NYSE Dow Jones finished today at:

[bigdog]

Major U.S. stock indexes edged mostly lower Tuesday afternoon in light trading ahead of the New Year's Day holiday. Wall Street was closing the books on a blockbuster 2019, with the broader market on track for its best performance in six years.

Industrial companies, household goods makers and health care stocks led the selling, outweighing gains in real estate, materials and energy companies. Bond prices fell, sending yields higher. Gold rose and crude oil fell.

The S&P 500 is on pace to finish the year up 28.5%, its biggest annual gain since 2013. The benchmark index has risen for five straight weeks, hitting a number of all-time highs along the way. It's on track to close out December with its fourth consecutive monthly gain.

The market's trajectory to a strong finish for the year began in October as stocks emerged from a late-summer slump caused by fears that the U.S. economy could be headed for a recession. Those concerns eased as investors drew encouragement from surprisingly good third-quarter corporate earnings, a third interest rate cut by the Federal Reserve and other data showing the economy was not slowing as much as economists had feared.

A truce in the 17-month U.S.-China trade war helped keep investors in a buying mood through the end of the year. Washington and Beijing announced in December they reached an agreement over a “Phase 1” trade deal that calls for the U.S. to reduce tariffs and China to buy larger quantities of U.S. farm products.

On Tuesday, President Donald Trump tweeted that he will sign the initial trade deal with China at the White House next month. He also said he plans to travel to Beijing at a later date to open talks on other sticking points in the U.S.-China trade relationship that remain to be worked out, including Chinese practices the U.S. complains unfairly favor its own companies.

KEEPING SCORE: The S&P 500 was down less than 0.1% as of 2:38 p.m. Eastern time. The Dow Jones Industrial Average slipped 32 points, or 0.1%, to 28,429. The index is up 21.9% this year.

The Nasdaq composite rose 0.1%. The index, which is heavily weighted with technology stocks, is on pace for a full-year gain of 35%.

MILESTONES APLENTY: The S&P 500 has set record highs 35 times this year, up from 19 last year. The benchmark index closed above 3,000 points for the first time in September.

The Dow, which climbed above the 28,000 mark for the first time in November, has set 22 record highs this year, eclipsing the 15 it set in 2018.

The Nasdaq, which closed above 9,000 for the first time in late December, has marked 31 new highs this year, beating last year's 16 times.

TECH’S BIG YEAR: Technology stocks have helped power the broader market’s gains this year. Tech is on track to finish 2019 with a gain of about 47.5%, well ahead of the other 10 sectors in the S&P 500.

https://www.usnews.com/news/busines...en-lower-as-a-record-breaking-year-winds-down

US Stock Indexes Waver on Last Day of a Record-Breaking Year
Major U.S. stock indexes are edging mostly lower Tuesday afternoon in light trading ahead of the New Year's Day holiday.
By Associated Press, Wire Service Content Dec. 31, 2019, at 2:45 p.m.

ALEX VEIGA, AP Business Writer

Major U.S. stock indexes edged mostly lower Tuesday afternoon in light trading ahead of the New Year's Day holiday. Wall Street was closing the books on a blockbuster 2019, with the broader market on track for its best performance in six years.

Industrial companies, household goods makers and health care stocks led the selling, outweighing gains in real estate, materials and energy companies. Bond prices fell, sending yields higher. Gold rose and crude oil fell.

The S&P 500 is on pace to finish the year up 28.5%, its biggest annual gain since 2013. The benchmark index has risen for five straight weeks, hitting a number of all-time highs along the way. It's on track to close out December with its fourth consecutive monthly gain.

The market's trajectory to a strong finish for the year began in October as stocks emerged from a late-summer slump caused by fears that the U.S. economy could be headed for a recession. Those concerns eased as investors drew encouragement from surprisingly good third-quarter corporate earnings, a third interest rate cut by the Federal Reserve and other data showing the economy was not slowing as much as economists had feared.

A truce in the 17-month U.S.-China trade war helped keep investors in a buying mood through the end of the year. Washington and Beijing announced in December they reached an agreement over a “Phase 1” trade deal that calls for the U.S. to reduce tariffs and China to buy larger quantities of U.S. farm products.

On Tuesday, President Donald Trump tweeted that he will sign the initial trade deal with China at the White House next month. He also said he plans to travel to Beijing at a later date to open talks on other sticking points in the U.S.-China trade relationship that remain to be worked out, including Chinese practices the U.S. complains unfairly favor its own companies.

KEEPING SCORE: The S&P 500 was down less than 0.1% as of 2:38 p.m. Eastern time. The Dow Jones Industrial Average slipped 32 points, or 0.1%, to 28,429. The index is up 21.9% this year.

The Nasdaq composite rose 0.1%. The index, which is heavily weighted with technology stocks, is on pace for a full-year gain of 35%.

Smaller company stocks fared better than the rest of the market, sending the Russell 2000 index 0.5% higher. The Russell is on pace to end the year with a 24% gain.

U.S. markets are open for a full trading day before the New Year's Day holiday on Wednesday. They re-open Thursday.

GOING TO COURT? Shares in McDermott International slumped 12.2% after The Wall Street Journal reported that the engineering company is considering filing for bankruptcy.

CALL THE DOCTOR: Health care sector stocks accounted for a big slice of the selling Tuesday, with shares in several health insurers moving lower. Anthem slid 1.5% Humana dropped 0.6%.

BOND YIELDS: Bond prices fell. The yield on the 10-year Treasury note rose to 1.92% from 1.89% late Thursday.

MILESTONES APLENTY: The S&P 500 has set record highs 35 times this year, up from 19 last year. The benchmark index closed above 3,000 points for the first time in September.

The Dow, which climbed above the 28,000 mark for the first time in November, has set 22 record highs this year, eclipsing the 15 it set in 2018.

The Nasdaq, which closed above 9,000 for the first time in late December, has marked 31 new highs this year, beating last year's 16 times.

TECH’S BIG YEAR: Technology stocks have helped power the broader market’s gains this year. Tech is on track to finish 2019 with a gain of about 47.5%, well ahead of the other 10 sectors in the S&P 500.

BANKING ON BANKS: Financial sector stocks, especially big banks, posted strong gains in 2019, despite a sharp pullback in interest rates.

The sector is up 28.8% for the year, while JPMorgan Chase, Bank of America and Citigroup are each up over 40%.

COMMODITIES: Benchmark U.S. crude oil lost 57 cents to $61.11 per barrel. Brent crude, the international standard, gave up 65 cents to $66.02 per barrel.

The price of gold rose $4.70 to $1,523.30 per ounce.

MARKETS OVERSEAS: Britain's FTSE 100 slipped 0.6%, while the CAC 40 in Paris shed 0.1%. Germany's markets were closed. In Asia, Hong Kong's Hang Seng index lost 0.5%, while in Australia the S&P ASX 200 declined 1.7%. Many markets, including those in Tokyo and Seoul, have already ended trading for 2019.

 

[sptrawler]

Thanks bigdog, for another year of posting up the daily stock market overview, it is greatly appreciated.

 

[bigdog]

Stocks got the New Year off to a roaring start Thursday with more solid gains and record highs for major U.S. indexes, following up on a strong finish to 2019.

The Dow Jones Industrial Average climbed more than 300 points, as shares in Walt Disney, Boeing, Apple and other big companies rose. Technology sector stocks accounted for a good part of the upward move. Smaller-company stocks lagged the broader market’s gains.

The market has been grinding higher for weeks, pushing indexes to record highs, as concerns about the strength of the economy and the possibility of further escalation in the U.S.-China trade war have eased. Three interest rate cuts by the Federal Reserve and signals that the central bank is in no hurry to raise rates this year have also helped steady markets after a summer slump.

"At this point, the momentum we saw in December is carrying into January,” said Willie Delwiche, investment strategist at Baird. “It might take a little bit to really figure out whether the optimism expressed in U.S. stocks all of last year is warranted with respect to fundamentals, but for now, the benefit of the doubt is with the bulls.”

The S&P 500 climbed 27.07 points, or 0.8%, to 3,257.85. The Dow rose 330.36 points, or 1.2%, to 28,868.80. The Nasdaq composite gained 119.58 points, or 1.3%, to 9,092.19. All three indexes notched new record highs.

The DOW is up 27% over 52-wk low chg.

Tokyo's market was closed for the New Year's Day holiday.

The S&P/ASX 200 index is poised to follow the lead of U.S. markets and storm higher on Friday. According to the latest SPI futures, the ASX 200 is poised to open the day 0.9% or 58 points higher this morning.

https://www.newser.com/article/dfb3...0-off-to-a-solid-start-with-more-records.html

Wall Street gets 2020 off to a solid start with more records
By ALEX VEIGA, Associated Press

Stocks got the New Year off to a roaring start Thursday with more solid gains and record highs for major U.S. indexes, following up on a strong finish to 2019.

The Dow Jones Industrial Average climbed more than 300 points, as shares in Walt Disney, Boeing, Apple and other big companies rose. Technology sector stocks accounted for a good part of the upward move. Smaller-company stocks lagged the broader market’s gains.

The market has been grinding higher for weeks, pushing indexes to record highs, as concerns about the strength of the economy and the possibility of further escalation in the U.S.-China trade war have eased. Three interest rate cuts by the Federal Reserve and signals that the central bank is in no hurry to raise rates this year have also helped steady markets after a summer slump.

"At this point, the momentum we saw in December is carrying into January,” said Willie Delwiche, investment strategist at Baird. “It might take a little bit to really figure out whether the optimism expressed in U.S. stocks all of last year is warranted with respect to fundamentals, but for now, the benefit of the doubt is with the bulls.”

The S&P 500 climbed 27.07 points, or 0.8%, to 3,257.85. The Dow rose 330.36 points, or 1.2%, to 28,868.80. The Nasdaq composite gained 119.58 points, or 1.3%, to 9,092.19. All three indexes notched new record highs.

Smaller company stocks didn’t fare nearly as well. The Russell 2000 index slid 1.70 points, or 0.1%, to 1,666.77.

The latest gains follow a blockbuster performance by the market in 2019. The S&P 500 and Nasdaq closed out the year Tuesday with their best annual performance since 2013.

Bond prices rose. The yield on the 10-year Treasury fell to 1.88% from 1.91% late Tuesday.

U.S. stocks headed higher from the get-go Thursday as markets reopened following the New Year’s Day holiday. The market got a boost following a rally overseas after China's central bank said it will free up more money for lending.

China's central bank said it will cut the amount of money banks will be required to have on hand from Jan. 6. The move is expected to boost the country's slowing economy ahead of the Lunar New Year, which falls on Jan. 25.

“China’s cutting is a reminder that central banks are providing liquidity,” Delwiche said.

Investors continued to wait for Washington and Beijing to formalize an initial trade deal that has helped ease the market’s jitters over the 18-month dispute between the world’s two biggest economies.

Washington and Beijing announced last month that they reached an agreement over a "Phase 1" trade pact that calls for the U.S. to reduce tariffs and China to buy larger quantities of U.S. farm products.

Earlier this week, President Donald Trump tweeted that he will sign the initial trade deal with China at the White House this month. He also said he plans to travel to Beijing at a later date to open talks on other sticking points in the dispute that remain to be worked out, including Chinese practices the U.S. complains unfairly favor its own companies.

Technology companies accounted for a big slice of the market's upward move Thursday. Apple rose 2.3%, while Advanced Micro Devices jumped 7.1%.

Communication services and industrial stocks also notched solid gains. Facebook added 2.2% and Boeing rose 2.3%. General Electric climbed 6.9%.

Retailers and restaurant chains helped lift the market. Amazon gained 2.7% and McDonald's rose 1.6%.

Goldman Sachs Group was among the big gainers in the financial sector, climbing 1.9%.

Utilities, real estate and materials stocks fell as traders shifted money away from the safe-play sectors.

Tesla rose 2.9% after a published report suggested the electric car maker will deliver its first China made Model 3 sedans as early as next week.

Anixter International climbed 3.9% after the supplier of communication and security products agreed to a higher buyout offer from private equity firm Clayton, Dubilier and Rice.

Energy futures bounced back from an early slide to close mostly higher.

Benchmark crude oil rose 12 cents to settle at $61.18 a barrel. Brent crude oil, the international standard, gained 25 cents to close at $66.25 a barrel.

Wholesale gasoline rose 1 cent to $1.70 per gallon. Heating oil was little changed at $2.02 per gallon. Natural gas fell 7 cents to $2.12 per 1,000 cubic feet.

Gold rose $5.00 to $1,524.50 per ounce, silver rose 14 cents to $17.97 per ounce and copper rose 4 cents to $2.83 per pound.

The dollar fell to 108.55 Japanese yen from 108.72 yen on Wednesday. The euro weakened to $1.1166 from $1.1262.

Major indexes in Europe closed broadly higher. Germany's DAX rose 1%, while France's CAC 40 gained 1.1%. Britain's FTSE 100 added 0.8%. In Asia, Hong Kong's Hang Seng jumped 1.1% and South Korea's Kospi lost 1.0%. Tokyo's market was closed for the New Year's Day holiday.

 

[bigdog]

Stocks fell broadly on Wall Street and oil prices surged Friday after a U.S. strike killed a top Iranian general in Iraq, raising tensions in the Middle East.

The selling, which lost some momentum toward the end of the day, ended a five-week winning streak for the S&P 500 a day after the benchmark index hit its latest record high.

The price of U.S. crude oil climbed 3.1%. Investors sought safety in U.S. government bonds, sending their yields lower. The price of gold rose.

Technology, financial and health care stocks accounted for much of the selling. Companies that rely on consumer spending also fell, along with airlines. Several energy stocks got a boost from higher oil prices. Defence contractors also notched gains.

The strike marks a major escalation in the conflict between Washington and Tehran, as Iran vowed “harsh retaliation" for the killing of the senior military leader.

“Until now, the two big risks have been policy -- trade and the Fed,” said Jeff Kravetz, regional investment director at U.S. Bank Private Wealth Management. “This introduces a wildcard, which is a third risk: rising political tensions in the Middle East.”

The S&P 500 dropped 23 points, or 0.7%, to 3,234.85. The index ended with a 0.2% loss for the week.

The Dow Jones Industrial Average fell 233.92 points, or 0.8%, to 28,634.88. The index briefly dropped 368 points.

The Nasdaq lost 71.42 points, or 0.8%, to 9,020.77. The Russell 2000 index of smaller company stocks gave up 5.90 points, or 0.4%, to 1,660.87.

The major stock indexes were coming off record highs after closing out 2019 earlier in the week with the best annual performance by the S&P 500 and Nasdaq since 2013.

Japanese markets were closed.

Chart DOW vs S&P 500 vs NASDAQ Composite vs AORD

https://www.chroniclejournal.com/ne...cle_f64b3cf5-dc44-5eb8-85d9-146dacc9da33.html

Oil prices surge, stocks fall after US kills Iranian general
Oil prices surge, stocks fall after US kills Iranian general

• Alex Veiga The Associated Press
• Jan 3, 2020

Stocks fell broadly on Wall Street and oil prices surged Friday after a U.S. strike killed a top Iranian general in Iraq, raising tensions in the Middle East.

