Wednesday, 17 January, 2018

Wall Street posts big gains, bouncing back from Wednesday's losses

Source 401 2012 via Flickr Source 401 2012 via Flickr
Russell Knight | 14 January, 2018, 00:27

The gains for indexes marked a return to calm, after a whiff of nervousness wafted through markets Wednesday as interest rates rose.

The slight declines Wednesday came after six straight gains for the Standard & Poor's 500 index, its longest winning streak to open a year since 2010.

The S&P 500 was up 1 point, or 0.1 percent, to 2,749, as of 10 a.m.

The Dow Jones industrial average climbed 228.46, or 0.9 percent, to 25,803.19, the Nasdaq composite rose 49.28, or 0.7 percent, to 7,261.06 and the Russell 2000 index of small-cap stocks gained 5.18, or 0.3 percent, to 1,591.97. The Nasdaq composite fell 10 points, or 0.1 percent, to 7,153.

In overseas stock markets, Japan's Nikkei 225 index fell 0.3 percent, South Korea's Kospi lost 0.4 percent and the Hang Seng in Hong Kong added 0.2 percent.

FOLLOWING THE MOMENTUM: Stocks have been steadily rising for more than a year as investors bask in an economy where countries around the world are finally all growing in sync. But a sudden or sharp jump in rates could easily upset markets.

"The tax rate that companies actually pay may be lower, or even higher, than 21% depending on other tax adjustments", Yardeni said.

"There shouldn't be a falling-off-the-cliff mentality, but we're so primed", she said. Reports that China may slow its purchases of USA government bonds weighed on investor sentiment.

James Franco absent from Critics Choice Awards amid sexual misconduct allegations
Reese Witherspoon was also nominated for her starring role in the show in the Best Actress category alongside Kidman. The fantasy thriller was named Best Picture , while Guillermo del Toro picked up the prize for Best Director .

Comparable Company Analysis: Century Aluminum Company (CENX), Sears Holdings Corporation (SHLD)
Sears Holdings Corporation (NASDAQ:SHLD) is on our radar right now but there could still be some opportunities on the horizon. This continues to be an interesting story, and we look forward to updating it again soon on Sears Holdings Corporation.

Pochettino: Kane will break all Premier League & England records
Tottenham are now fifth in the league table with 41 points from 22 matches, three points behind fourth-placed Liverpool. Everton arrived in the capital without a win in six and having lost each of their last three league fixtures.

Another data showed USA consumer prices recorded their biggest rise in 11 months in December on gains in the cost of rental accommodations and healthcare, bolstering expectations that inflation will accelerate this year.

USA equities broke key milestones the first trading week of 2018, as the Dow, S&P 500 and Nasdaq closed above 25,000, 2,700 and 7,000, respectively, for the first time ever. It had climbed as high as 2.59% on Wednesday. The rise in rates moderated as the day progressed.

Wall Street continued its rally on Friday with record closing highs as the fourth-quarter earnings season kicked off with solid results from banks and robust retail sales drove investor optimism about economic growth.

OIL: Benchmark U.S. crude lost 3 cents to $63.54 per barrel on the New York Mercantile Exchange. Brent crude, the global standard, fell 10 cents to $69.10 per barrel in London. They're at their highest level since the end of 2016.

The stock market has repeatedly shrugged off concerns through its placid ride to record highs. The company also said, however, that it would close dozens of Sam's Club locations in the coming months.

CURRENCIES: The dollar rose to 111.73 Japanese yen from 111.43 yen. The euro fell to $1.1922 from $1.1965, and the British pound dipped to $1.3511 from $1.3564.

In the commodities markets, gold rose $3.20 to settle at $1,322.50 an ounce.

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