Tag: stock market

The Dow Jones Industrial Average and the S&P 500 ended at records for a third consecutive session after modest gains Wednesday. The Russell 2000 index of small stocks rose for a 14th straight session to also end at a record. However, the Nasdaq Composite declined slightly, retreating from the all-time high set on Tuesday. Trading volume was lower than usual due to investors eager to head out for the Thanksgiving Holiday. The S&P 500 gained 1.72 points, or less than 0.1%, to 2,204.66. The Dow Jones Industrial Average added 59.31 points, or 0.3%, to 19,083.18. The Nasdaq Composite ended the session off 5.67 points, or 0.1%, at 5,380.68. The Russell 2000 index rose 6.16 points, or 0.5%, to 1,340.50, according to preliminary FactSet data.

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Utilities is by far the biggest loser of the 11 S&P 500’s sectors on Wednesday, as the high-yielding sector is weighed down by the 10-year Treasury yield’s rise toward a 16-month high. The SPDR Utilities Select Sector ETF slumped 1%, and has now lost 5.4% since the election. The concern is that President-elect Donald Trump’s pledge to boost infrastructure spending will lift Treasury yields by increasing economic growth and inflation and by increasing the budget deficit. The more Treasury yields rise, the less attractive high-yielding stocks like utilities are to investors. The 10-year yield has spiked up 0.5 percentage points since the election. The SPDR Utilities ETF (XLU) has an effective dividend yield of 3.5%, compared with the S&P 500’s aggregate dividend yield of 2.1%, according to FactSet. The XLU has now lost 12% since the July 6 record close of $52.98. It was still up 7.3% year to date, while the S&P 500 has gained 7.8%.

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Oil futures settled slightly lower on Wednesday. Traders weighed a weekly decline in U.S. crude supplies, a rise in the number of active domestic oil rigs and ongoing chatter among major oil producers ahead of a key meeting next week. January West Texas Intermediate crude fell 7 cents, or 0.2%, to settle at $47.96 a barrel on the New York Mercantile Exchange.

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Jose Cuervo, the tequila production company, has delayed its initial public offering due to Donald Trump’s presidential win, according to Reuters, citing people familiar with the matter. Jose Cuervo products are produced in Mexico and the election of Trump has had a negative impact on Mexican stocks and currency. The iShares MSCI Mexico Capped ETF has fallen 18% since the Nov. 8 election. The Mexican peso has lost 13% of its value against the dollar since the election. Reuters reports that the company will reevaluate plans in January.

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Gold futures were trading a bit higher in electronic trading late Wednesday from their settlement level after the minutes from the U.S. Federal Reserve’s November meeting showed that officials from the central bank agreed that it might be appropriate to raise interest rates “relatively soon.” December gold was last at $1,191.10 an ounce in electronic trading, up from the $1,189.30 settlement, which was the lowest since early February.

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Bank of America Corp.’s stock climbed 1.4% in active afternoon trade Wednesday, as a rise in Treasury yields helped push it up to an eight-year high. Volume of over 67 million shares made the stock the most actively traded on the major U.S. exchanges. The stock, on track to close at the highest level since Nov. 5, 2008, has now run up 21% in the 11 sessions since the election. Meanwhile, the yield on the 10-year Treasury note rose 0.041 percentage points (4.1 basis points) to 2.362%, putting it on track for the highest close since July 20, 2015, in the wake of stronger-than-expected durable goods orders data and a jump in consumer sentiment. The yield has run up 50 basis points since the election, on concerns that promised infrastructure spending could boost economic growth while also increasing the government’s budget deficit. BofA’s stock has now run up 22% year to date, while the SPDR Financial Select Sector ETF has climbed 16% and the S&P 500 has gained 7.8%.

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Oil futures traded nearly flat for the session Wednesday after data from Baker Hughes revealed that the number of active U.S. rigs drilling for oil climbed by 3 to 474 rigs this week. The total active U.S. rig count, which includes oil and natural-gas rigs, also rose 5 to 593, according to Baker Hughes. The data came ahead of the usual Friday release because of Thursday’s Thanksgiving holiday. December crude was up a penny at $48.04 a barrel on the New York Mercantile Exchange.

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Natural-gas futures continued to trade higher Wednesday after the U.S. Energy Information Administration reported that supplies of the commodity fell by 2 billion cubic feet for the week ended Nov. 18. Analysts polled by S&P Global Platts expected an increase of 2 billion cubic feet. The data were released early because of Thursday’s Thanksgiving holiday. Total stocks now stand at 4.045 trillion cubic feet, up 39 billion cubic feet from a year ago and 241 billion cubic feet above the five-year average, the government said. December natural gas rose 5.1 cents, or 1.7%, to $3.033 per million British thermal units, with the contract set to settle at its highest since Oct. 31.

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The Dow Jones Industrial Average’s rally to fresh record highs Wednesday is belying the negative breadth in the broader stock market. The number of declining stocks is outnumbering advancers by a 1,613 to 1,274 score on the NYSE, and by a 3,249 to 2,938 margin on the Nasdaq exchange. Meanwhile, the Dow was up 23 points, with 18 of its 30 components gaining ground, led by Caterpillar Inc.’s 2.4% jump. Among the other broader market indexes, the S&P 500 was down 0.1%, the Nasdaq Composite Index fell 0.4% and the Russell 2000 Index tacked on 0.2%.

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Moody’s Investors Service said Wednesday the news that an Eli Lilly and Co. trial of a treatment for dementia in Alzheimer’s disease has failed is a credit negative, but does not affect the company’s A2 rating or stable outlook. Eli Lilly’s most active bonds, its 2.750% notes due June of 2020, last traded at 99.458 cents on the dollar, according to data from MarketAxess. Shares were down about 13% at last check, a roughly two-year low. The shares have lost 21% in the year so far, while the S&P 500 has gained 7.5%.

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