The selling, which lost some momentum toward the end of the day, ended a five-week winning streak for the S&P 500 a day after the benchmark index hit its latest record high.

The price of U.S. crude oil climbed 3.1%. Investors sought safety in U.S. government bonds, sending their yields lower. The price of gold rose.

Technology, financial and health care stocks accounted for much of the selling. Companies that rely on consumer spending also fell, along with airlines. Several energy stocks got a boost from higher oil prices. Defence contractors also notched gains.

The strike marks a major escalation in the conflict between Washington and Tehran, as Iran vowed “harsh retaliation" for the killing of the senior military leader.

“Until now, the two big risks have been policy -- trade and the Fed,” said Jeff Kravetz, regional investment director at U.S. Bank Private Wealth Management. “This introduces a wildcard, which is a third risk: rising political tensions in the Middle East.”

The S&P 500 dropped 23 points, or 0.7%, to 3,234.85. The index ended with a 0.2% loss for the week.

The Dow Jones Industrial Average fell 233.92 points, or 0.8%, to 28,634.88. The index briefly dropped 368 points.

The Nasdaq lost 71.42 points, or 0.8%, to 9,020.77. The Russell 2000 index of smaller company stocks gave up 5.90 points, or 0.4%, to 1,660.87.

The major stock indexes were coming off record highs after closing out 2019 earlier in the week with the best annual performance by the S&P 500 and Nasdaq since 2013.

Investor sentiment has been mostly positive in recent weeks as concerns about the strength of the economy and the possibility of further escalation in the U.S.-China trade war eased. Three interest rate cuts by the Federal Reserve have also helped steady markets.

But the market’s relative calm ended with Friday morning’s news that the U.S. had killed Gen. Qassem Soleimani, head of Iran’s elite Quds Force, in an air attack at the Baghdad international airport.

President Donald Trump said the attack was ordered because Soleimani was plotting to kill many Americans. The Pentagon took steps to reinforce the American military presence in the Middle East in preparation for reprisals from Iran.

“We'll probably see some short-term volatility, but it's doubtful that it's going to escalate to something that is a meaningful concern for investors,” Kravetz said.

The heightened geopolitical risk sent oil prices higher Friday. Benchmark U.S. crude climbed $1.87, or 3.1%, to settle at $63.05 per barrel. It had been up 3.6% earlier in the day. Brent crude, used to price international oils, rose $2.35, or 3.5%, to close at $68.60 per barrel.

Energy companies made gains over concerns that a U.S.-Iran conflict could disrupt global supplies and send oil prices even higher. Occidental Petroleum rose 2.4% and Hess gained 3.1%.

The surge in oil helped pull down airline stocks and drove up shares in defence contractors.

American Airlines Group dropped 5%, United Airlines Holdings slid 2.1% and Delta Air Lines lost 1.7%. Meanwhile, Northrop Grumman climbed 5.4%, Raytheon rose 1.5% and Lockheed Martin gained 3.6%.

The price of gold, which investors buy in times of uncertainty as a safe haven of value, rose $24.70, or 1.6%, to $1,549.20 per ounce.

Bond prices rose. The yield on the 10-year Treasury fell to 1.79% from 1.88% late Thursday, a big move. Lower bond yields bring down the interest rates that banks charge for mortgages and other consumer loans, making them less profitable. That prompted a sell-off in bank shares. JPMorgan slid 1.3%, Bank of America dropped 2.1% and Citigroup lost 1.9%.

Investors bid up Lamb Weston after the frozen foods supplier's fiscal second-quarter earnings and revenue beat Wall Street analysts' forecasts. The stock was the biggest gainer in the S&P 500, vaulting 11.3%.

Tesla climbed 3% after the electric vehicle maker reported a 50% rise in deliveries for 2019.

In other commodities trading, wholesale gasoline rose 5 cents to $1.75 per gallon. Heating oil climbed 4 cents to $2.06 per gallon. Natural gas rose 1 cent to $2.13 per 1,000 cubic feet.

Silver rose 10 cents to $18.07 per ounce and copper fell 3 cents to $2.80 per pound.

The dollar fell to 108.01 Japanese yen from 108.55 yen on Thursday. The euro was unchanged at $1.1166.

The heightened geopolitical tensions and surging oil prices also weighed on global markets Friday.

In Europe, Germany's DAX tumbled 1.2%, while Italy's FTSE MIB dropped 0.6%. Both countries are net oil importers with big manufacturing sectors. France's CAC 40 ended flat, while London's FTSE gained 0.2%.

Markets in Asia ended mixed. Hong Kong's Hang Seng lost 0.3%, while India's Sensex lost 0.5%. Australia's S&P-ASX 200 gained 0.6%. Japanese markets were closed.

005

 

[bigdog]

Stocks shook off an early loss and managed modest gains on Wall Street as traders remain cautious about rising tensions between the U.S. and Iran.

Gold touched its highest price in nearly seven years Monday as investors sought safety amid worries that rising U.S.-Iran tensions could lead to war. Gold settled at $1,566.20 per ounce, up $17, and it's climbed more than $40 since before Soleimani's killing.

U.S. stocks seemed set to fall a second straight day Monday on those same worries, but gains for oil producers and big internet companies made up for drops by industrial companies and banks.

Stocks in Asia and Europe retreated as dollars flowed out of riskier investments, but the U.S. market shook off its morning losses to grind out a modest gain. After dropping 0.6% as soon as trading opened, the S&P 500 pushed steadily higher through the day and ended up recovering half its sharp loss from Friday.

The S&P 500 climbed 11.43 points, or 0.4%, to 3,246.28. The Dow Jones Industrial Average erased an early morning loss of 216 points en route to a gain of 68.50 points, or 0.2%, to 28,703.38, and the Nasdaq composite rose 50.70 points, or 0.6%, to 9,071.46.

Caution has been seeping through markets since early Friday, when a U.S. drone strike killed Iranian Gen. Qassem Soleimani in Iraq. Both the United States and Iran have since talked up the threat of violence, which pushed up the price of gold as money flowed into investments seen as safer. Gold neared $1,591 per ounce during morning trading and reached its highest level since April 2013.

The S&P/ASX 200 index looks set to push higher on Tuesday. According to the latest SPI futures, the ASX 200 is poised to jump 0.55% or 36 points at the open.

https://www.usnews.com/news/busines...-sink-gold-jumps-as-us-iran-tensions-escalate

Gold Climbs on War Worries; US Stocks Shake off Early Loss
Stocks shook off an early loss and managed modest gains on Wall Street as traders remain cautious about rising tensions between the U.S. and Iran.
By Associated Press, Wire Service Content Jan. 6, 2020, at 4:36 p.m.

By STAN CHOE and DAMIAN J. TROISE, AP Business Writers

NEW YORK (AP) — Gold touched its highest price in nearly seven years Monday as investors sought safety amid worries that rising U.S.-Iran tensions could lead to war.

Stocks in Asia and Europe retreated as dollars flowed out of riskier investments, but the U.S. market shook off its morning losses to grind out a modest gain. After dropping 0.6% as soon as trading opened, the S&P 500 pushed steadily higher through the day and ended up recovering half its sharp loss from Friday.

The S&P 500 climbed 11.43 points, or 0.4%, to 3,246.28. The Dow Jones Industrial Average erased an early morning loss of 216 points en route to a gain of 68.50 points, or 0.2%, to 28,703.38, and the Nasdaq composite rose 50.70 points, or 0.6%, to 9,071.46.

Caution has been seeping through markets since early Friday, when a U.S. drone strike killed Iranian Gen. Qassem Soleimani in Iraq. Both the United States and Iran have since talked up the threat of violence, which pushed up the price of gold as money flowed into investments seen as safer. Gold neared $1,591 per ounce during morning trading and reached its highest level since April 2013.

Gold settled at $1,566.20 per ounce, up $17, and it's climbed more than $40 since before Soleimani's killing.

Gold has historically performed well around past military conflicts, such as the two Persian Gulf wars and the Sept. 11, 2001 attacks, even after taking into account interest rates and the dollar's movements, according to Goldman Sachs commodities analysts.

“The escalation in the Middle East was both unexpected and unwelcome,” said Craig Erlam, senior market analyst at trading platform OANDA Europe. “Investors are now fully in defensive mode, hoping for the best but fearing the worst."

U.S. stocks seemed set to fall a second straight day Monday on those same worries, but gains for oil producers and big internet companies made up for drops by industrial companies and banks.

Oil prices have climbed in recent days because any potential violence in the Middle East could disrupt oilfields in the region. Benchmark U.S. crude oil rose 22 cents to settle at $63.27 per barrel, adding to big gains from Friday. Brent crude, the international standard, rose 31 cents to $68.91 per barrel.

That helped drive energy stocks in the S&P 500 to a 0.8% gain, the second-largest among the 11 sectors that make up the index. EOG Resources jumped 4.1%, Occidental Petroleum rose 3.3% and Halliburton gained 2.5%.

Healthy gains for Amazon, Apple, Facebook and Google's parent company, Alphabet, also helped lift the market.

Besides waiting for the next step in the clash between the United States and Iran, several big economic reports are on the schedule this upcoming week that could move markets. The headliner is Friday's jobs report from the government.

Solid job growth has helped support the U.S. economy, even as trade wars hurt manufacturing around the world, and economists expect Friday's report to show that employers added 155,000 jobs last month. The healthy job market is one of the reasons the S&P 500 soared to its second-best showing in 22 years in 2019. Big moves by central banks around the world to shield the economy from the pain of trade wars were also big factors.

Overseas stock markets slumped Monday, though the losses moderated as trading headed west with the sun.

In Asia, Japan's Nikkei 225 lost 1.9%, South Korea's Kospi dropped 1% and Hong Kong's Hang Seng fell 0.8%.

In Europe, Germany's DAX lost 0.7% and France's CAC 40 dropped 0.5%. The FTSE 100 in London fell 0.6%.

Treasury yields rose and recovered some of their sharp drops from Friday. The yield on the 10-year Treasury climbed to 1.80% from 1.78% late Friday. It had been at 1.88% late Thursday, before Soleimani's killing.

In the commodities markets, wholesale gasoline was little changed at $1.75 per gallon. Heating oil fell 3 cents to $2.03 per gallon. Natural gas rose 1 cent to $2.14 per 1,000 cubic feet.

Silver rose 3 cents to $18.10 an ounce. Copper was little changed at $2.80 per pound.

The dollar rose to 108.46 Japanese yen from 108.01 yen on Friday. The euro strengthened to $1.1192 from $1.1166.

 

[bigdog]

U.S. stocks mostly fell on Tuesday, but the big rush for safety that coursed through global markets after the United States killed a top Iranian general on Friday slowed.

Gold’s momentum eased a day after touching its highest price in nearly seven years, several Asian and European stock markets clawed back much of their losses from Monday and benchmark U.S. crude dropped for the first time in four days. The S&P 500 dipped but remains within 0.6% of its record, and a measure of fear in the stock market moved lower.

The market’s return to a wait-and-see approach wasn’t that surprising to some investors, even as talk remained tough in the increasingly tense U.S.-Iran confrontation. U.S. officials were preparing for an Iranian response to their drone strike against Gen. Qassem Soleimani.

The market may be more focused on the upcoming earnings season for U.S. companies and the forecasts that CEOs will give for 2020 profits, said Rich Weiss, senior portfolio manager at American Century Investments. After a year where the S&P 500 surged roughly 30%, despite profits for big companies falling, he said investors will need to see more solid growth to justify near-record prices.

“We definitely pay attention and are keeping an eye on” the U.S.-Iran tensions, Weiss said. “But it’s not what we alter investment strategy on.”

“The market seems to be looking right past” the tensions, he said. “I’m much more concerned about the fundamentals. The lack of earnings visibility is troubling.”

The S&P 500 fell 9.10 points, or 0.3%, to 3,237.18. The Dow Jones Industrial Average lost 119.70, or 0.4%, to 28,583.68, and the Nasdaq composite slipped 2.88, or less than 0.1%, to 9,068.58.

The S&P/ASX 200 index looks set to edge lower on Wednesday. According to the latest SPI futures, the ASX 200 is poised to fall 4 points at the open.

https://www.usnews.com/news/busines...pen-lower-as-investors-monitor-iran-trensions

US Stock Indexes Slip, but Rush for Safety Slows
By Associated Press, Wire Service Content Jan. 7, 2020, at 4:31 p.m.

By STAN CHOE, AP Business Writer

NEW YORK (AP) — U.S. stocks mostly fell on Tuesday, but the big rush for safety that coursed through global markets after the United States killed a top Iranian general on Friday slowed.

Gold’s momentum eased a day after touching its highest price in nearly seven years, several Asian and European stock markets clawed back much of their losses from Monday and benchmark U.S. crude dropped for the first time in four days. The S&P 500 dipped but remains within 0.6% of its record, and a measure of fear in the stock market moved lower.

The market’s return to a wait-and-see approach wasn’t that surprising to some investors, even as talk remained tough in the increasingly tense U.S.-Iran confrontation. U.S. officials were preparing for an Iranian response to their drone strike against Gen. Qassem Soleimani.

The market may be more focused on the upcoming earnings season for U.S. companies and the forecasts that CEOs will give for 2020 profits, said Rich Weiss, senior portfolio manager at American Century Investments. After a year where the S&P 500 surged roughly 30%, despite profits for big companies falling, he said investors will need to see more solid growth to justify near-record prices.

“We definitely pay attention and are keeping an eye on” the U.S.-Iran tensions, Weiss said. “But it’s not what we alter investment strategy on.”

“The market seems to be looking right past” the tensions, he said. “I’m much more concerned about the fundamentals. The lack of earnings visibility is troubling.”

The S&P 500 fell 9.10 points, or 0.3%, to 3,237.18. The Dow Jones Industrial Average lost 119.70, or 0.4%, to 28,583.68, and the Nasdaq composite slipped 2.88, or less than 0.1%, to 9,068.58.

Energy stocks dropped with the price of crude. Benchmark U.S. oil fell 57 cents to settle at $62.70 per barrel. It had jumped more than $2 per barrel over the last two days. Brent crude, the international standard, fell 64 cents to $68.27 a barrel.

That helped drag Halliburton down 2.8% and Chevron down 1.3%. Apache was an outlier, and the oil and gas producer surged 26.8% for the biggest gain in the S&P 500 after it and Total said they found a significant amount of oil off the coast of Suriname.

Asian stock markets had some of the day’s strongest gains and clawed back much of their losses from Monday. Japan’s Nikkei 225 jumped 1.6%, South Korea’s Kospi rose 0.9% and Hong Kong’s Hang Seng added 0.3%.

In Europe, Germany’s Dax returned 0.8%. France’s CAC 40 and the FTSE 100 in London were virtually flat.

Gold slowed its momentum and rose $5.60 to settle at $1,571.80 per ounce. It had climbed more than $16 each of the last two days as investors piled into what they thought could hold steady even if a war broke out in the Middle East.

Treasury yields climbed modestly after a pair of reports showed that U.S. manufacturing continues to wane, but not by enough to drag down the rest of the economy. The 10-year Treasury yield rose to 1.82% from 1.81% late Monday. The two- and 30-year yields also inched higher.

