Stock Market

Dow Surges Nearly 550 Points

The Dow Jones Industrial Average surged nearly 550 points Wednesday as U.S. stocks extended a recent rebound, advancing as a congressional power divide eased worries about swift policy changes that could hurt large companies. Uncertainty about the elections was one factor driving October’s stock-market rout, with some investors anxious that radical economic policy changes could hurt corporations benefiting from tax reform and an emphasis on deregulation. Democrats claiming a majority in the House of Representatives and Republicans retaining control of the Senate soothed some of those fears, analysts said, sparking a broad-based market rally. Twenty-nine of the 30 Dow industrial stocks climbed, putting the blue-chip index about 2.5% off its October record. All 11 S&P 500 sectors posted gains, moving the benchmark roughly 4% off its record. Both indexes have risen in six of the past seven sessions, a quick turnaround from a brutal selloff that left the S&P 500 and Dow teetering on the edge of correction territory two weeks ago. While some sectors directly affected by Tuesday’s results such as health care led the indexes higher, a rally in recently battered technology and internet stocks was another sign of rejuvenated investor confidence.

 

Dow jumps more than 100 points to all-time high, rallies for a second day to start fourth quarter

The Dow Jones Industrial Average hit a record high on Tuesday as it rallied for a second day, boosted by gains in Intel and optimism around global trade. The 30-stock index closed 122.73 points higher to 26,773.94 for its first record close since Sept. 21. Intel climbed more than 3.5 percent, while Boeing soared to an all-time high. These gains added to the 192-point pop in the Dow on Monday to start the fourth quarter. The S&P 500, closed flat, however, at 2,923.43 while the Nasdaq Composite fell half a percent to 7,999.55 as large-cap tech names fell more than 1 percent. Amazon shares dropped 1.6 after the company announced it would raise its minimum wage to $15 per hour for all U.S. employees. Facebook, meanwhile, dropped nearly 2 percent. Stocks were coming off strong gains from the previous session after Canada joined the U.S. and Mexico in a new trade deal. The United States-Mexico-Canada Agreement, or “USMCA” for short, will see all three countries compromise on certain trade aspects. More market access will be granted to U.S. dairy farmers, while Canada has agreed to effectively cap automobile exports to the States. “The market reaction suggests investors are less worried about a trade war,” said Jennifer Ellison, principal at BOS. “It’s more of a sigh of relief.” Boeing climbed 1.1 percent, while Caterpillar gained 1.7 percent. The two stocks are seen as bellwethers for trade given their exposure overseas. Now investors will be looking to China, to see if Beijing and Washington can compromise on certain trade elements.

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Dow jumps 250 points to record high as Apple rises and trade-war fears simmer down

The Dow Jones Industrial Average hit its first record high since January on Thursday as gains in Apple and a decrease in trade fears lifted the 30-stock index. The Dow rose 250 points as Boeing, Caterpillar and Apple outperformed. The S&P 500 also rose 0.7 percent to an all-time high, its first since late August, as materials and tech outperformed. President Donald Trump touted the S&P 500’s record in a tweet, saying, “S&P 500 HITS ALL-TIME HIGH Congratulations USA!” Art Cashin, director of floor operations for UBS, said the Dow’s record should be a bullish confirmation of the high reached by the Dow Transports last week. “That should be a Dow theory buy signal,” Cashin said. “According to the theory, the economy is supposed to be improving and therefore you have six to nine months of a higher stock market.” The Nasdaq Composite also rose 0.9 percent as Amazon gained 1.1 percent ahead of an event where they are expected to unveil new Alexa-powered devices. Apple, meanwhile, jumped 1.6 percent. Boeing and Caterpillar, two bellwethers for trade, rose 1.1 percent and 1.8 percent, respectively.

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Stocks Hit Record Highs Following Trade Deal with Mexico

Stocks jumped higher Monday following the announcement that the U.S. and Mexico have reached a new trade deal. The S&P 500 and the Nasdaq Composite both hit record highs. The Nasdaq was up 0.91 percent, while the S&P 500 rose 0.77 percent. The Dow Jones Industrial Average rose slightly more than 1 percent. News of the deal appeared to reassure investors that the Trump administration can make solid progress on trade deals. Shares of traditional U.S. automakers were some of the best performers of the day. General Motors was up 4.8 percent. Ford rose 3.2 percent. Goodyear Tire & Rubber rose 3.27 percent. Shares of Tesla, however, fell by more than 1 percent.

