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Discussion in 'International Markets' started by bigdog, Jan 16, 2007.

  1. bigdog

    bigdog Retired

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    Another wave of selling on Wall Street Friday left the S&P 500 with its worst weekly showing since January and its eighth loss in the last nine days.

    The sell-off, which lost some strength toward the end of the day, followed a surprisingly weak jobs report and more signs that the global economy is hitting the brakes. On Friday a report showed Chinese exports plunged 20 percent last month, far more than economists expected. On Thursday, Europe's central bank said it was doing a policy reversal and restoring measures to shore up that region's economy.

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    https://www.usnews.com/news/busines...sian-shares-tumble-on-poor-chinese-trade-data

    First Down Week Since January for S&P 500 as Unease Spreads
    Another wave of selling on Wall Street Friday left the S&P 500 with its worst weekly showing since January and its eighth loss in the last nine days.
    March 8, 2019, at 4:56 p.m.

    By STAN CHOE and ALEX VEIGA, AP Business Writers

    Another wave of selling on Wall Street Friday left the S&P 500 with its worst weekly showing since January and its eighth loss in the last nine days.

    The sell-off, which lost some strength toward the end of the day, followed a surprisingly weak jobs report and more signs that the global economy is hitting the brakes. On Friday a report showed Chinese exports plunged 20 percent last month, far more than economists expected. On Thursday, Europe's central bank said it was doing a policy reversal and restoring measures to shore up that region's economy.

    Energy stocks led the market's slide as crude oil prices declined. Health care companies and retailers also pulled the market lower. Most homebuilders rose following a big jump in January housing starts.

    The U.S. jobs report is the latest batch of discouraging economic news to give investors a reason to sell and pocket some of their recent gains as they wait for the next positive headline or economic data to pave the way for stocks to move higher again, said Mark Watkins, regional investment strategist at U.S. Bank Wealth Management.

    "We've had a very solid run and there are investors who are going to be taking a little bit of money off the table," Watkins said.

    The S&P 500 dropped 5.86 points, or 0.2 percent, to 2,743.07. The benchmark index has fallen five days in a row, its longest losing streak in nearly four months.

    The Dow Jones Industrial Average lost 22.99 points, or 0.1 percent, to 25,450.24. The average briefly fell more than 220 points.

    The Nasdaq composite declined 13.32 points, or 0.2 percent, to 7,408.14. The Russell 2000 index of smaller companies gave up 1.74 points, or 0.1 percent, to 1,521.88.

    Major European indexes closed lower.

    The market's momentum has stalled this week after enjoying a sharp bounce back at the start of this year. This week's losses for the S&P 500 are the worst since December, but not as severe as they were then, when worries were peaking about a slowing global economy and that interest rates may rise too quickly. Since then, the Federal Reserve helped calm some of the worries by pledging to be patient in raising rates.

    Still, investors are feeling increasingly uneasy about the global economy. The Organisation for Economic Co-operation and Development said this week that it expects global growth to be 3.3 percent this year, down from the 3.5 percent that it had forecast just four months ago.

    The OECD said economic prospects are weaker in nearly all the countries that make up the G20 than previously expected, and it cited a slowdown in trade and global manufacturing, among other reasons. The United States and China have been locked in a particularly tense trade dispute, though the countries say they're making progress in negotiations.

    Analysts are debating whether the U.S. stock market's latest moves are the last gasps for the longest bull market on record for U.S. stocks, which began 10 years ago this weekend, or just the latest challenge for it muddle through.

    "Right now, the U.S. economy is gradually slowing, and earnings are trending a little bit lower," Watkins said. "Any news that has been coming out that hasn't been that strong has been a little bit of a negative catalyst for the market to have a reason to move back just a little bit."

    The strong U.S. labor market has been a major pillar of support for the stock market's run in recent years, but Friday's jobs report was surprisingly bad.

    Employers added just 20,000 jobs last month, when economists were expecting something closer to 180,000. Last month's job growth was also a sharp slowdown from January's 311,000, a number that the government revised higher on Friday.

    A slower global economy wouldn't need as much oil, and the price of crude sank Friday along with expectations for demand. Benchmark U.S. crude fell 1 percent to settle at $56.07 per barrel. Brent crude, the international standard, lost 0.8 percent to close at $65.74 per barrel.

    The sharp decline sent energy companies to double the loss of any of the other 10 sectors that make up the S&P 500. They ended 2 percent lower.

    Also hurting the sector was a decision by Norway's $1 trillion wealth fund to dump shares in some oil and gas companies. The move would exclude companies that operate solely in exploration or production, but it will continue to own the biggest companies in the energy industry.

    Noble Energy and EOG Resources tumbled 5.4 percent.

    New U.S. residential construction data gave traders reason to be more optimistic about homebuilder stocks.

    The Commerce Department said housing starts jumped 18.6 percent in January, as builders ramped up construction of single-family houses to the fastest pace in eight months. The rebound after December's plunge bodes well for the new-home market heading into the spring homebuying season.

    Hovnanian Enterprises gained 4 percent. KB Home added 1.5 percent.

    Traders hammered National Beverage after the maker of La Croix soft drinks reported disappointing quarterly earnings.

    The CEO issued a puzzling statement saying, "We are truly sorry for the results stated above," and blamed the weak performance on unspecified "injustice." The stock slumped 14.6 percent.

    Costco Wholesale bucked Wall Street's downward trend, climbing 5.1 percent for the biggest gain among stocks in the S&P 500. The warehouse club operator reported profit growth that was far stronger than analysts expected.

    Other retailers racked up losses. Foot Locker lost 3.3 percent, Ross Stores slid 3.6 percent and Gap dropped 3 percent.

    The weak U.S. jobs growth helped pull the value of the dollar lower against its peers. The U.S. currency slipped to 111.07 Japanese yen from 111.52 yen late Thursday. The weaker dollar sent the euro up to $1.1242 from $1.1186.

    Bond prices were little changed. The yield on the 10-year Treasury note held at 2.63 percent.

    Gold rose 1 percent to $1,299.30 an ounce. Silver climbed 2.1 percent to $15.35 an ounce. Copper declined 0.6 percent to $2.89 a pound.

    In other energy futures trading, wholesale gasoline slid 0.2 percent to $1.80 a gallon. Heating oil dropped 0.6 percent to $2 a gallon. Natural gas held steady at $2.87 per 1,000 cubic feet.

    4770
     
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  2. bigdog

    bigdog Retired

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    A broadly rally led by technology companies drove U.S. stocks sharply higher Monday, giving the S&P 500 its biggest increase since late January.

    The latest gains also snapped a five-day losing streak for the benchmark index, which was coming off its worst weekly stumble this year.

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    https://www.usnews.com/news/busines...-shares-mixed-as-china-us-trade-talks-drag-on

    Tech Leads US Stocks Broadly Higher; Boeing Drops
    A broadly rally led by technology companies drove U.S. stocks sharply higher Monday, giving the S&P 500 its biggest increase since late January.
    March 11, 2019, at 5:11 p.m.

    By DAMIAN J. TROISE and ALEX VEIGA, AP Business Writers

    A broadly rally led by technology companies drove U.S. stocks sharply higher Monday, giving the S&P 500 its biggest increase since late January.

    The latest gains also snapped a five-day losing streak for the benchmark index, which was coming off its worst weekly stumble this year.

    Nvidia was the S&P 500's strongest performer after agreeing to buy chipmaker Mellanox. Apple benefited from an analyst upgrade. A sharp decline in Boeing stemmed the gain for the Dow Jones Industrial Average.

    Investors drew encouragement from a report showing a slight increase in U.S. retail sales for January after a steep decline in December, and from new data showing a rebound in Chinese exports this month, said Tom Martin, senior portfolio manager with Globalt Investments.

    "The data that's coming in today is at the margin at least OK; there's no negative news," Martin said. "People want to be in the market. Rates are low. Stocks are OK."

    The S&P 500 gained 40.23 points, or 1.5 percent, to 2,783.30. The Dow rose 200.64 points, or 0.8 percent, to 25,650.88. The average bounced back after declining 242 points as shares in Boeing slumped.

    The Nasdaq composite, which is heavily weighted with technology stocks, jumped 149.92 points, or 2 percent, to 7,558.06. The Russell 2000 index of smaller companies picked up 26.99 points, or 1.8 percent, to 1,548.88.

