid in October snapped a six-month string of gains for the S&P 500. Stocks rallied last week after the U.S. midterm elections turned out largely as investors expected, with a divided Congress promising legislative gridlock in Washington the next couple of years.

While the market has typically thrived in periods of divided government, investors continue to grapple with uncertainty over the U.S.-China trade dispute and the potential impact of increased oversight of Corporate America by Democrats, who will be taking over leadership in the House of Representatives in January.

In addition, some companies have recently reported third-quarter earnings and outlooks that have stoked investors' worries about the future growth of corporate profits.

While companies got a boost this year from the lower tax rates put in place by President Donald Trump and the GOP last December, several companies have recently warned about the impact of higher costs related to tariffs and rising interest rates.

"The bull market is not over, the economic expansion is not over, but things are starting to wind down," said Randy Frederick, vice president of trading & derivatives at Charles Schwab. "We're clearly getting into the late innings of the ball game."

British American Tobacco, which makes Newport cigarettes, plunged 8.8 percent to $38.08 on reports that regulators were considering a ban on menthol cigarettes.

PG&E tumbled 17.4 percent to $32.98 after the electric utility told regulators that a high-voltage line experienced a problem near the origin of one of the major California wildfires before the blaze started.

Investors bid up shares in Athenahealth after the struggling medical billing software maker said it received a $5.7 billion cash buyout offer. The stock jumped 9.7 percent to $131.97.

About 90 percent of S&P 500 companies have reported third-quarter results so far, with some 51 percent of those posting earnings and revenue that topped Wall Street's forecasts, according to S&P Global Market Intelligence. Several big retailers are due to deliver results this week, including Walmart, Home Depot, Williams-Sonoma, Nordstrom and J.C. Penney.

"That could actually probably boost the market," Bell said. "Retailers are going to have a better third quarter than most people expect. A lot of them ordered goods ahead of the tariffs going into place, so they're not going to have to pass on higher prices on to the consumer this holiday season."

Benchmark U.S. crude gave up an early gain, sliding 0.4 percent to settle at $59.93 per barrel in New York. Brent crude, used to price international oils, dipped 0.1 percent to close at $70.12 per barrel in London. Oil futures rose earlier on news that Saudi Arabia and other major producers planned to reduce output.

The dollar strengthened to 113.86 yen from 113.80 yen on Friday. The euro fell to $1.1240 from $1.1336. The British pound weakened to $1.2853 from $1.2975 amid concerns that Britain's government is struggling to find unity on a Brexit deal.

Gold fell 0.4 percent to $1,203.50 an ounce. Silver lost 0.9 percent to $14.01 an ounce. Copper slid 0.3 percent to $2.68 a pound.

In other energy trading, heating oil fell 0.8 percent to $2.16 a gallon and wholesale gasoline gained 0.9 percent to $1.64 a gallon. Natural gas rose 1.9 percent to $3.79 per 1,000 cubic feet.

Major stock indexes in Europe also ended lower Monday. Germany's DAX lost 1.8 percent and France's CAC 40 fell 0.9 percent. Britain's FTSE 100 shed 0.7 percent.

In Asia, markets finished mixed. Japan's Nikkei 225 added 0.1 percent, while Hong Kong's Hang Seng rose 0.1 percent. Australia's S&P-ASX 200 gained 0.3 percent. The Kospi in South Korea dipped 0.3 percent.

 

[bigdog]

The ALL ORDS currently 5922.6 is only 88.6 points above the 12 month low of 5834.0

The steepest drop in oil prices in more than three years put investors in a selling mood Tuesday, extending a losing streak for the S&P 500 index to a fourth day.

https://www.usnews.com/news/busines...n-stocks-sink-after-wall-street-tech-sell-off

Energy Companies Lead US Stocks Lower After Oil Price Plunge
The steepest drop in oil prices in more than three years put investors in a selling mood Tuesday, extending a losing streak for the S&P 500 index to a fourth day.

By ALEX VEIGA, AP Business Writer

The steepest drop in oil prices in more than three years put investors in a selling mood Tuesday, extending a losing streak for the S&P 500 index to a fourth day.

Energy stocks led a late-afternoon sell-off on Wall Street after the price of U.S. crude oil plunged 7.1 percent to $55.69 a barrel, the lowest level since December 2017.

Oil has now fallen for 12 straight days, driven by worries over rising oil production around the world and weakening demand from developing countries.

"You have fears associated with the drop in the price of oil probably moving into the equity market," said Willie Delwiche, investment strategist at Baird. "There's a knee-jerk reaction when you see oil down that it signals economic weakness."

The S&P 500 index fell 4 points, or 0.1 percent, to 2,722.18. The Dow Jones Industrial Average lost 100.69 points, or 0.4 percent, to 25,286.49, half of which was attributable to a drop in Boeing.

The Nasdaq composite was little changed at 7,200.87. The Russell 2000 index of smaller companies gave up 3.99 points, or 0.3 percent, to 1,514.80.

Oil prices have been declining as the market adjusts to a drop in demand from emerging markets coupled with expectations for increased supply from the U.S. and OPEC.

"It's very possible for oil to continue to shoot in either direction until you get that equilibrium," said Tom Hainlin, global investment strategist at U.S. Bank Wealth Management.

President Donald Trump has been pressing Saudi Arabia and OPEC not to cut production. Saudi Arabia said this week that the oil cartel and allied crude producers will likely need to cut supplies, perhaps by as much as 1 million barrels a day.

OPEC estimated that production increases from Saudi Arabia, United Arab Emirates and Russia, have made up for more than twice the loss of production out of Iran, according to Ritterbusch and Associates, an oil trading advisory firm.

The firm expects that U.S. crude oil will continue to decline to about $55.25 a barrel.

Tuesday's slide in oil prices weighed on energy sector stocks. Halliburton dropped 5.5 percent to $32.27.

Stocks appeared headed for a rebound early Tuesday after a steep market sell-off a day earlier. Traders drew encouragement from a published report out of China saying that country's top economic adviser might visit Washington ahead of a planned meeting between Chinese President Xi Jinping and Trump at this month's Group of 20 gathering in Argentina.

The U.S. and China have raised tariffs on billions of dollars of each other's goods in a dispute over U.S. complaints about Beijing's technology policy. The long-festering trade dispute and the added costs it has begun to cause companies have stoked investors' worries about the future growth of corporate profits.

"There is some good optimism that there is progress on trade at the G-20 meeting later this month," said Craig Birk, chief investment officer at Personal Capital.

That optimism didn't hold in the face of the steep tumble in oil prices, however.

"We had overnight strength and strength this morning that then invited more selling," Delwiche said. "And it's all in the context with what's going on with oil, which is making people perhaps more jittery than they would have been otherwise."

Losses in health care companies and consumer goods stocks outweighed gains in banks and industrials Tuesday.

Boeing fell 2.1 percent to $349.51 following a Wall Street Journal report saying the aircraft manufacturer withheld information about potential hazards associated with an automated stall-prevention system on its 737 Max 8 aircraft like the Lion Air jet that crashed in Indonesia last month.

Tyson Foods dropped 5.6 percent to $58.17 after the meat producer's quarterly earnings beat analysts' estimates, but revenue fell short. The company also issued a weak outlook, noting that it faced higher labor and freight costs.

Financial sector stocks moved higher a day after posting big losses. Unum Group added 2.7 percent to $38.01.

Advance Auto Parts vaulted 10.6 percent to $184.72 after the retailer reported strong quarterly results and raised its forecast.

General Electric jumped 7.8 percent to $8.61 after disclosing that it will sell up to a 20 percent stake in Baker Hughes. GE, which has been struggling with sagging profits, aims to raise about $4 billion in cash from the sale.

D.R. Horton rose 2.4 percent to $34.69 after the homebuilder agreed to buy Westport Homes, which builds homes in Indiana and Ohio.

Bond prices rose. The yield on the 10-year Treasury note fell to 3.14 percent from 3.19 percent late Friday. Bond trading was closed Monday for Veterans Day.

The dollar held steady versus the yen at 113.86 yen. The euro strengthened to $1.1268 from $1.1240.

The price of gold slipped 0.2 percent to $1,201.40 an ounce. Silver also lost 0.2 percent to $13.98 an ounce. Copper rose 0.4 percent to $2.69 a pound.

In other energy trading, Brent crude, used to price international oils, dropped 6.6 percent to close at $65.47 a barrel in London. Heating oil fell 4.3 percent to $2.06 a gallon and wholesale gasoline dropped 5.7 percent to $1.54 a gallon. Natural gas jumped 8.3 percent to $4.10 per 1,000 cubic feet.

European markets closed higher Tuesday. Germany's DAX gained 1.3 percent, while France's CAC 40 added 0.9 percent. London's FTSE 100 was flat.

In Asia, Tokyo's Nikkei 225 fell 2 percent. Sydney's S&P-ASX 200 declined 1.8 percent. Hong Kong's Hang Seng gained 0.5 percent. Seoul's Kospi gave up 0.4 percent and India's Sensex added 0.4 percent.

