Tag: stock market

The Dow Jones Industrial Average rallied 280 points, or 1.5%, to 18,612 on Wednesday, to trade within a hair’s breadth of its all-time record of 18,636.05 set in August. The rally was led by sharp gains in Pfizer Inc., Merck & Co, Inc and Caterpillar Inc, and banking stocks like Goldman Sachs and J.P. Morgan Chase & Co. as investors bet that Donald Trump’s presidency would usher in massive fiscal spending over the next few years. Higher inflation would be beneficial to banks. Meanwhile, pharmaceutical companies surged as the defeat of Hillary Clinton was seen as removing obstacles to aggressive price-hikes in the drug sector.

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Oil futures climbed Wednesday to settle at a one-week high, buoyed by a risk-on sentiment among investors that provided a lift to U.S. equities and the dollar. But data showing a second-straight weekly climb in U.S. crude supplies, along with a weekly increase in domestic crude production, kept a lid on oil’s price gains. December WTI crude rose 29 cents, or 0.6%, to settle at $45.27 a barrel on the New York Mercantile Exchange. That was the highest settlement since Nov. 2, according to FactSet data.

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Gold futures reversed course late in Wednesday’s regular trading session to settle lower as U.S. equities climbed and the dollar strengthened in the wake of Republican Donald Trump’s victory in the U.S. presidential election. The risk-on sentiment among investors drew interest away from the precious metal. December gold settled at $1,273.50 an ounce, down $1, or less than 0.1%. Prices had climbed by as much as 5% overnight as the elections results rolled in.

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The 10-year Treasury yield rose Wednesday to hit 2% for the first time in nine months as expectations mounted that a Donald Trump presidency is likely to lead to expanded fiscal spending. The yield on the 10-year note surged 15 basis points to test a level not seen since January, while the yield on the 30-year bond soared 19.7 basis points to 2.812%, according to FactSet. At the short end of the curve, the two-year was mostly flat at 0.862% after a dropping earlier. Yields and bond prices move in opposite direction.

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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The S&P 500 index’s sharp bounce into positive territory has pushed it well above its 50-day moving average, as it moves toward the first close above that closely-watched technical level since Sept. 28. The S&P 500 was up 0.7% in midday trade, reversing an earlier loss of as much as 0.7%, and a premarket loss of as much as 2.6% for the SPDR S&P 500 ETF . The 50-day MA, which many chart watchers view as a dividing line between short-term uptrends and downtrends, currently extends to 2,145.84. The S&P 500 joins the Dow Jones Industrial Average , which has been above its 50-day MA since Monday, when it closed above that line for the first time since Sept. 8. Meanwhile, the Nasdaq Composite Index rose 0.6% Wednesday to 5,225.85, but remained just below its 50-day MA at 5,237.54.

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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Oil futures extended their losses Wednesday after the U.S. Energy Information Administration reported that domestic crude supplies rose by 2.4 million barrels in the week ended Nov. 4. Analysts polled by S&P Global Platts expected a 1.6 million-barrel climb, while the American Petroleum Institute late Tuesday reported a rise of 4.4 million barrels, according to sources. Gasoline supplies, meanwhile, fell 2.8 million barrels and distillate stockpiles declined by 1.9 million barrels, according to the EIA. December crude lost 22 cents, or 0.5%, to $44.76 a barrel on the New York Mercantile Exchange. Prices traded at $44.87 before the data.

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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Technology stocks took a hit at the market open Wednesday morning following the presidential election. While one of the biggest decliners was GoPro , following two downgrades and a product recall, other stocks were down in the single percentage points. Among the FANG stocks, Apple shares were down 1%, Facebook shares were down 1.8%, Alphabet shares were down 1.5% and Netflix shares were down 2%. Twitter [S: TWTR] shares were down 0.5%, Intel shares were down 2%, Amazon shares were down 2.6% and Square shares were down 3%. Cisco , however, was bucking the trend and shares were up 0.61%. Overall, the NASDAQ composite was down 0.7%.

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Shares of Pineapple Express Inc. [s:PNPL] rose 28.5% on Wednesday after four states — California, Massachusetts, Nevada and Maine — voted to legalized the recreational adult use and sale of marijuana. Arizona was the lone state voting on recreational marijuana that voted not to legalize. Pineapple Express, like many of the marijuana stocks out there, is an over-the-counter stock. United Cannabis Corp. shares were up more than 13% and American Cannabis Co. rose nearly 8% as many other companies in the space began seeing stocks pop in the wake of the vote. Biotech and pharmaceutical companies that deal in and have the potential to benefit from marijuana legalization have also seen shares gain favor following the vote, which is expected to marijuana legalization in steam in the U.S.

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U.S. stocks opened lower on Wednesday as the financial markets grappled with the prospects of Republican Donald Trump as the 45th president of the United States. The S&P 500 fell 12 points, or 0.6%, to 2,127 while the Dow Jones Industrial Average shed 26 points, or 0.2%, to 18,305. The Nasdaq Composite dropped 39 points, or 0.8%, to 5,153. “The falls in some markets are understandable. A Clinton victory had been priced in by many investors and what a Trump presidency will look like is still unclear – markets hate uncertainty,” said Martin Gilbert, chief executive of Aberdeen Asset Management.

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Shares of gold miners are surging in premarket trade Wednesday, in the aftermath of Donald Trump being elected president, as the flock to safe-haven assets boosted the price of gold. The VanEck Vectors Gold Miners ETF shot up 6.2%, with all of its U.S.-listed components gaining ground. Barrick Gold Corp.’s stock surged 6%, and was the most active ahead of the open with 1.4 million shares traded. Among the other more-active components, shares of Yamana Gold Inc. shot up 7.7%, Gold Fields Ltd. soared 11% and Harmony Gold Mining Co. Ltd. ran up 9.9%. Elsewhere, Newmong Mining Corp.’s stock climbed 5% and Goldcorp Inc. shares rallied 6.4%. Meanwhile, the SPDR Gold Trust rose 2.2%. The GDX has already rocketed 75% year to date through Tuesday, while the GLD has surged 20% and the S&P 500 has gained 4.7%.

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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