Manufacturing has been weak in the country and around the world, hurt by tariffs and trade wars, and a U.S. Commerce Department report showed that factory orders fell 0.7% in November from a month earlier. It was the third drop in the last four months.

But even with that weakness, the solid U.S. jobs market and spending by households have helped prop up the rest of the economy. A separate report released Tuesday morning showed that the nation's services industries grew at a faster pace last month than economists expected. The reading includes activity in the retail, health care and other industries.

In commodities trading, wholesale gasoline fell 3 cents to $1.72 per gallon. Heating oil was unchanged at $2.03 per gallon. Natural gas rose 2 cents to $2.16 per 1,000 cubic feet.

Silver rose 22 cents to $18.32 per ounce, and copper was little changed at $2.80 per pound.

The dollar rose to 108.53 Japanese yen from 108.46 yen on Monday. The euro fell to $1.1145 from $1.1192.

 

[bigdog]

Markets unclenched on Wednesday, and U.S. stocks neared records on hopes that the United States and Iran are backing away from the edge of war.

The rally capped a whirlwind day of reversals that swept through markets around the world. Stocks initially reeled after Iran fired missiles at two bases in Iraq housing U.S. troops, retaliation for a U.S. drone strike that killed a top Iranian general last week.

Gold soared overnight as investors scrambled for safety, crude jumped on fears a war would squeeze oil supplies and the futures market suggested U.S. stocks would drop sharply as soon as trading opened in New York. But the selling abated as reports suggested no Americans died and after Iran’s foreign minister said his country had concluded “proportionate measures in self-defense.”

When trading opened, the S&P 500 climbed modestly higher, and it more than tripled its gain after President Donald Trump confirmed that no Americans were hurt and that Iran “appears to be standing down.”

Trump said he’d add economic sanctions on Iran, but he also said that the United States is “ready to embrace peace with all who seek it.” That fit with the market's hopes that no further military escalations may be on the way, at least for now.

Not only did stocks climb, crude oil ended up slumping sharply and gold fell for the first time in 11 days. Treasury yields rose in a sign of optimism, and a measure of fear in the stock market eased.

The S&P 500 rose 15.87 points, or 0.5%, to 3,253.05. It had been up as much as 0.9% earlier in the day and was on track to set a record, but the gains moderated in the last half hour of trading.

The Dow Jones Industrial Average rose 161.41, or 0.6%, to 28,745.09. The Nasdaq composite set a record after rising 60.66, or 0.7%, to 9,129.24.

The S&P/ASX 200 index looks set to return to form on Thursday. According to the latest SPI futures, the ASX 200 is poised to storm a sizeable 63 points or 0.9% higher at the open.

https://www.usnews.com/news/busines...ize-after-being-roiled-by-iran-missile-attack

US Stocks Jump, Oil Reverses Course as Markets Exhale
Stocks neared records Wednesday on hopes that the United States and Iran are backing away from the edge of war.
By Associated Press, Wire Service Content Jan. 8, 2020, at 4:40 p.m.

By STAN CHOE and DAMIAN J. TROISE, AP Business Writers

NEW YORK (AP) — Markets unclenched on Wednesday, and U.S. stocks neared records on hopes that the United States and Iran are backing away from the edge of war.

The rally capped a whirlwind day of reversals that swept through markets around the world. Stocks initially reeled after Iran fired missiles at two bases in Iraq housing U.S. troops, retaliation for a U.S. drone strike that killed a top Iranian general last week.

Gold soared overnight as investors scrambled for safety, crude jumped on fears a war would squeeze oil supplies and the futures market suggested U.S. stocks would drop sharply as soon as trading opened in New York. But the selling abated as reports suggested no Americans died and after Iran’s foreign minister said his country had concluded “proportionate measures in self-defense.”

When trading opened, the S&P 500 climbed modestly higher, and it more than tripled its gain after President Donald Trump confirmed that no Americans were hurt and that Iran “appears to be standing down.”

Trump said he’d add economic sanctions on Iran, but he also said that the United States is “ready to embrace peace with all who seek it.” That fit with the market's hopes that no further military escalations may be on the way, at least for now.

Not only did stocks climb, crude oil ended up slumping sharply and gold fell for the first time in 11 days. Treasury yields rose in a sign of optimism, and a measure of fear in the stock market eased.

The S&P 500 rose 15.87 points, or 0.5%, to 3,253.05. It had been up as much as 0.9% earlier in the day and was on track to set a record, but the gains moderated in the last half hour of trading.

The Dow Jones Industrial Average rose 161.41, or 0.6%, to 28,745.09. The Nasdaq composite set a record after rising 60.66, or 0.7%, to 9,129.24.

The stock market has historically bounced back quickly from geopolitical shocks, such as Friday's U.S. killing of Iranian Gen. Qassem Soleimani, as long as they don't result in a war and recession, said Linda Duessel, senior equity strategist at Federated Investors.

“Geopolitical shocks have resulted in sharp, short pullbacks, much of which is recovered in the next few months, and I suspect everyone in this business knows that data point and uses any opportunity to buy up stocks," she said.

With central banks around the world pushing stimulus and U.S. households remaining resilient amid a solid job market, Duessel said she thinks the U.S. economy is likely to keep growing unless an actual war breaks out or inflation unexpectedly bursts higher.

“You don't get into trouble in the market unless recession is on the horizon,” she said, “and we have a very hard time putting together a scenario where we have a recession anytime soon.”

A government report on Friday will give the latest update on the health of the job market, which has been key in propping up the economy despite weakness in manufacturing caused by Trump’s trade wars. Economists expect Friday’s report to show that employers added 160,00 jobs last month, and a report on Wednesday suggested hiring in the private sector may have been stronger in December than economists forecast.

Benchmark U.S. crude jumped as high as $65.65 per barrel in overnight trading, when worries about possible disruptions to oil supplies were at their peak. But the price sank through the day, with losses accelerating after a U.S. government report showed that the amount of oil supplies in inventories rose last week.

Benchmark U.S. crude fell $3.09, or 4.9%, to settle at $59.61. Brent crude, the international standard, lost $2.83, or 4.1%, to $65.44 per barrel.

Gold had a similar whipsaw day. It had climbed as high as $1,604.20 per ounce in overnight trading before settling at $1,557.40, down $14.40.

Stock indexes slumped sharply in Asia, but the selling eased as trading moved westward through the day.

Japan's Nikkei 225 index lost 1.6%, South Korea's Kopsi dropped 1.1% and the Hang Seng in Hong Kong fell 0.8%. In Europe, Germany's DAX returned 0.7%, and France's CAC 40 rose 0.3%. The FTSE 100 in London was virtually flat.

The yield on the 10-year Treasury sank as low as 1.70% when worries were at their height, but they climbed through the day and were at 1.87% in afternoon trading, up from 1.82% late Tuesday. Treasury yields tend to rise with investor optimism about the economy's prospects.

Walgreens Boots Alliance fell 5.8% for the biggest loss in the S&P 500 after reporting weaker earnings for the latest quarter than analysts expected.

In commodities trading, wholesale gasoline fell 7 cents to $1.65 per gallon. Heating oil fell 7 cents to $1.96 per gallon. Natural gas fell 2 cents to $2.14 per 1,000 cubic feet.

The price of gold fell $14.40 to $1,557.40 per ounce. Silver fell 23 cents to $18.09 per ounce and copper rose 2 cents to $2.82 per pound.

The dollar rose to 109.22 Japanese yen from 108.53 yen on Monday. The euro fell to $1.1111 from $1.1145.

 

[bigdog]

A SEA OF GREEN

Stocks around the world climbed on Thursday, and U.S. indexes hit records as markets continued a rally sparked after the United States and Iran appeared to step away from the edge of war.

Money flowed into riskier investments, such as technology stocks, and trickled out of traditional hiding spots for investors when they’re nervous, such as gold. A measure of fear in the stock market had its largest drop in a week.

Stocks have been rallying since Wednesday, after investors took comments from President Donald Trump and Iranian officials to mean no military escalation is imminent in their tense conflict. It was a sharp turnaround from earlier days, when markets tumbled on the threat of war after the United States killed a top Iranian general in a drone strike.

The S&P 500 rose 21.65 points, or 0.7%, to 3,274.70 and surpassed its record set last week. The Dow Jones Industrial Average climbed 211.81 points, or 0.7%, to 28,956.90, and the Nasdaq composite rose 74.18, or 0.8%, to 9,203.43. Both also hit records.

Technology stocks powered to the biggest gains in the S&P 500 and accounted for more than a third of the index’s gain. Apple’s 2.1% rise added momentum, and Advanced Micro Devices rose 2.4% for one of the larger gains in the S&P 500.

It looks set to be a solid finish to the week for the S&P/ASX 200 index. According to the latest SPI futures, the ASX 200 is poised to rise 15 points or 0.2% at the open.

https://www.sandiegouniontribune.co...gher-on-wall-street-ahead-of-china-trade-deal

US stocks set records as fear recedes from market; gold dips

By STAN CHOE and DAMIAN J. TROISEAP Business Writers
Jan. 9, 2020 1:32 PM
Stocks around the world climbed on Thursday, and U.S. indexes hit records as markets continued a rally sparked after the United States and Iran appeared to step away from the edge of war.

Money flowed into riskier investments, such as technology stocks, and trickled out of traditional hiding spots for investors when they’re nervous, such as gold. A measure of fear in the stock market had its largest drop in a week.

Stocks have been rallying since Wednesday, after investors took comments from President Donald Trump and Iranian officials to mean no military escalation is imminent in their tense conflict. It was a sharp turnaround from earlier days, when markets tumbled on the threat of war after the United States killed a top Iranian general in a drone strike.

The S&P 500 rose 21.65 points, or 0.7%, to 3,274.70 and surpassed its record set last week. The Dow Jones Industrial Average climbed 211.81 points, or 0.7%, to 28,956.90, and the Nasdaq composite rose 74.18, or 0.8%, to 9,203.43. Both also hit records.

Diminishing worries about a U.S.-Iran war put more of the market’s focus on the economy, corporate profits and other inputs that directly affect stock prices.

“The market is in pretty solid shape,” said Matt Hanna, portfolio manager at Summit Global Investments. “We could see some volatility in the beginning of 2020” following a well-worn path of choppy first halves for stocks during presidential election years, “but we don’t see any sort of recession on the horizon.”

Across markets, worries about a recession have faded since last year as central banks cut interest rates and pumped stimulus into the global economy. The United States and China also moved toward an interim deal in their trade war. China confirmed on Thursday that its chief envoy in tariff talks with Washington will visit next week to sign their “Phase 1” trade deal.

The spotlight will move next to Friday’s labor report, and economists expect it to show employers added 160,000 jobs last month. They also forecast the unemployment rate to hold at its low level of 3.5%. The numbers are key because a strong job market has been propping up the economy and allowing U.S. households to continue to spend, even as manufacturing weakens due to tariffs and trade wars.

Technology stocks powered to the biggest gains in the S&P 500 and accounted for more than a third of the index’s gain. Apple’s 2.1% rise added momentum, and Advanced Micro Devices rose 2.4% for one of the larger gains in the S&P 500.

On the losing end were shares of several big retailers. Kohl’s fell 6.5% for the largest loss in the S&P 500 after it reported weaker sales during the holiday season versus a year earlier. Bed Bath & Beyond plunged 19.2% after its results for the latest quarter fell well short of analysts’ expectations.

Asian stock markets jumped on the heels of Wednesday’s rally, which really took hold after trading had closed in the region.

Japan’s Nikkei 225 leaped 2.3%, Hong Kong’s Hang Seng jumped 1.7% and South Korea’s Kospi rose 1.6%.

European markets also gained, but more modestly. Germany’s DAX returned 1.3%, and France’s CAC 40 added 0.2%. The FTSE 100 in London rose 0.3%.

The yield on the 10-year Treasury dipped down to 1.86% from 1.87% late Wednesday.

Gold fell $5.70 to $1,551.70 per ounce as investors felt less need for safety. It was the second drop in a row for the metal, following 10 straight days of gains.

In other commodities trading, benchmark U.S. crude slipped 5 cents to settle at $59.56 a barrel. Brent crude, the international standard, fell 7 cents to end at $65.37 a barrel. Wholesale gasoline was little changed at $1.65 per gallon. Heating oil fell 1 cent to $1.95 per gallon. Natural gas rose 3 cents to $2.17 per 1,000 cubic feet.

Silver fell 23 cents to $17.86 per ounce, and copper fell 1 cent to $2.81 per pound.

The dollar rose to 109.52 Japanese yen from 109.22 yen on Monday. The euro fell to $1.1106 from $1.1111.

 

[bigdog]

U.S. stocks fell from their record heights on Friday after a report showed hiring was a touch weaker than expected last month.

Employers added 145,000 jobs across the country in December, short of the 160,000 that economists forecast. But the growth was solid enough to bolster Wall Street's view that the job market is holding up and households can continue to spend, preserving the largest part of the economy. The bond market also rallied after the report showed workers’ wages aren’t rising much, which lessens the threat of inflation.

The S&P 500 fell 9.35 points, or 0.3%, to 3,265.35 from its record set Thursday. The Dow Jones Industrial Average briefly topped the 29,000 level for the first time, but it ended at 28,823.77, down 133.13, or 0.5%. The Nasdaq composite dropped 24.57, or 0.3%, to 9,178.86.

“I don't think today's report was a big needle mover for the market or for Fed policy,” said Liz Ann Sonders, chief investment strategist at Charles Schwab. “The economic environment looks fine in 2020, but the risk is that sentiment may have gotten overly complacent, and we need earnings to step up.”

Even with Friday’s loss, the S&P 500 closed out a 0.9% gain for the week. It’s a sharp turnaround from earlier, when the S&P 500 seemed to be heading for just its third weekly loss in the last 14 as worries rose about a possible U.S.-Iran war. But stocks rallied after comments from President Donald Trump and Iran made markets believe a military escalation isn’t imminent.

That put the focus back on the economy and corporate earnings. The S&P 500 returned a stellar 31.5% last year even though earnings likely fell for big companies, and Sonders said investors will need to see profit growth in 2020 to help justify the records that stock prices are setting.

12 Month Chart DOW vs S&P 500 vs NASDAQ Composite vs AORD

https://www.usnews.com/news/busines...to-mixed-start-on-wall-street-as-hiring-slows

US Stocks Pull Back From Records Following Jobs Report
By Associated Press, Wire Service Content Jan. 10, 2020, at 4:30 p.m.

By STAN CHOE and DAMIAN J. TROISE, AP Business Writers

NEW YORK (AP) — U.S. stocks fell from their record heights on Friday after a report showed hiring was a touch weaker than expected last month.

Employers added 145,000 jobs across the country in December, short of the 160,000 that economists forecast. But the growth was solid enough to bolster Wall Street's view that the job market is holding up and households can continue to spend, preserving the largest part of the economy. The bond market also rallied after the report showed workers’ wages aren’t rising much, which lessens the threat of inflation.