    Major European stock indexes finished higher.

    Monday's gains helped the market reclaim the momentum it had in January and February, when it posted the best two-month start to a year since 1991. Despite stocks posting their worst week since December last week, the S&P 500 and Nasdaq are showing double-digits gains for the year so far, and the Dow is just shy of a 10 percent increase.

    Investors are still waiting for more details on any potential trade deal between the U.S. and China. Costly tariffs have hurt both nations and investors hope a deal can be struck to at least take some pressure off the global economy, which has shown signs of cooling off.

    "Last week was a little bit of a breather and investors said, 'Well, maybe we overreacted a little bit,'" said Karyn Cavanaugh, senior markets strategist at Voya Investment Management. "We have good economic data, earnings should be pretty solid, and the Fed is on hold. We potentially have progress going on with China. So overall, things are pretty good and stocks are the place to be."

    Technology sector stocks drove Monday's rally, with chipmakers leading the way.

    Nvidia jumped 7 percent after the chipmaker said it will buy network transmission company Mellanox for $6.9 billion in cash.

    The companies are frequent collaborators and said that together they help to power more than 250 of the world's 500 supercomputers, including Sierra and Summit, operated by the U.S. Department of Energy.

    Apple gained 3.5 percent after receiving an analyst upgrade.

    Boeing's stock slumped 5.3 percent following the second deadly crash involving the newest version of the aircraft maker's popular 737.

    An Ethiopian Airlines jetliner went down Sunday, killing 157 people. Back in October, another 737 Max 8 crashed in Indonesia, killing 189 people. Authorities in Ethiopia, China and Indonesia have grounded all Boeing 737 Max 8 aircraft.

    Boeing's stock had been soaring. On Monday, shares slid more than 13 percent at one point. It was the only stock in the Dow to close with a loss. Despite Boeing's decline, the industrial sector managed to post a gain.

    Gains in health care stocks also helped drive the market higher. Align Technology rose 5.4 percent.

    Social media companies also notched gains. Facebook added 1.5 percent and Twitter picked up 2.8 percent.

    Germany's Deutsche Bank rose 5 percent following reports that it agreed to hold merger talks with rival Commerzbank.

    Benchmark U.S. crude climbed 1.3 percent to settle at $56.79 per barrel. Brent crude, the international standard, rose 1.3 percent to close at $66.58 per barrel.

    Bond prices fell. The yield on the 10-year Treasury note rose to 2.64 percent from 2.62 percent late Friday.

    The dollar strengthened to 111.21 Japanese yen from 111.07 yen late Friday. The euro fell to $1.1240 from $1.1242.

    Gold dropped 0.6 percent to $1,291.10 an ounce. Silver lost 0.5 percent to $15.27 an ounce. Copper added 0.3 percent to $2.90 a pound.

    In other energy futures trading, wholesale gasoline gained 1.3 percent to $1.83 a gallon. Heating oil dropped 0.3 percent to $1.99 a gallon. Natural gas slid 3.2 percent to $2.77 per 1,000 cubic feet.
     
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  3. Ann

    Ann

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    The Dow had a lovely bounce off the 200dsma as did the S&P 500

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  4. bigdog

    bigdog Retired

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    Technology and health care companies led U.S. stock indexes mostly higher Tuesday, building on the market's solid gains from a day earlier.

    Boeing weighed down the Dow Jones Industrial Average for a second day as shares in the aircraft maker fell amid safety concerns following another deadly crash involving its most popular plane. The company led a slide in industrial sector stocks.

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    https://www.usnews.com/news/busines...ollow-wall-street-higher-ahead-of-brexit-vote

    US Stock Indexes End Mostly Higher, Extending Market's Gains
    Technology and health care companies led U.S. stock indexes mostly higher Tuesday, building on the market's solid gains from a day earlier.
    March 12, 2019, at 5:04 p.m.

    By DAMIAN J. TROISE and ALEX VEIGA, AP Business Writers

    Technology and health care companies led U.S. stock indexes mostly higher Tuesday, building on the market's solid gains from a day earlier.

    Boeing weighed down the Dow Jones Industrial Average for a second day as shares in the aircraft maker fell amid safety concerns following another deadly crash involving its most popular plane. The company led a slide in industrial sector stocks.

    A report showing that U.S. consumer prices rose modestly last month — the latest evidence that inflation remains in check — also helped lift stocks.

    The latest gains extend a rebound in stocks this week after the market ended last week with its worst week since December.

    "It just goes to show that investors are taking advantage of the pullback we had last week," said Lindsey Bell, investment strategist at CFRA. "What's notable in the last couple of days is the move you're seeing in the Nasdaq. You're starting to see that return to growth in the market right now."

    The benchmark S&P 500 index gained 8.22 points, or 0.3 percent, to 2,791.52. The Dow fell 96.22 points, or 0.4 percent, to 25,554.66.

    The Nasdaq composite, which is heavily weighted with technology stocks, climbed 32.97 points, or 0.4 percent, to 7,591.03. The Russell 2000 index of smaller companies picked up 0.96 points, or 0.1 percent, to 1,549.83.

    Major European stock indexes finished mostly higher before Britain's Parliament voted to reject a deal for the U.K. to exit from the European Union. The move plunges the Brexit process into chaos just 17 days before Britain is due to leave the bloc.

    Traders appeared to mostly shrug off the developments in Britain, though U.S. indexes lost some of their gains toward the end of the day as the Brexit vote was being held.

    The two-day rally has helped the market reclaim the momentum it had in January and February, when it posted the best two-month start to a year since 1991. The S&P 500 and Nasdaq are showing double-digits gains for the year so far, and the Dow is up by more than 9 percent.

    Investors are still waiting for more details on any potential trade deal between the U.S. and China. Costly tariffs have hurt both nations and investors hope a deal can be struck to at least take some pressure off the global economy, which has shown signs of cooling off.

    "We're just in this weird period where earnings just ended, we're waiting to see what happens with Brexit, waiting for a resolution from China and the trade situation there," Bell said. "We're in wait-and-see mode."

    Technology and health care stocks did the most to push the market higher Tuesday. Apple and UnitedHealth each rose 1.1 percent.

    Boeing shares slid 6.1 percent, the stock's second day of steep losses, as more countries grounded the aircraft manufacturer's 737 Max 8 following the crash of the Ethiopian Airlines 737 Max 8 on Sunday, which killed 157 people. A similar Lion Air plane crashed in Indonesia in October, killing 189 people.

    Britain joined a growing number of countries to ground the plane. Australia and Singapore suspended all flights into or out of their countries. Airlines in China and Indonesia, Aeromexico, Brazil's Gol Airlines, India's Jet Airways and others have done the same.

    The Labor Department's latest snapshot of consumer prices also put investors in a buying mood. The consumer price index rose a modest 1.5 percent last month from a year ago. The small increase is the latest evidence that inflation remains muted, which gives the Federal Reserve more flexibility in holding off on further interest rate increases, said Eric Wiegand, senior portfolio manager for Private Wealth Management at U.S. Bank.

    "The markets are reflecting a more favorable interpretation of the shift in central bank policies," he said. "They're creating more of a favorable backdrop."

    Traders bid up shares in Stitch Fix after the personal styling service blew past analyst's expectations for the fourth-quarter. The stock vaulted 25.2 percent.

    Dick's Sporting Goods' plunged 11 percent after the company reported a slide in sales during the fourth quarter and a weak forecast. A key sales figure fell 2.2 percent in the period, worse than what analysts were expecting.

    Marijuana stocks rose after New Jersey Gov. Phil Murphy and legislative leaders said they've agreed on legislation to legalize recreational marijuana for adults. The agreement comes after more than a year of negotiations.

    Tilray gained 3.1 percent, while Canopy Growth added 1.4 percent.

    Bond prices rose. The yield on the 10-year Treasury note fell to 2.61 percent from 2.64 percent late Monday.

    The dollar strengthened to 111.29 Japanese yen from 111.21 yen on Monday. The euro rose to $1.1297 from $1.1240.

    The price of U.S. crude oil rose 8 cents to $56.87 a barrel, while Brent crude rose 9 cents to $66.67 a barrel. Wholesale gasoline fell 1 cent to $1.82 a gallon, heating oil fell less than 1 cent to $1.99 a gallon and natural gas rose 1 cent to $2.78 per 1,000 cubic feet.

