US close: Stocks advance amid positive data from China, as oil prices continue to fall
US stocks edged slightly higher on Tuesday, amid better-than-expected data from China and gains from Apple and Netflix.
Apple Inc.
$169.30
13:09 26/04/24
Delta Airlines Inc.
$49.92
11:09 26/04/24
Dow Jones I.A.
38,239.66
04:30 15/10/20
International Business Machines Corp.
$167.13
11:09 26/04/24
Nasdaq 100
17,718.30
12:15 26/04/24
Netflix Inc.
$561.23
12:54 26/04/24
The Dow Jones Industrial Average closed 3.66 points up to 17,515.23, while the Nasdaq rose 29.07 points to 4,171.21 and the S&P 500 ended the day 3.13 points higher at 2,022.55.
China’s gross domestic product rose 7.3% year-on-year in the fourth quarter, more than the 7.2% growth that was expected.
However, it marked the slowest economic growth in 24 years, while the country’s industrial production gained 8.3% year-on-year in December, compared to forecasts for a 8.2% increase.
Meanwhile, the International Monetary Fund (IMF) cut its global inflation and growth forecasts for this year, indicating that growth in the US economy and the drop in oil prices will not suffice to cure the weaknesses evident in other economic blocks.
The IMF now expects growth of 3.5% this year, compared with the previous estimate of 3.8% which it made in October, leading to a further decline in the prices of oil, with West Texas Intermediate losing almost 3% and closing at just over $46.5 a barrel, while Brent ended the session at just over $48 after losing over 1%.
In corporate news, Netflix rose 11% after the bell as the online streaming service announced fourth quarter earnings of $1.35 per share that beat expectations of 45p per share, while sales met estimates, as they rose to $1.48bn from $1.18bn in the same period in a year earlier.
IBM declined almost 2% in after-hour trading after reporting a12% decline in fourth-quarter sales as revenue for the period was $24.1bn against estimate of $24.8bn. Fourth quarter earnings of $5.81 per share beat analysts' expectations of $5.43 per share, while gross margin rose to 53.3% from 52.8% a year earlier.
Orbitz Worldwide rose 8.3% after Bloomberg reported that the online travel agent was exploring a possible sale, while Johnson & Johnson retreated 2.64% after fourth quarter revenue missed analysts’ expectations.
Delta Air Lines climbed 7.26% after posting fourth quarter earnings that beat analysts’ projections, while Apple and Yahoo! Inc rose 2.58% and 2.50% respectively.
Smith & Wesson Holding soared 16.47% after raising its third quarter outlook saying it estimates third quarter sales to be between $124m and $126m, even though earnings dropped from $3.52bn to $2.52bn in the year-earlier period.
Gold futures advanced to 1,294.20, while the dollar lost 0.4% against the pound but rose over 0.8% against the yen and gained 0.3% against the euro.
S&P 500 - Risers
Delta Airlines Inc. (DAL) $49.17 +7.26%
Newmont Mining Corp. (NEM) $23.57 +5.74%
Phillips 66 Common Stock (PSX) $63.62 +4.59%
Borg Warner Inc. (BWA) $52.76 +3.86%
Marathon Petroleum Corporation (MPC) $80.42 +3.73%
Mosaic Company (MOS) $47.65 +3.61%
Netflix Inc. (NFLX) $348.80 +3.40%
Southwest Airlines Co. (LUV) $40.79 +3.32%
Gilead Sciences Inc. (GILD) $103.78 +3.05%
Regeneron Pharmaceuticals Inc. (REGN) $421.11 +3.04%
S&P 500 - Fallers
NRG Energy Inc. (NRG) $24.68 -6.16%
Denbury Resources Inc. (DNR) $6.47 -5.55%
Staples Inc. (SPLS) $16.39 -5.53%
Nabors Industries Ltd. (NBR) $10.22 -3.86%
Regions Financial Corp. (RF) $8.74 -3.64%
PulteGroup Inc. (PHM) $20.80 -3.57%
D. R. Horton Inc. (DHI) $22.95 -3.41%
Time Warner Inc. (TWX) $80.35 -3.40%
Wynn Resorts Ltd. (WYNN) $142.03 -3.37%
Apache Corp. (APA) $60.16 -3.36%
Dow Jones I.A - Risers
Coca-Cola Co. (KO) $43.16 +1.48%
American Express Co. (AXP) $87.26 +1.42%
Cisco Systems Inc. (CSCO) $28.07 +1.41%
Chevron Corp. (CVX) $106.47 +1.28%
United Technologies Corp. (UTX) $117.53 +1.19%
General Electric Co. (GE) $23.85 +1.10%
Pfizer Inc. (PFE) $33.10 +0.91%
Visa Inc. (V) $256.84 +0.74%
Nike Inc. (NKE) $93.61 +0.67%
AT&T Inc. (T) $33.95 +0.44%
Dow Jones I.A - Fallers
Johnson & Johnson (JNJ) $101.29 -2.64%
Intel Corp. (INTC) $36.08 -1.02%
Goldman Sachs Group Inc. (GS) $175.63 -0.90%
Home Depot Inc. (HD) $103.25 -0.84%
McDonald's Corp. (MCD) $90.80 -0.75%
Merck & Co. Inc. (MRK) $62.61 -0.67%
Travelers Company Inc. (TRV) $105.84 -0.66%
Walt Disney Co. (DIS) $94.74 -0.46%
JP Morgan Chase & Co. (JPM) $55.71 -0.39%
Unitedhealth Group Inc. (UNH) $105.62 -0.14%
Nasdaq 100 - Risers
Illumina Inc. (ILMN) $196.73 +7.02%
Vimpelcom Ltd Ads (VIP) $3.90 +5.69%
Netflix Inc. (NFLX) $348.80 +3.40%
Gilead Sciences Inc. (GILD) $103.78 +3.05%
Regeneron Pharmaceuticals Inc. (REGN) $421.11 +3.04%
Biogen Idec Inc. (BIIB) $363.27 +2.98%
Apple Inc. (AAPL) $108.78 +2.63%
Yahoo! Inc. (YHOO) $47.63 +2.50%
Micron Technology Inc. (MU) $29.67 +2.35%
Keurig Green Mountain Inc (GMCR) $131.83 +2.19%
Nasdaq 100 - Fallers
Staples Inc. (SPLS) $16.39 -5.53%
Wynn Resorts Ltd. (WYNN) $142.03 -3.37%
Charter Communications Inc. (CHTR) $156.18 -3.06%
Viacom Inc. Class B (VIAB) $66.36 -2.51%
Twenty-First Century Fox Inc Class A (FOXA) $34.12 -2.35%
Express Scripts Holding Co (ESRX) $83.48 -2.23%
Comcast Corp. (CMCSA) $55.79 -1.73%
Intuitive Surgical Inc. (ISRG) $521.89 -1.65%
Dish Network Corp. (DISH) $70.68 -1.63%
Mylan Inc. (MYL) $55.13 -1.55%