 

[bigdog]

https://www.usnews.com/news/busines...wer-after-wall-street-falls-over-oil-concerns

Banks, Insurers Pull Stocks Lower; Oil Snaps 12-Day Skid
A turbulent day of trading on Wall Street ended Wednesday with a fifth consecutive loss for the benchmark S&P 500 index.

By ALEX VEIGA, AP Business Writer

A turbulent day of trading on Wall Street ended Wednesday with a fifth consecutive loss for the benchmark S&P 500 index.

An early rally drove major indexes sharply higher but was gone by midday, leaving the market headed lower for the rest of the day. The Dow Jones Industrial Average swung from a high of 214 points to a low of 350 before the sell-off eased somewhat by late-afternoon.

Technology companies, banks and insurers fared the worst, their losses outweighing gains in other sectors.

Bond prices rose as traders shifted money into low-risk assets. That pulled yields down, which hurts banks by driving interest rates on loans lower. Energy stocks rebounded as crude oil prices snapped a 12-day losing streak. Precious metals also rose.

"We're still ... contending with the implications of the sell-off from October," said David Lefkowitz, senior equity strategist at UBS Global Wealth Management. "The market is still somewhat unsettled and somewhat volatile as investors digest that move and reposition for what they think will happen next."

The S&P 500 index fell 20.60 points, or 0.8 percent, to 2,701.58. The Dow Jones Industrial Average lost 205.99 points, or 0.8 percent, to 25,080.50. The Nasdaq composite dropped 64.48 points, or 0.9 percent, to 7,136.39. The Russell 2000 index of smaller companies gave up 12.30 points, or 0.8 percent, to 1,502.51.

The latest losses placed the indexes on track to finish the month with a loss.

For the second straight day, stocks looked as if they were headed for a rebound early Wednesday. But the wave of buying didn't hold.

Bond prices, which had been declining, also began climbing as traders favored safe-haven assets. That sent the yield on the 10-year Treasury note down to 3.12 percent from 3.14 percent late Tuesday.

The drop in bond yields, which affect interest rates on mortgages and other consumer loans, helped pull bank shares lower. Citizens Financial Group dropped 3.9 percent to $36.21.

Several big insurers also fell sharply. Progressive slumped 9.5 percent to $64.80.

The price of U.S. crude oil closed higher, ending a 12-day skid. The rebound came a day after U.S. crude oil had its steepest drop in more than three years. All told, benchmark U.S. crude oil gained 1 percent to settle at $56.25 a barrel in New York. Brent crude, used to price international oils, rose 1 percent to close at $66.12 a barrel in London.

Worries over rising oil production around the world and weakening demand from developing countries have been weighing on oil prices.

"When it first started going down in October there was some concern that demand was not going to hold up and it fed into those broader concerns that there was some softness in the broader economy," Lefkowitz said. "More recently, it's been more of a concern about too much supply."

Forecasts calling for a cold snap across much of the Northeast and South helped push the price of natural gas sharply higher. It soared 17.9 percent to $4.84 per 1,000 cubic feet.

The rebound in oil and gas prices helped boost energy stocks. Cimarex Energy climbed 2.6 percent to $86.57.

Technology sector companies took some of the heaviest losses. Apple dropped 2.8 percent to $186.80.

On the other end of the spectrum, media and communications companies led the gainers in the S&P 500. Comcast rose 1.5 percent to $38.29.

Shares in Pacific Gas & Electric had their steepest drop since 2002, sinking 21.8 percent to $25.59. The losses extending the electric utility's steep slide this week. The company told regulators last week that it experienced a problem on a transmission line in an area of Northern California where a deadly wildfire erupted last week. People who lost homes in the blaze sued PG&E Tuesday, accusing the utility of negligence and blaming it for the fire. PG&E's slide led a broad sell-off in utilities stocks.

Investors also had their eye on the latest batch of company earnings Wednesday.

Macy's tumbled 7.2 percent to $33.22 as traders grew concerned that the department store chain may have difficulty keeping up its streak of sales gains, even after the company upped its annual earnings expectations.

Blue Apron shares declined 4.1 percent to $1.17 after the meal kit shipping company issued a disappointing fourth-quarter outlook and said it is taking "strategic actions" that included slashing 4 percent of its workforce.

Canada Goose Holdings jumped 10 percent to $64.45 after the high-end coat maker reported earnings and revenue that beat analysts' forecasts.

The price of gold gained 0.7 percent to $1,210.10 an ounce. Silver also rose 0.7 percent to $14.08 an ounce. Copper added 0.9 percent to $2.71 a pound.

The dollar weakened to 113.51 yen from 113.86 yen on Wednesday. The euro strengthened to $1.1338 from $1.1268.

In other energy trading, heating oil rose 1.6 percent to $2.10 a gallon and wholesale gasoline gained 1.2 percent to $1.56 a gallon.

Major stock indexes in Europe fell, giving up early gains. Germany's DAX dropped 0.5 percent, while France's CAC lost 0.7 percent. The FTSE 100 index of leading British shares fell 0.3 percent.

In Asia, Japan's benchmark Nikkei 225 inched up 0.2 percent, while Australia's S&P/ASX 200 lost 1.7 percent. South Korea's Kospi edged down 0.2 percent. Hong Kong's Hang Seng fell 0.5 percent.

 

[bigdog]

https://www.usnews.com/news/busines...higher-after-wall-street-fall-brexit-approval

Technology Companies, Banks Lead Rebound for US Stocks
A rebound in technology companies and banks helped reverse an early slide for U.S. stocks Thursday, breaking a five-day losing streak for the market.

By ALEX VEIGA, AP Business Writer

A rebound in technology companies and banks helped reverse an early slide for U.S. stocks Thursday, breaking a five-day losing streak for the market.

Health care and industrial stocks also rose, offsetting losses in retailers, homebuilders, utilities and other sectors. Energy stocks also helped lift the market as the price of U.S. crude oil rose for the second straight day.

British bank stocks plunged and the British pound slumped amid discord over a new deal for Britain's departure from the European Union next Spring.

The late-afternoon market rebound marked the latest episode of volatile trading for the market this week.

"We're going back and forth between days when investors are taking risk-off and days when they're taking risk back on," said Jason Pride, chief investment officer of private clients at Glenmede. "We're probably going to go through a period of this basically because it's hard for investors to figure out where we are at this stage of the economic cycle."

The S&P 500 index rose 28.62 points, or 1.1 percent, to 2,730.20. The Dow Jones Industrial Average gained 208.77 points, or 0.8 percent, to 25,289.27. The Nasdaq composite climbed 122.64 points, or 1.7 percent, to 7,259.03. The Russell 2000 index of smaller companies picked up 21.62 points, or 1.4 percent, to 1,524.12.

Thursday's market rebound coincided with a Financial Times report citing unnamed sources that said the United States' trade representative, Robert Lighthizer, has told some executives that a planned escalation in January of U.S. tariffs on imported goods from China are now on hold.

"This bit of information helped to move the market higher today, especially technology stocks," said Quincy Krosby, chief market strategist at Prudential Financial.

The Trump administration has imposed a 10 percent tariff on $200 billion of Chinese goods over complaints Beijing steals or pressures foreign companies to hand over technology as the price of market access. That tariff had been due to rise to 25 percent in January. Another $50 billion of Chinese goods already is subject to 25 percent duties. Beijing has responded with penalty duties on $110 billion of American goods.

Washington and Beijing resumed talks over their spiraling trade dispute this week ahead of a meeting between Presidents Xi Jinping and Donald Trump, China's Commerce Ministry said Thursday.

Technology sector stocks accounted for much of the market's gain. Cisco Systems rose 5.5 percent to $46.77 a day after the company reported quarterly results that topped Wall Street's forecasts.

Financial sector stocks rebounded after taking heavy losses a day earlier. JPMorgan Chase gained 2.6 percent to $110.07.

Several big retailers slumped. Dillard's slid 14.8 percent to $62.85 after the retailer's quarterly earnings fell far short of what investors were expecting. Macy's gave up 2.9 percent to $32.27. Nordstrom dropped 3.5 percent to $58.99.

Traders also unloaded shares in homebuilders. KB Home had its steepest drop in more than three years after the homebuilder said new-home orders are down sharply in its current quarter versus a year ago.

The Los Angeles-based company's revenue projection for the quarter also fell below analysts' estimates. The stock plunged 15.3 percent to $17.61. Shares in other major homebuilders also skidded. Toll Brothers declined 5.9 percent to $29.94, while Lennar lost 5 percent to $39.53.

While a strong economy and job market helped boost home sales earlier this year, rising mortgage rates and home prices are becoming hurdles for many would-be buyers. The annual rate of new U.S home sales has dropped 15.3 percent since May, eliminating much of the strength in sales from the first five months of 2018.

Power provider Pacific Gas & Electric plunged for the sixth-straight day as concerns mounted over whether it could sustain losses related to the devastating wildfire in Northern California, which started Nov. 8 and has killed at least 56 people.

The company's stock price has plunged 63 percent since Nov. 8, wiping out $15.6 billion of market value. PG&E stock was the biggest decliner in the S&P 500 index Thursday. It sank 30.7 percent to $17.74.