    The price of gold rose 7 cents to $1,291.10 an ounce, silver rose 14 cents to $15.41 an ounce and copper rose 3 cents to $2.93 a pound.
     
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  5. bigdog

    bigdog Retired

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    Health care and technology companies powered stocks broadly higher on Wall Street Wednesday, giving the market its third straight gain.

    Boeing briefly dipped, but finished slightly higher, after the U.S. said it was joining other countries in grounding the company's 737 Max 8 airplane following a fatal crash of an Ethiopian airliner over the weekend.

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    https://www.usnews.com/news/busines...xes-end-mostly-higher-extending-markets-gains

    Health, Tech Companies Lead US Stocks to 3rd Straight Gain
    Health care and technology companies powered stocks broadly higher on Wall Street Wednesday, giving the market its third straight gain.
    March 13, 2019, at 5:09 p.m.

    By DAMIAN J. TROISE and ALEX VEIGA, AP Business Writers

    Health care and technology companies powered stocks broadly higher on Wall Street Wednesday, giving the market its third straight gain.

    Boeing briefly dipped, but finished slightly higher, after the U.S. said it was joining other countries in grounding the company's 737 Max 8 airplane following a fatal crash of an Ethiopian airliner over the weekend.

    The S&P 500 has now clawed back all its losses from last week, when the benchmark index posted its worst week since December.

    The market has rebounded this week even though the costly trade dispute between the U.S. and China has yet to be resolved and the outlook for corporate earnings growth has dimmed this year.

    A batch of economic reports helped drive the latest rally, giving investors more reason to have an upbeat view of the economy. Oil prices rose after new government data showed lower-than expected stockpiles.

    "I'm still scratching my head to find out what kind of an upside catalyst we've actually gotten, other than just maybe an aggregate of relatively positive economic reports that individually aren't enough to move the market," said Randy Frederick, vice president of trading & derivatives at Charles Schwab. "Frankly, this rally has been much stronger than even that would explain, so I'm a bit puzzled by it."

    The S&P 500 gained 19.40 points, or 0.7 percent, to 2,810.92. The Dow Jones Industrial Average rose 148.23 points, or 0.6 percent, to 25,702.89.

    The Nasdaq composite climbed 52.37 points, or 0.7 percent, to 7,643.41. The Russell 2000 index of smaller companies picked up 6.05 points, or 0.4 percent, to 1,555.88.

    Major stock indexes in Europe also finished higher.

    The three-day rally has helped the market reclaim the momentum it had in January and February, when it posted the best two-month start to a year since 1991. The S&P 500, Nasdaq, Dow and Russell 2000 are showing double-digit gains for the year so far.

    Still, investors are still waiting for more details on any potential trade deal between the U.S. and China. Costly tariffs have hurt both nations and investors hope a deal can be struck to at least take some pressure off the global economy, which has shown signs of cooling off.

    Traders drew encouragement from several economic reports Wednesday.

    U.S. wholesale prices barely increased last month after falling for three straight months, a sign there is little inflation pressure in the economy. A report on orders to U.S. factories showed that business investment rose 0.8 percent after two months of declines, marking the biggest gain since a 1.5 percent July bump.

    A burst of late-afternoon buying reversed a slide in Boeing shares. The stock briefly headed lower after the U.S. moved to temporarily ground all the aircraft manufacturer's 737 Max 8 and Max 9 airplanes in the wake of Sunday's deadly crash of an Ethiopian Airlines 737 Max 8, which killed 157 people. A similar Lion Air plane crashed in Indonesia in October, killing 189 people.

    Boeing shares finished with a 0.5 percent gain. The stock slumped more than 11 percent the first two days of this week. Despite the recent slide, the stock is still up 16.9 percent for the year.

    Health care sector stocks notched the biggest gain Tuesday.

    Rite Aid jumped 6.1 percent after the drugstore chain announced a purge of its top management and plans to cut 400 full-time jobs. CEO John Stanley will step down when the company finds a replacement. Chief Financial Officer Darren Kast and Chief Operating Officer Kermit Crawford are also among the executives leaving the company.

    Chipmaker Nvidia added 3.8 percent, leading technology sector stocks higher. Synchrony Financial gained 2.2 percent amid a broad financial sector rally.

    Investors bid up shares in Canadian marijuana company Aurora Cannabis after it tapped hedge fund manager Nelson Peltz as an adviser. Peltz is the CEO and a founding partner of Trian Fund Management. Aurora said he will help the company explore potential partnerships and advise its global expansion plans. The stock jumped 13 percent.

    Oaktree Capital Group surged 12.3 percent on news that Brookfield Asset Management is buying 62 percent of the company. The deal creates a combined company with $475 billion assets and $2.5 billion in annual fee-related revenue, the companies said. The deal includes options that could have Brookfield owning all of Oaktree by 2029.

    Vera Bradley surged 21.8 percent after beating Wall Street forecasts for the fourth quarter and giving analysts a surprisingly good outlook for the year.

    The maker of luggage and handbags reported lower sales during the quarter, but the results still topped forecasts. Both revenue and profit forecasts for the current fiscal push beyond Wall Street expectations.

    Express skidded 10.1 percent after the clothing chain reported weak fourth-quarter sales and gave investors a disappointing first-quarter outlook.

    Bond prices fell. The yield on the 10-year Treasury note rose to 2.62 percent from 2.60 percent late Tuesday.

    The dollar fell to 111.05 Japanese yen from 111.29 yen on Tuesday. The euro rose to $1.1329 from $1.1297.

    The price of U.S. crude oil climbed 2.4 percent to settle at $58.26 a barrel, while Brent crude gained 1.3 percent to close at $67.55 a barrel. Wholesale gasoline added 2.3 percent to $1.86 a gallon, heating oil rose 0.3 percent to $1.99 a gallon and natural gas picked up 1.3 percent to $2.82 per 1,000 cubic feet.

    The price of gold rose 0.9 percent to $1,309.30 an ounce, silver added 0.3 percent to $15.46 an ounce and copper gained 0.2 percent to $2.94 a pound.
     
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  6. bigdog

    bigdog Retired

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    U.S. stocks indexes barely budged Thursday as the market's three-day winning streak stalled.

    The benchmark S&P 500 index finished essentially flat as losses in communications, industrial and health care stocks outweighed gains in financial and technology companies. Several retailers and homebuilders also declined.

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    https://www.usnews.com/news/busines...xed-after-chinese-industrial-data-disappoints

    US Stock Indexes End Mostly Lower, End 3-Day Winning Streak
    U.S. stocks indexes barely budged Thursday as the market's three-day winning streak stalled.
    March 14, 2019, at 4:56 p.m.

    By DAMIAN J. TROISE and ALEX VEIGA, AP Business Writers

    U.S. stocks indexes barely budged Thursday as the market's three-day winning streak stalled.

    The benchmark S&P 500 index finished essentially flat as losses in communications, industrial and health care stocks outweighed gains in financial and technology companies. Several retailers and homebuilders also declined.

    Reports of a criminal investigation into Facebook's data-sharing practices weighed on the social media giant's shares.

    The market was coming off a solid three-day rally as it reclaimed some of the momentum it had in January and February.

    Investors are still waiting for some more news on U.S.-China trade negotiations before they feel comfortable pushing the market much higher. Media reports had stoked hope that a summit would take place this month, but no concrete announcement has been made.

    Despite some softness over the last few weeks, U.S. stocks are still considered a safe haven relative to the rest of the world, said Scott Wren, senior global equity strategist for Wells Fargo Investment Institute.

    "We're still the lead sled dogs here, we're pulling the global economy along," he said.

    The S&P 500 index slipped 2.44 points, or 0.1 percent, to 2,808.48. The Dow Jones Industrial Average inched up 7.05 points, or 0.03 percent, to 25,709.94.

    The Nasdaq composite dropped 12.50 points, or 0.2 percent, to 7,630.91. The Russell 2000 index of smaller companies gave up 6.25 points, or 0.4 percent, to 1,549.63.

    Major indexes in Europe finished higher.

    The S&P 500, Nasdaq, Dow and Russell 2000 are showing double-digit gains for the year so far.

    Still, investors spent Thursday in a wait-and-see mode, keeping a close watch on global trade issues and continuing to mostly brush off the chaos surrounding Britain's exit from the European Union, its key trading bloc.

