US close: Stocks edge higher after remarks from Putin
- Equities gain following Putin remarks
- Large fall in oil futures
- Airlines, Brewers and consumer electronics lead gains
Dow Jones Industrials: 0.37%
Nasdaq Composite: 0.43%
S&P 500: 0.43%
US stocks ended the session with modest gains amid speculation that the turmoil in Ukraine will not escalate.
Russian President Vladimir Putin said Russia will do everything it can to stop the conflict in eastern Ukraine.
Speaking to Russian ministers and members of parliament in Crimea, Putin said the nation would stand up for itself but not at the expense of confrontation with the rest of the world.
"We must calmly, with dignity and effectively, build up our country, not fence it off from the outside world," Putin said, according to Reuters. "We need to consolidate and mobilise but not for war or any kind of confrontation [...] for hard work in the name of Russia."
Unemployment claims surprise to the upside
Back in the US, the Labor Department revealed applications for unemployment benefits Stateside rose more than forecast in the week ended 9 August. Jobless claims climbed by 21,000 to 311,000, the highest in six weeks, after a print of 290,000 a week earlier. Economists had predicted 295,000 claims.
"While the latest reading on initial claims was higher than expected, the four-week average has risen only slightly from the eight-year low reached last week, and the level of continuing claims remains low," Barclays Research said. "Thus, we still would view the claims data as consistent with a labour market that is improving."
Import prices declined by 0.2% month-on-month in July (consensus: -0.3%).
Acting as a backdrop, oil was moving quickly to the downside again as sellers continued to step in on the heels of weak economic growth data in France and Germany published earlier in the day. As well, reports that the west might act to arm Iraqi kurds may have also have added to the downward pressures on prices.
Oil equipment stocks lead fallers
In corporate news, Kohl's Corp. rallied after the department-store chain reported second quarter results that exceeded analysts' estimates.
Cisco slumped as the world's largest networking-equipment maker said it would cut another 6,000 jobs after reporting a fall in fourth quarter income.
Wal-Mart Stores declined after the world's largest retailer reported stagnant same-store sales in the last quarter and cut its 2014 profit forecast due to slow traffic at its supercenters.
From a sector standpoint the biggest gains were seen in the following sectors: Brewers (2.83%), Airlines (2.47%) and Consumer electronics (2.07%). Oil equipment stocks led fallers, moving down by 1.85% as a group.
Crude futures slip below 200-day moving average again
Front month West Texas crude futures were lower by $1.72 to $95.58/barrel on the NYMEX.
US 10-year Treasury bond yields were up by one basis point at 2.41%.
S&P 500 - Risers
Perrigo Company plc (PRGO) $149.29 +7.29%
NetApp Inc. (NTAP) $41.35 +5.22%
Alexion Pharmaceuticals Inc. (ALXN) $168.89 +5.15%
Amgen Inc. (AMGN) $131.86 +4.39%
Amazon.Com Inc. (AMZN) $333.21 +4.35%
Avago Technologies Ltd. (AVGO) $73.84 +3.78%
Biogen Idec Inc. (BIIB) $337.01 +3.71%
Kohls Corp. (KSS) $56.91 +3.27%
Molson Coors Brewing Co. Class B (TAP) $74.90 +3.24%
Time Warner Inc. (TWX) $76.52 +3.18%
S&P 500 - Fallers
Nabors Industries Ltd. (NBR) $25.74 -4.10%
Helmerich & Payne Inc. (HP) $98.63 -3.55%
Halliburton Co. (HAL) $67.34 -3.16%
Baker Hughes Inc. (BHI) $66.82 -3.02%
Juniper Networks Inc. (JNPR) $23.00 -2.46%
Cisco Systems Inc. (CSCO) $24.54 -2.43%
Pioneer Natural Resources Co. (PXD) $200.07 -2.35%
Eog Resources Inc. (EOG) $103.93 -2.28%
Cimarex Energy Co (XEC) $133.22 -2.14%
National Oilwell Varco Inc. (NOV) $80.77 -1.76%
Dow Jones I.A - Risers
Intel Corp. (INTC) $33.94 +2.44%
Pfizer Inc. (PFE) $28.73 +1.84%
Boeing Co. (BA) $124.11 +1.75%
Merck & Co. Inc. (MRK) $58.78 +1.61%
Walt Disney Co. (DIS) $88.61 +1.15%
Travelers Company Inc. (TRV) $92.22 +1.04%
Home Depot Inc. (HD) $83.86 +0.89%
AT&T Inc. (T) $34.91 +0.63%
Coca-Cola Co. (KO) $40.18 +0.60%
Procter & Gamble Co. (PG) $81.95 +0.58%
Dow Jones I.A - Fallers
Cisco Systems Inc. (CSCO) $24.54 -2.43%
Chevron Corp. (CVX) $126.96 -0.50%
McDonald's Corp. (MCD) $93.66 -0.32%
American Express Co. (AXP) $87.27 -0.15%
International Business Machines Corp. (IBM) $187.88 -0.04%
Nasdaq 100 - Risers
NetApp Inc. (NTAP) $41.35 +5.22%
Alexion Pharmaceuticals Inc. (ALXN) $168.89 +5.15%
Amgen Inc. (AMGN) $131.86 +4.39%
Amazon.Com Inc. (AMZN) $333.21 +4.35%
Liberty Media Corporation - Class A (LMCA) $48.54 +3.83%
Avago Technologies Ltd. (AVGO) $73.84 +3.78%
Biogen Idec Inc. (BIIB) $337.01 +3.71%
Illumina Inc. (ILMN) $168.01 +3.12%
Autodesk Inc. (ADSK) $56.28 +3.04%
Dish Network Corp. (DISH) $64.36 +2.93%
Nasdaq 100 - Fallers
Cisco Systems Inc. (CSCO) $24.54 -2.43%
Nvidia Corp. (NVDA) $18.80 -1.10%
Micron Technology Inc. (MU) $31.04 -1.08%
Cerner Corp. (CERN) $55.80 -1.05%
eBay Inc. (EBAY) $52.93 -0.94%
Starbucks Corp. (SBUX) $76.62 -0.80%
CH Robinson Worldwide Inc (CHRW) $67.22 -0.72%
Priceline Group Inc (PCLN) $1,284.81 -0.69%
Vodafone Group Plc ADS (VOD) $32.74 -0.58%
F5 Networks Inc. (FFIV) $114.68 -0.34%
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