The S&P 500 fell 9.35 points, or 0.3%, to 3,265.35 from its record set Thursday. The Dow Jones Industrial Average briefly topped the 29,000 level for the first time, but it ended at 28,823.77, down 133.13, or 0.5%. The Nasdaq composite dropped 24.57, or 0.3%, to 9,178.86.

“I don't think today's report was a big needle mover for the market or for Fed policy,” said Liz Ann Sonders, chief investment strategist at Charles Schwab. “The economic environment looks fine in 2020, but the risk is that sentiment may have gotten overly complacent, and we need earnings to step up.”

Even with Friday’s loss, the S&P 500 closed out a 0.9% gain for the week. It’s a sharp turnaround from earlier, when the S&P 500 seemed to be heading for just its third weekly loss in the last 14 as worries rose about a possible U.S.-Iran war. But stocks rallied after comments from President Donald Trump and Iran made markets believe a military escalation isn’t imminent.

That put the focus back on the economy and corporate earnings. The S&P 500 returned a stellar 31.5% last year even though earnings likely fell for big companies, and Sonders said investors will need to see profit growth in 2020 to help justify the records that stock prices are setting.

Earnings reports will begin in earnest next week, with JPMorgan Chase, Bank of America and other big banks on the schedule to tell investors how much profit they made in the last three months of 2019. Many will also give forecasts for 2020.

Companies across the S&P 500 have been able to squeeze plenty of profit from each $1 in revenue because wages for their workers aren't rising very quickly, even when the unemployment rate is at a half-century low.

Average hourly earnings for workers were 2.9% higher in December than a year earlier, Friday’s jobs report showed. That’s the weakest growth since July 2018.

Stubbornly low wage growth isn't good for workers, but it removes a threat of higher inflation that could erode corporate profits and push the Federal Reserve to raise interest rates. Markets see low rates as fuel for markets, and the Fed's three rate cuts last year were a big reason for the surge in stocks.

After the jobs report, the yield on the 10-year Treasury fell to 1.82% from 1.85% late Thursday. Treasury yields fall when their prices rise.

Falling rates can pressure banks by limiting the amount of profit they make on mortgages and other loans, and financial stocks in the S&P 500 alone accounted for about a third of the index’s loss.

JPMorgan Chase fell 1%, and Bank of America slipped 0.8%.

Six Flags Entertainment plunged 17.8% after the theme park operator warned investors that it may have to have to nix development plans in China after its partner in the country defaulted on payments. It also said it expects to report a drop in revenue for the latest quarter.

In overseas markets, Japan's Nikkei 225 rose 0.5%, South Korea's Kospi gained 0.9% and the Hang Seng in Hong Kong added 0.3%. Germany's DAX lost 0.1%. France's CAC 40 and the FTSE 100 in London both dipped 0.1%.

In commodities trading, benchmark U.S. oil fell 52 cents to settle at $59.04 per barrel. Brent crude, the international standard, fell 39 cents to $64.98 a barrel.

Wholesale gasoline rose 1 cent to $1.66 per gallon. Heating oil fell 2 cents to $1.93 per gallon. Natural gas rose 3 cents to $2.20 per 1,000 cubic feet.

Gold rose $5.80 to $1,557.50 an ounce, silver rose 17 cents to $18.03 per ounce, and copper rose 1 cent to $2.82 per pound.

The dollar rose to 109.54 Japanese yen from 109.52 yen on Monday. The euro rose to $1.1122 from $1.1106.

1340

 

[bigdog]

Stocks are closing higher on Wall Street ahead of the signing of a “Phase 1” trade deal with China, sending the S&P 500 and the Nasdaq to record highs.

Technology companies led stocks to broad gains on Wall Street Monday, driving the S&P 500 and Nasdaq composite indexes to more record highs.

Financial, communications services and industrial stocks also notched solid gains. Health care stocks were the only decliners. Bond prices fell, sending yields higher, and the price of gold fell, signs that investors were favoring higher-risk holdings.

The rally, which added to the market's gains from last week, came as investors looked ahead to the signing of an initial trade deal with China and the potential for future talks.

The world’s largest economies are expected to sign the “Phase 1” trade agreement on Wednesday. It is being viewed as an opening to future negotiations that will deal with more complicated trade issues.

Even a partial deal should remove much of the uncertainty that has weighed on companies and investors, at least until after the election, said Scott Ladner, chief investment officer for Horizon Investments in Charlotte.

“We don't think the tariff overhang is going to be very relevant over the next nine months,” Ladner said. “Acting tough with China and imposing tariffs two years before an election is a very different story than doing it two months before an election.”

The S&P 500 index rose 22.78 points, or 0.7%, to 3,288.13. The Nasdaq composite, which is heavily weighted with technology stocks, climbed 95.07 points, or 1%, to 9,273.93. The S&P and Nasdaq previously set new highs last Thursday.

The Dow Jones Industrial Average gained 83.28 points, or 0.3%, to 28,907.05.

The Russell 2000 index of smaller company stocks picked up 11.96 points, or 0.7%, to 1,669.61.

The S&P/ASX 200 index looks set to rebound from yesterday’s decline. According to the latest SPI futures, the ASX 200 is expected to rise 23 points or 0.35% at the open.

https://www.usnews.com/news/busines...-bit-higher-on-wall-street-ahead-of-busy-week

Stocks Climb Ahead of Trade Deal, Sending S&P 500 to Record
Stocks are closing higher on Wall Street ahead of the signing of a “Phase 1” trade deal with China, sending the S&P 500 and the Nasdaq to record highs.
By Associated Press, Wire Service Content Jan. 13, 2020, at 4:55 p.m.

By ALEX VEIGA, AP Business Writer

Technology companies led stocks to broad gains on Wall Street Monday, driving the S&P 500 and Nasdaq composite indexes to more record highs.

Financial, communications services and industrial stocks also notched solid gains. Health care stocks were the only decliners. Bond prices fell, sending yields higher, and the price of gold fell, signs that investors were favoring higher-risk holdings.

The rally, which added to the market's gains from last week, came as investors looked ahead to the signing of an initial trade deal with China and the potential for future talks.

The world’s largest economies are expected to sign the “Phase 1” trade agreement on Wednesday. It is being viewed as an opening to future negotiations that will deal with more complicated trade issues.

Even a partial deal should remove much of the uncertainty that has weighed on companies and investors, at least until after the election, said Scott Ladner, chief investment officer for Horizon Investments in Charlotte.

“We don't think the tariff overhang is going to be very relevant over the next nine months,” Ladner said. “Acting tough with China and imposing tariffs two years before an election is a very different story than doing it two months before an election.”

The S&P 500 index rose 22.78 points, or 0.7%, to 3,288.13. The Nasdaq composite, which is heavily weighted with technology stocks, climbed 95.07 points, or 1%, to 9,273.93. The S&P and Nasdaq previously set new highs last Thursday.

The Dow Jones Industrial Average gained 83.28 points, or 0.3%, to 28,907.05.

The Russell 2000 index of smaller company stocks picked up 11.96 points, or 0.7%, to 1,669.61.

Across markets, worries about a recession have faded since last year as central banks cut interest rates and pumped stimulus into the global economy. In addition, the promise of a “Phase 1” trade deal between the U.S. and China has helped lift markets in recent weeks, easing investors’ concerns of further escalation in the costly conflict.

Full details of the pact are due to be released after the agreement is signed at the White House on Wednesday.

Chipmakers were among the gainers in the technology sector Monday. Nivida climbed 3.1% and Micron Technology rose 1.4%. The sector is particularly sensitive to developments in trade relations because many of the companies rely on China for sales and supply chains. Apple also rose, closing 2.1% higher.

Industrial and communication services companies also made solid gains. General Electric rose 3.9% and Facebook added 1.8%.

Health care stocks slumped, with insurance companies among the sector's biggest decliners. Cigna fell 3.2%, UnitedHealth Group slid 3.1% and Anthem dropped 3.6%.

The yield on the 10-year Treasury rose to 1.85% from 1.82% late Friday. The pickup in yields helped lift financial stocks, as it makes it possible for banks to charge higher interest rates on mortgages and other consumer loans. Goldman Sachs rose 1.3% and Citigroup gained 1.8%.

Electric car maker Tesla jumped 9.8%, closing above $500 for the first time.

Netflix climbed 3% as the streaming video service earned two best picture nominations for the 92nd annual Academy Awards. Both Martin Scorsese’s “The Irishman” and Noah Baumbach’s “Marriage Story” are contenders.

Traders bid up shares in Hexcel 9.6% after the company said it is being bought by rival Woodward in a deal that will create one of the largest suppliers in the aerospace and defense industry. Woodward rose 4.8% and will own the majority of the combined company when the deal closes.

Wall Street was also gearing up Monday for a busy opening week of corporate earnings being kicked off by major banks. JPMorgan Chase, Wells Fargo and Citigroup will report fourth-quarter earnings on Tuesday and Bank of America will follow on Wednesday.

Analysts predict corporate profits slid by 2% during the fourth quarter, which would mark the first time that earnings for the S&P 500 have fallen four quarters in a row since the period ending in mid-2016, according to FactSet. Companies typically outperform forecasts and temper expectations for sharp declines by the time the bulk of financial reporting is done.

“The management outlooks for this quarter are probably going to be as much, if not more important, than the actual numbers themselves,” Ladner said.

Delta Air Lines will be the first major airline to report financial results on Tuesday. The nation’s largest health insurer, UnitedHealth Group, will report earnings on Wednesday and railroad operator CSX will report on Thursday.

Wall Street will also have several economic reports to consider this week, including government reports on consumer prices, retails sales and home construction.

Benchmark crude oil fell 96 cents to settle at $58.08 a barrel. Brent crude oil, the international standard, dropped 78 cents to close at $64.20 a barrel. Wholesale gasoline was unchanged at $1.66 per gallon. Heating oil declined 3 cents to $1.90 per gallon. Natural gas fell 2 cents to $2.18 per 1,000 cubic feet.

Gold fell $9.10 to $1,548.40 per ounce, silver fell 10 cents to $17.93 per ounce and copper rose 4 cents to $2.86 per pound.

The dollar rose to 109.93 Japanese yen from 109.54 yen on Friday. The euro strengthened to $1.1138 from $1.1122.

 

[bigdog]

Major U.S. stock indexes closed mixed Tuesday, shedding most of their gains from earlier in the day, after a published report revealed that an interim trade deal between the U.S. and China does not remove tariffs on Chinese goods.

The benchmark S&P 500 and Nasdaq composite finished slightly off their record highs from a day earlier. The Dow Jones Industrial Average notched a slight gain. Small-company stocks rose.

Technology stocks accounted for much of the selling. The sector is particularly sensitive to developments in trade relations because many of the companies rely on China for sales and supply chains.

Investors also bid up shares in several big banks, including JPMorgan Chase and Citibank, after the companies reported surprisingly good quarterly results.

The market’s late-afternoon burst of selling came a day before the U.S. and China were due to sign a preliminary trade agreement in Washington. Optimism that the deal will bring the two economic powerhouses closer to ending the dispute threatening global economic growth has helped drive markets higher for weeks.

Still, reports suggesting that U.S. tariffs on Chinese goods will remain in place until at least after this year's election appeared to dim some investors' enthusiasm over the deal.

“Would the market be more satisfied with a reduction in those tariffs? Absolutely,” said Quincy Krosby, chief market strategist at Prudential Financial. “Nonetheless, you don't want to have an escalation in the tariff war. That was the most important thing for the market.”

The S&P 500 index fell 4.98 points, or 0.2%, to 3,283.15. The index had been up as much as 0.2% earlier. The Nasdaq slid 22.60 points, or 0.2%, to 9,251.33.

The Dow rose 32.62 points, or 0.1%, to 28,939.67. The Russell 2000 index of smaller company stocks climbed 6.14 points, or 0.4%, to 1,675.74.

The S&P/ASX 200 index looks set to edge higher on Wednesday. According to the latest SPI futures, the ASX 200 is expected to rise 5 points or 0.1% at the open.

https://www.usnews.com/news/busines...mostly-lower-on-wall-street-wells-fargo-sinks

Stocks Cling to Tiny Gains as Investors Parse Trade Signals
Stocks struggled to hold on to meager gains on Wall Street Tuesday as investors parsed the latest indications on trade relations between the U.S. and China as well as the first wave of quarterly earnings reports from big companies.
By Associated Press, Wire Service Content Jan. 14, 2020, at 4:53 p.m.

By ALEX VEIGA, AP Business Writer

Major U.S. stock indexes closed mixed Tuesday, shedding most of their gains from earlier in the day, after a published report revealed that an interim trade deal between the U.S. and China does not remove tariffs on Chinese goods.

The benchmark S&P 500 and Nasdaq composite finished slightly off their record highs from a day earlier. The Dow Jones Industrial Average notched a slight gain. Small-company stocks rose.

Technology stocks accounted for much of the selling. The sector is particularly sensitive to developments in trade relations because many of the companies rely on China for sales and supply chains.

Investors also bid up shares in several big banks, including JPMorgan Chase and Citibank, after the companies reported surprisingly good quarterly results.

The market’s late-afternoon burst of selling came a day before the U.S. and China were due to sign a preliminary trade agreement in Washington. Optimism that the deal will bring the two economic powerhouses closer to ending the dispute threatening global economic growth has helped drive markets higher for weeks.

Still, reports suggesting that U.S. tariffs on Chinese goods will remain in place until at least after this year's election appeared to dim some investors' enthusiasm over the deal.

“Would the market be more satisfied with a reduction in those tariffs? Absolutely,” said Quincy Krosby, chief market strategist at Prudential Financial. “Nonetheless, you don't want to have an escalation in the tariff war. That was the most important thing for the market.”

The S&P 500 index fell 4.98 points, or 0.2%, to 3,283.15. The index had been up as much as 0.2% earlier. The Nasdaq slid 22.60 points, or 0.2%, to 9,251.33.

The Dow rose 32.62 points, or 0.1%, to 28,939.67. The Russell 2000 index of smaller company stocks climbed 6.14 points, or 0.4%, to 1,675.74.

Bond prices rose. The yield on the 10-year Treasury slipped to 1.81% from 1.84% late Monday.

President Donald Trump and China's chief negotiator, Liu He, are scheduled to sign a modest trade agreement Wednesday that calls for the U.S. to ease some sanctions on China. The U.S. dropped its designation of China as a currency manipulator in advance of the signing.

Beijing, meanwhile, will step up its purchases of U.S. farm products and other goods.

While limited in its scope, investors have welcomed the deal in hopes that it will prevent further escalation in the conflict that has slowed global growth, hurt American manufacturers and weighed on the Chinese economy.

With the trade issue entering a new stage, Wall Street is focusing on the rollout of corporate earnings reports over the next few weeks.

Several large banks were among the companies that kicked off the latest earnings season on Wall Street Tuesday.

JPMorgan Chase rose 1.2% after the banking giant reported a surge in profits because of a blowout quarter from its trading desks. The earnings handily beat analysts’ forecasts. Citigroup climbed 1.6% after reporting a similar jump in profits because of its trading operations.

Wells Fargo did not fare as well. The bank's stock slumped 5.4% as its profit and revenue dropped because of hefty costs and lower interest rates. Wells Fargo is still under growth restrictions by regulators after years of missteps, beginning in 2016 with the uncovering of millions of fake checking accounts its employees opened to meet sales quotas.