Oil prices closed higher for the second straight day. Benchmark U.S. crude rose 0.4 percent to settle at $56.46 a barrel in New York. Brent crude, used to price international oils, gained 0.8 percent to close at $66.62 a barrel in London.

Despite the latest pickup, U.S. crude oil is still down about 13.5 percent for the month. The average price for a gallon of gasoline in the U.S. has dropped to $2.67 from $2.89 a month ago, according to AAA.

Natural gas, which spiked Wednesday amid forecasts calling for a cold snap across much of the Northeast and South, slumped 16.5 percent to $4.04 per 1,000 cubic feet.

In other energy trading, heating oil fell 1 percent to $2.07 a gallon and wholesale gasoline slid 0.3 percent to $1.56 a gallon.

Energy stocks got a boost from the pickup in oil prices. Noble Energy gained 3.1 percent to $29.50.

Bond prices rose. The 10-year Treasury fell to 3.11 percent from 3.12 percent late Wednesday.

The dollar rose to 113.58 yen from 113.51 yen on Wednesday. The euro strengthened to $1.1348 from $1.1338. The pound weakened to $1.2791 from $1.3038.

The price of gold gained 0.4 percent to $1,215 an ounce. Silver rose 1.3 percent to $14.26 an ounce. Copper added 1.3 percent to $2.75 a pound.

Major European stock indexes closed mostly lower following a flare-up in discord over British Prime Minister Theresa May's plan for Britain's departure from the European Union next year. She persuaded a majority in her Cabinet to back an agreement that would allow Britain to stay in a customs union while a trade treaty is negotiated, but the deal faces an uncertain fate in Parliament and two of her Cabinet ministers, including the Brexit minister, resigned in protest.

The disarray surrounding the process sent the pound lower and hit British bank stocks. Barclay's slid 5.1 percent to $8.54 and Royal Bank of Scotland slumped 8.9 percent to $5.93.

Germany's DAX dropped 0.5 percent and France's CAC 40 shed 0.7 percent. London's FTSE 100 rose 0.1 percent. In Asia, Hong Kong's Hang Seng added 1.7 percent and Tokyo's Nikkei 225 gave up 0.2 percent. Seoul's Kospi gained 1 percent.

 

[bigdog]

https://www.usnews.com/news/busines...ares-mixed-on-uncertainty-over-trade-tensions

Health Care, Energy Companies Power US Stock Market Higher
Wall Street capped a day of volatile trading with a late-afternoon buying spree that sent U.S. stock indexes to a mostly higher finish Friday.

By ALEX VEIGA, AP Business Writer

Wall Street capped a day of volatile trading with a late-afternoon buying spree that sent U.S. stock indexes to a mostly higher finish Friday.

Despite the 11th-hour rally, the benchmark S&P 500 index ended with its second weekly loss in four weeks.

Gains in health care and energy companies powered the market higher. Energy companies also rose.

The market got a brief boost after President Donald Trump expressed optimism that the U.S. and China will reach a deal to resolve their costly trade dispute. The remarks came as representatives of both countries have resumed talks.

Large retailers and media and communications companies were the laggards.

"The market and market participants are more unsettled now than they have been in years," said Tom Martin, senior portfolio manager with Globalt Investments. "We're that much further on in the cycle and you have these tariffs and trade wars that are really still in the very early stages."

The S&P 500 index rose 6.07 points, or 0.2 percent, to 2,736.27. The Dow Jones Industrial Average gained 123.95 points, or 0.5 percent, to 25,413.22. The Nasdaq composite slid 11.16 points, or 0.2 percent, to 7,247.87. The Russell 2000 index of smaller companies picked up 3.41 points, or 0.2 percent, to $1,527.53.

The S&P 500, which finished higher for the second straight day, ended the week with a loss of 1.6 percent.

Like much of this week, the market spent much of Friday veering between bouts of listless trading and modest swings.

"Investors are really trying to figure out how they want to be positioned based on the incoming information," Martin said. "It's not surprising to me that at this time of year, given what we've seen, that we're getting the intraday moves we're getting."

One of the day's market swings came as traders reacted to Trump's remarks on trade.

At the White House, speaking about the lingering trade dispute, the president said he hoped the U.S. could make a deal with China.

"I think a deal will be made," Trump said. "We'll find out very soon."

Stocks snapped higher after the remarks were reported, with the Dow briefly jumping as much as 220 points, before pulling back to about where they were beforehand.

Soybean futures spiked after Trump's comments. Soybean prices have fallen sharply since this Spring as the trade dispute with China led to a steep drop in China's purchases of U.S. soybeans. Soybean futures jumped from $8.83 to $8.92 a bushel following the comments. They had traded as high as $10.78 a bushel in early March.

The Trump administration has imposed a 10 percent tariff on $200 billion of Chinese goods over complaints Beijing steals or pressures foreign companies to hand over technology as the price of market access. That tariff is set to rise to 25 percent in January. Another $50 billion of Chinese goods already is subject to 25 percent duties. Beijing has responded with penalty duties on $110 billion of American goods.

Washington and Beijing resumed talks over their spiraling trade dispute this week ahead of a meeting between President Xi Jinping and Trump, China's Commerce Ministry said Thursday.

Health care stocks were among the biggest gainers Friday. Universal Health Services gained 3.9 percent to $133.

Troubled California power provider PG&E surged 37.5 percent to $24.40 after the president of the utility's state regulator said it was essential for a power company to have the financial strength to operate safely. The remark late Thursday by California Public Utilities Commission President Michael Picker appeared to reassure investors concerned the company may face a torrent of costs related to the devastating wildfire in Northern California. There's been speculation that PG&E's equipment may have set off the blaze, which started Nov. 8 and has killed at least 56 people.

Chipmaker Nvidia led a sell-off in technology stocks. The company plunged 18.8 percent to $164.43 after saying it had a large number of unsold chips because of a big drop in mining of cryptocurrencies.

Retailers also weighed on the market. Nordstrom cratered 13.7 percent to $50.93 after the department store issued weak guidance for the full year. That disappointing outlook overshadowed the company's third-quarter results, which topped Wall Street's estimates.

Williams-Sonoma tumbled 11.2 percent to $53.76 after the cookware seller said products were delayed because of shipping congestion out of China ahead of U.S. tariffs.

The price of U.S. crude oil finished flat after a two-day winning streak. Benchmark U.S. crude oil was unchanged at $56.46 a barrel in New York. Brent crude, used to price international oils, gained 0.2 percent to $66.76 a barrel in London. Despite the latest uptick, U.S. crude oil is still down about 13 percent for the month.

The pickup in oil prices helped lift energy stocks. Helmerich & Payne rose 4.2 percent to $62.59.

In other energy trading, heating oil held steady to $2.07 a gallon and wholesale gasoline jumped 1.3 percent to $1.58 a gallon.

Natural gas, which spiked earlier this week amid forecasts calling for a cold snap across much of the Northeast and South, continued to climb Friday, adding 5.8 percent to $4.27 per 1,000 cubic feet. It is now up around 32 percent this month.

Bond prices rose. The 10-year Treasury fell to 3.07 percent from 3.11 percent late Thursday.

The dollar fell to 112.83 yen from 113.58 yen on Thursday. The euro strengthened to $1.1412 from $1.1348. The pound rose to $1.2831 from $1.2791.

The price of gold rose 0.7 percent to $1,223 an ounce. Silver gained 0.8 percent to $14.38 an ounce. Copper climbed 1.9 percent to $2.80 a pound.

Major European stock indexes closed lower as trade tensions and political risks surrounding Britain's exit from the European Union kept investors cautious. Germany's DAX lost 0.1 percent and France's CAC slid 0.2 percent. Britain's FTSE 100 gave up 0.3 percent.

In Asia, Japan's Nikkei 225 index lost 0.6 percent while the Hang Seng in Hong Kong added 0.3 percent. South Korea's Kospi rose 0.2 percent.

6926

 

[bigdog]

https://www.usnews.com/news/busines...mostly-up-cheered-by-wall-street-buying-spree

US Stocks Take Sharp Losses as Tech, Internet Companies Drop
Big technology and internet companies again came under heavy selling pressure, leading to broad losses across the market.

By MARLEY JAY, AP Markets Writer

NEW YORK (AP) — Big technology and internet companies tumbled again Monday, leading to broad losses across the stock market. The Dow Jones Industrial Average briefly fell 500 points.

Apple, Microsoft and Amazon, the most valuable companies on the market, sustained some of the worst losses. Facebook, another longtime investor darling that has fallen out of favor since this summer, also skidded.

After a brutal October, stocks had started to recover early this month. But continued losses for tech companies have sent major indexes lower again.

Mark Hackett, chief of investment research at Nationwide Investment Management, said investors are dumping the high-profile technology companies that have dominated the market recently. He said investors are picking companies based on traditional profit and revenue figures instead of the kind of user growth figures favored by tech companies.

"These things had outperformed the S&P by a mile over the last three years," he said, but that's changed now. "On good days they're not the leaders, and on bad days they're the laggards."

The S&P 500 index fell 45.54 points, or 1.7 percent, to 2,690.73. The Dow Jones Industrial Average sank 395.78 points, or 1.6 percent, to 25,017.44. It was down as much as 512 earlier.