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Apple’s Revenue, Earnings Top Estimates

Apple Incc. delivered its best-ever revenue for the June quarter, typically its weakest period, as demand for high-price iPhones remained resilient and services like app-store sales swelled to all-time highs. The results for Apple’s fiscal third quarter show how the world’s most valuable company is finding ways to grow amid a contracting global smartphone market that is roiling its rivals. “Growth was strong all around the world,” Apple finance chief Luca Maestri said during an interview. Though iPhone sales usually weaken in the spring and summer as anticipation builds for new devices expected in September, Mr. Maestri said demand has remained consistent, particularly for the iPhone X, 8 and 8 Plus. “Customers are really valuing the features in the products,” he said. Shares of Apple, up 28% over the past year, rose 3.6% to $197.01 in after-hours trading. Apple’s move to raise iPhone prices continued to pay off in the period with sales of its flagship product rising 20% to $29.91 billion even as shipments rose less than 1% to 41.3 million. Meanwhile, the company’s services business reported record revenue of $9.55 billion, a 31% increase from a year ago, strengthening the case that Apple is in the midst of a transformation from a device-driven business into one increasingly reliant on sales of subscriptions and software. The combination drove total revenue up 17% to $53.26 billion in the latest period, above Wall Street expectations and near the high end of its own guidance. Profit rose 32% to $11.52 billion, or $2.34 a share, also above analysts’ consensus estimates. Apple signaled it expects to sustain strong iPhone sales in the current quarter with a forecast for total revenue of between $60 billion and $62 billion, which would represent a healthy 14% to 18% increase from a year ago. The expected jump reflects a small boost from a trio of new devices the company is expected to release in September, analysts say, including an update to the $999 iPhone X, its first oversize phone with an organic light-emitting diode, or OLED, display and a 6.1-inch LCD phone with facial recognition technology. The new phones are projected to be priced between $699 for the LCD device and $1,099 for the plus-size handset, according to UBS, potentially ensuring another year of higher average iPhone prices to lift Apple’s total revenue. Analysts had estimated the $999 iPhone X made up one-quarter of total iPhones sold, which helped lift average selling prices per iPhone by nearly 20% to about $724. While sales of the company’s handsets have been more pedestrian so far this fiscal year than the more than 7% increase in annual iPhone shipments many analysts forecast a year ago, features like the iPhone X’s facial recognition and edge-to-edge display have been enough to help Apple deliver modest growth and revive a China business mired in a multiyear slump. The company said revenue in Greater China, where sales tanked in 2016, rose 19% to $9.55 billion. Apple’s chief rival, Samsung Electronics Co. , hasn’t fared as well. The South Korean company, which also has raised smartphone prices to nearly $1,000, reported a big decline in mobile phone profits on Tuesday as consumers hold on to devices longer and balk at higher prices. Samsung has seen its market share in China fall as homegrown rivals like Huawei Technologies Co. increase sales.

Stock rally continues following jobs report

Stocks jumped to start the week, adding to gains from Friday’s session that was powered by a better-than-expected jobs report. The Dow Jones Industrial Average surged 320.11 points, or 1.3%, to 24,776.59. The S&P 500 gained 24.35 points, about 0.9%, to 2,784.17. The Nasdaq Composite rose 67.81 points, or 0.88%, to 7,756.20. Chinese shares bounced despite heightened trade tensions between Washington and Beijing after each imposed major tariffs on the other’s goods last week. The Shanghai Composite ended the session 2.5%, its biggest one-day rise in 2-years. Hong Kong’s Hang Seng Index was higher by 1.5% Japan’s Nikkei ended the day up 1.21% In Europe, London’s FTSE traded 0.35% higher, Germany’s DAX gained 0.12% and France’s CAC was higher by 0.40% Stocks also rose Friday after a strong jobs report overshadowed U.S.-China tariffs. The Dow Jones Industrial Average climbed 99.74 points, or 0.41%, to 24,456.48. The S&P 500 climbed 23.21 points, or 0.84%, to 2,759.82. The Nasdaq Composite rallied 101.96 points, or 1.34%, to 7,688.39. The U.S. economy added 213,000 jobs in June with the unemployment rate rising to 4%. Wage growth remained steady at 2.7% even though hourly wages inched higher by 0.2%. Economists surveyed by Thomson Reuters expected the U.S. economy would have added 195,000 jobs in June with the unemployment rate holding steady at May’s 3.8%, which was the lowest since April 2000. Investors are looking ahead to Friday when the earnings season for banks gets underway. Citigroup, JPMorgan Chase and Wells Fargo will all report results on that day. Commodities were mostly higher.

Dow posts biggest one-day point gain since 2008

The Dow recorded its biggest one-day point gain since 2008 on Monday, as reports of trade talks between the U.S. and China reduced fears of a possible trade war. The Dow Jones Industrial Average climbed 669.40 points, or 2.84%, to 24,202.60 at the close. The Nasdaq Composite rose 227.88, or 3.26%, to 7,220.54, while the S&P 500 Index gained 70.29, or 2.72%, to 2,658.55.

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