Tag: stock market

The iShares 20+ Year Treasury Bond ETF declined 0.6% to 122.04 on Friday and ended the week 7.4% lower, its biggest weekly loss since inception in 2002. Over the past few days, trading volume of the ETF shot up. On Wednesday and Thursday, more than 50 million shares changed hands, according to FactSet. The 30-day average daily volume is about 8 million shares. Investors withdrew money from bonds funds as yields on long-term Treasuries jumped over the past week to their highest levels since January 11. The yield on 10-year Treasury bond rose 33.5 basis points to 2.12%, while the yield on 30-year bond rose 35.8 basis points to 2.93%. Bond markets were closed on Friday for Veterans Day.

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From:: Stock Market News

The Dow Jones Industrial Average on Friday rose modestly for a fifth session in a row to close at a new all-time high, and booked its largest weekly gain since December 2011. Stocks have rallied since the election of Donald Trump as president as investors bet on sectors likely to benefit from potential fiscal stimulus. On Friday, stocks ended mixed, but recorded hefty weekly gains. The S&P 500 closed 3.04 points, or 0.1%, lower at 2,164.44 and booked a 3.8% weekly gain, the largest since October 2014. The Dow Jones Industrial Average gained 39.78 points, or 0.2%, to 18,847.66, and gained 5.4% over the week. The Nasdaq Composite ended the session up 28.32 points, or 0.5%, at 5,237.11 and ended the week 3.8% higher. The Russell 2000 outperformed large-cap stocks, rallying 29.23 points, or 2.3% to 1,280.84 to end at a 12-month high. The index of small-cap stocks booked a 10% weekly gain, the best weekly gains since December 2011.

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President-elect Donald Trump told the Wall Street Journal on Friday that he would consider keeping some parts of the Affordable Care Act, specifically the guarantee of coverage for those with pre-existing conditions and allowing young adults to remain on parents’ plans through age 26, which he said he likes “very much.” Trump, who repeatedly said on the campaign trail that he would “repeal and replace” the ACA, said the change of heart dated back to suggestions made by President Barack Obama at their Thursday meeting. “I told him I will look at his suggestions, and out of respect, I will do that,” Trump told the WSJ. “Either Obamacare will be amended, or repealed and replaced.” Other policies Trump told the WSJ he plans to focus on early in his new office include less regulation discouraging bank lending, illegal immigration and preventing drug trade across the border. He also mentioned tax reform when speaking with the WSJ, and did not discuss any plans with the Journal to investigate former presidential rival Hillary Clinton.

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Oil futures settled sharply lower on Friday to tally a weekly loss of about 1.5%. Recent reports show record crude production from the Organization of the Petroleum Exporting Countries, fueling expectations that the group of major oil producers will not be able to finalize a deal to curb output later this month. December West Texas Intermediate crude fell $1.25, or 2.8%, to settle at $43.41 a barrel on the New York Mercantile Exchange.

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U.S. stocks retreated on Friday as a dramatic postelection rally ran out of steam. The S&P 500 index fell 5 points, or 0.2%, to 2,163. The Dow Jones Industrial Average , which surged to record highs on Thursday, slid 18 points, or 0.1%, to 18,793. The Nasdaq Composite Index shed 21 points, or 0.3%, to 5,193. Oil prices moved sharply lower, weighing on energy shares. Amazon.con Inc. weighed on the technology sector as the tech giant was on track for a fifth straight weekly loss. Other big tech losers were Chinese e-commerce giant Baidu Inc. and Apple Inc. . The S&P was on track for its best week since October 2014, while the Dow was on track for its best week since December 2011.

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Alibaba Group Holding Limited said Thursday that sales settled through Alipay in the first five minutes of of the 2016 11.11 Global Shopping Festival, known as Singles Day, exceeded $1 billion. “Chinese consumers purchased more in the first hour of 11.11 this year than the entire 24 hours in 2013,” said Chief Executive Daniel Zhang in a statement. The annual shopping day kicked off at 12 a.m. China time. Sales at the 19 hour 37 minute mark, according to Alibaba’s live blog of the shopping event, reached $15 billion. Total sales in 2015 were $14.3 billion. Alibaba shares are down 1.2% in premarket trading, but up 16.1% for the year so far. The S&P 500 Index is up 6% for 2016 to date.

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J.C. Penney Co. Inc. shares sank 7.3% in Friday premarket trading after the retailer reported a third-quarter sales miss. THe company had a net loss of $67 million, or 22 cents per share, compared with a loss of $115 million, or 38 cents per share, for the same period last year. Adjusted loss per share was 21 cents, in line with the FactSet consensus. Sales totaled $2.86 billion, down from $2.90 billion last year and below the $2.95 billion FactSet estimate. Same-store sales declined 0.8%, below the 2.2% increase FactSet forecast. J.C. Penney expects positive adjusted EPS for full-year 2016 and same-store sales up 1% to 2%. The FactSet consensus expects full-year EPS of 14 cents and same-store sales growth of 2.2%. J.C. Penney shares are up 32.3% for the year so far while the S&P 500 Index is up 6% for the same period.

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United Parcel Service plans to invest more than $400 million to build a package sorting facility in Atlanta, Georgia. The regional hub will be the third largest processing facility in the UPS network and will create 1,250 jobs, UPS said in a statement Thursday. It is expected to become operational by the end of 2018. Shares in UPS were unchanged in premarket trading Friday.

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Singer and songwriter Leonard Cohen has died at the age of 82. “It is with profound sorrow we report that legendary poet, songwriter and artist, Leonard Cohen has passed away,” a statement read on his Facebook page late Thursday. The statement did not include the cause of death. Cohen is perhaps best known for his 1967 song “Suzanne” and 1984’s “Hallelujah.” Cohen’s career spanned five decades, and he was inducted into the Rock and Roll Hall of Fame in 2008.

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Dan Loeb’s Third Point LLC reported Thursday that it owned 2.5 million shares of Apple Inc. and 2.6 million shares of Alibaba Group Holdings at the end of September, according to a regulatory filing. It raised its stake in Alphabet Inc. to 550,000 shares and increased its position in Facebook Inc. to 5.5 million shares versus 3.8 million previously. Third Point’s new holdings also included Visa Inc. and Humana Inc. . However, the hedge fund trimmed its stakes in Allergan PLC to 3.8 million from more than 5.4 million at the end of June and it no longer listed Activision Blizzard Inc. among the list of stocks it owned.

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