Delta Air Lines rose 3.3% after the company increased its fourth-quarter profit to $1.1 billion by adding more flights over the holiday period and packing them even more full of passengers. The results beat Wall Street’s forecasts.

Delta's solid report helped lift some of its rivals. United Airlines rose 1.1% and American Airlines gained 0.5%.

Wall Street expects corporate profits for S&P 500 companies in the last three months of 2019 to be down by 2%. That would be the first time that earnings for the S&P 500 would have declined four quarters in a row since the period ending in mid-2016, according to FactSet.

Companies typically outperform forecasts and temper expectations for sharp declines by the time the bulk of financial reporting is done. Investors are more likely to focus on what management teams’ outlooks, especially with the prospect of less uncertainty over the U.S.-China trade dispute.

“What we want to hear is what companies are seeing from their own customers, what are they hearing?” said Krosby. “And are they more optimistic going into 2020?”

Nvidia led Tuesday’s slide in technology stocks. The chipmaker dropped 1.9%. Health care stocks led the gainers, receiving a big boost from Perrigo, which vaulted 12.6%.

Boston Scientific fell 6.2% after giving Wall Street a weak fourth-quarter sales update.

GameStop skidded 13.3% after the video game retail chain reported holiday sales that fell below expectations, partly due to lower demand for software and hardware. The company also said it expects challenges to continue into this year.

Benchmark crude oil rose 15 cents to settle at $58.23 a barrel. Brent crude oil, the international standard, gained 29 cents to close at $64.49 a barrel. Wholesale gasoline fell 1 cent to $1.65 per gallon. Heating oil climbed 1 cent to $1.91 per gallon. Natural gas rose 1 cent to $1.19 per 1,000 cubic feet.

Gold fell $6.00 to $1,542.40 per ounce, silver fell 25 cents to $17.67 per ounce and copper rose 2 cents to $2.88 per pound.

The dollar rose to 110.00 Japanese yen from 109.93 yen on Monday. The euro weakened to $1.1128 from $1.1138.

Stock markets in Europe closed mostly higher. Asian markets ended mixed.

 

[bigdog]

Stocks ended a wobbly day with modest gains, enough to send the Dow Jones Industrial Average to its first close above 29,000 points, two months after its first close above 28,000

The Dow Jones Industrial Average closed above 29,000 points for the first time and the S&P 500 index hit its second record high in three days Wednesday.

The milestones came on a day when the market traded in a narrow range as investors weighed the latest batch of corporate earnings reports and the widely anticipated signing of an initial trade deal between the U.S. and China.

President Donald Trump and China's chief negotiator, Liu He, signed the “Phase 1" deal before a group of corporate executives and reporters at the White House. The pact eases some sanctions on China. In return, Beijing has agreed to step up its purchases of U.S. farm products and other goods.

"This was telegraphed well enough that the market is kind of looking through it and toward the next phase and what that means," said Keith Buchanan, portfolio manager at Globalt Investments.

Health care stocks accounted for much of the market's gains. Utilities and makers of household goods also rose. Those gains outweighed losses in financial stocks, companies that rely on consumer spending and the energy sector.

The S&P 500 index rose 6.14 points, or 0.2%, to 3,289.29. The index also climbed to an all-time high on Monday.

The Dow gained 90.55 points, or 0.3%, to 29,030.22. The Nasdaq composite added 7.37 points, or 0.1%, to 9,258.70.

Smaller-company stocks fared better than the rest of the market. The Russell 2000 picked up 6.66 points, or 0-4%, to 1,682.40.

The benchmark S&P 500 index is on track for its second straight weekly gain.

The S&P/ASX 200 index looks set to push higher and break through the 7,000 points mark on Thursday. According to the latest SPI futures, the ASX 200 is expected to rise 18 points or 0.25% at the open.

https://www.usnews.com/news/busines...s-rise-ahead-of-signing-of-phase-1-trade-deal

Slight Gains Send Dow Jones Industrial Average Above 29,000
Stocks ended a wobbly day with modest gains, enough to send the Dow Jones Industrial Average to its first close above 29,000 points, two months after its first close above 28,000.
By Associated Press, Wire Service Content Jan. 15, 2020, at 4:54 p.m.

By ALEX VEIGA, AP Business Writer

The Dow Jones Industrial Average closed above 29,000 points for the first time and the S&P 500 index hit its second record high in three days Wednesday.

The milestones came on a day when the market traded in a narrow range as investors weighed the latest batch of corporate earnings reports and the widely anticipated signing of an initial trade deal between the U.S. and China.

President Donald Trump and China's chief negotiator, Liu He, signed the “Phase 1" deal before a group of corporate executives and reporters at the White House. The pact eases some sanctions on China. In return, Beijing has agreed to step up its purchases of U.S. farm products and other goods.

"This was telegraphed well enough that the market is kind of looking through it and toward the next phase and what that means," said Keith Buchanan, portfolio manager at Globalt Investments.

Health care stocks accounted for much of the market's gains. Utilities and makers of household goods also rose. Those gains outweighed losses in financial stocks, companies that rely on consumer spending and the energy sector.

The S&P 500 index rose 6.14 points, or 0.2%, to 3,289.29. The index also climbed to an all-time high on Monday.

The Dow gained 90.55 points, or 0.3%, to 29,030.22. The Nasdaq composite added 7.37 points, or 0.1%, to 9,258.70.

Smaller-company stocks fared better than the rest of the market. The Russell 2000 picked up 6.66 points, or 0-4%, to 1,682.40.

The benchmark S&P 500 index is on track for its second straight weekly gain.

Bond prices rose. The yield on the 10-year Treasury note fell to 1.78% from 1.81% late Tuesday.

While limited in its scope, investors have welcomed the U.S.-China deal in hopes that it will prevent further escalation in the 18-month long trade conflict that has slowed global growth, hurt American manufacturers and weighed on the Chinese economy. The world's two largest economies will now have to deal with more contentious trade issues as they move ahead with negotiations. And punitive tariffs will remain on about $360 billion in Chinese goods as talks continue.

With the "Phase 1" agreement now a done deal, investors have more reason to focus on the rollout of corporate earnings reports over the next few weeks. Earnings have been flat to down for the last three quarters, and if the fourth quarter meets expectations, it should be around the same.

However, analysts are projecting 2020 corporate earnings growth to jump around 9.5%, which is why traders will be listening this earnings reporting season for any clues management teams give about their business prospects in coming months.

"We're expecting a reacceleration in the back end of the year, so any (company) guidance that brings any type of skepticism to that could threaten the recent rally we've had and the gains that we've accrued in the past few months," Buchanan said.

Health care stocks powered much of the market's gains Wednesday. Several health insurers climbed as investors cheered a solid fourth-quarter earnings report from UnitedHealth Group.

The nation's largest health insurer, which covers more than 49 million people, said its revenue rose 4% on a mix of insurance premiums and growth from urgent care and surgery centers. Its stock rose 2.8%. Other health insurers also moved higher. Anthem gained 1.6%, Cigna added 1.5% and Humana climbed 1.9%.

Technology companies also rose. The sector is reliant on China for sales and supply chains and benefits from better trade relations. Microsoft gained 0.7% and Advanced Micro Devices gained 0.8%.

Utilities and consumer staples sector stocks also notched gains. Edison International climbed 2.5% and PepsiCo rose 1.7%.

Financial stocks fell the most. Bank of America slid 1.8% after reporting weaker profits due to the rapid decline of interest rates in late 2019.

Energy stocks also fell along with the price of crude oil. Valero Energy dropped 3.3%.

Homebuilders marched broadly higher on news that U.S. home loan applications surged 30.2% last week from a week earlier. The pickup in mortgage applications reflects heightened demand for homes and suggests many buyers are eager to purchase a home now, rather than waiting for the traditional late-February start of the spring homebuying season. Hovnanian Enterprises jumped 6.4%.

Target slumped 6.6% after a disappointing holiday shopping season prompted the retailer to cut its forecast for a key sales measure in the fourth quarter. The company said weak sales of electronics, toys and home goods crimped sales growth to just 1.4% in November and December.

Benchmark crude oil fell 42 cents to settle at $57.81 a barrel. Brent crude oil, the international standard, dropped 49 cents to close at $64 a barrel.

Wholesale gasoline fell 1 cent to $1.64 per gallon. Heating oil declined 3 cents to $1.88 per gallon. Natural gas fell 7 cents to $2.12 per 1,000 cubic feet.

Gold rose $9.70 to $1,552.10 per ounce, silver rose 25 cents to $17.92 per ounce and copper fell 1 cent to $2.87 per pound.

The dollar fell to 109.91 Japanese yen from 110.00 yen on Tuesday. The euro strengthened to $1.1150 from $1.1128.

Markets in Europe closed mostly lower.

 

[bigdog]

Another rally on Wall Street powered stock indexes to more records Thursday.

The S&P 500, Dow Jones Industrial Average and Nasdaq composite notched all-time highs, extending the market's gains after a strong start to the year.

A batch of solid economic data injected more optimism into markets a day after the signing of an initial trade deal between the U.S. and China.

Consumers have been the backbone of economic growth and the government’s December report on retail sales showed that they continued spending at a healthy pace. Encouraging reports on manufacturing, weekly applications for unemployment aid and homebuilders' confidence also helped lift the market. Investors also weighed a mixed bag of corporate earnings.

The good economic news follows the signing of the “Phase 1” trade deal between the U.S. and China that puts the nations on a clearer path to ending their 18-month long trade war. The pact eases some sanctions on China, which has agreed to step up its purchases of U.S. farm products and other goods.

Meanwhile, the Senate approved a new North American trade agreement Thursday that rewrites the rules of commerce with Canada and Mexico.

The trade deals and positive economic data have helped fuel optimism that corporate profits will be strong this year after coming in flat to down for most of 2019, and that's keeping investors in a buying mood.

“Because we are continuing to see 2-2.5% GDP growth in the U.S., because both economic growth and earnings are expected to show gains in both the developed and emerging markets, that will likely lead to better earnings here in the U.S.,” said Sam Stovall, chief investment strategist at CFRA.

The S&P 500 index climbed 27.52 points, or 0.8%, to 3,316.81. The index also set all-time highs on Monday and Wednesday.

The Dow rose 267.42 points, or 0.9%, to 29,297.64. The Dow closed above 29,000 for the first time on Wednesday. Stovall said it's possible we could see the Dow hit 30,000 this year.

"Because of expectations that we are probably underestimating economic and earnings growth, as a result that 30,000-level will be seen," he said.

The Nasdaq gained 98.44 points, or 1.1%, to 9,357.13.

The S&P/ASX 200 index looks set to end the week on a positive note. According to the latest SPI futures, the ASX 200 is expected to rise 26 points or 0.4% at the open.

https://www.usnews.com/news/busines...broadly-higher-on-wall-street-adding-to-gains

Stock Indexes Rally to More Record Highs, Led by Tech Gains
Stocks are closing broadly higher on Wall Street, pushing major indexes to more record highs.
By Associated Press, Wire Service Content Jan. 16, 2020, at 5:01 p.m.

By ALEX VEIGA, AP Business Writer

Another rally on Wall Street powered stock indexes to more records Thursday.

The S&P 500, Dow Jones Industrial Average and Nasdaq composite notched all-time highs, extending the market's gains after a strong start to the year.

A batch of solid economic data injected more optimism into markets a day after the signing of an initial trade deal between the U.S. and China.

Consumers have been the backbone of economic growth and the government’s December report on retail sales showed that they continued spending at a healthy pace. Encouraging reports on manufacturing, weekly applications for unemployment aid and homebuilders' confidence also helped lift the market. Investors also weighed a mixed bag of corporate earnings.

The good economic news follows the signing of the “Phase 1” trade deal between the U.S. and China that puts the nations on a clearer path to ending their 18-month long trade war. The pact eases some sanctions on China, which has agreed to step up its purchases of U.S. farm products and other goods.

Meanwhile, the Senate approved a new North American trade agreement Thursday that rewrites the rules of commerce with Canada and Mexico.

The trade deals and positive economic data have helped fuel optimism that corporate profits will be strong this year after coming in flat to down for most of 2019, and that's keeping investors in a buying mood.

“Because we are continuing to see 2-2.5% GDP growth in the U.S., because both economic growth and earnings are expected to show gains in both the developed and emerging markets, that will likely lead to better earnings here in the U.S.,” said Sam Stovall, chief investment strategist at CFRA.

The S&P 500 index climbed 27.52 points, or 0.8%, to 3,316.81. The index also set all-time highs on Monday and Wednesday.

The Dow rose 267.42 points, or 0.9%, to 29,297.64. The Dow closed above 29,000 for the first time on Wednesday. Stovall said it's possible we could see the Dow hit 30,000 this year.

"Because of expectations that we are probably underestimating economic and earnings growth, as a result that 30,000-level will be seen," he said.

The Nasdaq gained 98.44 points, or 1.1%, to 9,357.13.

Smaller-company stocks fared better than the rest of the market. The Russell 2000 index rose 22.82 points, or 1.4%, to 1,705.22.

The market's record-setting rally has the benchmark S&P 500 on track to close out the week with its second straight weekly gain.

Bond prices fell, sending yields higher. The yield on the 10-year Treasury rose to 1.80% from 1.78% late Wednesday.

Technology companies were the clear leaders Thursday. Many of the companies stand to benefit from progress in trade relations because they are reliant on China for sales and supplies. Microsoft rose 1.8% and Cisco Systems gained 2.2%.

A mix of retailers and consumer product makers also made solid gains. Home Depot rose 1.9% and Hanesbrands gained 2%.

Financial companies, including banks, also rose. Morgan Stanley led the sector after reporting quarterly results that topped Wall Street's forecasts.

Energy, materials and utilities companies lagged the market in another sign that investors were confidently shifting more money into riskier holdings.

The first heavy week of corporate earnings reports rolled along Thursday with banks mostly finishing their reporting. Investment bank Morgan Stanley climbed 6.6% after reporting a surprisingly good jump in fourth-quarter profits on the strength of its trading desks. Bank of New York Mellon dropped 7.8% after reporting disappointing revenue.

Paint and coatings maker PPG Industries slid 2.5% after falling short of Wall Street's profit forecasts. Aluminum producer Alcoa tumbled 11.9% after reporting a surprisingly sharp loss.

While only small slice of the S&P 500 companies have reported quarterly results so far, management teams have been giving a mostly improved earnings outlook, Stovall noted.

Wall Street expects S&P 500 companies' corporate profits for the last three months of 2019 will be down by 1.7%. That would mark the first time companies in the benchmark index would post declining earnings four quarters in a row since the period ending in mid-2016, according to FactSet. Companies typically outperform forecasts and temper expectations for sharp declines by the time the bulk of financial reporting is done.

Traders are focusing mainly on companies' outlooks for growth this year after posting flat-to-down earnings through the first three quarters of 2019.

Companies' earnings growth was limited last year due to uncertainty over U.S. trade conflicts and jitters amid signs that the global economy was slowing. The bar for companies to exceed their prior year quarterly results also was unusually high, as the Trump administration's sweeping corporate tax cuts helped power 2018 company earnings sharply higher.