The Nasdaq composite skidded 219.40 points, or 3 percent, to 7,028.48. The Russell 2000 index of smaller-company stocks lost 30.99 points, or 2 percent, to 1,496.54.

Investors focused again on trade tensions between the U.S. and China after the two countries clashed at a Pacific Rim summit over the weekend.

A steep loss for Boeing, a major exporter which would stand to suffer greatly in a protracted trade war, weighed heavily on the Dow. Boeing gave up 4.5 percent to $320.94, but is still one of the best-performing stocks in the 30-stock index. Apple fell 4 percent to $185.86 on renewed worries that iPhone sales could slow, Microsoft lost 3.4 percent to $104.62 and Amazon gave back 5.1 percent to close at $1,512.29.

High-dividend stocks like real estate companies and utilities, which investors favor when they are fearful of market turmoil, held up better than the rest of the market.

The disagreements between the U.S. and China at the Asia-Pacific Economic Cooperation meeting left investors feeling pessimistic about the prospects for a deal that would end the trade tensions between the world's two largest economies. For the first time in almost 30 years, leaders at the summit could not agree on a joint declaration on world trade.

Talks between the U.S. and China are continuing ahead of a meeting between Chinese President Xi Jinping and President Donald Trump planned for the G-20 summit later this month.

Among tech and internet stocks, chipmaker Nvidia dropped another 21 percent to $144.70. Nvidia said last week that it had a large number of unsold chips because of a big drop in mining of cryptocurrencies. Facebook sank 5.7 percent to $131.55 and Netflix lost 5.6 percent to $270.21.

The S&P 500 index of technology companies has now plunged 13.1 percent since the end of September.

Nissan said its chairman, Carlos Ghosn, was arrested Monday and will be dismissed from the company after allegedly under-reporting his income. Nissan said an internal investigation found Ghosn under-reported his income by millions of dollars and engaged in other "significant misconduct."

U.S.-traded shares of Nissan lost 5.8 percent to $16.90. In Paris, shares of Nissan's partner Renault dropped 8.4 percent.

Industrial companies and retailers also stumbled. Caterpillar fell 3.1 percent to $125.98 and Nike lost 3 percent to $72.52.

Benchmark U.S. crude reversed an early loss and rose 0.5 percent to $56.76 a barrel in New York. U.S. crude prices have dropped for six weeks in a row and are trading around their lowest level in about nine months.

Brent crude, used to price international oils, was little changed at $66.79 a barrel in London.

Wholesale gasoline added 0.4 percent to $1.58 a gallon. Heating oil gained 0.6 percent to $2.09 a gallon. Natural gas surged 10 percent to $4.70 per 1,000 cubic feet.

The parent company of California utility Pacific Gas & Electric fell again after it disclosed that it had a power line failure near the start of a deadly wildfire the morning the fire began. The Mercury News of San Jose reported Saturday that the company said it had an outage at 6:45 a.m. on Nov. 8 in Concow. The Camp Fire has killed at least 77 people and destroyed more than 10,500 homes.

PG&E stock fell 4.7 percent to $23.26. The stock has plunged 51 percent since Nov. 8 as investors try to assess the damages the company might have to pay if it's held liable for the blaze.

Gold rose 0.2 percent to $1,225.30 an ounce. Silver inched up 0.1 percent to $14.40 an ounce. Copper held steady at $2.80 a pound.

Bond prices rose. The yield on the 10-year Treasury note fell to 3.05 percent from 3.07 percent. The dollar slipped to 112.54 yen from 112.83 yen. The euro rose to $1.1453 from $1.1412. The pound rose to $1.2855 from $1.2831.

France's CAC 40 gave up 0.8 percent and Germany's DAX slid 0.9 percent. Britain's FTSE 100 slipped 0.2 percent. Japan's benchmark Nikkei 225 rose 0.7 percent and Hong Kong's Hang Seng added 0.7 percent. South Korea's Kospi gained 0.4 percent.

 

[bigdog]

SEA OF RED AGAIN

ALL ORDS reported as 22 month low

DUMP TRUMP!!

https://www.usnews.com/news/busines...-slide-after-wall-street-losses-nissan-arrest

Tech Giants Plunge Again, Pushing Market Into Red for Year
Stocks skid Tuesday as weak results from retailers and mounting losses for big technology companies push the market back into the red for the year.

By MARLEY JAY, AP Markets Writer

NEW YORK (AP) — Stocks dropped again Tuesday as losses mounted for the world's largest technology companies. Retailers also fell, and energy companies plunged with oil prices as the market sank back into the red for the year.

Oil prices tumbled another 6.6 percent as Wall Street reacted to rising oil supplies and concerns that global economic growth will slow down, a worry that's intensified because of the trade tensions between the U.S. and China.

Technology companies were hit after the Trump administration proposed new national security regulations that could limit exports of high-tech products in fields such as quantum computing, machine learning and artificial intelligence.

Retailers also skidded. Target's profit disappointed investors as it spends more money to revamp its stores and its website, while Ross Stores, TJX and Kohl's also fell on disappointing forecasts.

The S&P 500 index lost 48.84 points, or 1.8 percent, to 2,641.89. The Dow Jones Industrial Average sank 551.80 points, or 2.2 percent, to 24,465.64.

The tech-heavy Nasdaq composite lost 119.65 points, or 1.7 percent, to 6,908.82. The Russell 2000 index of smaller-company stocks shed 27.53 points, or 1.8 percent, to 1,469.01.

The Dow Jones Industrial Average has lost 3.7 percent in the last two days, and the S&P 500 is off 3.4 percent. The Nasdaq, heavily populated with technology stocks, is off 4.7 percent. The S&P 500 index has fallen 9.9 percent from the record high it set exactly two months ago.

Investors are measuring a number of headwinds and increasingly playing it safe. The global economy is showing signs of weakening, with the United States, China and Europe all facing the rising threat of a slowdown, which can hurt demand for commodities such as oil and pose a threat to company profits. Trade tensions between the U.S. and China appear to be getting worse instead of improving, contributing to the sell-off in tech stocks and multinational industrial companies.

For much of this year, investors were hopeful the U.S. and China would easily resolve their differences on trade. That hope has faded in the last two months. While U.S. President Donald Trump and China President Xi Jinping are expected to meet this month at a gathering of the Group of 20 major economies, the proposed limits on tech exports were one more reason to worry.

"A resolution doesn't seem to be coming in the short term," said Katie Nixon, the chief investment officer for Northern Trust Wealth Management. "A lot of the companies that are front and center (like) Alphabet, Apple, IBM ... could be significantly limited in the way they export their technology."

Apple fell 4.8 percent to $176.98 and is down 23.7 percent from the peak it reached October 3, though it's still up almost 5 percent this year. Microsoft lost 2.8 percent to $101.71 and IBM fell 2.6 percent to $117.20

As the tech giants swoon, investors have lately turned to safer bets such as utilities, real estate companies and makers of household goods. They've also sought the safety of U.S. Treasuries.

The price of oil has been falling sharply in recent weeks and is now down 30 percent since October 3.

Saudi Arabia and other countries started producing more oil after the Trump administration announced renewed sanctions on Iran, Nixon noted. The administration granted waivers to several countries allowing them to continue importing oil from Iran, creating a supply glut that pushed prices dramatically lower.

Nixon said OPEC countries will probably cut back on oil production, but some investors are worried that the buildup in crude stockpiles is a sign the global economy isn't doing as well as expected.

Earnings from retailers didn't help investors' mood. Target plunged skidded 10.5 percent to $69.03 after reporting earnings that missed Wall Street's estimates due to higher expenses. Ross Stores, TJX and Kohl's also fell on disappointing forecasts.

Tech stocks were among the biggest losers in Europe, too. Nokia and Ericsson, two top suppliers of telecom networks, each fell about 3 percent. European indexes fell, with Germany's DAX index dropping 1.6 percent and the French CAC 30 falling 1.2 percent. Britain's FTSE 100 lost 0.8 percent.

Stocks also declined in Asia. Japan's Nikkei 225 lost 1.1 percent and Hong Kong's Hang Seng shed 2 percent.

Benchmark U.S. crude lost 6.6 percent to $53.43 a barrel in New York. Brent crude, used to price international oils, fell 6.4 percent to $62.53 per barrel in London. Oil prices have nosedived since early October.

Wholesale gasoline fell 5.5 percent to $1.50 a gallon and heating oil skidded 4.6 percent to $1.99 a gallon. Natural gas dipped 3.8 percent to $4.52 per 1,000 cubic feet.

Bond prices were steady. The yield on the 10-year Treasury note remained at 3.06 percent.

Gold slipped 0.3 percent to $1,221.20 an ounce. Silver fell 0.9 percent to $14.27 an ounce. Copper slid 1.2 percent to $2.77 a pound.

The dollar fell to 112.40 yen from 112.54 yen. The euro fell to $1.1399 from $1.1453.

 

[bigdog]

NYSE closed tomorrow for Thanksgiving holiday

https://www.usnews.com/news/busines...-fall-on-sign-of-escalating-us-china-tensions

Stocks Edge Higher on Wall Street After 2 Days of Big Losses
Stocks tick higher in quiet trading ahead of the Thanksgiving holiday as high-growth technology, internet and retail companies get a reprieve from their recent losses.

