Monday, 24 September, 2018

Markets Right Now: After a stumble, stocks end a bit higher

New York Stock Exchange New York Stock Exchange
Nellie Chapman | 02 February, 2018, 22:29

The blue chip Dow Jones Industrial Average was the only victor on Wall Street with minor growth of 37.32 points. Yearly wage gains rose at the fastest pace since the Great Recession of 2008-2009.

The Nasdaq composite climbed 9 points, or 0.1 percent, to 7,411.48. The yield on the 10-year Treasury rose to 2.75 percent from 2.71 percent late Wednesday.

It measures the daily stock price movements of 30 large, publicly-owned US companies. On the Nasdaq, 2,161 issues fell and 617 advanced.

The Dow fell 515 points, or 2 percent, to 25,675. The stock market is on track for its worst week in two years, according to CNBC.

Energy companies fell more than the rest of the market Friday after Exxon Mobil and Chevron reported disappointing results.

In company news, Boeing shares added 4.9%, contributing roughly 110 points to the Dow Industrials, after the aerospace giant forecast a higher profit margin and a big rise in cash generated from record jetliner deliveries.

DELIVERING A DUD: United Parcel Service slumped 5.7 percent after it said that higher costs affected its business in the fourth quarter.

The Standard & Poor's 500 index gave up 30 points, or 1.1 percent, to 2,791. Britain's FTSE 100 fell 0.6 percent. Google's parent company, Alphabet, dropped 5 percent.

Bond yields shot higher after the government reported another month of strong job gains and wage growth, further stoking fears of inflation.

The Russell 2000 is up 39.47 points, or 2.6 percent. The losses outweighed solid gains by financial stocks, which got a boost as climbing bond yields set the stage for higher interest rates on mortgages and other loans.

Amazon.com (AMZN.O) was up over 6.0 percent in after hours trading after results.

Exxon Mobile sank 5 percent and Chevron lost 1.8 percent.

LONDON - European shares fell for a fourth day, led lower by Danish drugmaker Novo Nordisk after its operating profit fell short of expectations.

Eight of the 11 major S&P indexes were lower, with the materials index's 1.21 percent fall leading the decliners.

The Fed made a decision to leave interest rates unchanged, but said it expects inflation to move "up this year and to stabilize" around its 2 percent target.

The Nasdaq is up 482.47 points, or 7 per cent. Among the latest, Amazon reported quarterly profit soared past $1 billion for the first time but Google parent Alphabet said it swung into a $3 billion loss because of a US tax overhaul.