Category: Stock Market News

Gold prices fell on Tuesday, as strength in the U.S. dollar pressured the precious metal into giving back all of the previous session’s gains and then some. Traders also showed caution ahead of the Jackson Hole, Wyo. economic policy symposium that begins Thursday, where global central bankers may offer hints on changes to monetary policy. December gold lost $5.70, or 0.4%, to settle at $1,291 an ounce after climbing roughly 0.4% on Monday. The settlement was the lowest settlement since Wednesday, according to FactSet data.

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The Dow Jones Industrial Average was rallying Tuesday afternoon, with the blue-chip gauge on track to book its sharpest one-day rise in about four months. The Dow most recently was up about 167 points, or 0.8%, at 21,870, which would represent the average’s best single-session rise since April 25 when it climbed 232 points, or 1.1%, according to FactSet data. The price-weighted gauge’s advance was supported by early climbs in components Boeing Co. , Apple Inc. , and Goldman Sachs Group Inc. . Tuesday’s uptrend also appears to be bolstered by renewed enthusiasm in risk assets, like equities, following a tough past few weeks for stock benchmarks and worries about turmoil within President Donald Trump’s administration, which could undermine the president’s ability to push through previously pledged fiscal-stimulus legislation. Overall, the market was bucking higher, with the Nasdaq Composite Index surging 1.2% at 6,288 and on pace to snap its 4-session slump, while the S&P 500 index was up 0.9% at 2,449 and on track to add to Monday’s climb.

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Chevron Corp. Chief Executive John Watson is planning to step down, according to a report Tuesday in The Wall Street Journal, citing people familiar with the matter. The transition is expected to be announced next month, and the leading candidate to replace Watson is Michael Wirth, the report said, citing Wirth’s experience in running refining plants as welcomed amid lower oil prices. Wirth was named Chevron’s vice chairman in February, before serving as vice president of midstream and development and in other roles in the company, which he joined in 1982, according to Chevron’s website. Watson has been CEO and board chairman since 2010, and joined Chevron in 1980, according to the company’s website. Shares of Chevron rose 0.8% on Tuesday, alongside most energy companies. The stock has lost 9.7% this year, versus gains of 9.4% for the S&P 500 Index.

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The Dow Jones Industrial Average was rallying Tuesday afternoon, with the blue-chip gauge on track to book its sharpest one-day rise in about four months. The Dow most recently was up about 163 points, or 0.8%, at 21,869, which would represent the average’s best single-session rise since April 25 when it climbed 232 points, or 1.1%, according to FactSet data. The price-weighted gauge’s advance was supported by early climbs in components Boeing Co. , Apple Inc. , and Goldman Sachs Group Inc. . Tuesday’s uptrend also appears to be bolstered by renewed enthusiasm in risk assets, like equities, following a tough past few weeks for stock benchmarks and worries about turmoil within President Donald Trump’s administration, which could undermine the president’s ability to push through previously pledged fiscal-stimulus legislation. Overall, the market was bucking higher, with the Nasdaq Composite Index surging 1.2% at 6,288 and on pace to snap its 4-session slump, while the S&P 500 index was up 0.8% at 2,448 and on track to add to Monday’s climb.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News

The Dow Jones Industrial Average was rallying late-morning trade on Tuesday, with the blue-chip gauge on track to book its sharpest one-day rise in about four months. The Dow most recently was up 155 points or 0.7% at 21,861, which would represent the average’s best single-session raise since April 25 when it climbed 232 points, according to FactSet data. The price-weighted gauge’s clamber higher was supported by early advances in components Boeing Company and Apple Inc. . Tuesday’s uptrend also appears to be bolstered by renewed enthusiasm in risk assets, like stocks, following a tough past few weeks for equity benchmarks and worries about turmoil within President Donald Trump’s administration, which could undermine the president’s ability to push through previously pledged fiscal-stimulus legislation. Overall, the market was bucking higher, with the Nasdaq Composite Index surging 1.2% and on pace to snap its 4-session slump, while the S&P 500 index was up 0.85 and on track to add to the previous session’s climb.

