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US stocks edges up, led by energy shares

April 14, 2015 By Carrie Davis Leave a Comment

us_traders_2012_6_18

The S&P 500 and Dow Jones industrial average moved higher on Tuesday, backed by the energy stocks and reports of March-quarter earnings that topped the modest expectations of the economists but did minimal to lower the concerns about the strong US dollar.

Shares of Chevron, Exxon Mobil and other energy firms followed crude higher after a forecast that May’s US shale oil output would record its first monthly fall in over four years. The S&P 500 energy index surged 1.95 percent.

Johnson & Johnson slashed its full-year forecast on the grounds of the impact of a strong greenback, even though the adjusted earnings topped the expectations. The shares of the Dow component gained 0.29 percent.

Tim Ghriskey, chief investment officer at New York-based Solaris Group, said, “Expectations are low, primarily because of economic weakness during the first quarter related to weather, the strong dollar, the West Coast dock strike and oil prices.”

At 1:02 pm, the S&P 500 edged up 3.42 points, or 0.16 percent, to 2,095.85 and the Dow Jones industrial average surged 78.46 points, or 0.44 percent, to 18,055.5. The Nasdaq Composite declined 15.63 points, or 0.31 percent, to 4,972.62.

The shares of Chevron jumped 1.97 percent, while Exxon’s shares increased 2.22 percent.

The shares of Alcatel increased 12.18 percent to USD 4.88, while the US shares of Nokia dropped 4.21 percent to USD 7.95.

On the NYSE, the advancing issues outnumbered the declining ones by 1,842 to 1,099, for a 1.68-to-1 ratio. 1,404 issues dropped and 1,211 advanced, for a 1.16-to-1 ratio favoring decliners on the Nasdaq.

The S&P 500 was recording three new 52-week highs and no new lows. On the other hand, the Nasdaq Composite was posting 57 new highs and 22 new lows.

Filed Under: Business & Company, Capital Markets Tagged With: Chevron shares, Dow Jones industrial average, Exxon Mobil shares, Nasdaq, S&P 500, Tim Ghriskey, US dollar, US stocks, Wall Street stocks

US stocks close on strong note; Nasdaq touches 15-year high

March 22, 2015 By Stephanie James

nasdaq

US stock markets closed on a higher note on Friday as Nasdaq touched 15-year high, while the Dow Jones and the  S&P 500 made gains due to the strong US dollar that recovered after the monetary policy of Federal Reserve Bank led to instant fall during the week.

The new technology market barometer Nasdaq biotech index added 0.5 percent on Friday, marking gain of about 7.5 percent in the past eight sessions of trading.

Pharmaceutical firm Biogen Idec surged about 10 percent following announcement of promising results of its experimental drug for Alzheimer’s disease.

Nike surged 3.7 percent to USD 101.98 giving the major boost to the Dow Jones after it posted a quarterly profit beating the estimates of the market. The world’s largest sportswear making company sold shoes and apparels with more higher-margin, but cautioned that the strengthening dollar would take a toll on its current quarter.

The sharp gains in the greenback in the recent times have raised worries about the impact of the currency on the earnings of American multinationals.

The projections of earnings by S&P 500 for the first quarter as well as for 2015 have dropped significantly since January 1.

The Nasdaq Composite gained 34.04 points, or 0.68 percent, to a 15-year high at 5,026.42. The Dow Jones industrial average increased 168.62 points, or 0.94 percent, to 18,127.65, while the S&P 500 added 18.83 points, or 0.9 percent, to 2,108.10.

The US dollar was down 1.5 percent against a basket of major currencies.

Both the S&P 500 and the Dow gained 2.7 percent and 2.1 percent respectively during the week, snapping a run of losses for straight three-week. The S&P 500 ended less than 10 points down its record close.

On the other hand, the Nasdaq ended up 3.2 percent, only 22 points from its record closing high.

On the NYSE, the advancing issues outnumbered declining ones by 2,452 to 632. On the other hand, 1,661 issues increased and 1,116 dropped on the Nasdaq.

 

Filed Under: Business & Company, Capital Markets Tagged With: Dow Jones, Federal Reserve Bank, Nasdaq, S&P 500, US dollar, Wall Street

US stocks tumble ahead of Federal Reserve statement on rate hike

March 18, 2015 By Kyle Mills

dow

The stocks at the Wall Street on Wednesday traded lower as the market and investors awaited with bated breath for signals on the preferred timing of a hike in the interest rates from the statement and press conference of Federal Reserve, which is expected in the afternoon.

The Dow Jones industrial average dropped slightly over 100 points during the morning trade, losing its gains for 2015. The index reported nine triple digits closes in the last two weeks, five downs and four ups.

The two-day meeting of Federal Open Market Committee, which will conclude on Wednesday, will be watched by the investors as they expect “patient” remains in the statement.

The highly anticipated statement is likely to come at 2 pm ET followed by a press conference of Federal Reserve Chairperson Janet Yellen at 2:30 pm.

Art Hogan, chief market strategist at Wunderlich Securities, said, “Everything all comes to a crescendo today at 2 o’clock. This is probably the most anticipated word change in the history of the Federal Reserve.”

“I truly believe the message is going to be that ‘patient’ isn’t in the statement so that gives us some option over the few months. We typically get a knee-jerk reaction. More times than not the first reaction is wrong,” Hogan said.

Many analysts said that changing the wording of Fed statement would not be fundamentally remarkable for the Wall Street.

The investors also closely watch if the stronger US dollar figures into the Federal Reserve statement. The greenback continued to remain at highs, while the euro dropped below USD 1.06.

Oil extended losses after the US Energy Information Administration report that the oil inventories increased 9.6 million barrels. On the other hand, crude oil traded just above USD 42 per barrel. Brent traded above USD 53 per barrel.

The US 10-year Treasury yield dropped to trade around 2.02 percent. The two-year note yield emerged 0.66 percent.

The shares lock-up of Alibaba expired on Wednesday, enabling the Chinese e-commerce and web giant to sell nearly 437 million of its shares.

Tech giant Apple Inc. is scheduled replacement of AT&T in the Dow Jones industrial average on Wednesday following the bell, as Visa implements a four-for-one stock split.

The European stocks turned mixed as the investors closely observed the outcome of the Federal Reserve meeting.

The S&P 500 traded 0.24 percent lower, or 5 points, at 2,069, with consumer staples leading seven sectors lower, while utilities leading advancers.

The Dow Jones Industrial Average traded down 75 points, or 0.42 percent, at 17,772. Coca-Cola was the leading decliners at the Dow Jones Industrial Average, while Caterpillar was the greatest advancer. On the other hand, the Nasdaq traded six points lower, or 0.14 percent, at 4,930.

Crude oil futures fell $1.21 to $42.25 a barrel on the New York Mercantile Exchange. Gold futures fell $1.30 to $,1,146 an ounce in mid-morning trade.

US stocks was mostly lower during the closed trade on Tuesday as the market keenly focused on the outcome of the Fed meeting over the rate hike. While the Dow Jones Industrial Average was off triple digits, the Nasdaq emerged in the black.

Filed Under: Business & Company Tagged With: Dow Jones industrial average, Federal Open Market Committee, Federal Reserve Bank, Federal Reserve statement, Nasdaq, S&P 500, US central Bank, US interest rate hike, US stocks

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