Tag: stock market

WASHINGTON (MarketWatch) – An American Airlines plane bound for Miami blew a tire and caught on fire during takeoff from Chicago’s O’Hare airport on Friday afternoon, the Federal Aviation Administration said in a statement. The runway at O’Hare was closed as a result of the accident. The statement said the passengers deplaned, with eyewitnesses saying emergency chutes were deployed.

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From:: Stock Market News

U.S. stocks finished in the red Friday as news that the Federal Bureau of Investigation is looking at new emails related to Democratic candidate Hillary Clinton jolted stock-market investors. FBI Director James Comey said he had learned of new emails that “appear to be pertinent” to its investigation into Clinton’s use of a private-email server during her time as Secretary of State. The FBI director said it cannot yet assess whether the messages are “material.” Still, the news raised the specter that Republican candidate Donald Trump might have a chance at winning the presidential race, with Election Day on Nov. 8, less than two weeks away. The three major indexes mounted a swift drop lower but ended off their worst levels. The Dow Jones Industrial Average fell 8.49 points, or less than 0.1%, lower at 18,161.19, while the S&P 500 index closed off 6.63 points, or 0.3%, at 2,126.41, and the Nasdaq Composite Index , finished 25.87 points, or 0.5%, down at 5,190.10. Wall Street investors have expressed fear about the possibility of Trump as president because he is an unknown quantity. Earlier in the session, equities traded higher after a preliminary read of third-quarter gross domestic product showed the fastest pace of expansion since mid-2014, with the economy growing 2.9%, in line with expectations. For the week, the S&P 500 ended off 0.7%, the Nasdaq Composite lost 1.3%, while the Dow industrials ended little-changed. Among corporate movers, Baker Hughes Inc. rallied to close up 8.4% after The Wall Street Journal reported that General Electric is in talks to combine its oil-and-gas assets with the company.

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Oil futures settled lower Friday, deepening their loss for the week, as uncertainty surrounded a weekend meeting of major oil producers who are expected to discuss a proposal to curb crude production. December West Texas Intermediate crude-oil futures finished down $1.02, or 2.1%, at $48.70 a barrel. For the week, oil closed off about 4%, marking its first weekly decline after booking weekly gains for five straight weeks, according to FactSet data.

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Regeneron Pharmaceuticals Inc. said Friday that it and its partner Sanofi received notice from the Food and Drug Administration that the biologics license application for sarilumab won’t be approved until certain concerns are resolved. The FDA’s “complete response letter” for sarilumab, a treatment for rheumatoid arthritis, refers to deficiencies indentified during a routine good-manufacturing-practice inspection of the Sanofi Le Trait facility in France where sarilumab is filled and finished. Regeneron said Sanofi submitted a corrective action plan to the FDA. Regeneron said it remains committed to the development of sarilumab. Regeneron’s stock was down 2.5% prior to a trading halt, which is scheduled to be lifted at 3:05 p.m. ET. It has tumbled 34% year to date, while Sanofi shares have lost 9% and the S&P 500 has gained 4.1%.

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Gold futures rose Friday, finishing at their highest level in nearly a month and marking a third straight weekly gain as the U.S. dollar weakened, lifting the appeal of the dollar-denominated yellow metal. “Overall, it looks like the recent selloff in gold is over and it’s starting to turn back upward, while the U.S. dollar looks overextended and [is] peaking,” said Colin Cieszynski, chief market strategist at CMC Markets. December gold rose $7.30, or 0.6%, to settle at $1,276.80 an ounce. That was the highest finish since Oct. 3, according to FactSet data.

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Oil futures remained lower on Friday after data from Baker Hughes revealed that the number of active U.S. rigs drilling for oil fell by 2 to 441 rigs this week. That marks the first weekly decline since June. The total active U.S. rig count, which includes oil and natural-gas rigs, climbed by 4 to 557, Baker Hughes said. December crude fell 54 cents, or 1.1%, to $49.17 a barrel on the New York Mercantile Exchange, trading close to the same level it was at before the rig data.

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Mondelez International Inc. said Friday that it is conducting a voluntary nationwide recall of Oreo Fudge Cremes original and mint varieties due to a milk allergen that isn’t listed on the ingredients line. The recall applies to the U.S., Puerto Rico, St. Croix and St. Thomas. “People who have an allergy or severe sensitivity to milk run the risk of serious or life-threatening allergic reaction if they consume this product,” Mondelez said in a statement. The packaging warns that the product is “manufactured on equipment that processes milk.” One allergic reaction has been reported to date. Consumers should discard the product, the company said. Mondelez shares are up 1.8% in Friday trading, but down 0.3% for the year to date. The S&P 500 Index is up 4.7% for 2016 so far.

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Honeywell International Inc. said Friday that it is increasing its annual cash dividend rate by 12%, to $2.66 per common share from $2.38. The increase will be effective starting with the fourth-quarter dividend of 66.5 cents per common share. That dividend is payable on Dec. 9, 2016 to shareholders of record at the close of business on Nov. 18, 2016. “In addition to the double-digit increase in our dividend that the board declared today, through the third quarter of 2016, we strategically deployed cash to complete $2.5 billion in acquisitions and $1.9 billion in share repurchases,” said Chief Executive Dave Cote in a statement. “By the end of the year, our total investment in high-ROI capital expenditures is expected to be more than $1 billion.” Honeywell shares are up 0.9% in Friday trading, and up 6.7% for the year to date. The S&P 500 Index is up 4.6% for 2016 so far.

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An employment tribunal has found that Uber drivers in the U.K. are entitled to receive minimum wage and holiday pay, according to a decision Friday. The ruling by the London Central Tribunal will affect tens of thousands of drivers for the ride-sharing company, said law firm Leigh Day, which represented drivers from the GMB Union, in a statement. “This judgment acknowledges the central contribution that Uber’s drivers have made to Uber’s success by confirming that its drivers are not self-employed but that they work for Uber as part of the company’s business,” the law firm said. The GMB said in July it would support test cases brought by two drivers against Uber. “While the decision of this preliminary hearing only affects two people we will be appealing it,” Jo Bertram, Uber’s regional general manager in the U.K., said in a statement. “Tens of thousands of people in London drive with Uber precisely because they want to be self-employed and their own boss,” said Bertram. More than 40,000 people drive for Uber in the U.K., the company said. Uber said only one of the two drivers who raised the cases still drives under its app.

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U.S. stocks on Friday opened mixed as the latest read on growth pointed to an economy that continues to improve, albeit slowly, while also underscoring the belief that the Federal Reserve would raise interest rates in December. The Dow Jones Industrial Average rose 29 points, or 0.2%, at 18,200, the S&P 500 index slid 3 points, or 0.1%, at 2,130, while the Nasdaq Composite Index traded 20 points, or 0.4%, lower at 5,196. For the week, the Dow was on track to gain 0.3%, but the S&P 500 and the Nasdaq were on track to register losses of 0.6% and 1.3%, respectively. The moves for stocks come amid a steady selloff in government bond yields, with yields on the 10-year U.S. Treasury note at 1.86%. Bond prices move inversely to yields. In corporate news, a few oil-and-gas producers reported quarterly earnings, with Chevron Corp. returning to profitability, while profit and revenue slid for Dow component Exxon Mobil Corp. . Meanwhile, General Electric was in talks to merge its oil-and-gas business with Baker Hughes , The Wall Street Journal reported.

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