    The S&P 500 has been holding within 2,750 and 2,850 points the past couple of weeks and isn't likely to break out of that range until there's a major change in the trade talks, Federal Reserve policy or other another major market-moving development, said Ioana Martin, global investment specialist, J.P. Morgan Private Bank.

    "Unless we have any additional catalysts or any meaningful change in communication from the Fed or from the trade front, it's difficult to see how we could break outside of that range," Martin said.

    Take-Two Interactive Software led the slide in communications companies. The stock slid 3.8 percent.

    Facebook fell 1.8 percent after the New York Times reported that its data-sharing practices are now under criminal investigation.

    The investigation into how it sells data is the latest in a list of privacy scandals the social media company faces. Its privacy practices have already been scrutinized by The Federal Trade Commission. The company and its CEO have also faced Congressional inquiries.

    Boeing fell 1 percent. The stock has slumped throughout the week as nations and airlines ground its newest 737s over safety concerns. A second deadly crash over the weekend involving its 737 Max 8 and safety concerns stunted the company's stock gains.

    Retailers were among the big decliners Thursday.

    Tailored Brands, which owns Men's Wearhouse, plunged 25.1 percent after giving investors a surprisingly weak first-quarter profit forecast. The company has been trying to increase sales at both Men's Wearhouse and its Jos. A. Bank stores, but is facing a tougher retail market.

    Shares in other apparel retailers also fell. L Brands dropped 3.1 percent, while Gap gave up 1.8 percent.

    Dollar General slid 7.5 percent after the company's fourth-quarter profit fell short of Wall Street forecasts. The discount-store operator also gave investors a weak full-year profit forecast.

    Rival discount chain Dollar Tree dropped 1.9 percent.

    The Commerce Department said sales of new U.S. homes slumped 6.9 percent in January, a possible sign that would-be buyers paused during the government shutdown even as mortgage rates continued to decline. The report also showed sales prices declined 3.8 percent. Homebuilder stocks were mostly trading lower following the report. Hovnanian Enterprises dropped 2.5 percent.

    Technology companies and banks led the gainers. Apple rose 1.1 percent and Wells Fargo added 0.9 percent.

    Bond prices fell. The yield on the 10-year Treasury note rose to 2.63 percent from 2.61 percent late Wednesday.

    The dollar strengthened to 111.73 Japanese yen from 111.05 yen on Wednesday. The euro fell to $1.1300 from $1.1329.

    The price of U.S. crude oil rose 0.6 percent to settle at $58.61 a barrel, while Brent crude dropped 0.5 percent to close at $67.23 a barrel. Wholesale gasoline declined 0.4 percent to $1.85 a gallon, heating oil slid 0.4 percent to $1.98 a gallon and natural gas picked up 1.2 percent to $2.86 per 1,000 cubic feet.

    The price of gold fell 1.1 percent to $1,295.10 an ounce, silver dropped 1.8 percent to $15.17 an ounce and copper lost 1.5 percent to $2.89 a pound.
     
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  7. bigdog

    bigdog Retired

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    The S&P 500 rose to a new high for the year Friday as resurgent technology stocks closed out their best week in four months with solid gains.

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    https://www.usnews.com/news/busines...rug-off-wall-st-losses-as-china-ends-congress

    Tech Companies Power US Stocks to Solid Weekly Gain
    Wall Street finished the week with solid gains Friday as technology stocks notched their best week in four months.
    March 15, 2019, at 5:43 p.m.

    By DAMIAN J. TROISE and ALEX VEIGA, AP Business Writers

    The S&P 500 rose to a new high for the year Friday as resurgent technology stocks closed out their best week in four months with solid gains.

    Financial, health care and consumer stocks also helped lift the market. The gains erased losses from last week, when the S&P 500 had its worst week of the year. The benchmark index finished at 2,822.48, up 12.6 percent for the year and down 4 percent from the record level set in September.

    Technology stocks had their best week since November. Apple ended the week with a 7.6 percent gain, its best week since August. Industrial stocks lagged the market Friday.

    Investors bought bonds after a report on industrial production showed a second consecutive monthly decline in manufacturing in the U.S. That sent the yield on the 10-year Treasury lower. It fell to 2.59 percent from 2.63 late Thursday.

    Despite the latest gains, global political turmoil, particularly over trade, still weighs on investors, said Katie Nixon, chief investment officer at Northern Trust Wealth Management.

    "There's so much importance placed on these geopolitical risks," Nixon said. "They have to be resolved for the market to go forward."

    The Dow Jones Industrial Average rose 138.93 points, or 0.5 percent, to 25,848.87. The Nasdaq composite climbed 57.62 points, or 0.8 percent, to 7,688.53. The S&P 500's gain was 14 points, or 0.5 percent.

    The Russell 2000 index of smaller companies picked up 3.90 points, or 0.3 percent, to 1,553.54.

    Major indexes in Europe and Asia finished higher.

    U.S. stocks have had a strong showing this year, with all the major indexes showing a gain of at least 10 percent.

    Investors appear to be encouraged by reports that the U.S. and China could be making progress on critical negotiations aimed at resolving a trade war between the world's two biggest economies. China's congress endorsed an investment law that aims to address complaints, particularly from the U.S., that China's system is rigged against foreign companies. The U.S. claims China has forced companies to share technology in order to do business in the country.

    Traders are also confident that the Federal Reserve will hold off on any action that could jeopardize economic growth. The central bank, which signaled in January that it was hitting pause on its rate hikes amid a slowdown in global growth and the absence of inflation pressures, is holding a meeting of policymakers next week.

    Economists expect the Fed will keep rates on hold. Friday's surge in bond purchases also indicates that investors don't foresee the Fed raising interest rates any time soon.

    "There's no chance of a rate hike," said Willie Delwiche, investment strategist at Baird.

    Chipmakers made up six of the top 10 gainers in the S&P 500 Friday.

    Broadcom led the technology sector rally after the chip provider reported a better-than-expected rise in fourth-quarter profit and told investors that it would return $12 billion to stockholders in 2019 through dividends and buybacks. The stock jumped 8.2 percent.

    CEO Hock E. Tan expects the chip business to hit a low in the second quarter and then notch growth during the second half of the year. That assessment helped give other chipmakers a lift. Intel added 1.7 percent and Nvidia gained 2.6 percent.

    Health care, financial and consumer stocks also notched solid gains. Biogen added 2.6 percent, Morgan Stanley rose 1.5 percent, and Amazon gained 1.6 percent.

    Investors also bid up shares in Ulta Beauty after the cosmetics retailer's latest quarterly results topped Wall Street's forecasts. The stock jumped 8.3 percent.

    Facebook dropped 2.5 percent on news that two of the social media company's longtime executives are resigning following the company's recent announcement that it will shift its emphasis to private messaging from public sharing.

    Shares in Tesla skidded 5 percent following the electric car maker's unveiling of its Model Y, a mid-size SUV that starts at $39,000. The unveiling comes as Tesla tries to expand into the mainstream and cash in on the red-hot market for SUVs.

    Boeing shares recovered from an early slide to gain 1.5 percent after a report suggested the aircraft manufacturer will roll out a software fix for its 737 Max airplanes later this month.

    The stock has been hammered this week after a 737 Max flown by Ethiopian Airlines crashed Sunday in Ethiopia, killing all 157 people on board. A similar Boeing flown by Lion Air crashed in Indonesia in October, killing 189 people. The U.S. and other countries have since grounded the Boeing 737 Max 8.

    Shares in Boeing fell 10.3 percent this week. The stock is still up 14.9 percent for the year.

    The dollar fell to 111.48 Japanese yen from 111.73 yen on Thursday. The euro strengthened to $1.1320 from $1.1300.

    The price of U.S. crude oil slipped 0.2 percent to settle at $58.52 a barrel, while Brent crude dropped 0.1 percent to close at $67.16 a barrel. Wholesale gasoline rose 0.4 percent to $1.86 a gallon, heating oil slid 0.9 percent to $1.97 a gallon and natural gas gave up 2.1 percent to $2.80 per 1,000 cubic feet.

    Gold rose 0.6 percent to $1,302.90 an ounce, silver gained 1 percent to $15.32 an ounce and copper added 0.5 percent to $2.91 a pound.

    5193
     
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  8. bigdog

    bigdog Retired

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    U.S. stock indexes finished modestly higher Monday, extending the market's solid gains from a rally last week.

