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December 14, 2017
Thursday, November 20, 2014

Dow, S&P 500 end at records after US data, Intel outlook

The Dow and S&P 500 finished at record highs as data showed further strength in the US economy and Intel gave an upbeat forecast.

Tech shares gave the market its biggest lift, along with energy. Boosting all three major indexes, Intel shares jumped 4.7 percent to $35.95, hitting their highest level since January 2002, after its 2015 revenue outlook was above Wall Street's expectations and the company raised its dividend.

The S&P technology index rose 0.6 percent, while the energy index gained 1.1 percent.

Further supporting stocks, data showed factory activity in the US mid-Atlantic region grew at its fastest pace in two decades, US home resales jumped to their highest in more than a year in October, and a gauge of future US economic activity gained.

The Dow Jones industrial average rose 33.27 points, or 0.19 percent, to 17,719, a record close. The S&P 500 gained 4.03 points, or 0.2 percent, to 2,052.75, its 44th record high this year.

The Nasdaq Composite added 26.16 points, or 0.56 percent, to 4,701.87.

The upbeat US data offset weakness overseas, including euro zone business growth that was slower than expected this month.

Best Buy added 7 percent to $38.02, among the S&P's largest percentage gainers, after better-than-expected profit.

Among the top Nasdaq decliners was Keurig Green Mountain , down 7.4 percent at $142.50, a day after it forecast fiscal first-quarter profit below analysts' estimates.

After the bell, Gap shares fell 4.9 percent to $38.19 following its results. Gap shares ended the regular session up 1.5 percent.

About 5.7 billion shares traded on US exchanges, compared below 6.4 billion average this month, according to BATS Global Markets.

NYSE advancing issues outnumbered decliners 2,013 to 1,025, for a 1.96-to-1 ratio; on the Nasdaq, 1,824 issues rose and 893 fell for a 2.04-to-1 ratio.

Across the Atlantic, European shares fell as weaker than expected euro zone manufacturing data added to worries about the outlook for growth and triggered a sell-off in southern European stocks.

Shares in oil services companies, hammered by oil prices falling below $80 a barrel, bucked the trend after Technip made an offer for France's CGG, fuelling expectations of more consolidation in the sector.

CGG jumped 22 percent on news of a 1.5 billion euro bid from larger rival Technip, a bid that CGG rejected.

Short covering added to the rally as hedge funds scrambled to unwind negative bets on CGG, one of the most shorted stocks across Europe, Markit data shows.

Technip shares tumbled 7 percent. Fugro surged 4.7 percent, Saipem 2.8 percent and TGS 4.4 percent.

The FTSEurofirst 300 index of top European shares ended 0.3 percent lower at 1,356.38 points.

Spain's IBEX lost 1.6 percent, hit in part by a 5.5 percent drop in the shares of BBVA, which on Thursday set the terms of a rights issue to fund the raising of its stake in Turkey's Garanti.

Italy's MIB index fell 0.9 percent and Portugal's PSI 20 dropped 0.6 percent.

Weighing on sentiment was data showing euro zone business growth has been weaker than any forecaster expected this month and new orders have fallen for the first time in more than a year despite further price-cutting.

European stocks have been oscillating in a tight range since late October as worries over the outlook for the global economy have been offset by a dovish tone from central banks.

Meanwhile, Japanese stocks were steady today as a further weakening of the yen boosted market sentiment, but gains were limited as investors took profits on such recent performers such as SoftBank Corp.

The Nikkei benchmark ended 0.1 percent higher at 17,300.86, close to a seven-year peak hit last week.

The broader Topix added 0.1 percent to close at 1,397.64, remaining near an eight-year peak hit yesterday.

The JPX-Nikkei Index 400 also advanced 0.1 percent to 12,761.84.

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Tags:  Stocks  shares  FTSEurofirst  Nikkei  US  Dow Jones  





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