By MARLEY JAY, AP Markets Writer

NEW YORK (AP) — Stocks in the U.S. finished mostly higher Wednesday, a break after two days of steep losses. Technology and internet companies and retailers were responsible for most of the gains.

The gains came from high-growth stocks such as retail and industrial companies, and energy companies benefited as crude oil rose about 2 percent. Smaller and more domestically-focused companies surged. Those sectors have slumped over the last two months. Despite the gains Wednesday, the S&P 500 is down 3.2 percent so far this week.

Alec Young, managing director of global markets research at FTSE Russell, said the market has tumbled this autumn because growth in the global economy and in company profits is slowing down, and investors are worried that the situation will get worse.

Young said Wall Street essentially has a two-item wish list for the holidays: a general trade agreement between the U.S. and China, and a sign the Fed will raise interest rates at a more gradual clip. Presidents Donald Trump and Xi Jinping are scheduled to discuss the trade situation at a Group of 20 summit at the end of this month. If those things transpire, he said, the stock market will settle down.

"All they have to do is agree on a high-level framework that can delay the increase in the tariffs," Young said. "If the Fed is more dovish and we get some positive news on China, we can have a solid end to the year."

The S&P 500 index rose as much as 1.1 percent in early trading, but finished with a gain of just 8.04 points, or 0.3 percent, at 2,649.93.

The Dow Jones Industrial Average slipped 0.95 points to 24,464.69. The Nasdaq composite climbed 63.43 points, or 0.9 percent, to 6,972.25. The Russell 2000 index of smaller-company stocks rose 19.27 points, or 1.3 percent, to 1,488.28.

Trading was relatively quiet ahead of the Thanksgiving holiday. U.S. markets will be closed Thursday, and will be open for a half-day on Friday.

European stock indexes also recovered. Germany's DAX jumped 1.6 percent. Britain's FTSE 100 rose 1.5 percent and the CAC 40 in France added 1 percent.

Strong reports from companies including Foot Locker helped retailers. The shoe and athletic apparel company climbed 14.9 percent to $52.96 after its third-quarter profit and revenue surpassed Wall Street's expectations. The company said sales broke out of a slump and prices also rose. Gap rose 4.7 percent to $25.81 after reporting solid quarterly results and saying it will close more struggling Gap locations.

That contributed to a rebound for retailers after they dropped on Tuesday. Home improvement company Lowe's gained 2.5 percent to $88.37 and Nike rose 1.8 percent to $72.37.

Technology companies recovered a sliver of their recent losses. Adobe rose 2.8 percent to $225.98 and design software maker Autodesk climbed 9.7 percent to $135.04 after a strong quarterly report. The company also said it is buying construction software company PlanGrid for $875 million.

Amazon rose 1.4 percent to $1,516.73 and Facebook jumped 1.8 percent to $134.75. Microsoft picked up 1.4 percent to $103.11, but Apple lost 0.1 percent to $176.89.

Apple's market value has dropped by $264 billion since early October and Amazon has fallen by $251 billion since early September. Since late July, Facebook has lost $241 billion and Alphabet is down by $169 billion. That's $925 billion in value lost by just those four companies, more than any S&P 500 company is worth. Apple is the most valuable company on the index and is currently worth about $839 billion.

Oil prices rebounded as benchmark U.S. crude gained 2.2 percent to $54.63 a barrel in New York. It fell 6.6 percent on Tuesday and finished at its lowest price in a year. Brent crude, the international standard traded in London, rose 1.5 percent to $63.48 a barrel.

Chevron rose 1.3 percent to $117.57 and Exxon Mobil gained 0.8 percent to $77.56.

Crude prices have plunged since early October as global stockpiles surged. Production increased after the U.S. said it would re-impose sanctions on Iran's energy sector, but it later granted waivers that allowed many countries that buy oil from Iran to continue making those purchases. If the global economy slows significantly, that would also reduce demand for oil.

Bond prices fell. The yield on the 10-year Treasury note rose to 3.06 percent from 3.04 percent.

Utilities and other high-dividend stocks also declined. Those companies have done better than the rest of the market during turbulent trading in October and November, but when the market makes a broad rebound they usually get left behind. Coca-Cola fell 1.3 percent to $48.73 and Duke Energy lost 2.3 percent to $86.45.

Wholesale gasoline rose 1 percent to $1.51 a gallon. Heating oil lost 1 percent to $1.97 a gallon. Natural gas fell 1.6 percent to $4.45 per 1,000 cubic feet. Gold gained 0.6 percent to $1,228 an ounce. Silver added 1.6 percent to $14.50 an ounce. Copper rose 1 percent to $2.79 a pound.

The dollar rose to 113.06 yen from 112.40 yen. The euro edged down to $1.1388 from $1.1399.

In Asia, Japan's benchmark Nikkei 225 dropped 0.4 percent and the Kospi in South Korea was down 0.3 percent. Hong Kong's Hang Seng index rose 0.5 percent.

 

[bigdog]

NYSE closed for Thanksgiving holiday

https://www.theage.com.au/business/...cerns-weigh-on-investors-20181123-p50hsg.html

European stocks struggle as global concerns weigh on investors

Europe's share markets fell back into the red on Thursday, as investor worries about slowing global growth in the face of rising US interest rates and trade tensions outweighed crucial Brexit progress.

Chinese markets had extended their slump in Asia amid the trade war with the United States, and with Wall Street closed later for Thanksgiving and trading therefore lighter than normal, Europe followed suit.

The region also had plenty to keep it busy.

A disappointing batch of company earnings added to the stocks gloom but Italian bonds rallied for a second day as sparring continued over its budget and sterling jumped as London and Brussels agreed wording on a Brexit transition deal.

The dollar also edged lower for a second day as traders sold the greenback going into Thanksgiving and after Wall Street had seen Apple shares, which have slumped $US280 billion ($386 billion) in recent weeks, fail with an attempted rebound.

"I think that the recent moves in equities have largely been about big tech catching up with the rest of the market," said Eoin Murray, the head of investment at Hermes Investment Management.

"Post the (global market) wobbles at the end of January, it has really only been big tech that has run off into the stratosphere ... So this is simply big tech coming back down to earth."

Europe's tech sector duly lost another 0.75 per cent, but it wasn't the worst performer. Banks fell as much as 1.6 per cent and mining companies and other resources firms dropped nearly 2 per cent before clawing some ground back.

The falls also reflected the bitter Sino-US trade war, encouraging investors to take money off the table before US President Donald Trump and his Chinese counterpart, Xi Jinping, meet in Argentina next week.

The focus is on whether they can make any progress on their trade feud.

Countries belonging to the G20 group of the world's biggest economies applied 40 new trade restrictive measures between mid-May and mid-October, covering around $US481 billion of trade, the World Trade Organization said on Thursday.

Three-quarters of the restrictions were tariff hikes, many of them retaliation to steel and aluminium tariffs imposed by US President Donald Trump in March.

But the WTO did not count measures announced since or not yet implemented, and one G20 country had asked for its actions to be omitted from the monitoring report, the WTO said.

Rush for the Brexit
With no US trading to look forward to later, traders contented themselves by watching Europe's Brexit drama unfold.

Sterling jumped back up to $US1.29 and 88.50 pence per euro after London and Brussels agreed on a text setting out their post-split ties that EU leaders are expected to endorse at a summit on Sunday.

Just over four months before Britain's departure from the EU, Brexit negotiations and political uncertainty in Britain remain the key drivers for the pound, and many analysts are cautious about its prospects.

"With the UK and EU rushing to dot i's and cross t's on a Brexit deal, there's some support for sterling at the moment and some upward pressure on the front end of the rates market," said Societe Generale strategist Kit Juckes.

"Though it won't take long before we refocus on the challenge facing the Prime Minister in getting House of Commons support for her Brexit deal," he added.

Simon Fraser, the former permanent secretary at the UK foreign office, said he expected British politicians to vote on May's deal on December 10.

"There would be a huge amount of pressure put on members of parliament and I think there is a reasonable chance she would get this through ... if not at the first vote potentially in a second vote," he told a call held by fund manager Amundi.

Oil toils
The Brexit text had also seen the euro rise against the dollar which meant the single currency barely budged when ECB meeting minutes showed its policymakers were keen to affirm their plans to cut stimulus at the end of the year.

South Africa's central bank triggered far more action though, as a tight decision to hike interest rate in what had already been a hard to call meeting sent its currency, the rand, up more than 1 per cent.

Back in emerging economy share markets, MSCI's broadest index of Asia-Pacific shares outside Japan had ended little changed after recovering from an initial wobble.

The index has managed to hold up so far in November after three straight monthly declines, but is on track for its worst annual performance since 2011.

Japan's Nikkei had finished almost 0.7 per cent higher but the ongoing trade and tech jitters saw Chinese shares close 0.4 per cent in the red.

"Investors are still wary about whether they'll see further lows, given none of the issues that drove the recent correction have dissipated," said Shane Oliver, Sydney-based head of investment strategy at AMP.