    Energy companies notched the biggest gains after the price of U.S. crude oil closed above $59 a barrel for the first time since November. Smaller company stocks fared better than the rest of the market.

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    https://www.usnews.com/news/busines...vance-as-investors-watch-us-china-trade-talks

    Energy Companies Lead Modest Gains for US Stock Indexes
    U.S. stock indexes finished modestly higher Monday, extending the market's solid gains from a rally last week.
    March 18, 2019, at 5:03 p.m.

    By STAN CHOE and ALEX VEIGA, AP Business Writers

    U.S. stock indexes finished modestly higher Monday, extending the market's solid gains from a rally last week.

    Energy companies notched the biggest gains after the price of U.S. crude oil closed above $59 a barrel for the first time since November. Smaller company stocks fared better than the rest of the market.

    Financial, consumer goods and technology stocks accounted for much of the gains. Goldman Sachs rose 2.1 percent, Advance Auto Parts climbed 4.4 percent and Microsoft added 1.4 percent.

    Those gains outweighed losses in communications and health care sector companies. Facebook slid 3.3 percent and Boston Scientific dropped 5.6 percent.

    Stocks were riding the momentum from last week, when the S&P 500 resumed its torrid start to the year following a brief, five-day stumble. The index is back to within 3.5 percent of its record high, set in September, after clawing back all of its terrifying drop from December.

    The market's latest gains come as investors wait for a resolution of the costly trade war between the U.S. and China. After several weeks of negotiations, it's not clear how close the two sides are to an agreement. A meeting between President Donald Trump and Chinese leader Xi Jinping to formalize a deal might be pushed back to June, according to some news reports.

    Traders were also looking ahead to the Federal Reserve's next interest rate policy update on Wednesday.

    "In many ways, the market is in limbo," said Sam Stovall, chief investment strategist at CFRA. "And in the meantime, (investors) are waiting for some sort of agreement on the trade talks as well as the Fed."

    The S&P 500 gained 10.46 points, or 0.4 percent, to 2,832.94. The benchmark index is now up 13 percent for 2019 so far, which is a bigger gain than it's had in four of the last five full years.

    The Dow Jones Industrial Average rose 65.23 points, or 0.3 percent, to 25,914.10.

    The Nasdaq composite added 25.95 points, or 0.3 percent, to 7,714.48. The Russell 2000 index of smaller-company stocks picked up 10.39 points, or 0.7 percent, to 1,563.93.

    Major stock indexes in Europe finished mostly higher.

    U.S. stocks have had a strong showing this year, with all the major indexes showing a gain of at least 11 percent.

    One key to the recent rally has been the belief that the Federal Reserve will slow its pace of increases for interest rates. The worry in December was that the central bank would raise rates too fast in the face of a slowing global economy and choke off growth. The Fed will meet to discuss interest-rate policy this week, with an announcement scheduled for Wednesday, but economists expect it to announce no change to rates.

    "The expectations are that the Fed won't do anything in the first half of the year," Stovall said.

    Some economists say the Fed could release documents Wednesday that would suggest one rate increase in 2019, or possibly zero, after the Fed raised rates four times in 2018 and three times in 2017.

    Perhaps more important is what the Fed says about its vast trove of bonds. The central bank bought trillions of dollars of bonds after the 2008 financial crisis to keep interest rates low and support markets, but it's been slowly letting some roll off as they mature. Investors want to know how much the Fed will ultimately hold onto, and how long it will take to get there.

    Monday's upward swing in oil prices came after OPEC canceled a meeting that had been scheduled for next month. The move means that a production cut imposed by the oil cartel in January remains in place, at least until the cartel agrees to meet again.

    Benchmark U.S. crude oil rose 1 percent to settle at $59.09 a barrel, while Brent crude gained 0.6 percent to close at $67.54 a barrel.

    Energy stocks got a boost from the pickup in oil prices. National Oilwell Varco jumped 6.2 percent, Halliburton gained 3.2 percent and Marathon Petroleum rose 2.7 percent.

    Investors also bid up shares in Worldpay after Fidelity National Information Services agreed to buy the payment processor for about $35 billion in stock and cash. Including Worldpay's debt, Fidelity National valued the deal at $43 billion.

    Worldpay's U.S.-listed shares jumped 10 percent. Fidelity National, also called FIS, slipped 0.7 percent.

    Edwards Lifesciences vaulted 6.2 percent for the biggest gain in the S&P 500 after it said patients in a trial using an expandable valve had better results than those who had standard open-heart surgery.

    Boeing fell further as the investigation continues into two recent deadly crashes of its 737 Max 8 plane model. Preliminary information shows clear similarities between the two. The stock declined 1.8 percent, following its 10.3 percent loss last week.

    Bond prices fell. The yield on the 10-year Treasury rose to 2.61 percent from 2.59 late Friday.

    The dollar fell to 111.41 Japanese yen from 111.48 yen on Friday. The euro strengthened to $1.1338 from $1.1320.

    Gold fell 0.1 percent to $1,301.50 an ounce, silver was little changed at $15.32 an ounce and copper added 0.1 percent to $2.91 a pound.

    In other energy futures trading, wholesale gasoline climbed 1.4 percent to $1.88 a gallon, heating oil added 0.1 percent to $1.97 a gallon and natural gas picked up 2 percent to $2.85 per 1,000 cubic feet.
     
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  9. bigdog

    bigdog Retired

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    U.S. stock indexes closed mostly lower Tuesday after a late-afternoon splash of selling erased early gains, ending a weeklong rally.

    Banks accounted for much of the decline, along with utilities and industrial companies. Those losses offset gains in health care, technology and consumer products stocks.

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    https://www.usnews.com/news/busines...ixed-in-muted-trading-ahead-of-us-fed-meeting

    US Stocks Give up an Early Rally, Ending Winning Streak
    U.S. stock indexes closed mostly lower Tuesday after a late-afternoon splash of selling erased early gains, ending a weeklong rally.
    March 19, 2019, at 5:03 p.m.

    By DAMIAN J. TROISE and ALEX VEIGA, AP Business Writers

    U.S. stock indexes closed mostly lower Tuesday after a late-afternoon splash of selling erased early gains, ending a weeklong rally.

    Banks accounted for much of the decline, along with utilities and industrial companies. Those losses offset gains in health care, technology and consumer products stocks.

    The benchmark S&P 500 ended barely lower, its second loss over the past seven trading days. It's still up 13 percent so far in 2019.

    Investors were looking ahead to what the Federal Reserve will say Wednesday following a two-day meeting of policymakers. The central bank has signaled that it will be "patient" in raising interest rates.

    Investors seem reassured that the Fed will continue to hold off on raising rates, and that's given them more confidence to push the market higher this year.

    "Typically, markets tend to be flat in front of the Fed, usually we're in a wait-and-see mode," said Kate Warne, investment strategist at Edward Jones.

    The S&P 500 index slipped 0.37 points, or 0.01 percent, to 2,832.57. The Dow Jones Industrial Average dropped 26.72 points, or 0.1 percent, to 25,887.38.

    The Nasdaq composite gained 9.47 points, or 0.1 percent, to 7,723.95. The Russell 2000 index of smaller-company stocks gave up 8.95 points, or 0.6 percent, to 1,554.99.

    More stocks fell than rose on the New York Stock Exchange. Major indexes in Europe finished higher.

    The broader market broke out of a short slump last week and has been gaining since then. It marks a turnaround from a terrifying drop in December, and now every major U.S. index is up more than 10 percent for the year.

    What the Fed does next will surely have an impact on the market's trajectory.

    The central bank is expected to leave its key short-term interest rate unchanged Wednesday and to stress its new watchword — "patient"— in conveying its intention to leave rates alone for the foreseeable future.

    The Fed has made clear that with a dimmer economic picture in both the United States and globally, it no longer sees the need to keep raising rates as it did four times in 2018. Among the key factors, besides slower growth, are President Donald Trump's trade war with China, continually low inflation levels and Prime Minister Theresa May's struggle to execute Britain's exit from the European Union.

    Signs of a modest economic slowdown, such as a weak factory orders report on Tuesday, may help keep the Fed patient and on hold for a longer amount of time, said Warne.

    "It's a slightly bad-news-is-good-news situation," she said.

    There has also been an absence of sharp bad news surprises, she said, which has given investors confidence that there is less volatility than previously feared.

