Friday, 23 February, 2018

Nasdaq, S&P hit record highs as tech, health stocks rise

S&P 500 Index Daily September E-mini S&P 500 Index
Preston Stone | 20 July, 2017, 02:37

US crude oil +0.4% at $46.60/bbl.

The Dow is up 1,878.15 points, or 9.5 percent.

Building permits, an indicator of future housing demand, had been expected to climb to a rate of 1.200 million.

European markets showed weakness after London closed lower on poor performances by banking and mining stocks.British banks such as Barclays fell due to the disappointing trading figures from Goldman Sachs in the United States, while miners slipped after Rio Tinto cut its full-year guidance for iron ore shipments.The best performer is British Land Company, up 3.2% after it announced a £300m share buyback plan, followed by Royal Mail, which is up nearly 3% after the company reported a 1% rise in revenues in the three months to 25 June.

All three major USA stock indices finished at new records, with the Dow Jones Industrial Average rising 0.3 percent to 21,640.75, edging past a prior record set earlier this month by three points. The last time the three indexes closed at records on the same day was June 2. Housing starts totalled 1.215 million in Jun, surpassing the 1.16 million expected.

Morgan Stanley reported better-than-expected second-quarter results across the board, with trading revenue coming in above expectations.

Specifically, the EIA said in its weekly report that crude oil inventories fell by 4.7 million barrels in the week ended July 14.

Dow Jones Industrial Average
Daily September E-mini Dow Jones Industrial Average

Reflecting the strength in the energy sector, the Philadelphia Oil Service Index surged up by 4.3%, the NYSE Arca Natural Gas Index jumped by 2.9% and the NYSE Arca Oil & Gas Index advanced by 1.5%.

Both the Nasdaq and the S&P 500 set record closing highs. While on the Dow, IBM reported mixed quarterly results.

Tech stocks rose 2.2 per cent in their best daily performance since September past year, as chipmakers ASM and STMicro followed ASML higher.

The pan-European STOXX 600 index rose 0.7 per cent while blue chips climbed 0.6 per cent.

SHANGHAI - While European stocks rebounded modestly, there were bigger gains in Asia and emerging markets. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, inched up by less than a basis point to 2.268%. Many investors will be closely watching the European Central Bank's meeting Thursday for clues about when the central bank will exit its huge stimulus program.

Traders are also likely to keep an eye on reports on weekly jobless claims, leading economic indicators, and Philadelphia-area manufacturing activity.

Celebrity Defector Reappears in N. Korea
But the official said local authorities were probably researching her escape route and whether she was forced to return. Authorities have not been able to confirm if the woman in the video is Ms Lim but believe she has crossed the border.

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