In commodities, China-sensitive metals like copper fell and oil prices reversed, although they were still above one-year lows touched earlier this week.

US crude futures were last down 42 cents at $US54.21 a barrel after hitting a one-year low of $US52.77 on Tuesday. Brent eased 45 cents to $US63.03, off Tuesday's low of $US61.71.

Gold rose, with spot prices at $US1,227.60 an ounce.

 

[bigdog]

Now added S&P/ASX 200 to indexes

https://www.usnews.com/news/busines...all-on-risks-while-us-closes-for-thanksgiving

S&P 500 Slides Into 'Correction' for Second Time This Year
U.S. stocks closed lower Friday, bumping the benchmark S&P 500 index into a correction, or drop of 10 percent from its recent all-time high.

By ALEX VEIGA, AP Business Writer

U.S. stocks closed lower after a shortened session Friday, bumping the benchmark S&P 500 index into a correction, or drop of 10 percent below its most recent all-time high in September.

Energy companies led the market slide as the price of U.S. crude oil tumbled to its lowest level in more than a year, reflecting worries among traders that a slowing global economy could hurt demand for oil.

"Oil is really falling sharply, continuing its downward descent, and that appears to be giving investors a lot of concern that there's slowing global growth," said Jeff Kravetz, regional investment director at U.S. Bank Private Wealth Management. "You have that, and then you have the recent sell-off in tech and in retail, and then throw on there trade tensions and rising rates."

Losses in technology and internet companies and banks outweighed gains in health care and household goods stocks. Several big retailers declined as investors monitored Black Friday for signs of a strong holiday shopping season.

Trading volume was lighter than usual with the markets open for only a half day after the Thanksgiving holiday.

The S&P 500 index fell 17.37 points, or 0.7 percent, to 2,632.56. The index is now down 10.2 percent from its last all-time high set Sept. 20. The last time the index entered a correction was in February.

The latest correction comes as investors worry that corporate profits, a key driver of stock market gains, could weaken next year.

"The market is re-pricing and trying to assess where we're going to be in the early part of 2019," said Quincy Krosby, chief market strategist at Prudential Financial.

The Dow Jones Industrial Average lost 178.74 points, or 0.7 percent, to 24,285.95. The Nasdaq composite dropped 33.27 points, or 0.5 percent, to 6,938.98. The Russell 2000 index of smaller-company stocks picked up 0.40 points, or 0.03 percent, to 1,488.68.

Crude oil prices fell for the seventh straight week on worries that a slowing global economy could hurt demand even as oil production has been increasing.

The benchmark U.S. crude contract slid 7.7 percent to settle at $50.42 per barrel in New York. That is the lowest since October 2017. Brent crude, the international standard, lost 6.1 percent to close at $58.80 per barrel in London.

Saudi Arabia and other OPEC members have recently signaled a willingness to consider production cuts at the oil cartel's meeting next month. The U.S. has been increasing pressure on Saudi Arabia and OPEC to not cut production, however, a move which could push prices down further.

The slide in oil prices weighed on energy stocks. Concho Resources, a developer and explorer of oil and natural gas properties, slumped 6.3 percent to $126.96.

Tesla fell 3.7 percent to $325.83 after the electric auto maker said it intends to cut prices for its Model X and Model S cars in China to make them more affordable.

Traders had their eye on retailers as Black Friday, the traditional start to the crucial holiday shopping season, began. Shares in L Brands, operator of Victoria's Secret and Bath & Body Works, added 2 percent to $29.97. Other retailers put investors in a selling mood. Kohl's fell 3.7 percent to $63.83, while Target lost 2.8 percent to $67.35. Macy's dropped 1.8 percent to $32.01.

Rockwell Collins climbed 9.2 percent to $141.63 after Chinese regulators conditionally approved the sale of the maker of communications and aviation electronics systems to United Technologies Corp.

Investors will be watching next week when Presidents Xi Jinping and Trump meet at the Group of 20 summit in Argentina for signs that the two leaders can find common ground to begin unwinding the spiraling trade dispute.

The dispute between the U.S. and China has weighed on the market, stoking traders' worries that billions in escalating tariffs imposed by both countries on each other's goods will hurt corporate earnings at a time when the global economy appears to be slowing.

"If you can get President Trump and President Xi to even just come closer with their rhetoric and make a bit of progress on the trade front that could be the catalyst for markets to move higher," Kravetz said.

It may take more than a meeting to work out deep-seated issues between Washington and Beijing, which resumed talks over their trade dispute earlier this month. According to The Wall Street Journal, the U.S. has asked its allies to stop using telecommunications equipment from Huawei, which is Chinese-owned. The report cited people familiar with the matter.

Bond prices fell Friday. The yield on the 10-year Treasury note rose to 3.05 percent from 3.04 percent late Wednesday.

The dollar fell to 112.88 yen from 112.97 yen late Thursday. The euro weakened to $1.1330 from $1.1406. The pound eased to $1.2810 from $1.2876.

Gold declined 0.4 percent to $1,223.20 an ounce. Silver dropped 1.8 percent to $14.24 an ounce. Copper slid 1 percent to $2.77 a pound.

In other commodities trading, wholesale gasoline plunged 7.9 percent to $1.39 a gallon. Heating oil lost 4.8 percent to $1.88 a gallon. Natural gas fell 3.2 percent to $4.31 per 1,000 cubic feet.

Major indexes in Europe finished mostly higher after shaking off an early slide.

Traders were weighing the latest developments in the negotiations for Britain's exit from the European Union. Both sides were finalizing the terms of the divorce Friday and expected to sign off on the deal Sunday, though it's unclear whether the British parliament will pass the deal.

The FTSE 100 index of leading British shares slipped 0.1 percent. Germany's DAX index rose 0.5 percent, while France's CAC 40 gained 0.2 percent.

Earlier in Asia, South Korea's Kospi shed 0.6 percent and Hong Kong's Hang Seng index dropped 0.4 percent. Australia's S&P/ASX 200 bucked the trend, gaining 0.4 percent. Shares fell in Taiwan and rose in Singapore, Thailand and Indonesia. Japanese markets were closed for a holiday.

7300

 

[bigdog]

Hopefully a bounce back in OZ today!

https://www.usnews.com/news/busines...ks-rise-on-hopes-us-china-will-unwind-dispute

Stocks Bounce Back as Tech, Retail and Banks Jump
U.S. stocks climb as technology and retail companies climb on the first full trading day of the holiday shopping season.

By MARLEY JAY, AP Markets Writer

NEW YORK (AP) — Global stocks rose Monday after taking big losses last week. Major technology companies recovered some of their recent losses and retailers and travel companies climbed on the first full trading day of the holiday shopping season.

Major indexes in the U.S., Europe and Asia all climbed. London's main stock index jumped after the British government and the European Union agreed to terms governing Britain's departure from the EU in March. It's not clear if Parliament will approve the deal.

Stocks have been in a steep downturn since early October, but that slump has included some substantial rallies. Banks rose Monday as interest rates turned higher after a two-week slide. The first full trading day of the holiday shopping period was a strong one for companies that sell goods and services to consumers. General Motors surged after saying it will lay off 14,000 workers and will focus more on autonomous and electric vehicles.

On Friday the benchmark S&P 500 index closed 10.2 percent beneath the record high it had set in late September. That's the second time this year the index has dropped 10 percent from a recent peak, a mark known on Wall Street as a "correction." The tech-heavy Nasdaq composite and the smaller, more U.S.-focused Russell 2000 have suffered even worse downturns dating to late August.

Stocks have skidded recently as investors have grown doubtful that the U.S. and China will resolve their differences over technology policy and other issues. Their fears could be confirmed or upended in a few days, as U.S. President Donald Trump and Chinese President Xi Jinping are scheduled to discuss their trade dispute at the Group of 20 summit meeting in Buenos Aires, Argentina at the end of this week.

"A fair amount of trade escalation between the U.S. and China is being priced in by the market," said Justin Waring, a strategist at UBS Global Wealth Management's Chief Investment Office. "Any kind of statement that there will be a formal trade negotiation round following that meeting would be viewed as positive."

The U.S. is scheduled to raise import taxes on $200 billion in Chinese imports on Jan. 1, and investors are worried China will retaliate. Even if those tariffs do take effect, Waring said stocks could still gain as long as countries say they will hold off on further tariff increases while they negotiate.

The S&P 500 climbed 40.89 points, or 1.6 percent, to 2,673.45. The Dow Jones Industrial Average gained 354.29 points, or 1.5 percent, to 24,640.24.

The Nasdaq rose 142.87 points, or 2.1 percent, to 7,081.85. The Russell 2000 index of smaller-company stocks added 17.28 points, or 1.2 percent, to 1,505.96.

Among retailers, Amazon rallied 5.3 percent to $1,581.33 and Nike rose 1.7 percent to $72.71. Companies in travel and leisure also surged. Booking Holdings, the parent company of Priceline, gained 2.2 percent to $1,802.44 and MGM Resorts rose 5 percent to $27.11.

Adobe Analytics reported that shoppers spent about $10 billion online Thursday and Friday.

"The U.S. consumer contributes about 70 percent of gross domestic product, and the holiday season is always a big chunk of that spending," said Waring. "The competition is definitely breeding some more interesting sales tactics."