    Financial, utilities and industrial stocks weighed the most on the market Tuesday. Fifth Third Bancorp dropped 3.3 percent, FirstEnergy slid 2 percent and railroad operator Union Pacific lost 3.3 percent.

    Companies that reported disappointing quarterly results also fell.

    DSW dropped 12.9 percent after the footwear retailer surprised investors with a loss during the fourth quarter. The company swung to a loss of 7 cents per share, while Wall Street anticipated 4 cents per share in profit. Expenses jumped during the quarter and DSW had to deal with a hefty charge.

    Tilray slid 3.4 percent after the medical cannabis company reported a wider loss for the fourth-quarter than Wall Street analysts expected.

    Health care stocks, technology companies and retailers notched some of the biggest gains Tuesday.

    DaVita led the health sector higher, climbing 3.5 percent. Cigna added 3.4 percent. Chipmakers also posted solid gains. Advanced Micro Devices vaulted 11.8 percent and Nvidia climbed 4 percent. Retailer L Brands added 2.7 percent.

    Traders bid up shares in Michaels, rewarding a better-than-expected fourth quarter and overlooking a weak forecast. The arts and crafts retailer has been reassessing its operations, moving to expand its children's offerings and shuttering its Pat Catan craft stores.

    The company also changed leadership earlier this month, with CEO Chuck Rubin stepping down and longtime retail executive Mark Cosby taking over as interim CEO. The stock jumped 10 percent.

    Bond prices fell. The yield on the 10-year Treasury rose to 2.62 percent from 2.60 late Monday.

    The dollar held steady at 111.41 Japanese yen. The euro strengthened to $1.1352 from $1.1338 on Monday.

    Benchmark U.S. crude oil slipped 0.1 percent to settle at $59.03 a barrel, while Brent crude gained 0.1 percent to close at $67.61 a barrel.

    Wholesale gasoline climbed 0.5 percent to $1.89 a gallon, heating oil added 1.1 percent to $1.99 a gallon and natural gas picked up 0.8 percent to $2.87 per 1,000 cubic feet.

    Gold rose 0.4 percent to $1,306.50 an ounce, silver added 0.3 percent to $15.37 an ounce and copper picked up 0.5 percent to $2.92 a pound.
     
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  10. bigdog

    bigdog Retired

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    Banks led U.S. stocks mostly lower Wednesday after a brief rally sparked by the Federal Reserve's latest policy update faded. The real action centered in the bond market, where prices rose sharply, pulling Treasury yields down to the lowest levels they've seen in more than a year.

    The central bank said it has ruled out interest rate increases this year and issued a dimmer outlook on the U.S. economy.

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    https://www.usnews.com/news/busines...n-markets-trend-lower-tracking-wall-st-losses

    Fed News Sends Bond Yields Sharply Lower; US Stocks Mixed
    Banks led U.S. stocks mostly lower Wednesday after a brief rally sparked by the Federal Reserve's latest policy update faded. Bond prices rose sharply, pulling Treasury yields down to the lowest levels in more than a year.
    March 20, 2019, at 5:07 p.m.

    By DAMIAN J. TROISE and ALEX VEIGA, AP Business Writers

    Banks led U.S. stocks mostly lower Wednesday after a brief rally sparked by the Federal Reserve's latest policy update faded. The real action centered in the bond market, where prices rose sharply, pulling Treasury yields down to the lowest levels they've seen in more than a year.

    The central bank said it has ruled out interest rate increases this year and issued a dimmer outlook on the U.S. economy.

    That triggered one of the biggest slides for Treasury yields in months, knocking the 10-year Treasury yield as low as 2.53 percent, down from 2.61 percent late Tuesday and from 3.20 percent late last year. The two-year Treasury yield, which is more influenced by Fed movements, fell to 2.39 percent from 2.45 percent late Tuesday.

    Yields have been falling steadily since November, as worries rose about a slowing global economy and traders subsequently made moves in anticipation of a more patient Fed.

    The Fed's decision not to raise rates in 2019 is a marked change from three months ago, when the central bank projected two rate hikes in 2019. The move comes as Fed officials project that the U.S. economy will grow more slowly this year and in 2020, a change from the panel's projections just three months ago.

    The central bank also said it will stop shrinking its bond portfolio in September, a step that would help hold down long-term interest rates.

    The Fed's announcement was clearly positive for the market, said Quincy Krosby, chief market strategist at Prudential Financial.

    "Powell's suggestion that the Fed is on hold this year is important," she said. "The question for the market remains whether or not the four rate hikes from last year and the unwinding of the balance sheet at the same time could be continuing, even now, to tighten financial conditions."

    The S&P 500 dropped 8.34 points, or 0.3 percent, to 2,824.23. The Dow Jones Industrial Average fell 141.71 points, or 0.5 percent, to 25,745.67. The average had been down more than 216 points earlier.

    The Nasdaq composite eked out a slight gain, adding 5.02 points, or 0.1 percent, to 7,728.97. The Russell 2000 index of smaller-company stocks gave up 11.83 points, or 0.8 percent, to 1,543.16.

    Major European indexes finished lower.

    It was only last autumn that interest rates were on the rise and rattling investors, who worried that an overly aggressive Fed would keep raising rates and choke off growth in the face of a slowing global economy. The Fed increased rates four times last year and three times in 2017.

    Besides encouraging more borrowing and economic growth, lower interest rates can make stocks look more attractive to investors, at least when compared with the lower amount of interest that bonds are paying.

    On the losing end, though, are U.S. banks, whose profits can take a hit if the gap between short- and long-term interest rates narrows. Financial stocks in the S&P 500 fell 2.1 percent for the largest loss among the 11 sectors that make up the index.

    KeyCorp slumped 5.3 percent, while Bank of America lost 3.4 percent.

    Health care, industrial and technology stocks also took heavy losses. Humana dropped 4 percent, United Rentals fell 3.8 percent and Oracle shed 2.6 percent.

    Communications and energy sector stocks notched solid gains. Netflix climbed 4.6 percent, while Noble Energy added 3.6 percent.

    Developments in the trade talks between the U.S. and China helped pull the market lower earlier in the day.

    President Donald Trump said if negotiations result in a deal, tariffs could stay in place for some time to ensure Beijing "lives by the deal." Trump added that the White House was discussing keeping tariffs for a "substantial period of time," adding that China has had "problems living by certain deals."

    Administration officials are set to visit China for more negotiations late next week. Trump said the talks are "coming along nicely."

    Wall Street is hoping for a resolution to the damaging trade war between the world's largest economies, which has made goods more costly for companies and consumers.

    Despite Wednesday's downbeat finish, the market is still off to a roaring start to the year. The S&P 500 index is up 12.7 percent so far in 2019. That's better than the full-year gains for the benchmark index in four of the past five years.

    News of tighter supplies of oil and continued production cuts helped to briefly push the price of benchmark U.S. crude oil above $60 a barrel. It hadn't closed above that price since November. It fell back slightly in afternoon trading, finishing with a gain of 1.4 percent to $59.83 a barrel.

    The rise came after the U.S. government reported that supplies of oil fell 9.6 percent last week and news that OPEC plans on maintaining deep production cuts.

    The price of oil has been increasing sharply since Christmas Eve, when it hit a low of just over $42 per barrel. That followed a 44 percent plunge since October 3, when it hit a high of just over $76 per barrel.

    Brent crude gained 1.3 percent to close at $68.50 a barrel. Wholesale gasoline added 1.2 percent to $1.92 a gallon, heating oil rose 0.9 percent to $2.01 a gallon and natural gas fell 1.9 percent to $2.82 per 1,000 cubic feet.

    The dollar fell to 110.61 yen from 111.41 Japanese yen on Tuesday. The euro strengthened to $1.1446 from $1.1352.
     
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  11. bigdog

    bigdog Retired

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    Technology companies powered a broad rally for U.S. stocks Thursday, snapping the market's two-day losing streak.

    Apple and chipmakers led the wave of buying, helping to drive the technology sector to an overall gain of 2.5 percent. The sector is up 21.1 percent this year so far, well ahead of the S&P 500's 10 other sectors.

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    https://www.usnews.com/news/busines...in-as-fed-says-it-will-hold-off-on-rate-hikes

    S&P 500 Ends 2-Day Losing Streak as Tech Leads Stocks Higher
    Technology companies powered a broad rally for U.S. stocks Thursday, snapping the market's two-day losing streak.
    March 21, 2019, at 5:12 p.m.

