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U.S. stocks close at records after marginal gains

U.S. stock-market indexes eked out small gains with all three benchmarks closing at all-time highs on Wednesday. The main indexes spent most of the session flipping between small gains and losses as investors took a pause after several days of gains. The Dow Jones Industrial Average closed 39.32 points, or 0.2%, higher at 22,158.18. The S&P 500 added 1.89 points, or less than 0.1%, to 2,498.37. The Nasdaq Composite index gained 5.91 points, or 0.1%, to 6,460.19. Among the best performers on Wall Street, Centene Corp. jumped 8%, but Apple Inc shares dropped as the new iPhone X is not scheduled to ship before November.

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

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Large Portfolio of Reperforming GSE Loans Sold

A winning bidder has been announced for an offering of more than $2 billion in reperforming government-sponsored enterprise mortgages.

The offering, originally announced in August, was for nearly 11,000 Fannie Mae single-family loans with an aggregate unpaid principal balance of $2.5 billion.

Although the mortgages had previously been delinquent, they are now performing again as a result of the borrowers bringing the payments current or modifications.

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From:: Financing

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ESPN anchor’s Trump comments a ‘fireable offense,’ says White House’s Sanders

Comments made on Twitter by an ESPN anchor against President Donald Trump are “outrageous” and a “fireable offense,” White House press secretary Sarah Huckabee Sanders said Wednesday. Sanders was addressing comments by Jemele Hill, who called Trump a “white supremacist.” The Disney -owned network on Tuesday issued a statement saying the comments by Hill, who is African-American, “do not represent” ESPN’s position.

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

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ESPN anchor’s Trump comments a ‘fireable offense,’ says White House’s Sanders

Comments made on Twitter by an ESPN anchor against President Donald Trump are “outrageous” and a “fireable offense,” White House press secretary Sarah Huckabee Sanders said Wednesday. Sanders was addressing comments by Jemele Hill, who called Trump a “white supremacist.” The Disney -owned network on Tuesday issued a statement saying the comments by Hill, who is African-American, “do not represent” ESPN’s position.

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

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Fannie Mae selling $2.43 billion in re-performing loans to Goldman Sachs subsidiary

Fannie Mae just announced the results of its fourth re-performing loan sale, and the winning bidder is a familiar name – MTGLQ Investors, which is a “significant subsidiary” of Goldman Sachs. Over the last few years, Goldman Sachs used MTGLQ Investors to buy up loans from both of the government-sponsored enterprises by the truckload. In this latest sale, Fannie Mae is selling more than $2.43 billion in re-performing loans to MTGLQ Investors. …read more

From:: Real Estate Wire

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Chesapeake Energy’s stock surges toward biggest gain in over 5 1/2 months as crude prices rally

Shares of Chesapeake Energy Corp. shot up 7.1% in active afternoon trade Wednesday, putting them on track for their best performance since March 29, as upbeat government crude production data helped propel crude price to a third-straight gain. Trading volume in the oil and gas exploration company’s stock climbed to 33.6 million shares, already above the full-day average of 32.6 million shares, and enough to make the stock the New York Stock Exchange’s second-most actively traded. Crude oil futures rallied 2.2%, after the U.S. Energy Information Administration said domestic crude supplies increased 5.9 million barrels in the week ended Sept. 8, well below forecasts of a rise of 10.1 million barrels. The correlation coefficient between Chesapeake’s stock and continuous crude oil futures was 0.903 over the past five years, where 1.000 means they move exactly in sync. Chesapeake’s stock, which closed at a 17-month low as recently as Aug. 30, has still tumbled 24% over the past three months. In comparison, the SPDR Energy Select Sector ETF has slipped 1.9% the past three months while the S&P 500 has gained 2.3%.

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

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Trump To Nominate Former FHA Chief to Post Again

The former federal housing commissioner during the George W. Bush administration is being nominated for the same post again by the current administration.

A statement Tuesday from the White House’s Office of the Press Secretary said President Donald J. Trump intends to nominate Brian D. Montgomery to be an assistant secretary of Housing and Urban Development, Federal Housing Commissioner.

If confirmed by the Senate, it would be the second time in the role for Montgomery, who was previously sworn in as the Federal Housing Administration’s chief in June 2005. He held the post until 2009.

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From:: Financing

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Amazon’s stock rises toward first close above 50-day moving average since July

Shares of Amazon.com Inc. rose 0.6% in midday trade to $988.07 in midday trade Wednesday, to put them on track to close above a widely-followed technical level for the first time since July 28. The 50-day moving average, which many chart watchers use as a dividing line between short-term uptrends and downtrends, currently extends to $987.29. The last day the e-commerce giant’s stock closed above the 50-day MA was the day after the company reported second-quarter earnings that missed expectations, and two days after it closed at a record of $1,052.80. Analyst Eric Sheridan at UBS said he learned from a meeting with a former executive with Amazon’s consumables and Amazon Fresh business that there is likely to be “increased online penetration” within the grocery industry, with Amazon’s purchase of Whole Foods helping accelerate growth in the consumables space. Sheridan reiterated his buy rating on Amazon’s stock and his $1,200 price target, which is about 21% above current levels. Amazon shares have edged up 0.7% over the past three months, while the tech-heavy Nasdaq 100 has climbed 4.1% and the S&P 500 has gained 2.2%.

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