Technology companies and retailers have been hit hard during the market's recent slide, and they made some of the largest gains Monday. Microsoft added 3.3 percent to $106.47 and Cisco Systems gained 2.3 percent to $45.57.

General Motors rocketed 4.8 percent to $37.65 after announcing that it will lay off 14,000 factory and white-collar workers in North America and could close five plants. In addition to its focus on autonomous and electric vehicles, GM said it wants to prepare for a future economic downturn while conditions are still good.

Benchmark U.S. crude added 2.4 percent to $51.63 a barrel in New York. Brent crude, the international standard, gained 2.9 percent to $60.48 a barrel in London.

Crude prices have dropped by about one-third since early October as investors reacted to rising global fuel stockpiles and concerns about slowing economic growth. Representatives of OPEC and other major oil producers will meet in Vienna in early December to discuss a possible cut in production.

The European Union and Britain sealed an agreement governing the country's departure from the bloc on March 29. The deal leaves Britain subject to rules of the bloc at least until the end of 2020. Both pro-Brexit and pro-EU legislators have criticized the proposal, and so it's far from clear if Prime Minister Theresa May can get the pact approved.

Germany's DAX index rose 1.4 percent. France's CAC 40 rose 1 percent and the British FTSE 100 added 1.2 percent.

Japan's benchmark Nikkei 225 added 0.8 percent and South Korea's Kospi jumped 1.2 percent. Hong Kong's Hang Seng index rebounded 1.7 percent.

The dollar rose to 113.64 yen from 112.88 yen late Friday. The euro edged down to $1.1328 from $1.1330.

Bond prices fell. The yield on the 10-year Treasury note rose to 3.06 percent from 3.05 percent. That sent interest rates higher, which helped banks. JPMorgan Chase jumped 2.4 percent to $109.26 and Citigroup climbed 3.2 percent to $63.73.

In other commodities trading, wholesale gasoline rose 3.7 percent to $1.44 a gallon. Heating oil added 0.9 percent to $1.89 a gallon. Natural gas fell 1.4 percent to $4.25 per 1,000 cubic feet.

Gold dipped 0.1 percent to $1,222.40 an ounce. Silver lost 0.3 percent to $14.21 an ounce and copper fell 0.1 percent to $2.76 a pound.

 

[Skate]

Hi bigdog

The Dow Jones Industrial Average is missing from your chart

DJI = 24,640.24 +354.29 (1.46%)

Skate

 

[bigdog]

https://www.usnews.com/news/busines...es-rise-despite-trumps-latest-talk-on-tariffs

US Stock Indexes Edge Higher a Day After a Big Gain
US stock indexes end a wobbly day of trading with modest gains as communications and utility stocks rise but industrial stocks and smaller companies drop.

By MARLEY JAY, AP Markets Writer

NEW YORK (AP) — Stocks wobbled Tuesday as large high-dividend stocks rose and smaller companies sank. Major indexes were coming off big gains the day before.

Big health care companies including Johnson & Johnson rallied, as did telecommunications and household goods makers. Steel and other materials makers skidded, and a steep loss for United Technologies pulled defense contractors lower.

Technology companies rose even though President Donald Trump said he expects more tariffs on goods imported from China, some of which would hit products like computers and smartphones. Trump is scheduled to meet with Chinese President Xi Jinping during the Group of 20 summit in Argentina later this week.

"It is not unexpected that the administration would ramp up their threats moving into that meeting," said Tracie McMillion, head of global asset allocation for the Wells Fargo Investment Institute. She said trading will probably be volatile for the rest of the week, but stocks are likely to rise if the two sides are able to strike even a very general agreement.

The S&P 500 index rose 8.75 points, or 0.3 percent, to 2,682.20. The index jumped 1.6 percent Monday. The Dow Jones Industrial Average added 108.49 points, or 0.4 percent, to 24,748.73. The Nasdaq composite inched up 0.85 points to 7,082.80 after surging 2.1 percent a day earlier.

With two months of volatility on investors' minds and more likely to come, Wall Street gravitated toward safer, high-dividend communications, utility and consumer goods companies. Verizon gained 2.5 percent to $60.65, Public Service Enterprise Group climbed 1.5 percent to $54.29 and cigarette maker Altria Group rose 1.1 percent to $53.79 as tobacco companies recovered some of their recent losses.

Smaller companies, especially in heavy industry and retail, took steeper losses. The Russell 2000 index of smaller-company stocks slid 13.10 points, or 0.9 percent, to 1,492.86.

Those companies made big gains at the end of 2017, when Republicans passed a corporate tax cut. The Russell 2000 set a record high in late August but is now down 2.8 percent for the year.

"Later in the (economic) cycle, the cost of borrowing impacts small businesses," said McMillion. "Not being able to hire the labor that they need to continue to grow could be a factor in that as well."

United Technologies said it will split into three companies now that it has finished its purchase of aviation electronics maker Rockwell Collins. The company's aerospace and defense industry business will keep the United Technologies name, while its Otis elevator business and Carrier air conditioner and building systems unit will become separate companies.

Investors weren't impressed with the company's forecasts for Rockwell Collins. United Technologies also said it doesn't expect to buy back any more of its stock during the breakup, which could take up to two years. The stock fell 4.1 percent to $122.68.

Other defense companies also dipped. Northrop Grumman fell 2.1 percent to $260.34 and Raytheon gave up 1.7 percent to $171.67.

Spirit Airlines surged 15.3 percent to $58.76 after it forecast a big jump in revenue in the fourth quarter. Investors were hopeful that other airlines might see similar gains. Delta climbed 2.8 percent to $58.31 and United Continental picked up 1.8 percent to $93.38.

Trump told the Wall Street Journal late Monday that he expects to raise tariffs on $200 billion in Chinese imports on Jan. 1. His administration recently imposed a 10 percent tax on those imports, and at the start of the year that's scheduled to rise to 25 percent. Trump also threatened again to place tariffs on all remaining U.S. imports from China.

The administration's tariffs have driven up costs for many businesses, but consumers haven't felt as much of a sting. Another round of tariffs on products like laptops and computers would change that.

Apple slipped 0.2 percent to $174.24. Its stock has fallen 25 percent since early October, wiping out about $270 billion in value and leaving Apple and Microsoft essentially tied as the most valuable publicly traded companies in the world. Microsoft edged ahead a few times during the day, but at the close of trading investors valued Apple at about $827 billion and Microsoft at $822 billion.

Microsoft rose 0.6 percent to $107.14. The company hasn't done any worse than the rest of the stock market in October and November, and for technology companies, that's been an unusually good result.

Benchmark U.S. crude fell 0.1 percent to $51.56 a barrel in New York. Brent crude, the international standard, lost 0.4 percent to $60.21 a barrel in London.

Wholesale gasoline lost 1.5 percent to $1.42 a gallon and heating oil slipped 0.4 percent to $1.89 a gallon. Natural gas edged up 0.4 percent to $4.26 per 1,000 cubic feet.

Bond prices edged higher. The yield on the 10-year Treasury note fell to 3.06 percent from 3.07 percent.

Gold fell 0.7 percent to $1,213.40 an ounce. Silver declined 0.9 percent to $14.08 an ounce. Copper sank 1.7 percent to $2.71 a pound.

The dollar edged up to 113.79 yen from 113.64 yen. The euro felt to $1.1296 from $1.1328.

Germany's DAX fell 0.4 percent and the British FTSE 100 slid 0.3 percent. In France, the CAC 40 lost 0.2 percent.

Japan's benchmark Nikkei 225 added 0.6 percent and South Korea's Kospi rose 0.8 percent. Hong Kong's Hang Seng gave up 0.3 percent.

 

[bigdog]

https://www.usnews.com/news/busines...cks-mixed-after-wobbly-trading-on-wall-street

Stocks Surge as Powell Hints at Slower Interest Rate Hikes
U.S. stocks made their biggest gain in eight months after Federal Reserve Chairman Jerome Powell hinted that the Fed might be willing to raise interest rates at a slower pace next year.

By MARLEY JAY, AP Markets Writer

NEW YORK (AP) — U.S. stocks rocketed to their biggest gain in eight months Wednesday after Federal Reserve Chairman Jerome Powell hinted that the Fed might not raise interest rates much further. The Dow Jones Industrial Average surged 617 points.

In a speech to the Economic Club of New York, Powell said that rates are close to "neutral," the level at which they neither hold back growth nor aid it. That might mean the Fed isn't planning to raise interest rates far above their current levels. Powell also appeared to suggest that the Fed might pause its cycle of interest rate increases next year so the central bank can assess the effects of its actions.

That relieved investors who feel the nine-year-old bull market could come to an end if rates rise too fast. Those worries have contributed to the market's big slump in October and November.

Stocks rose in morning trading and nearly tripled their gains as Powell spoke. Bond yields slipped and the dollar weakened as investors adjusted their expectations for how quickly interest rates might rise in the future.

After slashing interest rates to near zero before the 2008-09 financial crisis, the Fed has been steadily raising them since the end of 2015 and it's expected to announce another increase in December. But higher interest rates tend to slow economic growth, and since growth in the U.S. and other regions is already likely to slow down next year, investors are concerned the increases will hinder the economy.