    By DAMIAN J. TROISE and ALEX VEIGA, AP Business Writers

    Technology companies powered a broad rally for U.S. stocks Thursday, snapping the market's two-day losing streak.

    Apple and chipmakers led the wave of buying, helping to drive the technology sector to an overall gain of 2.5 percent. The sector is up 21.1 percent this year so far, well ahead of the S&P 500's 10 other sectors.

    Retailers and industrial companies also notched solid gains, which easily offset losses in financial stocks.

    Levi Strauss soared as the storied jeans maker went public for the second time.

    The latest gains erased the market's modest losses from a day earlier, when the Federal Reserve said it expected the U.S. economy to slow down and that it no longer expected to raise interest rates this year.

    While investors appeared to be circumspect about the central bank's economic outlook, any concerns seemed to take a backseat Thursday to the likelihood that the Fed will hold off on raising interest rates.

    "Overall, stocks are rallying because interest rates have gone down and we know that the Fed is going to continue to be the market's friend," said Karyn Cavanaugh, senior markets strategist at Voya Investment Management. "There's absolutely no reason not to be in stocks when you have an incredibly dovish Fed that is going to support asset prices."

    The S&P 500 index rose 30.65 points, or 1.1 percent, to 2,854.88. The Dow Jones Industrial Average gained 216.84 points, or 0.8 percent, to 25,962.51

    The Nasdaq composite, which his heavily weighted with technology stocks, climbed 109.99 points, or 1.4 percent, to 7,838.96. The Russell 2000 index of smaller-company stocks picked up 19.25 points, or 1.2 percent, to 1,562.41.

    Major European stock indexes finished mostly lower.

    Despite a couple of downbeat days, the S&P 500 is closing in on its second straight weekly gain. The benchmark index is up 13.9 percent so far in 2019. That's better than the full-year gains for the benchmark index in four of the past five years.

    Thursday's rally came as investors weighed the latest batch of company earnings reports and some key analyst stock upgrades.

    Apple climbed 3.7 percent after analysts at Needham & Co. upgraded the technology giant's stock to a strong "Buy," saying the company's new services initiatives could attract new users. The company has made several product announcements this week and has an event scheduled next Monday where presumably more announcements will be made.

    Chipmakers gained after Micron Technology issued a strong outlook for the year. The company jumped 9.6 percent after the its forecasts for the fourth quarter topped Wall Street's estimates and said it expects the memory chip market to recover in the second half of the year.

    The upbeat forecast helped lift some of its peers. Nvidia rose 5.5 percent and Advanced Micro Devices climbed 8.5 percent.

    Olive Garden owner Darden Restaurants gained 6.9 percent after it reported earnings that were far better than analysts were expecting. Darden also raised its own profit forecast for the year.

    Conagra Brands vaulted 12.8 percent after the packaged food company beat third-quarter profit forecasts on higher prices for some of its products.

    Levi Strauss soared after its IPO hit the market for the second time the brand's 166-year history. The company previously went public in 1971, but the namesake founder's descendants took it private again in 1985.

    The stock jumped 31.8 percent Thursday from its offering price of $17.

    The strong demand for shares in Levi, which owns the Dockers and Denizen brands, is a good sign for other companies eyeing an IPO this year, said Erik Davidson, chief investment officer at Wells Fargo Private Bank.

    "It does bode well, particularly since it's an IPO for a non-tech firm, it probably speaks well of the overall market conditions and investor sentiment," he said.

    Traders were not as keen on rival clothing brand Guess. The company gave a disappointing fourth-quarter report and forecast, which sent its shares 12.5 percent lower.

    Drugmaker Biogen also slumped on news that the company stopped a trial for an Alzheimer's drug. The biotechnology giant and its partner determined that the drug would likely be ineffective.

    The company's shares plunged 29.2 percent as it lost more than $17 billion in market value.

    Financial stocks finished broadly lower for the second straight day, hurt by the prospects for lower interest rates. Fifth Third Bankcorp led the slide, dropping 3.7 percent.

    "Financials are lagging because interest rates are down, so the yield curve is not their friend right now," Cavanaugh said.

    Banks slumped Wednesday after the Fed's outlook for interest rates this year triggered one of the biggest slides for Treasury yields in months.

    Bond prices held steady Thursday. The yield on the 10-year Treasury note was unchanged at 2.53 percent.

    Energy futures prices finished mixed. Benchmark U.S. crude slid 0.4 percent to settle at $59.98 a barrel. Brent crude fell 0.9 percent to close at $67.86 a barrel.

    Wholesale gasoline added 0.2 percent to $1.92 a gallon, heating oil dropped 1 percent to $1.99 a gallon and natural gas was little changed at $2.82 per 1,000 cubic feet.

    The dollar rose to 110.79 yen from 110.61 Japanese yen on Wednesday. The euro weakened to $1.1354 from $1.1446.

    Gold gained 0.4 percent to $1,307.30 an ounce, silver added 0.8 percent to $15.44 an ounce and copper gave up 0.5 percent to $2.91 a pound.
     
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  12. bigdog

    bigdog Retired

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    Wall Street was roiled Friday by new signs that global economic growth is slowing. The jitters triggered a sell-off in stocks and sent bond yields sharply lower, flashing a possible recession warning.

    The wave of selling knocked 460 points off the Dow Jones Industrial Average and gave the benchmark S&P 500 index its worst day since Jan. 3. The Russell 2000 index of smaller company stocks fell more than the rest of the market as traders offloaded risker assets.

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    https://www.usnews.com/news/busines...ks-stumble-on-doubts-over-us-china-trade-deal

    Stocks, Bond Yields Fall Sharply as Growth Worries Spread
    New signs the global economic growth is slowing roiled Wall Street Friday, triggering a sell-off in stocks that erased the market's gains for the week.
    March 22, 2019, at 5:31 p.m

    By DAMIAN J. TROISE and ALEX VEIGA, AP Business Writers

    Wall Street was roiled Friday by new signs that global economic growth is slowing. The jitters triggered a sell-off in stocks and sent bond yields sharply lower, flashing a possible recession warning.

    The wave of selling knocked 460 points off the Dow Jones Industrial Average and gave the benchmark S&P 500 index its worst day since Jan. 3. The Russell 2000 index of smaller company stocks fell more than the rest of the market as traders offloaded risker assets.

    Worried investors shifted money into bonds, which sent yields much lower. The yield on the 10-year Treasury dropped to 2.43 percent from 2.54 percent late Thursday, a big move.

    The slide in bond yields hurt bank stocks which, along with technology companies, accounted for much of the broad decline in stocks. The utilities sector was the only one to eke out a gain.

    "What's really giving investors concern today is this weak global economic data here in the U.S. and in Europe," said Jeff Kravetz, regional investment director for U.S. Bank Wealth Management.

    The market's skid runs counter to what has been a strong start to the year on Wall Street as stocks rebounded from a steep slide at the end of 2018. The bull market for U.S. stocks recently marked its 10th anniversary and is now the longest ever.

    The fear that gripped investors Friday was fueled by a steadily dimming outlook for the global economy. China, the world's second-largest economy after the United States, is weakening. And other economies that depend heavily on purchases in China have suffered as a result.

    Factory production in the euro currency alliance has fallen at its steepest rate in about six years. In Germany, Europe's largest economy, a survey of purchasing manager manufacturers posted its sharpest production drop in nearly six years. Orders to German factories have also tumbled.

    In another worrying sign, the yield on the 10-year Treasury note fell Friday below the yield on the three-month Treasury bill. When that kind of "inversion" in bond yields occurs, economists fear that it can signal a recession within the coming year.

    The S&P 500 index dropped 54.17 points, or 1.9 percent, to 2,800.71. The Dow gave up 460.19 points, or 1.8 percent, to 25,502.32.

    The Nasdaq composite, which is heavily weighted with technology stocks, slid 196.29 points, or 2.5 percent, to 7,642.67. The Russell 2000 lost 56.49 points, or 3.6 percent, to 1,505.92.

    European stocks also finished sharply lower Friday.

    Despite wavering from gains to losses throughout the week, the S&P 500 index is still up more than 11 percent so far in 2019, which still counts as a blockbuster start to a year.

    Key bond yields fell this week to their lowest levels in more than a year after the Federal Reserve said it was seeing slower growth in the economy and no longer expected to raise interest rates this year.

