Tag: stock market

The Dow Jones Industrial Average Monday afternoon was climbing sharply higher, supported by components Boeing Co. and 3M Co. Shares of Boeing Co. and 3M were up more than 2%, adding about 80 points to the price-weighted Dow . A $1 move in any one of the Dow’s 30 components equates to a 6.89-point swing in the average. The Dow was most recently up 365 points, or 1.4%, at 25,672, putting the gauge 3.5%, or about 940 points, shy of its all-time peak hit Jan. 26 at 26.616.71. Stock benchmarks have moved briskly higher since slipping into correction territory on Feb. 8, defined as a drop of at least 10% from a recent top. The S&P 500 index was up 1% at 2,774, about 3.4% shy of its all-time high at 2,872.87, while the Nasdaq Composite Index was 1.3% short of its recent peak at 7,505.77, trading up 0.9% at 7.406 on the day.

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Gold futures settled higher Monday to recoup the losses they suffered in the previous session, getting a lift from a more steady U.S. dollar and a drop in Treasury yields. Investors are looking ahead to Federal Reserve Chairman Jerome Powell’s congressional testimony on Tuesday and Wednesday. April gold rose $2.50, or 0.2%, to settle at $1,332.80 an ounce, after losing 0.2% on Friday.

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From:: Stock Market News

The Dow Jones Industrial Average on Monday afternoon was climbing sharply higher, supported by components Boeing Co. and 3M Co. Shares of Boeing Co. and 3M were up about 2%, adding about 80 points to the price-weighted Dow . A $1 move in any one of the Dow’s 30 components equates to a 6.89-point swing in the average. The Dow was most recently up 340 points, or 1.3%, at 25,638, putting the gauge 3.7%, or 969 points, shy of its all-time peak hit Jan. 26 at 26.616.71. Stock benchmarks have moved briskly higher since slipping into correction territory on Feb. 8, defined as a drop of at least 10% from a recent top. Meanwhile, the S&P 500 index was up 0.9% at 2,772, about 3.6% shy of its all-time high at 2,872.87, while the Nasdaq Composite Index was 1.4% short of its recent peak at 7,505.77, trading up 0.9% at 7.399.

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New York State Comptroller Thomas DiNapoli has filed a lawsuit against the board of Wynn Resorts Ltd. , alleging that some directors were aware that former Chief Executive Stephen Wynn had repeatedly engaged in sexual misconduct with employees, but failed to hold him accountable or investigate. “These board directors and officers were duty-bound to protect employees and the company, yet they failed to confront allegations of predatory behavior,” DiNapoli said. “We are asking the court to hold accountable the company officers and directors who allowed this behavior to go unchecked. The deeply disturbing revelations underscore that this board was loyal to Mr. Wynn at the expense of the safety of the company’s employees and the company’s shareholders.” The suit has been filed in District Court in Clark Co., Nevada. DiNapoli is trustee of the New York State Common Retirement Fund, the public pension for state workers. Wynn resigned earlier this month, after a Wall Street Journal report that he repeatedly made unwanted advances and forced workers to engage in sex acts over years. The report was based on interviews with about 150 employees. Wynn shares lost about 20% of their value in the first few days after the report was published. They are now down 6% on the month, while the S&P 500 has gained 0.8%.

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Exchange-traded funds that track the home-building sector fell on Monday, after the latest read on home sales came in sharply below analyst forecasts. The iShares U.S. Home Construction ETF fell 0.7% while the SPDR S&P Homebuilders ETF was off 1% and the PowerShares Dynamic Building & Construction Portfolio shed 1.3%. New-home sales ran at a seasonally adjusted annual rate of 593,000 in January, the Commerce Department said. This was below expectations for a rate of 648,000. Among the sector’s biggest movers, D.R. Horton Inc. was down 1.5% while Beazer Homes USA Inc. lost 0.7%. PulteGroup Inc. was down 0.9% on the day. The home-building sector has underperformed throughout 2018; the iShares fund is off 8.2% year to date, compared with the 3.1% rise of the S&P 500 over the same period. However, the fund has outperformed the broader market over the past 12 months. On Monday the Dow Jones Industrial Average rose 0.6% while the S&P 500 was up 0.3% and the Nasdaq Composite Index added 0.4%.

