Saturday, 17 February, 2018

Tech, health care companies help lift United States stocks higher

Iconix Brand Group, Inc. (NASDAQ:ICON) – Do Investors Feel Confident About Stock's Future Direction? Tech, health care companies help lift United States stocks higher
Nellie Chapman | 20 January, 2018, 06:46

The S&P 500 was lower, to close down zero.3-5 percent at 2,776.4-2, while the tech-heavy Nasdaq dropped 37-points, to 7,223-point.

The Dow rose 324 points, or 1.3%, to 26,117. It's been just eight trading days since the Dow had its first close above 25,000.

Some money managers said they expect major USA indexes to resume their climb as more companies report fourth-quarter earnings.

The Dow rose 332 points, or 1.3 percent, to 26,115.

Nine of the 11 major S&P sectors were higher, led by a 1.1 percent gain in the consumer staples index .SPLRCS and a 0.9 percent rise in consumer discretionary stocks .SPLRCD . It has gained 4.8 percent this year, posting only two sessions of losses.

- General Electric has been the largest percentage decliner since January 4, down 6.4 percent, followed by Verizon Communications Inc, down 1.7 percent. The rally began in late 2016 as a bet on infrastructure spending, deregulation and tax cuts, but spent much of 2017 continuing on the back of strong corporate earnings growth. Germany's DAX lost 0.2 percent to 13,220.70. Zaccarelli says he would not be surprised to see a 7 to 12 percent decline in the market some time this year.

The Nasdaq composite gained 74 points, or 1 percent, to 7,298.

The S&P 500 posted 86 new 52-week highs and six new lows; the Nasdaq Composite recorded 107 new highs and 31 new lows.

U and real estate.SPLRCR dipped 0.6 percent and 1.0 percent, respectively.

The Dow Jones industrial average rose 120 points, or 0.5 percent, to 25,910.

Ford Motor slumped 7 percent after the automaker gave a disappointing profit forecast for the year because of weaker sales in the USA, higher commodity costs and its investments in new electric and hybrid cars.

Bank of America's fourth-quarter profits fell by almost half from a year ago, as the bank had to book $2.9 billion in charges related to the tax law. Brent crude, used to price worldwide oils, fell 8 cents to $69.30 a barrel.

United States crude - West Texas Intermediate - is down 0.59% to US$63.57 a barrel.

"Around him, the people in charge of the American economy come directly from Wall Street and Goldman Sachs", said Gregori Volokhine, president of Meeschaert Financial Services.

Gold rose $2.10 to $1,339.20 an ounce. On the Nasdaq, 1,601 issues fell and 889 advanced.