    The yield on the benchmark 10-year Treasury note, which is used to set rates on mortgages and many other kinds of loans, is now sharply lower from its recent high of 3.23 percent in early October.

    The prospects of slowing global economic growth has motivated investors to rebalance their holdings as they "digest the new reality," said Marina Severinovsky, investment strategist at Schroeders. "We're sort of coming back to Earth."

    Central banks have been positioning themselves to deal with the slowdown, she said, and that includes the Federal Reserve's expectations for no rate increases this year.

    Earlier this month the European Central Bank said it would push back the earliest date for interest rate increases. It also said it would offer ultra-cheap loans to banks, supporting their ability to keep lending.

    "It's very positive that, not just the Fed, but other policy makers have acknowledged the situation is kind of dangerous on the global slowdown and are taking action," Severinovsky said.

    The decline in bond yields threatened the profitability of banks because it forces them to charge lower interest rates on loans. Bank of America slid 4.2 percent.

    Technology companies, which would stand to lose more than other sectors in a slowing economy, also took heavy losses. Western Digital gave up 6.5 percent.

    Boeing dropped 2.8 percent after Indonesia's flag carrier became the first airline to seek to cancel an order of 737 Max 8 jets, which have been involved in two fatal crashes in the past six months.

    Energy futures finished mostly lower. Benchmark U.S. crude oil slid 1.6 percent to settle at $59.04 a barrel. Brent crude fell 1.2 percent to close at $67.03 a barrel.

    Wholesale gasoline added 0.3 percent to $1.32 a gallon, heating oil dropped 1.1 percent to $1.97 a gallon and natural gas fell 2.4 percent to $2.75 per 1,000 cubic feet.

    Gold gained 0.4 percent to $1,312.30 an ounce, silver lost 0.2 percent to $15.41 an ounce and copper gave up 2.2 percent to $2.84 a pound.

    The dollar fell to 110.07 yen from 110.79 Japanese yen on Thursday. The euro weakened to $1.1294 from $1.1354.

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  13. bigdog

    bigdog Retired

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    U.S. stocks capped a day of choppy trading with an uneven finish Monday as investors wrestled to make sense of newly pessimistic outlooks for the global economy.

    Traders also weighed another troubling drop in long-term bond yields, which many see as a warning sign of a possible recession.

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    upload_2019-3-26_8-10-32.png

    https://www.usnews.com/news/busines...-sink-tracking-fridays-retreat-on-wall-street

    US Stocks End Choppy Day Mixed Amid Global Growth Jitters
    U.S. stocks capped a day of choppy trading with an uneven finish Monday as investors wrestled to make sense of newly pessimistic outlooks for the global economy.
    March 25, 2019, at 5:03 p.m.

    By ALEX VEIGA, AP Business Writer

    U.S. stocks capped a day of choppy trading with an uneven finish Monday as investors wrestled to make sense of newly pessimistic outlooks for the global economy.

    Traders also weighed another troubling drop in long-term bond yields, which many see as a warning sign of a possible recession.

    Large-company stocks ended broadly lower, led by drops in big technology companies. Apple fell 1.2 percent after announcing several new services including streaming video and news. Small-company stocks fared better.

    The bout of volatile trading left the S&P 500 index slightly lower, extending the benchmark index's losses from a broad market sell-off last week.

    "Today's moves are very reflective of very different interpretations of the environment and risks ahead," said Luke Tilley, chief economist at Wilmington Trust. "Different investors and different investment shops are interpreting the data very differently."

    The S&P 500 dropped 2.35 points, or 0.1 percent, to 2,798.36.

    The Dow Jones Industrial Average rose 14.51 points, or 0.1 percent, to 25,516.83. It was down as much as 130 and up as much as 100 earlier in the day.

    The Nasdaq composite lost 5.13 points, or 0.1 percent, to 7,637.54. The Russell 2000 index of smaller company stocks picked up 6.94 points, or 0.5 percent, to 1,512.86.

    Major European stock indexes finished lower as uncertainty over Brexit continued.

    Despite the market's recent slide, the S&P 500 index is still up more than 11 percent so far in 2019, an unusually strong start to a year.

    Stocks spent much of the morning wavering between gains and losses as investors weighed another downbeat outlook on the economy.

    Citing a global slowdown and trade conflicts, economists from the National Association for Business Economics collectively project that growth will reach a modest 2.4 this year and just 2 percent in 2020.

    That's in sharp contrast to the Trump administration's predictions that growth will accelerate in the coming years. Still, the economists say they think a recession remains unlikely any time soon.

    Worried investors have shifted money into bonds, sending yields lower. The yield on the 10-year Treasury slid to 2.40 percent from 2.45 percent late Friday. At one point, the yield had fallen to 2.38 percent, briefly triggering deeper declines in the stock indexes.

    The 10-year Treasury yield remains below the yield on the three-month Treasury bill, a worrying sign that in the past has preceded recessions. That "inversion" occurred on Friday and has spooked investors.

    "Really, the things that are driving markets are the uncertainties about global growth and also about how the Fed is going to respond to the inversion of the yield curve," Tilley said.

    The market's recent skid follows what has been a strong start to the year on Wall Street as stocks rebounded from a steep slide at the end of 2018. The bull market for U.S. stocks recently marked its 10th anniversary and is now the longest of all time.

    Monday's shaky start to the came amid a lull in news on the tariffs war between the United States and China. Trade talks are due to resume Thursday in Beijing.

    U.S. stock indexes did not appear to have a significant move either way in response to news that the special counsel's probe into Russian meddling in the 2016 presidential election concluded without finding evidence that the Trump campaign conspired or coordinated with Russia.

    Attorney General William Barr issued a summary of the report Sunday, in which Special Counsel Robert Mueller did not find evidence that President Donald Trump's campaign conspired or coordinated with Russia to influence the election. Mueller also reached no conclusion on whether Trump obstructed justice.

    Still, the end of the Russia probe alleviates some reasons for concern in the market," said Tom Martin, senior portfolio manager with Globalt Investments.

    "The Mueller report, at the margin, is a net positive for the market, as it removes some degree of uncertainty, although some uncertainty remains about what the various and ongoing investigations will turn up," he said.

    Losses in technology and financial companies outweighed gains in consumer discretionary and industrial stocks Monday.

    Chipmaker Micron Technology dropped 2.6 percent, while Synchrony Financial slid 1.4 percent. Homebuilder Lennar climbed 3.6 percent to lead the consumer discretionary sector, while retailer L Brands picked up 2.6 percent.

    Apple's splashy announcement of new offerings, including a subscription TV service due to launch in the fall, failed to impress investors. The stock slid 1.2 percent after the consumer electronics giant disclosed details of its forthcoming Apple TV Plus and other services, including subscriptions for games and news.

    The company did not say how much Apple TV Plus, which will be ad-free, will cost or when exactly it will debut.

    The new service will put Apple in direct competition with big streaming services including Netflix and Amazon Video. Apple is pushing digital subscriptions as it searches for new growth amid declining sales of its iPhones, long the company's marquee product and main money maker.

    Airline shares declined as major carriers continued to cancel flights due to the grounding of Boeing 737 Max aircraft as federal regulators continue to investigate two deadly crashes involving the plane model.

    American Airlines fell 1.2 percent a day after the company said it will be canceling about 90 flights a day through April 24. The airline has 24 Boeing 737 Max aircraft in its fleet.

    Southwest Airlines, which has 34 Max aircraft, is canceling, on average, 130 daily flights. Its shares slid 1.3 percent. Boeing fared better, adding 2.3 percent.

    Energy futures finished mostly higher. Benchmark U.S. crude oil dipped 0.4 percent to settle at $58.82 a barrel. Brent crude, the international standard, rose 0.3 percent to close at $67.21 a barrel.

    Wholesale gasoline added 0.6 percent to $1.94 a gallon, heating oil gained 0.7 percent to $1.98 a gallon and natural gas inched up 0.1 percent to $2.76 per 1,000 cubic feet.

    Gold gained 0.8 percent to $1,322.60 an ounce, silver rose 1 percent to $15.57 an ounce and copper picked up 0.5 percent to $2.86 a pound.

    The dollar fell to 110.06 yen from 110.07 Japanese yen on Friday. The euro strengthened to $1.1312 from $1.1294.
     
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