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The Senate Health Committee will hold two hearings next month on stabilizing premiums in the individual insurance market, the panel’s chairman and top Democrat said Tuesday. The first, scheduled for Sept. 6, will feature state insurance commissioners, and the second, on Sept. 7, will have testimony from governors. The hearings come in the wake of the Senate’s failure last month to repeal and replace the Affordable Care Act, or Obamacare. Obamacare plans are sold on the individual market.

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Shares of DSW Inc. were on a tear on Tuesday, putting them on track to log their best one-day gain in the company’s 12-year history as a publicly traded entity on heavy volume. DSW’s stock was most recently trading up 21%, which would represent its best daily ascent since the Ohio-based shoe-retailer went public in June 2005. Its second best daily rise was a 16.9% rise May 24, 2011, according to FactSet data. The company was seeing nearly 8 million shares exchange hands, about 5 times its 30-day average of 1.7 million shares. Tuesday’s late-morning surge to an intraday peak of $19.39 also vaulted shares decisively above both their 50-day moving average at $17.40 and 100-day moving average at $18.22, with its 200-day, long-term average not far off at $20.08. Chart watchers consider moving averages dividing lines between uptrends and downtrends in an asset. DSW’s CEO Roger Rawlins said the company saw a significant increase in sales of regular-priced items in its second quarter and that consolidation in the industry may mean that the company has an opportunity to acquire market share moving forward. A bullish turn could help DSW, which has given up 16.4% year to date, trend higher. Comparatively, the S&P 500 index boasts a year-to-date climb of 9.2%, while the Dow Jones Industrial Average has climbed 10.5% so far in 2017.

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Shares of mining and metals companies were key gainers Tuesday, led by Freeport-McMoRan Inc. as copper prices hit a three-year high. Base metals prices have been on a tear as speculators and funds pour money into the asset class. Freeport shares gained 4.7%, bringing their week-to-date gains to 8.8%. Century Aluminum Co. gained 3.8%, Alcoa Corp. added 2.3% and Arconic Inc. rose 3.8%. BHP Billiton Ltd. was up 2.3% and Rio Tinto Plc added 2.3%. Teck Resources Ltd. rose 1.2%. The S&P 500 was up 0.6%.

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The largest exchange-traded fund to track Pakistan’s equity market fell on Tuesday, after President Donald Trump said the U.S. would pressure the country step up its fight against extremism. The Global X MSCI Pakistan ETF fell 0.6%, building on Monday’s 1.4% drop. With the day’s decline, the fund declined to its lowest level since June 2016. The fund has been a weak performer of late, and is on track for its eighth decline of the past 12 sessions. While it hit an all-time high in May, the $36 million fund has lost more than 20% of its value of the past three months. In a speech given on Monday night, Trump said he intended to step up the fight against extremists and Taliban forces in Afghanistan, a strategy that will include taking a harder line on Pakistan. “Pakistan has much to gain from partnering with our effort in Afghanistan,” he said. “It has much to lose by continuing to harbor terrorists.” For the year, the ETF is down 16.2%. To compare, the Dow Jones Industrial Average is up 10.4% over that period while the S&P 500 has risen 9.1%.

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From:: Stock Market News

Shares of companies in the defense industry rose on Tuesday, after President Donald Trump said he intended to step up the fight against extremists and Taliban forces in Afghanistan, something that could lead to increased military spending. The SPDR S&P Aerospace & Defense ETF , an exchange-traded fund that tracks the sector, rose 1%, while the PowerShares Aerospace & Defense Portfolio was up 0.6%. The iShares U.S. Aerospace & Defense ETF rose 0.8%. Among specific companies, Lockheed Martin Corp. rose 0.7% on the day while L3 Technologies Inc. was up 1.2% and Kratos Defense & Security Solutions Inc. climbed 2.2% as one of the biggest percentage gainers in the sector.

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