Stock Market

Dow scores 100th record close under Trump

Stocks closed on record highs Tuesday helped by a batch of positive retail earnings, a new record for Disney and more positive developments on U.S. – China trade talks. Tuesday’s record close was the 100th since Trump took office. Investors scooped up more Disney shares, lifting the Mouse House to a new record after the research firm Apptopia said the Disney+ app has been downloaded 15.5 million times and is averaging 25.6 million sessions per day over the past week. Uber and Lyft shares gained despite the City of Chicago announcing a congestion tax on ride-hailing services. Uber was hit hard Monday after London pulled its business license. On the earnings front, Best Buy reported better-than-expected third-quarter results as store sales rose 2 percent from a year ago, driven by strength in appliances, headphones, tablets, services and computing. The electronics retailer also raised its full-year outlook for earnings and revenue. Dick’s Sporting Goods soared after reporting a top and bottom-line beat and raising its outlook for the rest of the year. The sporting goods retailer said e-commerce sales climbed 13 percent year-over-year. Meanwhile, shares of Dollar Tree tanked after the discount retailer said it expects fourth-quarter earnings to take a hit due to tariffs. And more positive trade developments also helped drive the gains after President Trump told reporters the U.S. and China are “in the final throes” of reaching a deal. The comments came after China said earlier in the day that its top trade envoy and other senior officials spoke by phone with U.S. negotiators. China’s commerce ministry said Vice Premier Liu He and other senior officials spoke with U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin.

Another stock market record high in this Trump economy!!  Excellent!!   For more, click on the text above.     🙂

Dow jumps over 400 points on US-China trade progress

U.S. stocks kicked off the final day of the week on a high note as the U.S. and China begin day two of trade talks. This after President Trump signaled that thus far the talks are going well. He tweeted as much on Friday after the opening bell. Trump is set to meet with Chinese Vice Premier Liu He at the White House later today. The Dow rose by more than 400 points in early trading. Also providing a boost was a rebound in consumer sentiment, which in October climbed to a three-month high of 96, up from 93.2 the prior month, according to preliminary data released by the University of Michigan. In stock news, General Motors shares were higher after the automaker provided fresh details on negotiations with the United Auto Workers union. GM, in a letter, outlined some revised points on its offer to the union. Investors are also eyeing Apple which hit an all-time high after a Wall Street analyst raised his price target. Wendy’s also saw a nice pop after disclosing that sales in the third-quarter were stronger than expected. In commodities, oil prices spiked around 1 percent after a rocket attack on an Iranian tanker. Global investors are also expecting to hear from Saudi oil giant Aramco as it prepares for its initial public offering. Early reports indicate the company’s valuation may around $1.5 trillion, slightly below the $2 trillion Crown Prince Mohammed bin Salman was aiming for. In Europe, London’s FTSE gained 0.3 percent, Germany’s DAX added 1.9 percent and France CAC was higher by 1.2 percent. In Asia, China’s Shanghai Composite finished higher by 0.9 percent on Friday and 2.4 percent for the week. Tokyo’s Nikkei closed up 1.2 percent and 1.8 percent for the week. Hong Kong’s Hang Seng ended the session higher 2.3 percent and 1.9 percent for the week.

S&P 500, Nasdaq hit record highs as Google, McDonald’s, 2Q GDP lift stocks

Stocks Opens a New Window. soared Friday, with the S&P 500 and tech-heavy Nasdaq Composite notching record highs, as an important economic growth report Opens a New Window. came in better than expected while McDonald’s and Google turned in robust quarterly reports. The U.S. economy grew at a 2.1 percent pace, faster than Wall Street Opens a New Window. expected during the second quarter, driven by consumer spending. That topped the estimate for 1.8 percent growth, but slowed compared to first-quarter growth of 3.1 percent. The Department of Justice Opens a New Window. on Friday approved the long-awaited $26 billion merger of T-Mobile US Inc. Opens a New Window. and Sprint Corp., cutting a deal with a number of state attorneys general who had sued to block the deal and setting the stage for faster implementation of 5G service. Under terms of the department’s approval, T-Mobile and Sprint must divest Sprint’s prepaid business, including Boost Mobile, Virgin Mobile and Sprint prepaid, to Dish Network Corp., a Colorado-based satellite television provider. Markets are also being helped by earnings from several companies, overcoming the disappointment of the European Central Bank’s hinting at future interest rate cuts, but not acting immediately. McDonald’s topped quarterly sales expectations helped by the 2 for $5 Mix and Match offer, sending shares higher. Amazon shares fell after the company reported its first profit miss in two years. The company also forecast lower income in the current quarter due to costs associated with one-day delivery. Shares of Google’s parent Alphabet’s shot higher after quarterly revenue and earnings came in far stronger than expected, easing growth concerns. Revenue rose 19 percent to $38.94 billion. Twitter shares jumped on better-than-expected second-quarter revenue, plus more users saw ads on the site. Almost 40 percent of the companies in the S&P 500 have reported earnings and so far the results are better than expected, with three-quarters beating profit forecasts and nearly two-thirds topping revenue estimates. A deal that had been talked about this week was finally made official as Apple purchased the majority of Intel Corp.’s modem business in a deal valued at $1 billion. Oil prices rose on Friday and were on track for a weekly increase. U.S. crude is heading toward a weekly gain of 1.1 percent. The yield on the 10-year Treasury slipped to 2.07 percent, and the price of crude oil rose 0.36 percent to $56.22 per barrel.