"A lot of people are assuming that the 2020 (earnings) growth of 7.9% will be revised substantially higher," Stovall said, noting that earnings growth expectations this year are higher for small caps stocks than they are for large caps. That's one reason why smaller-company stocks outperformed the broader market Thursday.

Traders bid up shares in Signet Jewelers sharply higher after the diamond jewelry retailer significantly raised its fourth-quarter profit forecast. The company made the change because a strong holiday shopping season that will push a key sales measure to a big gain for the quarter. The stock vaulted 40.2%.

Benchmark crude oil rose 71 cents to settle at $58.52 a barrel. Brent crude oil, the international standard, gained 62 cents to close at $64.62 a barrel.

Wholesale gasoline rose 1 cent to $1.65 per gallon. Heating oil declined 2 cents to $1.86 per gallon. Natural gas fell 4 cents to $2.08 per 1,000 cubic feet.

Gold fell $3.10 to $1,549.00 per ounce, silver fell 4 cents to $17.88 per ounce and copper fell 2 cents to $2.85 per pound.

The dollar rose to 110.13 Japanese yen from 109.91 yen on Wednesday. The euro weakened to $1.1135 from $1.1150.

Markets in Europe closed mostly higher.

 

[bigdog]

Wall Street capped a milestone-setting week Friday with a few more as modest gains nudged the major stock indexes to all-time highs.

The benchmark S&P 500 index also notched its second-straight weekly gain.

Technology stocks powered much of the market's broad gains, along with communication services companies and banks. Energy sector stocks were the only decliners. Bond prices fell, sending yields higher.

Investors welcomed more strong quarterly results from banks. A report showing a December surge in new home construction, meanwhile, provided the latest encouraging snapshot on the U.S. economy. A solid retail sales report on Thursday revealed consumers are still spending at a healthy pace.

The latest batch of positive corporate earnings reports and ecomonic data helped keep investors in a buying mood after the midweek signing of an initial trade deal by the U.S. and China. Progress on trade has eased fears on Wall Street about the potential for the dispute to escalate further.

"The markets have responded really to one thing and that's trade headlines, and that continues," said Nela Richardson, investment strategist at Edward Jones. "But the economic data that underlies some of that momentum, not all of it, is pretty persistent. The fact that we're seeing housing solidly make a corner turn into health is good for 2020."

The S&P 500 index rose 12.81 points, or 0.4%, to 3,329.62. The benchmark index also set all-time highs on Monday, Wednesday and Thursday.

The Dow Jones Industrial Average gained 50.46 points, or 0.2%, to 29,348.10. The Nasdaq added 31.81 points, or 0.3%, to 9,388.94.

The Russell 2000 index of smaller company stocks dropped 5.58 points, or 0.3%, to 1,699.64.

U.S. stock markets will be closed on Monday in observance of the Martin Luther King Jr. holiday.

.
https://www.usnews.com/news/busines...n-wall-street-add-to-strong-start-to-the-year

Tech, Communications Stocks Push US Indexes to More Records
Solid gains in technology and communications stocks pushed major U.S. indexes to more record highs on Wall Street Friday.
By Associated Press, Wire Service Content Jan. 17, 2020, at 5:05 p.m.

By ALEX VEIGA, AP Business Writer

Wall Street capped a milestone-setting week Friday with a few more as modest gains nudged the major stock indexes to all-time highs.

The benchmark S&P 500 index also notched its second-straight weekly gain.

Technology stocks powered much of the market's broad gains, along with communication services companies and banks. Energy sector stocks were the only decliners. Bond prices fell, sending yields higher.

Investors welcomed more strong quarterly results from banks. A report showing a December surge in new home construction, meanwhile, provided the latest encouraging snapshot on the U.S. economy. A solid retail sales report on Thursday revealed consumers are still spending at a healthy pace.

The latest batch of positive corporate earnings reports and ecomonic data helped keep investors in a buying mood after the midweek signing of an initial trade deal by the U.S. and China. Progress on trade has eased fears on Wall Street about the potential for the dispute to escalate further.

"The markets have responded really to one thing and that's trade headlines, and that continues," said Nela Richardson, investment strategist at Edward Jones. "But the economic data that underlies some of that momentum, not all of it, is pretty persistent. The fact that we're seeing housing solidly make a corner turn into health is good for 2020."

The S&P 500 index rose 12.81 points, or 0.4%, to 3,329.62. The benchmark index also set all-time highs on Monday, Wednesday and Thursday.

The Dow Jones Industrial Average gained 50.46 points, or 0.2%, to 29,348.10. The Nasdaq added 31.81 points, or 0.3%, to 9,388.94.

The Russell 2000 index of smaller company stocks dropped 5.58 points, or 0.3%, to 1,699.64.

Markets in Europe and Asia finished higher.

Bond prices fell, pushing yields higher. The yield on the 10-year Treasury rose to 1.82% from 1.8% late Thursday.

Financial markets are solidly higher just a few weeks into 2020 as trade disputes quiet down and the economic picture remains bright.

The S&P 500 is up 3.1% so far this year and technology stocks are once again leading the way with a gain of 5.9%. The index finished 2019 with a sharp 28.9% gain on a surge from the technology sector.

This week's signing of a "Phase 1" trade deal has raised hopes on Wall Street that China and the U.S. will avoid any further escalations as they continue talking. U.S. election concerns and the ongoing impeachment of President Donald Trump have been both largely ignored by Wall Street, so far.

Still, the possibility that U.S. trade tensions could heat up again, whether against China or the European Union, and the U.S. presidential election, could result in heightened volatility for stocks this year, Richardson said.

"It's likely that we'll see some dips and volatility in the market," Richardson said. "When those occur in the context of solid economic fundamentals and earnings growth, what we're telling our clients is to buy that dip, because we think share prices will rebound, but we do think the path forward for share prices is rocky this year."

Chipmaker Qualcomm led technology sector stocks higher Friday, climbing 4.5%.

Communications companies also rose. Google parent company Alphabet rose 2% a day after becoming the latest tech giant to cross the $1 trillion valuation mark, joining Apple and Microsoft. Comcast gained 1.3% after its NBCUniversal unit launched a video streaming service, Peacock.

Citizens Financial led financial sector stocks higher, rising 3.2%. State Street rose 1.8%.

Several homebuilders rose after the Commerce Department said that construction of new homes surged in December to the highest level in 13 years. The strong finish caps a year in which falling mortgage rates and a strong labor market helped lift the prospects of the housing industry. Hovnanian Enterprises led builders higher, climbing 2.5%.

Gap fell 0.4% after the retailer cancelled plans to spin off its Old Navy brand, saying the move would be too costly. It also said the president and CEO of the Gap brand, Neil Fiske, is stepping down.

Major shipping companies struggled in the fourth quarter because of costs and restrictions tied to the ongoing U.S.-China trade war and slower global economic growth.

Expeditors International of Washington fell 5.6% after the company warned investors about a weak fourth quarter. JB Hunt Transport Services dropped 4.2% after reporting disappointing fourth-quarter profits.

Investors bid shares in Tailored Brands 4.2% higher on news the owner of Men's Wearhouse is selling its Joseph Abboud trademarks to WHP Global for $115 million.

Benchmark crude oil rose 2 cents to settle at $58.54 a barrel. Brent crude oil, the international standard, gained 23 cents to close at $64.85 a barrel. Wholesale gasoline fell 1 cent to $1.64 per gallon. Heating oil declined 1 cent to $1.86 per gallon. Natural gas fell 7 cents to $2.00 per 1,000 cubic feet.

Gold rose $9.80 to $1,558.80 per ounce, silver rose 13 cents to $18.01 per ounce and copper was unchanged at 2.85 per pound.

The dollar rose to 110.14 Japanese yen from 110.13 yen on Thursday. The euro weakened to $1.1093 from $1.1135.

U.S. stock markets will be closed on Monday in observance of the Martin Luther King Jr. holiday.

676

 

[bigdog]

Stock markets were trading in narrow ranges Monday as investors awaited central bank decisions and earnings reports due out in coming weeks. U.S. stock markets will be closed in observance of the Martin Luther King Jr. holiday.

In Europe, France's CAC 40 declined 0.2% to 6,089, while Germany's DAX edged up 0.1% to 13,541. Britain's FTSE 100 dropped 0.3% to 7,654.

Japan's benchmark Nikkei 225 edged 0.2% higher to close at 24,083.51, while Australia's S&P/ASX 200 added 0.2% to 7,079.50. South Korea's Kospi rose 0.5% to 2,262.64, while Hong Kong's Hang Seng lost 0.9% to 28,800.63. The Shanghai Composite index gained 0.7% to 3,095.79.

China's central bank left its one-year loan prime rate unchanged at 4.15%, holding off on easing credit further as it uses other methods to pump up liquidity in the markets ahead of the Lunar New Year.

The S&P/ASX 200 index looks set to continue its solid run on Tuesday. According to the latest SPI futures, the ASX 200 is poised to rise 5 points or 0.1% at the open.

U.S. stock markets were closed in observance of the Martin Luther King Jr. holiday.

Rest of world trading:

https://www.usnews.com/news/busines...-mostly-higher-before-central-banks-decisions

World Shares Mixed Ahead of Central Bank Decisions
Shares are mixed in Europe and Asia as investors await central bank decisions and earnings reports.
By Associated Press, Wire Service Content Jan. 20, 2020, at 7:18 a.m

By YURI KAGEYAMA, AP Business Writer

TOKYO (AP) — Stock markets were trading in narrow ranges Monday as investors awaited central bank decisions and earnings reports due out in coming weeks. U.S. stock markets will be closed in observance of the Martin Luther King Jr. holiday.

In Europe, France's CAC 40 declined 0.2% to 6,089, while Germany's DAX edged up 0.1% to 13,541. Britain's FTSE 100 dropped 0.3% to 7,654.

Japan's benchmark Nikkei 225 edged 0.2% higher to close at 24,083.51, while Australia's S&P/ASX 200 added 0.2% to 7,079.50. South Korea's Kospi rose 0.5% to 2,262.64, while Hong Kong's Hang Seng lost 0.9% to 28,800.63. The Shanghai Composite index gained 0.7% to 3,095.79.

China's central bank left its one-year loan prime rate unchanged at 4.15%, holding off on easing credit further as it uses other methods to pump up liquidity in the markets ahead of the Lunar New Year.

The rate, based on quotes from major banks, was made China's benchmark in August. The People's Bank of China can indirectly influence it through it's own interest rate decisions, and “appears to have adopted a wait-and-see approach in response to the recent improvement in the economic data," Julian Evans-Pritchard of Capital Economics said in a commentary.

However, “with growth likely to come under renewed pressure, we think the PBOC will resume its rate cuts before long," he said.

Elsewhere, investors are looking to a statement from the Bank of Japan when its two-day policy meeting ends on Tuesday. The European central bank will make an interest rate decision later in the week. Markets are also watching for earnings reports expected in coming weeks by companies around the world.

On Friday, Wall Street capped a milestone-setting week with more modest gains that nudged the major stock indexes to all-time highs.

The benchmark S&P 500 index also notched its second-straight weekly gain.

Technology stocks powered much of the market's broad gains, along with communication services companies and banks. Energy sector stocks were the only decliners. Bond prices fell, sending yields higher.

The latest batch of positive corporate earnings reports and economic data has helped keep investors in a buying mood after the midweek signing of an initial trade deal by the U.S. and China. Progress on trade has eased fears on Wall Street about the potential for the dispute to escalate further.

ENERGY: Benchmark crude oil rose 3 2 cents to $58.86 a barrel in electronic trading on the New York Mercantile Exchange. Brent crude oil, the international standard, gained 45 cents to $65.30 a barrel.

CURRENCIES: The dollar rose to 110.18 Japanese yen from 110.13 yen on Friday. The euro slipped to $1.1084 from $1.1191.

 

[bigdog]

Banks led a slide in U.S. stocks Tuesday as a virus outbreak in China rattled global markets, prompting investors to shift assets into bonds and defensive sector companies.

The sell-off snapped a three-day winning streak by the S&P 500. The benchmark index ended last week at an all-time high.

The selling in U.S. stocks followed losses in Asian and European markets as investors worried that the new coronavirus spreading in the world’s second-largest economy could hurt tourism and ultimately economic growth and corporate profits.

Six people have died, and 291 have been infected in China, just as people in the country were preparing to make billions of trips for the Lunar New Year travel season. And a U.S. citizen who recently returned from China was diagnosed with the new virus in the Seattle area, making the United States the fifth country to report a case, following China, Thailand, Japan and South Korea.

Within the S&P 500, stocks of U.S. companies that cater to Chinese tourists had some of the biggest losses, along with general travel companies, such as casinos and airlines. Along with banks, industrial and energy stocks accounted for a big share of the selling. Those losses outweighed gains in real estate stocks, utilities and household goods makers. Traders also shifted money into U.S. government bonds, sending yields lower.

“From an investment standpoint, the risk with any virus is in the scope of its economic impact, and the mere fact that this has spread from China overnight to the U.S. so quickly reinforces the idea that the negative fallout could be global rather than local,” said Alec Young, managing director of Global Markets Research for FTSE Russell.

The S&P 500 fell 8.83 points, or 0.3%, to 3,320.70. It had been down as much as 0.4% earlier in the day.

The Dow Jones Industrial Average lost 152.06 points, or 0.5%, to 29,196.04. The Nasdaq composite slid 18.14 points, or 0.2%, to 9,370.81.

Smaller-company stocks took the brunt of the selling. The Russell 2000 index lost 13.74 points, or 0.8%, to 1,685.90.

The S&P/ASX 200 index is poised to edge higher this morning. According to the latest SPI futures, the ASX 200 is poised to rise 9 points or 0.1% at the open.

https://www.usnews.com/news/busines...t-slides-on-growing-concern-about-china-virus

US Stocks Close Lower Amid Jitters Over Virus Outbreak
Banks led a slide in U.S. stocks Tuesday as a virus outbreak in China rattled global markets, prompting investors to shift assets into bonds and defensive sector companies.
By Associated Press, Wire Service Content Jan. 21, 2020, at 4:59 p.m.

By ALEX VEIGA and STAN CHOE, AP Business Writers

Banks led a slide in U.S. stocks Tuesday as a virus outbreak in China rattled global markets, prompting investors to shift assets into bonds and defensive sector companies.

The sell-off snapped a three-day winning streak by the S&P 500. The benchmark index ended last week at an all-time high.

The selling in U.S. stocks followed losses in Asian and European markets as investors worried that the new coronavirus spreading in the world’s second-largest economy could hurt tourism and ultimately economic growth and corporate profits.

Six people have died, and 291 have been infected in China, just as people in the country were preparing to make billions of trips for the Lunar New Year travel season. And a U.S. citizen who recently returned from China was diagnosed with the new virus in the Seattle area, making the United States the fifth country to report a case, following China, Thailand, Japan and South Korea.