"He's acknowledging that if you make an interest rate move today, you're not really going to feel the effects of it for 12 to 18 months," said Jack Ablin, chief investment officer of Cresset Wealth Advisors. "Global central bank tightening (of rates) was probably the biggest risk that equity investors faced over the next four quarters, so having the Fed chairman come out and suggest they're almost done is welcome news."

The S&P 500 index surged 61.61 points, or 2.3 percent, to 2,743.78, its biggest gain since March 26. The S&P 500 has gained 4.2 percent this week, but would still need to rise another 6.8 percent to return to its record high from late September.

The Dow Jones Industrial Average jumped 617.70 points, or 2.5 percent, to 25,366.43. The Nasdaq composite rose 208.89 points, or 2.9 percent, to 7,291.59. The Russell 2000 index of smaller-company stocks gained 37.53 points, or 2.5 percent, to 1,530.38.

After an initial decline, bond prices turned higher, sending yields lower. The yield on the 10-year Treasury note fell to 3.06 percent from 3.07 percent earlier in the day. It stood at 3.05 percent late Tuesday. The yield on the 2-year note steadied at 2.81 percent.

The dollar weakened, which sent metals prices higher. The ICE US dollar index lost 0.6 percent.

Customer-management software developer Salesforce surged 10.3 percent to $140.64 after its earnings and revenue were stronger than analysts expected. That helped pull technology companies higher. Software maker Adobe rose 7.3 percent to $249.21. Apple jumped 3.8 percent to $180.94 and Microsoft rose 3.7 percent to $111.12.

Tiffany skidded 11.8 percent to $92.54 after it said foreign tourists, especially from China, didn't spend as much at its stores in its latest quarter. That contributed to disappointing sales for the company. Chinese economic growth has slowed since the government clamped down on bank lending last year as part of an effort to rein in surging debt. The U.S.- China trade dispute has also contributed to the slowdown.

Jam and packaged food maker J.M. Smucker fell 7.2 percent to $101.28 after it reported a smaller profit and less revenue than analysts had expected. Smucker also lowered its forecasts for the full year.

Boeing recovered a sliver of its recent losses as investigators in Indonesia discussed their probe into the crash of a Boeing 737 MAX 8. Indonesian authorities said they are still struggling to understand why the plane crashed, but added that faulty equipment and carrier Lion Air's own safety failures had pilots fighting for control of the plane as it fell into the Java Sea on Oct. 28, killing all 189 people aboard.

The MAX is Boeing's newest plane, and questions about the crash have pulled Boeing's stock lower. The stock rose 4.9 percent to $333.50. Wednesday, but it's still down 10 percent since Nov. 8, when federal regulators gave an emergency directive telling pilots how to handle incorrect data from a sensor that may have malfunctioned during the flight. Pilots for U.S. airlines have said that they were not told about a new feature in the MAX that could pitch the nose down sharply if sensors indicate that the plane is about to stall.

The dollar fell to 113.53 yen from 113.79 yen. The euro rose to $1.1376 from $1.1296.

Benchmark U.S. crude slipped 2.5 percent to $50.29 a barrel in New York. Brent crude, the standard for international oil prices, sank 2.4 percent to $58.76 a barrel in London.

Wholesale gasoline lost 1.6 percent to $1.40 a gallon. Heating oil fell 2.5 percent to $1.84 a gallon. Natural gas rocketed 10.6 percent to $14.72 per 1,000 cubic feet.

Gold rose 0.8 percent to $1,223.60 an ounce. Silver jumped 1.7 percent to $14.33 an ounce. Copper soared 3.3 percent to $2.80 a pound.

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

Japan's benchmark Nikkei 225 rose 1 percent and South Korea's Kospi recovered 0.4 percent. Hong Kong's Hang Seng added 1.3 percent.

 

[bigdog]

https://www.usnews.com/news/busines...ain-after-fed-chief-hints-rate-rises-may-slow

Tech and Bank Stocks Dip After a Big Rally the Day Before
US stocks finish slightly lower after an afternoon rally faded away.

By MARLEY JAY, AP Markets Writer

NEW YORK (AP) — U.S. stocks finished lower Thursday after an afternoon rally faded away. Banks and technology companies fell after the market pulled off a huge rally the day before.

Deutsche Bank dropped after German authorities raided its offices on suspicion some of its employees helped clients launder money. Financial stocks fell as interest rates again edged lower. Crude oil prices climbed after they briefly dipped under $50 a barrel overnight. The rebound helped energy stocks trade higher. Health care companies, which have climbed over the last month, continued to do better than the rest of the market.

The Federal Reserve released minutes from its meeting in early November. Officials expressed concerns about a variety of threats to the economy, including the impact of tariffs, a slowing global economy and tightening financial conditions amid falling stock prices. The assessment was in line with comments Wednesday from Federal Reserve Chairman Jerome Powell.

"That's what the Fed is trying to put out there, is they haven't gotten carried away with rate increases," said Thomas Martin, portfolio manager at Globalt Investments in Atlanta. "The market wants to see ... that they are going to be gradual."

The S&P 500 index shed 5.99 points, or 0.2 percent, to 2,737.80. The Dow Jones Industrial Average recovered from a loss of 163 points and ended down just 27.59 points, or 0.1 percent, to 25,338.84.

The Nasdaq composite slid 18.51 points, or 0.3 percent, to 7,273.08 as tech stocks dipped. Smaller companies, especially banks and industrial stocks, fared worse. The Russell 2000 index of smaller-company stocks lost 5 points, or 0.3 percent, to 1,525.39.

The S&P 500 index was coming off its largest rally in eight months and has climbed 4 percent this week. It finished at a six-month low on Friday.

Benchmark U.S. crude rose 2.3 percent to finish at $51.45 a barrel in New York. Brent crude edged up 1.3 percent to $59.51 a barrel in London.

EOG Resources rose 1.6 percent to $105.47 and Anadarko Petroleum gained 2.2 percent to $53.70. The S&P 500 index of energy companies has dropped 12 percent over the last three months, worse than any of the other major market sectors. The S&P 500 itself has fallen 6 percent over that time.

Health care stocks, meanwhile, have jumped 7 percent in the last month, about double the gains in the broader market. On Thursday drugmaker Pfizer picked up 1.4 percent to $45.51 and medical device maker Medtronic added 1.3 percent to $96.60.

Stocks rallied Wednesday after Powell suggested in a speech that the Fed might be almost done raising interest rates, and is willing to stop raising rates at least temporarily so it can assess the effects of the last few years of increases. Investors have been nervous that climbing interest rates will contribute to a damaging slowdown in economic growth. That fear is one of the major reasons behind the slide in stocks this autumn.

"In September, the feeling (in the markets) was more confident," Martin said. "Third quarter earnings reports, I think, really started to change that, and the continuing weakness of data overseas, in Europe and the rest of the world, has changed that."

Bond prices edged higher. The yield on the 10-year Treasury note fell to 3.03 percent from 3.04 percent. Banks fell as investors expected slower increases in interest rates, which reduce the profits banks make from mortgages and other types of loans. Bank of America shed 1.4 percent to $28.04 and Bank of New York Mellon slid 1.8 percent to $50.68.

Deutsche Bank stock lost 4.8 percent to $9.42. German authorities suspect that Deutsche Bank employees helped clients set up offshore companies in tax havens to launder hundreds of millions of euros. A prosecutor in Frankfurt said the investigation emerged from an analysis of documents leaked from tax havens in recent years, including the 2016 "Panama Papers."

While most health care stocks rose, medical lab operator Quest Diagnostics sank 9.3 percent to $87.94 after it cut its annual profit and revenue forecasts. The company cited a host of problems including larger reserves and reduced testing volumes. Rival LabCorp fell 2 percent to $161.81.

Qualcomm stock gained 2.6 percent to $58.11 after Qualcomm CEO Steve Mollenkopf said in an interview with CNBC that the company is close to resolving its long and costly dispute with Apple. Apple stopped making licensing fee payments to Qualcomm following a legal dispute between the companies, and later decided to stop using Qualcomm parts in some of its products.

But other technology companies fell. Intel lost 2.4 percent to $47.70. Apple slipped 0.8 percent to $179.55 and Microsoft dipped 0.8 percent to $110.19.

In other commodities trading, wholesale gasoline jumped 4.1 percent to $1.45 a gallon. Heating oil edged up 0.3 percent to $1.84 a gallon. Natural gas slipped 1.1 percent to $4.65 per 1,000 cubic feet.

Gold was little changed at $1,230.40 an ounce. Silver slipped 0.4 percent to $14.40 an ounce. Copper lost 0.9 percent to $2.79 a pound.

The dollar slid to 113.43 yen from 113.53 yen. The euro edged up to $1.1389 from $1.1376.

The FTSE 100 in Britain and the French CAC 40 both rose 0.5 percent. Germany's DAX finished little changed.

Tokyo's Nikkei 225 rose 0.4 percent and Seoul's Kospi advanced 0.3 percent while Hong Kong's Hang Seng shed 0.9 percent.