Great news in this Trump economy going into the weekend!!     🙂

S&P 500 closes at new record as Wall Street bets Fed will lower rates, Dow surges nearly 250 points

Stocks rallied on Thursday, led by strong gains in tech and energy shares, as Wall Street cheered the possibility that the Federal Reserve will cut interest rates next month. The S&P 500 surged 1% to 2,954.18, a record close. The broad index also hit an intraday record of 2,958.06. The Dow Jones Industrial Average closed 249.17 points higher at 26,753.17. The Nasdaq Composite gained 0.8% to end the day at 8,051.34. The yield on the 10-year Treasury fell below 2% for the first time since November 2016. Investors cheered the decline in the benchmark for mortgage rates and corporate bonds. The energy sector rose more than 2% to lead all 11 S&P 500 sectors higher as oil prices jumped. Tech gained 1.4% after shares of Oracle surged more than 8% on stronger-than-forecast earnings. General Electric’s 2.8% rise pushed the industrials sector up more than 1.6% on the day. “Markets are based on numbers and perception. If the perception is rates are getting cut, that’s going to drive markets higher,” said Kathy Entwistle, senior vice president of wealth management at UBS. “UBS’ stance up until yesterday was we wouldn’t see any rate cuts this year. Now we see a much larger chance of a 50-basis-point cut.” The Fed said Wednesday it stands ready to battle growing global and domestic economic risks as they took stock of intensifying trade tensions and growing concerns about inflation. Most Fed policymakers slashed their rate outlook for the rest of the calendar year by approximately half a percentage point in the previous session, while Chairman Jerome Powell said others agree the case for lower rates is building. Policymakers also dropped “patient” from the Fed’s statement and acknowledged that inflation is “running below” its 2% objective. Market participants viewed the overall tone from the U.S. central bank as more dovish than expected. Traders are now pricing in a 100% chance of a rate cut next month, according to the CME FedWatch tool. With Thursday’s gains, the market has now erased the steep losses recorded by the major indexes in May, which were sparked by trade fears.

Such great news in this Trump economy!    🙂

S&P 500 and Nasdaq rally to record closing highs after strong earnings from broad range of companies

The S&P 500 and Nasdaq Composite rallied on Tuesday to notch record closing highs as Wall Street cheered stronger-than-expected quarterly profits from some of the largest publicly traded U.S. companies. The broad index closed 0.9% higher at 2,933.68, topping its previous record close of 2,930.75. The S&P 500 also ended the day just below its intraday record of 2,940.91. The Nasdaq closed up 1.3% at 8,120.82. The Dow Jones Industrial Average, meanwhile, gained 145.34 points to close at 26,656.39 and was 1.1% from an all-time high. Tuesday’s move toward an all-time closing high comes less than six months after a sharp decline in late December, which led the S&P 500 to its worst annual performance since 2008. But stocks quickly turned around as the Federal Reserve reversed course on monetary policy while the tone around U.S.-China trade talks improved. “These market levels are justified,” said Kevin Barry, chief investment officer at Captrust Advisors. “The fourth-quarter sell-off actually prevented a recession because policymakers responded extremely quickly. Both President Xi and President Trump cooled off the rhetoric and Fed Chairman Jerome Powell came out and reversed course.” Dow members Coca-Cola and United Technologies reported better-than-expected quarterly earnings on Tuesday. Their shares rose 1.7% and 2.3%, respectively. Twitter shares jumped 15.6% on its stronger-than-expected results. The social media company said its monthly active users totaled 330 million, more than a FactSet estimate of 318 million. Defense giant Lockheed Martin also rallied more than 5% after its earnings easily topped expectations. The company reported strong operating margins across all its major businesses, which include aeronautics and missiles. Procter & Gamble also posted stronger-than-forecast earnings…

More great news in this Trump economy!   For more, click on the text above..      🙂

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.

More great news in this Trump economy!!   🙂