SeaPRwire

Wall Street pulls back, ending record streak

elean
2 minutes

NEW YORK (AFP) - Major US stock indices dropped at the close of trading on Tuesday (Nov 9), ending a streak of record-setting sessions as traders digested the latest sign of high US inflation. After two back-to-back sessions in which Wall Street's main indices finished at all-time highs, analysts said a pullback was imminent, and while it finally happened it was not a dramatic reversal. The drop today "is technical in nature. The market is overbought and due for a slight correction, for a pause," Karl Haeling of LBBW told AFP. The benchmark Dow Jones Industrial Average lost 0.3 per cent to finish at 36,319.98. The tech-rich Nasdaq Composite Index fell 0.6 per cent to end the session at 15,886.54, and the broad-based S&P 500 declined 0.4 per cent to 4,685.25. Inflation has been a constant concern for investors, and Labour Department data showed the producer price index remained high in October with an 8.6 per cent increase from the same month in 2020. Consumer price data set for release on Wednesday may confirm continued increases in October, but Haeling said, "My view is that the bad news about inflation are already priced in the market." General Electric finished 2.7 per cent high...

SeaPRwire

Wall Street opens Q4 trading with gains

elean
2 minutes

WASHINGTON (AFP) - US stock indices rose at the end of Friday's (Oct 1) trading to end a rocky week that saw the third quarter end on a sour note. Traders began the first session of the month and the fourth quarter pleased with news of a possible Covid-19 treatment, although the drama in Washington over raising the US debt limit was viewed as curbing some enthusiasm. The benchmark Dow Jones Industrial Average finished 1.4 per cent higher at 34,326.46. The broad-based S&P 500 gained 1.2 per cent to hit 4,357.04. The tech-rich Nasdaq Composite Index climbed 0.8 per cent to 14,566.70. September is both the last month for the third quarter and a notoriously rocky stretch for trading, and the combination of inflation and Covid-19 fears as well as Washington gridlock caused the Dow and Nasdaq indices to post losses for the quarter and the S&P 500 to see only a small gain. October's first session began with government data showing inflation creeping higher in August, but also very welcome news from Merck and partner Ridgeback Biotherapeutics that a clinical trial of their oral antiviral prospect showed about a 50 per cent reduction in the risk of hospitalisation or death from Covid-19. "T...

SeaPRwire

US stocks climb again following solid earnings

elean
2 minutes

NEW YORK (AFP) - Wall Street stocks finished higher for a third straight session on Thursday (July 22), edging up following a round of mostly good earnings and mixed economic data. A busy day of results featured companies from across the economy, with Railroad Union Pacific reporting a 30 per cent rise in revenues, while Domino's Pizza notched higher comparable stores sales despite a tough comparison with the year-ago period when pizza orders soared during pandemic lockdowns. Both American Airlines and Southwest Airlines reported quarterly profits in the latest sign of an industry recovery. Most of companies reporting scored "positive earnings surprises," said Briefing.com analyst Patrick O'Hare, adding that "the good earnings news cut across industry groups and sectors." The Dow Jones Industrial Average finished up 0.1 per cent at 34,823.35. The broad-based S&P 500 gained 0.2 per cent to 4,367.48, while the tech-rich Nasdaq Composite Index advanced 0.4 per cent to 14,684.60. Stocks have now rallied the last three days after tumbling on Monday on worries about the Delta variant. New applications for US unemployment benefits saw a surprise uptick last week, climbing to 419,000, an i...

SeaPRwire

US stocks mostly gain on improving labour data

elean
2 minutes

NEW YORK (AFP) - Wall Street stocks finished mostly higher on Thursday (May 27) following solid United States labour data as Republicans introduced an infrastructure package that somewhat narrowed the spending gulf with the White House. New filings for US unemployment benefits slid lower for a fourth straight week, reaching a new pandemic low of 406,000, seasonally adjusted, the Department of Labour said. Meanwhile, orders of big-ticket US manufactured goods fell in April, ending a streak of 11 months of increases with a 1.3 per cent drop, according to government data. Sentiment was boosted by a US$928 billion (S$1.22 trillion) infrastructure offer from Senate Republicans, which moves them somewhat closer to President Joe Biden's latest proposal, although significant differences remain between the parties. The Business Roundtable said it was "encouraged" by the latest development, adding that "policymakers should seize the opportunity for bold, bipartisan infrastructure legislation". The Dow Jones Industrial Average finished up 0.4 per cent at 34,464.64. The broad-based S&P 500 added 0.1 per cent at 4,200.88, while the tech-rich Nasdaq Composite Index was essentially flat at 13,736...

SeaPRwire

US stocks end volatile week on positive note

elean
2 minutes

NEW YORK (AFP) - Wall Street stocks rose on Friday (April 23) to finish a volatile week on a positive note following strong new home sales data. New home sales surged 20.7 per cent in March, pushing the annualised sales rate to a 15-year high and more than recovering from cooling caused by winter storms in February. The strong data helped the market shrug off weakness seen elsewhere much of the week, especially on Thursday when stocks fell sharply following reports the Biden administration is preparing a capital gains tax hike. The Dow Jones Industrial Average finished up 0.7 per cent at 34,043.49. The broad-based S&P 500 advanced 1.1 per cent to 4,180.17, while the tech-rich Nasdaq Composite Index jumped 1.4 per cent to 14,016.81. Stocks still finished the week modestly in the red, but Friday's gains cut into the losses. Analysts have pointed to concerns over lofty equity valuations and rising coronavirus cases in India, Japan and other countries. Among individual companies, Dow member Intel slumped 5.3 per cent despite reporting better-than-expected results. Analysts pointed to disappointment over the chipmaker's forecast. American Express fell 1.9 per cent despite better-than-ex...