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DowDuPont Inc. unveiled the brand names it plans to give the three independent companies it will create following the merger of the former DuPont and Dow Chemical. The company said the agriculture division will be named Cortevta Agriscience, the materials science division will be called Dow and the specialty products division will be called DuPont. The materials science division is expected to be spun off by the end of the first quarter of 2019, while agriculture and specialty products are expected to separate by June 1, 2019. Shares are up 0.4% Monday, and have gained about 16% in the last 12 months, while the Dow Jones Industrial Average has gained about 22% and the S&P 500 has gained about 17%.

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Shares of General Electric Co. tumbled 3.5%, to pace the Dow Jones Industrial Average’s decliners, after the industrial conglomerate disclosed in its annual report that it expects to restate its 2016 and 2017 earnings lower as a result of new accounting standards. As a result of new revenue-recognition accounting standards, GE expects a non-cash charge of about $4.2 billion to Jan. 1, 2016 retained earnings balance. GE estimates that 2016 restated earnings per share will be lower by about 13 cents, before the impact from U.S. tax legislation, and 2017 restated EPS will be lower by about 16 cents. GE said the Securities and Exchange Commission investigation into revenue recognition practices and internal controls over financial reporting was expanded after its Jan. 16 update about its run-off insurance operations to encompass the reserve increase and the process leading to the reserve increase. On Jan. 24, Chief Financial Officer Jamie Miller had said on the post-earnings conference call with analysts that the SEC was investigating the insurance reserve increase and accounting controls. Earlier Monday, GE said it was nominating former Financial Accounting Standards Board (FASB) Chairman Leslie Seidman to its board of directors. The stock, which has traded below the $14 level for the first time since July 2010, has plummeted 23% over the past three months, while the Dow has gained 8.1%.

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Intel Corp. shares gained 1.7% in Monday morning after analysts at Instinet raised their price target on shares to $60 from $50. The analysts, led by Romit Shah, are upbeat about the company’s data center group. Revenue for the division grew 20% in the fourth quarter, and Shah believes that Intel can sustain its momentum here. He sees the company being able to “easily surpass segment guidance of high-single-digit growth.” Shah likes that cloud and communication service providers are becoming a larger portion of Intel’s customer base for the data center business. “This shift in customer mix has been dramatic, setting Intel up for better revenue growth,” he wrote. Intel shares have gained 33% over the past 12 months, while the S&P 500 Index is up 17%.

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The Cboe Volatility index fell on Monday, setting Wall Street’s so-called “fear index” for its fourth straight daily decline as it dipped ever lower back beneath its long-term average. The VIX fell 1.8% to 16.19 at its low of the session, building on a 15.3% drop that was seen over last week, which itself followed a 33% slump the previous week. The losses have come alongside a recovery in the U.S. stock market, with investors buying up equities as concerns waned that inflation was returning to the economy and that the Federal Reserve may have to grow more aggressive in raising interest rates. Such fears led to a spike in the VIX earlier this month, and despite the retreat returning it below its long-term average of 20, where it has traded fairly consistently for years, it remains up more than 22% thus far in February. Over 2018 overall, it remains up 49%. At its peak of 2018, it spiked above 50. On Monday the Dow Jones Industrial Average rose 0.6% while the S&P 500 was up 0.4% and the Nasdaq Composite Index was up 0.5%.

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Germany’s Christian Democrats, the party of Chancellor Angela Merkel, voted in favor of a grand coalition with the Social Democrats on Monday during a party conference, according to local press. Merkel earlier reminded her party members of their task to make a responsible decision for the nation. Germany held elections in September last year but hasn’t been able to form a government since. The overwhelming vote in favor of the coalition was expected, while the SPD’s vote, which has been in progress for a week already, is less certain. The final result will be announced on Sunday, March 4. If the center-left SPD votes against the plan to join forces the center-right CDU once again, Germany could be headed for new elections. The euro was little changed at $1.2301 following the news.

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