Economy

Dow, S&P 500 score back-to-back records; Nasdaq again lags behind

Dow, S&P 500 score back-to-back records; Nasdaq again lags behind”

It tumbled 5.9% and Kellogg and Kraft Heinz both lost more than 1%.

US stocks edged up in early afternoon trading on Tuesday, helped largely by gains in telecom stocks, but traded in a narrow range as investors stayed away from making major bets ahead of the Federal Reserve's policy meeting.

Zions Bancorporation climbed 1.6%, while Raymond James Financial rose 1.4%. "If you continue to see (bond) yields go up, you'll probably see more of a rotation" into financial stocks.

Any reduction in the Fed's balance sheet could make it harder for banks and investors to borrow certain Treasuries in the repurchase agreement market, making it more difficult and expensive to bet on or protect against rate increases.

Bond prices fell, sending yields higher. The Dow Jones industrials were little changed.

US stocks have been breaching record levels, with the Dow clocking a closing record for the fifth day in a row on Monday and the S&P closing at a record for the second consecutive session.

Sprint (S) and T-Mobile (TMUS) are posting standout gains following a report from CNBC that the companies are in active talks about a merger. Johnson Controls rose 3 percent and American Airlines rose 2.3 percent.

The report said export prices also rose by 0.6% in August following a 0.5% increase in the previous month.

Traders also sold off several packaged food companies after General Mills' latest quarterly results fell short of Wall Street's expectations.

In Asia, stock markets diverged on Thursday in morning session after the Fed announced that it would begin paring back its balance sheet in October.

Bed Bath and Beyond plunged 15 percent after reporting earnings and sales that missed analysts' forecasts.

At 9:38am ET (1338 GMT), the Dow Jones Industrial Average was up 21.79 points, or 0.1%, at 22 353.14, the S&P 500 was up 1.13 points, or 0.04%, at 2 505 and the Nasdaq Composite was up 4.18 points, or 0.06%, at 6 458.82. However, Japan's Nikkei 225 Index jumped by 2%.

Health index .SPXHC was the biggest laggard on the S&P, pulled lower by United Health's UNH.N 2.2 percent fall.

With traders looking ahead to tomorrow's monetary policy announcement by the Federal Reserve, stocks are turning in a relatively lackluster performance during trading on Tuesday.

In commodities trading, crude oil futures are falling $0.45 to $50.24 a barrel after jumping $0.93 to $50.41 a barrel on Wednesday. ConocoPhillips gained 1.3 percent. While the German DAX Index closed just above the unchanged line, the French CAC 40 Index and the UK's FTSE 100 Index rose by 0.2% and 0.3%, respectively. The Nasdaq composite fell 5 points, or 0.1 percent, to 6,456.

However, with the CBOE Volatility Index closing at its lowest level in almost two months at 9.67, Peter Cecchini, chief market strategist at Cantor Fitzgerald in NY, said the market is not reflecting risks such as US-North Korea tensions and high valuations.



Like this

loading...
loading...

Latest


23 September 2017
Jacobs Engineering Group Inc Announces Quarterly Dividend of $0.15 (JEC)
Ontario - Canada-based Burgundy Asset Management Limited has invested 0.22% in Jacobs Engineering Group Inc (NYSE:JEC). On average, equities analysts forecast that Jacobs Engineering Group will post $3.13 EPS for the current fiscal year.

23 September 2017
Trading Watch: Percentage Price Oscillator is Above Signal for Aviva PLC (AVVIY)
When applying indicators for technical analysis, traders and investors might want to look at the ATR or Average True Range. Used as a coincident indicator, the CCI reading above +100 would reflect strong price action which may signal an uptrend.

23 September 2017
Microsoft Xbox One S launched in India, prices start at Rs….
The Xbox One S is an incredible device, packing in all that you need for a complete gaming and entertainment experience. The Xbox One S is now 40 percent smaller than the original Xbox One as the console sports a sleek, slim design.

22 September 2017
Milan-Spal, segui la partita in tempo reale
Potevamo risparmiare qualche energia, ma forse era necessario per portare a casa questa vittoria importante. Ora incontreremo la Samp, che è organizzata e ha un grande allenatore".

22 September 2017
Stock Jumping Abnormally High: JetBlue Airways Corporation (JBLU)
The average 1-year price target for (CY) reveals an average price target of $17.19 per share. (NGS) has $324.73 million valuation. Want to see what other hedge funds are holding JBLU? Paloma Mgmt Com accumulated 74,353 shares. (NYSE:NGS) for 569,428 shares.

22 September 2017
Trump advisers warn North Korea to give up weapons programs
Still, Tillerson underscored the desire of the USA to avoid that possibility and to have China and Russian Federation act forcefully to that end.

22 September 2017
Fed Stands Pat On Rates, Will Reduce Balance Sheet In October
Gross domestic product is now expected to grow at a rate of 2.4 percent this year, 2.1 percent next year and 2.0 percent in 2019. During the 2008 financial crisis, Washington slashed the key interest rate almost to zero in a bid to boost growth and jobs.

22 September 2017
Sells 62291 Shares of Bristol-Myers Squibb Company (NYSE:BMY)
The biopharmaceutical company reported $0.74 earnings per share for the quarter, beating the consensus estimate of $0.73 by $0.01. The Schwab Charles Investment Management Inc holds 395,664 shares with $22.93M value, down from 504,661 last quarter.

22 September 2017
Why the Berlin Marathon This Weekend Is Mandatory Viewing
All three of us are at the top of our game right now, but there will be only one victor ", Kipchoge told AFP earlier this month. A knee injury has forced the Kenya Patrick Makau, victor of the 2011 BMW BERLIN-MARATHON 2011, withdraw from Sunday's race.

22 September 2017
Off-duty LAPD officer killed in motorcycle crash in Porter Ranch
Los Angeles County Department of Medical Examiner-Coroner officials confirmed early Friday the LAPD officer was John Gasparyan. LAPD spokesman Josh Rubenstein said the crash appears to be a "tragic accident", but officials were interviewing witnesses.