Within the S&P 500, stocks of U.S. companies that cater to Chinese tourists had some of the biggest losses, along with general travel companies, such as casinos and airlines. Along with banks, industrial and energy stocks accounted for a big share of the selling. Those losses outweighed gains in real estate stocks, utilities and household goods makers. Traders also shifted money into U.S. government bonds, sending yields lower.

“From an investment standpoint, the risk with any virus is in the scope of its economic impact, and the mere fact that this has spread from China overnight to the U.S. so quickly reinforces the idea that the negative fallout could be global rather than local,” said Alec Young, managing director of Global Markets Research for FTSE Russell.

The S&P 500 fell 8.83 points, or 0.3%, to 3,320.70. It had been down as much as 0.4% earlier in the day.

The Dow Jones Industrial Average lost 152.06 points, or 0.5%, to 29,196.04. The Nasdaq composite slid 18.14 points, or 0.2%, to 9,370.81.

Smaller-company stocks took the brunt of the selling. The Russell 2000 index lost 13.74 points, or 0.8%, to 1,685.90.

The selling began early in the first trading day of a holiday shortened week and followed sell-offs overnight in Asian markets and downbeat trading in Europe. China confirmed many people’s fears late Monday when a government expert said that the new type of coronavirus affecting the country can transmit from human to human, increasing its potential spread.

The outbreak “is developing into a major potential economic risk to the Asia-Pacific region,” said Rajiv Biswas of IHS Markit in a report.

Biswas pointed to the example of the 2003 outbreak of severe acute respiratory syndrome, whose economic impact was felt as far away as Canada and Australia.

To cope, investors were looking at playbooks for past outbreaks, such as SARS in 2002-2003, where airlines, railways and other transportation companies saw their stocks slide the most, followed by retailers and hospitality companies, according to strategists at Jefferies.

Las Vegas Sands fell 5.4% and Wynn Resorts tumbled 6.1% for two of the largest losses in the S&P 500. Both casino companies get most of their revenue from Macau on China’s southern coast.

Other travel companies also slumped on worries that customers may stay away due to virus fears. Royal Caribbean Cruises fell 4%, United Airlines lost 4.4%, and Booking Holdings dropped 3.1%.

Investors sought the safety of bonds, driving yields sharply lower. The yield on the 10-year Treasury note fell to 1.77% from 1.83% late Friday. That helped lift shares in homebuilders broadly higher, as a decline in the 10-year Treasury yield tends to pull mortgage rates lower. D.R. Horton climbed 2.3%.

Real estate investment trusts and utilities stocks rose as the decline in bond yields made dividend-paying stocks more attractive to income investors. American Tower rose 1.4%, while Edison International gained 1.6%.

Headlines about the spreading coronavirus gave investors an excuse to take profits following the market's recent record-setting run. The benchmark S&P 500 hasn't had a single-day drop of more than 1% since October.

“Investors have shown a lot of optimism, and that might make some a little bit skittish," said Willie Delwiche, investment strategist at Baird. ”Valuations are elevated. In this sort of environment, I don't think it takes much of a headline to trigger a reaction."

Tuesday’s drop for the S&P 500 index follows a strong run for the market. Fears of a possible recession have faded, and investors expect the Federal Reserve to keep interest rates low, and the S&P 500 has risen in 13 of the last 15 weeks.

U.S. companies are in the midst of reporting their earnings results for the last three months of 2019, and early indications are encouraging. Less than a tenth of S&P 500 companies have reported their results so far, but of them, 72% topped analysts’ forecasts for profits. Those forecasts were low, to be sure, with analysts saying S&P 500 profits fell last quarter for the fourth consecutive time, according to FactSet.

Boeing shares slid 3.3% after the aircraft manufacturer said that it doesn't expect federal regulators to approve changes to the grounded 737 Max until this summer — several months longer than the company was saying just a few weeks ago.

Benchmark U.S. crude fell 20 cents to settle at $58.34 a barrel. Brent crude, the international standard, dropped 61 cents to close at $64.59 a barrel.

Wholesale gasoline was unchanged at $1.64 per gallon, while heating oil declined 2 cents to $1.83 per gallon.

Natural gas slumped 10 cents, or 5.4%, to $1.90 per 1,000 cubic feet. The sharp drop weighed on energy sector stocks. Cabot Oil & Gas, which gets most of its revenue from gas, led the slide, losing 7.8%. It was also the biggest decliner in the S&P 500.

Gold fell $2.40 to $1,556.40 per ounce, silver fell 26 cents to $17.75 per ounce and copper fell 5 cents to $2.80 per pound.

The dollar fell to 109.81 Japanese yen from 110.17 yen on Monday. The euro strengthened to $1.1095 from $1.1092.

 

[bigdog]

Major U.S. stock indexes ended little changed Wednesday after an early rebound rally faded in the final minutes of trading.

The S&P 500 and Nasdaq composite eked out tiny gains, while the Dow Jones Industrial Average finished slightly lower. Gains in technology, financial and health care stocks outweighed losses in industrial, energy, real estate and other sectors.

Investors had their eye on an international effort by health authorities to monitor and contain a deadly virus outbreak in China that has spread to the U.S. and three other countries.

China and other nations ramped up screenings for fever on aircraft and at airports. The measures appeared to provide some reassurance to Wall Street a day after financial markets sold off over fears that the outbreak in the world's second-largest economy could spread, hurting tourism and ultimately economic growth and corporate profits.

“The coronavirus fear that permeated stocks yesterday has subsided some, and you see some of those stocks that were affected negatively yesterday rebounding,” said Keith Buchanan, portfolio manager at Globalt Investments.

The S&P 500 index rose 0.96 points, or less than 0.1%, to 3,321.75. The index had been up by as much as 0.5% earlier in the day.

The Dow Jones Industrial Average reversed an early gain and fell 9.77 points, or less than 0.1%, to 29,186.27.

The Nasdaq composite gained 12.96 points, or 0.1%, to 9,383.77. The Russell 2000 index of smaller company stocks slipped 1.44 points, or 0.1%, to 1,684.46.

It looks set to be a disappointing day of trade for the S&P/ASX 200 index. According to the latest SPI futures, the ASX 200 is expected to fall 24 points or 0.35% at the open.

https://www.newser.com/article/a5c5...-health-authorities-focus-on-china-virus.html

US stocks flat as health authorities focus on China virus
By ALEX VEIGA, Associated Press
12 minutes ago

Major U.S. stock indexes ended little changed Wednesday after an early rebound rally faded in the final minutes of trading.

The S&P 500 and Nasdaq composite eked out tiny gains, while the Dow Jones Industrial Average finished slightly lower. Gains in technology, financial and health care stocks outweighed losses in industrial, energy, real estate and other sectors.

Investors had their eye on an international effort by health authorities to monitor and contain a deadly virus outbreak in China that has spread to the U.S. and three other countries.

China and other nations ramped up screenings for fever on aircraft and at airports. The measures appeared to provide some reassurance to Wall Street a day after financial markets sold off over fears that the outbreak in the world's second-largest economy could spread, hurting tourism and ultimately economic growth and corporate profits.

“The coronavirus fear that permeated stocks yesterday has subsided some, and you see some of those stocks that were affected negatively yesterday rebounding,” said Keith Buchanan, portfolio manager at Globalt Investments.

The S&P 500 index rose 0.96 points, or less than 0.1%, to 3,321.75. The index had been up by as much as 0.5% earlier in the day.

The Dow Jones Industrial Average reversed an early gain and fell 9.77 points, or less than 0.1%, to 29,186.27.

The Nasdaq composite gained 12.96 points, or 0.1%, to 9,383.77. The Russell 2000 index of smaller company stocks slipped 1.44 points, or 0.1%, to 1,684.46.

Bond prices fell. The 10-year Treasury yield rose to 1.77% from 1.76% late Tuesday.

The coronavirus has been confirmed in five countries, including China, the U.S., Thailand, Japan and South Korea. As of Wednesday, more than 500 people were confirmed infected with the virus and 17 had died from the illness, which can cause pneumonia and other severe respiratory symptoms.

A World Health Organization committee was scheduled to meet for a second day Thursday as it decides whether to declare the outbreak a global health emergency.

IBM was among the big gainers in the technology sector Wednesday after the company reported surprisingly strong results for the fourth quarter and issued a solid profit forecast for 2020. The stock climbed 3.4%.

Capital One Financial gained 4.5% after the credit card issuer and bank reported surprisingly good fourth-quarter earnings.

Netflix dropped 3.6% after the entertainment company gave investors a weak forecast for new subscribers during the first quarter. The company is facing tougher competition from Disney, Apple and others. It warned investors that it is seeing more U.S. customers dropping the service.

Navient jumped 9.5% after the student loan company's latest quarterly results topped analysts’ forecasts.

While only about 10% of S&P 500 companies have reported their results for the last three months of 2019, early indications are encouraging. Of those companies that have reported results, 78.4% topped analysts’ forecasts for profits, according to S&P Global Market Intelligence.

Those forecasts were low, to be sure, with analysts saying S&P 500 profits fell last quarter for the fourth consecutive time, according to FactSet.

Traders also bid up shares in homebuilders Wednesday following new data showing that U.S. home sales climbed 3.6% last month. The National Association of Realtors said that sales of previously occupied homes rose in December to a seasonally adjusted annual rate of 5.54 million.

For all of 2019, 5.34 million homes were sold — matching the 2018 level. High mortgage rates hurt sales in the first half of the last year, while lower rates boosted purchases in the second half. Hovnanian Enterprises led the homebuilder rally, gaining 2.5%.

Investors continued to drive Tesla shares higher. The electric vehicle and solar panel maker climbed 4.1%, attaining a $100 billion market capitalization for the first time. That market cap could turn into a supercharged payday for CEO Elon Musk, enabling him to receive a stock option package that’s worth close to $400 million.

Benchmark crude oil fell $1.64 to settle at $56.74 a barrel. Brent crude oil, the international standard, slid $1.38 to close at $63.21 a barrel.

Wholesale gasoline fell 6 cents to $1.58 per gallon. Heating oil declined 3 cents to $1.80 per gallon. Natural gas rose 1 cent to $1.91 per 1,000 cubic feet.

Gold fell $1.10 to $1,555.30 per ounce, silver rose 2 cents to $17.77 per ounce and copper fell 3 cents to $2.77 per pound.

The dollar rose to 109.89 Japanese yen from 109.81 yen on Tuesday. The euro weakened to $1.1092 from $1.1095.

European markets closed broadly lower. Asian markets finished higher.

AP Business Writer Damian J. Troise contributed.

 

[bigdog]

Major U.S. stock indexes closed mostly higher Thursday, as gains in technology and industrial companies offset declines elsewhere in the market.

The S&P 500 notched a small gain for the second straight day, while a modest pickup nudged the Nasdaq composite to an all-time high. The Dow Jones Industrial Average closed lower for the third day in a row, weighed down by a steep drop in shares of Travelers Cos. Bond prices rose, sending yields lower.

Trading was choppy for much of the day following a sell-off in Asia, where concern about the potential impact of a deadly new virus outbreak dragged stock indexes in China sharply lower. Fears that the coronavirus could spread, dampening tourism and economic growth, has weighed on global markets this week, driving up demand for U.S. government bonds and safe-play stocks.

Traders also had their eye on a mixed batch of company earnings reports, including encouraging quarterly results from American Airlines and Citrix Systems, and disappointing report cards from Travelers and Raymond James Financial.

“Today was driven a bit by earnings, but also by the coronavirus fears,” said J.J. Kinahan, chief strategist with TD Ameritrade. “Asian markets had a really tough night and that was our lead-in, that put a bit of extra pressure on the market coming in.”

The S&P 500 index inched up 3.79 points, or 0.1%, to 3,325.54. The index had been down as much as 0.6% earlier in the day.

The Dow fell 26.18 points, or 0.1%, to 29,160.09. The Nasdaq gained 18.71 points, or 0.2%, to 9,402.48. The index, which is heavily weighted with technology stocks, previously hit a record high last Friday.

The Russell 2000 index of smaller company stocks rose 0.55 points, or less than 0.1%, to 1,685.01.

The S&P/ASX 200 index looks set to end the week on a positive note. According to the latest SPI futures, the ASX 200 is expected to rise 20 points or 0.3% at the open.

https://apnews.com/a6ff9407e2fc374ae45eb8ec7ac97448

U.S. stocks close mostly higher, led by tech, industrials
By ALEX VEIGA2 minutes ago

Major U.S. stock indexes closed mostly higher Thursday, as gains in technology and industrial companies offset declines elsewhere in the market.

The S&P 500 notched a small gain for the second straight day, while a modest pickup nudged the Nasdaq composite to an all-time high. The Dow Jones Industrial Average closed lower for the third day in a row, weighed down by a steep drop in shares of Travelers Cos. Bond prices rose, sending yields lower.

Trading was choppy for much of the day following a sell-off in Asia, where concern about the potential impact of a deadly new virus outbreak dragged stock indexes in China sharply lower. Fears that the coronavirus could spread, dampening tourism and economic growth, has weighed on global markets this week, driving up demand for U.S. government bonds and safe-play stocks.

Traders also had their eye on a mixed batch of company earnings reports, including encouraging quarterly results from American Airlines and Citrix Systems, and disappointing report cards from Travelers and Raymond James Financial.

“Today was driven a bit by earnings, but also by the coronavirus fears,” said J.J. Kinahan, chief strategist with TD Ameritrade. “Asian markets had a really tough night and that was our lead-in, that put a bit of extra pressure on the market coming in.”

The S&P 500 index inched up 3.79 points, or 0.1%, to 3,325.54. The index had been down as much as 0.6% earlier in the day.

The Dow fell 26.18 points, or 0.1%, to 29,160.09. The Nasdaq gained 18.71 points, or 0.2%, to 9,402.48. The index, which is heavily weighted with technology stocks, previously hit a record high last Friday.

The Russell 2000 index of smaller company stocks rose 0.55 points, or less than 0.1%, to 1,685.01.

Excluding the Nasdaq, the major U.S. stock indexes are on track to end the week with a loss.

Bond prices rose. The yield on the 10-year Treasury fell to 1.73% from 1.77% late Wednesday.

Stocks got off to a shaky start following a sell-off in global markets as authorities worldwide stepped up measures to monitor and contain the virus. The central Chinese city of Wuhan, where the virus is concentrated, closed down its train station and airport Thursday to prevent people from entering or leaving the city.

The coronavirus has been confirmed in five countries, including China, the U.S., Thailand, Japan and South Korea. More than 500 people have fallen sick and 17 have died from the illness, which can cause pneumonia and other severe respiratory symptoms.

A World Health Organization committee decided on Thursday against declaring the outbreak a global emergency for now. Such a declaration can bring more money and other resources to fight a threat but can also trigger economically damaging restrictions on trade and travel in the affected countries, making the decision a politically fraught one.

The market regained some of its footing as the day went on and investors focused on the latest company earnings reports.

Technology stocks notched the biggest gains. Citrix Systems led all S&P 500 stocks, vaulting 7.8%, after the software company reported fourth-quarter earnings and revenue that topped Wall Street’s forecasts.

