Saturday, 19 October, 2019

S&P 500 hits record high on rising rate cut hopes

STOCKS SURGE: Stock Market Sets NEW RECORD, Prices Jump After Trump, Xi Meeting Asian stocks rise after Wall Street record on trade truce
Russell Knight | 03 July, 2019, 21:48

"The S&P 500 index SPX, +0.23% is on track for its best June return, with a gain of about 6.5%, since 1955 when the broad-market benchmark rose 8.2%, while the Nasdaq Composite Index COMP, +0.17% was on track for a 6.9% return in June, which would represent its best June since a 16.6% gain back in 2000". The Nasdaq composite added 17.93 points, or 0.2%, to 8,109.09.

Energy stocks slumped broadly as the price of crude oil gave back nearly 5%.

10-year Treasury rises, pushing yield down 3 basis points to 1.95%. "The S&P 500 rose 0.8% and reach an all-time high of 2,977.86, breaking above its previous record of 2,964".

The financial sector was flat, while bank stocks, which tend to benefit from a higher interest rate environment, fell 0.37%.

Dow members ExxonMobil and Chevron shed more than 1% and midsized companies Marathon Oil and Devon closer to 5% after an oil-production agreement at the Organization of the Petroleum Exporting Countries failed to allay concerns about oversupply.

Stocks edged back from their record high levels as investors ponder what will come of the latest truce in the U.S.

Traders now see a 29.7% chance the Federal Reserve would cut borrowing costs by half a percentage point at its July 30-31 policy meeting, up from the 25% perceived chance on Tuesday and 24% a week ago.

IL tax hikes could kill small businesses, expert warns
But the widespread hikes are notable, said Kloza: "I don't ever recall these many states raising gas taxes on the same day". The state doubled its gas tax to 38 cents per gallon, up from 19 cents per gallon - which had been the rate since 1990.

Quinnen Williams earns highest Madden rookie rating
If I had to pick one to make a serious jump this season in ratings outside of Montgomery, I would go with Ridley. So did fourth-round punter Mitch Wishnowsky - the first specialist taken off the board in this year's draft.

United States firms can sell technology to Huawei : Donald Trump
Also, American companies such as Intel or Qualcomm were making a lot of money by selling their products to Huawei. Trump, attending an worldwide summit in Japan, announced that negotiations between the two nations would resume.

Trading was subdued ahead of the Independence Day holiday Thursday in the USA, where markets will close early on Wednesday.

On Wall Street, the Standard & Poor's 500 index rose 0.8 percent after Trump's agreement to hold off imposing new tariffs on $300 billion of Chinese imports put investors in a buying mood. Yields have been falling since last autumn on worries about a slowing economy and as expectations have climbed for a rate cut by the Federal Reserve. When yields decline they push down interest rates that banks charge for mortgages and other loans, cutting into their profits. Investors were reacting to a weaker-than-expected Automatic Data Processing Inc. private-sector labor report, which showed that the US added 102,000 nonfarm jobs for June, less than economists were expecting, with growth being driven by the service-producing sector and hurt by small businesses.

Lighting company Acuity Brands sank 7.8% despite reporting stronger profit for its latest quarter than analysts expected. Micron Technology lost 1.3% and Nvidia fell 2.4%.

In commodities trading, benchmark crude oil fell $2.84, to settle at $56.25 a barrel.

Brent crude, the worldwide standard, added 47 cents to $62.87 per barrel.

CURRENCY: The dollar declined to 108.41 yen from Monday's 108.44 yen. The euro fell to US$1.1278 from US$1.1285.

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