Industrial stocks also rose, helped by solid earnings from American Airlines Group. Strong travel demand resulted in record occupancy levels on its planes, though the airline noted it had to cancel about 10,000 flights during the fourth quarter because of the grounding of the Boeing 737 Max jets. Its stock climbed 5.4% and helped lift other airlines. Southwest Airlines gained 3.6% and Alaska Air Group rose 2.4%.

Real estate and utilities companies also notched gains as traders shifted money into the safe-play sectors.

Health care stocks were the biggest losers. Edwards LifeSciences, which makes heart valves, dropped 4.8%.

Financial stocks, including insurers, also fell. Travelers Cos. slid 5.1%, while financial services firm Raymond James dropped 6.2% after falling short of profit forecasts.

Crude oil prices slumped and weighed on energy stocks. Pioneer Natural Resources dropped 2.9%.

V.F. Corp. slid 9.7% after the maker of Vans and Timberland shoes cut its profit forecast for the year following weak fiscal third-quarter sales. The stock was the biggest decliner in the S&P 500.

Benchmark crude oil fell $1.15 to settle at $55.59 a barrel. Brent crude oil, the international standard, dropped $1.17 to close at $62.04 a barrel. Wholesale gasoline fell 2 cents to $1.56 per gallon. Heating oil declined 1 cent to $1.79 per gallon. Natural gas rose 2 cents to $1.93 per 1,000 cubic feet.

Gold rose $9.30 to $1,564.60 per ounce, silver was unchanged at $17.77 per ounce and copper fell 4 cents to $2.73 per pound.

The dollar fell to 109.52 Japanese yen from 109.89 yen on Wednesday. The euro weakened to $1.1056 from $1.1092.

European markets fell. Asian markets also declined. The virus outbreak coincides with the annual travel of hundreds of millions of Chinese for the Lunar New Year festival, which begins Friday. In Hong Kong, the Hang Seng dropped 1.5%, while the Shanghai Composite index declined 2.8%.

 

[bigdog]

Health care companies led a broad slide in U.S. stocks Friday as increased fears over the spread of a deadly outbreak of coronavirus rattled markets.

The S&P 500 had its worst day since early October and snapped a two-week winning streak.

The sell-off followed news that a Chicago woman has become the second U.S. patient diagnosed with the new virus from China. Health authorities worldwide have been taking measures to try to contain and monitor the coronavirus outbreak.

“It really is a reaction to the widening nature of what's going on with the coronavirus,” said Lisa Erickson, head of traditional investments at U.S. Bank Wealth Management. "People are concerned about, ultimately, the impact on Chinese growth and perhaps global growth."

The S&P 500 index fell 30.07 points, or 0.9%, to 3,295.47. The index had been down as much as 1.3% earlier.

The Dow Jones Industrial Average dropped 170.36 points, or 0.6%, to 28,989.73. It briefly slid more than 316 points.

The Nasdaq composite lost 87.57 points, or 0.9%, to 9,314.91. The Russell 2000 index of smaller company stocks slumped 22.78 points, or 1.4%, to 1,662.23.

The stock market has been mostly racking up gains going back to last fall. Before this week, the S&P 500 had only posted a weekly decline three times since October. Even with this week’s decline of 1%, the benchmark index is still up 2% for the month.

https://www.usnews.com/news/busines...s-propel-us-stocks-to-early-gains-intel-jumps

Stocks Fall as Fears About Deadly Virus Grow; Dow Drops 170
Stocks closed with broad losses Friday as increased fears that an outbreak of a deadly virus could spread more widely rattles markets.
By Associated Press, Wire Service Content Jan. 24, 2020, at 5:03 p.m.

By ALEX VEIGA, AP Business Writer

Health care companies led a broad slide in U.S. stocks Friday as increased fears over the spread of a deadly outbreak of coronavirus rattled markets.

The S&P 500 had its worst day since early October and snapped a two-week winning streak.

The sell-off followed news that a Chicago woman has become the second U.S. patient diagnosed with the new virus from China. Health authorities worldwide have been taking measures to try to contain and monitor the coronavirus outbreak.

“It really is a reaction to the widening nature of what's going on with the coronavirus,” said Lisa Erickson, head of traditional investments at U.S. Bank Wealth Management. "People are concerned about, ultimately, the impact on Chinese growth and perhaps global growth."

The S&P 500 index fell 30.07 points, or 0.9%, to 3,295.47. The index had been down as much as 1.3% earlier.

The Dow Jones Industrial Average dropped 170.36 points, or 0.6%, to 28,989.73. It briefly slid more than 316 points.

The Nasdaq composite lost 87.57 points, or 0.9%, to 9,314.91. The Russell 2000 index of smaller company stocks slumped 22.78 points, or 1.4%, to 1,662.23.

The stock market has been mostly racking up gains going back to last fall. Before this week, the S&P 500 had only posted a weekly decline three times since October. Even with this week’s decline of 1%, the benchmark index is still up 2% for the month.

Jitters over the potential economic fallout from the coronavirus outbreak intensified Friday as the tally of confirmed cases continued to climb, rising to more than 850. Twenty-six people have died, all in China. The Centers for Disease Control said over 2,000 returning travelers had been screened at U.S. airports and 63 patients in 22 states were being tested.

The virus can cause pneumonia and other severe respiratory symptoms. The World Health Organization has so far held off on declaring the situation a global emergency, which would bring more money and resources to fight it, but also could trigger economically damaging restrictions on trade and travel.

Shares in airlines and several other companies in the travel and tourism industries fell Friday. United Airlines slid 3.5% and American Airlines dropped 4%. Cruise line operator Carnival fell 3.9%.

Drugmaker Bristol-Myers Squibb was among the biggest decliners in the health care sector, shedding 4%. Health insurers also fell. UnitedHealth Group dropped 2.2% and Amgen lost 4%.

Banks and other financial sector companies also took heavy losses, with credit card issuers among the biggest losers.

The price of U.S. crude oil fell 2.5%, dragging down energy stocks. Hess lost 3.2%.

Utilities notched a slight gain as investors shifted money into safe-play, high-dividend stocks and U.S. government bonds. The surge in bond-buying sent yields lower. The yield on the 10-year Treasury note fell to 1.69% from 1.74% late Thursday, a big move.

Investors continued to dig through the latest batch of company earnings reports Friday.

Intel surged 8.1% after the chipmaker blew past Wall Street’s fourth-quarter profit forecasts. The company cited demand for cloud-computing as the key reason for the solid financial results. It also gave investors an upbeat forecast for the first quarter, which helped inject some confidence into the broader market for chips.

American Express rose 2.8% after the credit card issuer and global payments company beat Wall Street's fourth-quarter profit forecasts.

Shares in two credit card issuers fell sharply after the companies released mixed quarterly snapshots. Discover Financial Services slumped 11.1% after it issued disappointing 2020 guidance. Synchrony Financial skidded 9.9% after its fourth-quarter revenue fell short of analysts’ forecasts.

Next week is shaping up as the busiest week for earnings reports, with roughly 40% of the companies in the S&P 500 due to issue their results for the last three months of 2019.

So far, about 16% of S&P 500 companies have reported their quarterly results. Early indications have been encouraging, with 72.8% of those companies topping analysts' forecasts for profits, according to S&P Global Market Intelligence.

Even so, the outlook for 2020 earnings isn't improving as many investors expected, said Sam Stovall, chief investment strategist at CFRA.

"The reason the market was up 13% in the past 3 months is with the expectation that we would see a ramp-up in economic growth and earnings increases, but that has yet to materialize," he said. "2020 (earnings) estimates have actually come down. They were expected to be up 7.9%, now they're expected to climb 7.6%."

Benchmark crude oil fell $1.40 to settle at $54.19 a barrel. Brent crude oil, the international standard, dropped $1.35 to close at $60.69 a barrel.

Wholesale gasoline fell 4 cents to $1.52 per gallon. Heating oil declined 6 cents to $1.73 per gallon. Natural gas fell 4 cents to $1.89 per 1,000 cubic feet.

Gold rose $6.50 to $1,571.10 per ounce, silver rose 29 cents to $18.06 per ounce and copper fell 4 cents to $2.69 per pound.

The dollar fell to 109.24 Japanese yen from 109.52 yen on Thursday. The euro weakened to $1.1029 from $1.1056.

European markets closed with solid gains, helped by a report that showed improvement in manufacturing activity. Germany’s DAX jumped 1.4% and the CAC 40 in France rose 0.9%. Markets were closed in Shanghai and the rest of mainland China, South Korea, Malaysia and Taiwan. Japan’s Nikkei and Hong Kong’s Hang Seng edged higher.

952

 

[bigdog]

U.S. stocks fell sharply Monday, sending the Dow Jones Industrial Average down by more than 450 points, as investors grappled with fresh worries about the spread of a new virus in China that threatens global economic growth.

The sell-off gave the Dow its first 5-day losing streak since early August and handed the S&P 500 its worst day since early October. Both indexes were off about 1.5%, giving up a significant portion of their gains this month.

The latest bout of selling on Wall Street came after China announced a sharp rise in cases of the virus.

Airlines, resorts and other companies that rely on travel and tourism suffered steep losses. Gold prices rose as did bonds as traders sought refuge in safer holdings. The yield on the 10-year Treasury fell to 1.60%, its lowest level since October. The market’s broad slide followed a sell-off in markets in Europe and Japan.

“Over the weekend you saw more cases,” said Quincy Krosby, chief market strategist at Prudential Financial. “That got investors and traders worried that this may be a longer event. The next question is, ‘What happens to global growth if this does continue and magnify?’”

The Dow Jones Industrial Average fell 453.93 points, or 1.6%, to 28,535.80. The Dow had been down nearly 550 points. The S&P 500 index dropped 51.84 points, or 1.6%, to 3,243.63. The Nasdaq lost 175.60 points, or 1.9%, to 9,139.31. The Russell 2000 index of smaller company stocks gave up 18.09 points, or 1.1%, to 1,644.14.

Most markets in Asia were closed for the Lunar New Year holiday, but Japan’s Nikkei fell 2.03%, its biggest decline in five months. European markets also slumped. Germany’s DAX and France’s CAC 40 dove 2.7%.

The S&P/ASX 200 index looks set to start the week on a very disappointing note. According to the latest SPI futures, the ASX 200 is poised to sink 120 points or 1.7% at the open.

https://apnews.com/b8c9523acabfb8045c9c8436e2e1c4ac

Stocks tumble as virus fears spark sell-off; Dow falls 453
By ALEX VEIGA and DAMIAN J. TROISE

U.S. stocks fell sharply Monday, sending the Dow Jones Industrial Average down by more than 450 points, as investors grappled with fresh worries about the spread of a new virus in China that threatens global economic growth.

The sell-off gave the Dow its first 5-day losing streak since early August and handed the S&P 500 its worst day since early October. Both indexes were off about 1.5%, giving up a significant portion of their gains this month.

The latest bout of selling on Wall Street came after China announced a sharp rise in cases of the virus.

Airlines, resorts and other companies that rely on travel and tourism suffered steep losses. Gold prices rose as did bonds as traders sought refuge in safer holdings. The yield on the 10-year Treasury fell to 1.60%, its lowest level since October. The market’s broad slide followed a sell-off in markets in Europe and Japan.

“Over the weekend you saw more cases,” said Quincy Krosby, chief market strategist at Prudential Financial. “That got investors and traders worried that this may be a longer event. The next question is, ‘What happens to global growth if this does continue and magnify?’”

The Dow Jones Industrial Average fell 453.93 points, or 1.6%, to 28,535.80. The Dow had been down nearly 550 points. The S&P 500 index dropped 51.84 points, or 1.6%, to 3,243.63. The Nasdaq lost 175.60 points, or 1.9%, to 9,139.31. The Russell 2000 index of smaller company stocks gave up 18.09 points, or 1.1%, to 1,644.14.

Most markets in Asia were closed for the Lunar New Year holiday, but Japan’s Nikkei fell 2.03%, its biggest decline in five months. European markets also slumped. Germany’s DAX and France’s CAC 40 dove 2.7%.

Chinese health authorities have confirmed 2,750 cases of the virus along with 81 related deaths as authorities extended a week-long public holiday by an extra three days as a precaution against having the virus spread still further. The virus has spread to a dozen countries, including the U.S. Besides the threat to people’s lives and health, investors are worried about how much damage the virus will do to profits for companies around the world.

Even if they’re thousands of miles away from Wuhan, the interconnected global economy means U.S. companies have plenty of customers and suppliers in China. It’s the world’s second-largest economy, and it accounts for 6% of all revenue for S&P 500 companies over the last 12 months. That’s nearly double any other country besides the United States, according to FactSet.

“Markets hate uncertainty, and the coronavirus is the ultimate uncertainty in that no one knows how badly it will impact the global economy,” said Alec Young, managing director of global markets research at FTSE Russell.

Resort operators were among the biggest losers in the S&P 500. Wynn Resorts led all company’s in the index lower with an 8.1% tumble, while Las Vegas Sands dropped 6.7%. The companies get most of their revenue from the Chinese gambling haven of Macao. MGM Resorts fell 3.9%.

American Airlines lost 5.5% and Delta dropped 3.4% as part of a broad slide for airlines because of concerns international travel will decline amid the virus’ spread.

Booking companies and cruise-line operators also got hurt. Expedia Group fell 2.7% and Carnival slid 4.7%.

Chinese companies that trade shares in the U.S. also declined. Search engine operator Baidu fell 2.9% and e-commerce company JD.com dropped 4.8%.

The technology sector, the biggest in the S&P 500, also saw heavy selling. Apple, which relies on China for supplies and sales, fell 2.9%.

Financial stocks also took steep losses. Citigroup dropped 2.2%.

Energy stocks fell broadly as U.S. oil prices fell 1.9% on worries about reduced demand from China. Schlumberger skidded 5.1%.

Utilities, real estate stocks and household goods makers held up better than the rest of the market, though they still finished in the red. The sectors are viewed as less-risky and are not as affected by international issues and developments.

A few companies managed to climb against the sliding markets. Bleach and cleaning products maker Clorox rose 1.1%.

Small biotechnology companies and drug developers made some of the biggest gains. Cleveland BioLabs more than doubled, while NanoViricides and BioCryst also climbed sharply.

“If you look at this right now, investors and traders are looking at pockets of opportunity,” Krosby said. “It’s not a question of if, but when they start buying.”

Investors are also dealing with a heavy week of corporate earnings. Apple will report financial results on Tuesday. Pharmaceutical giant Pfizer and Starbucks will also report.

Boeing, McDonald’s, Coca-Cola and Amazon are also among some of the biggest names reporting earnings throughout the week that includes 147 S&P 500 companies.

Benchmark crude oil fell $1.05 to settle at $53.14 a barrel. Brent crude oil, the international standard, dropped $1.37 to close at $59.32 a barrel.

Wholesale gasoline slid 3 cents to $1.48 per gallon. Heating oil declined 5 cents to $1.70 per gallon. Natural gas inched 1 cent higher to $1.90 per 1,000 cubic feet.

Gold rose $5.50 to $1,577.40 per ounce, silver fell 6 cents to $18.06 per ounce and copper slid 9 cents to $2.60 per pound.

The dollar fell to 108.92 Japanese yen from 109.24 yen on Friday. The euro weakened to $1.1020 from $1.1029.