US Close: Stocks gain as Fed meeting kicks off
US markets broke a five day losing streak as investors were encouraged by signs of a Chinese recovery and the Federal Reserve headed into a two day meeting.
Chevron Corp.
$163.57
11:09 24/04/24
Dow Jones I.A.
38,460.92
04:30 15/10/20
EXXON MOBIL
n/a
n/a
Masco Corp.
$69.74
11:10 24/04/24
Peabody Energy Corp.
$23.46
11:04 24/04/24
Twitter Inc
$53.70
11:00 08/03/24
The Dow Jones Industrial Average closed up 1.09%, the S&P 500 rose 1.23% and the Nasdaq ended 0.98% higher.
All eyes on the Fed
Investors will watch closely the two day Federal Reserve meeting for hints of when an interest rate hike take place.
Chairwoman Janet Yellen had indicated a rate increase is on the cards before the end of the year.
However analysts at Rabobank described this month’s Federal Open Market Committee as a “second tier” event, and unlikely to be historic.
Tuesday data
US house prices climbed 1.1% month-on-month in May, according to the Case-Shiller 20-city composite index. When considering a seasonal adjustment, prices declined 0.2%, the report added.
Home prices in May rose 4.9% year-on-year, a slightly slower rate of growth compared to April’s 5%.
Consumer confidence suffered a sharp setback in July, retreating to its lowest level since September 2014. The Conference Board institute’s consumer confidence gauge fell to a reading of 90.9 following the previous month’s downwardly revised print of 99.8. Economists had been expecting a reading of 100.0. The preliminary estimate for June was 101.4.
Twitter jumps on result
Shares in Twitter were up 5.36% at 2132 BST after mobile ad revenues drove a better than expected second quarter result. The social media platform boosted its second quarter revenues by 61% year on year.
Leading the S&P 500 were Exxon Mobil, up 4.06%, and Chevron, which was up 3.66%.
Peabody Energy Corp shares closed up 14.15% despite worse than expected second quarter results, followed by home improvement manufacturer Masco, which lifted second quarter revenues by 3% to 1.9bn, and said revenue would have been up by 7% for not for currency translation .
Micron Technology led Nasdaq risers after announcing it would begin production of "3D XPoint," a chip technology that is much faster than traditional chips.
Elsewhere, the dollar rose a touch against the yen, rose about 10% against the euro and fell slightly against the pound, while gold futures fell 20 cents to settle at $1,096.20 an ounce.
Oil prices were up, with West Texas Intermediate up 0.65% to $47.70 a barrel, while Brent also rose, up 0.79% to $53.05 a barrel.
S&P 500 - Risers
Peabody Energy Corp. (BTU) $1.21 +14.15%
Masco Corp. (MAS) $25.63 +10.66%
Micron Technology Inc. (MU) $19.76 +9.04%
Freeport-McMoRan Inc (FCX) $12.33 +8.44%
Transocean Ltd. (RIG) $14.12 +7.70%
Chesapeake Energy Corp. (CHK) $9.00 +7.53%
Precision Castparts Corp. (PCP) $201.37 +7.49%
Eastman Chemical Co. (EMN) $77.02 +6.81%
Southwestern Energy Co. (SWN) $19.57 +6.76%
Reynolds American Inc. (RAI) $84.20 +6.33%
S&P 500 - Fallers
Ingersoll Rand Ltd. (IR) $60.70 -6.62%
Torchmark Corp. (TMK) $59.87 -2.24%
TripAdvisor Inc. (TRIP) $79.34 -1.56%
Macy's Inc. (M) $68.88 -1.53%
E.I. du Pont de Nemours and Co. (DD) $55.90 -1.46%
Nordstrom Inc. (JWN) $76.29 -1.34%
Zoetis Inc (ZTS) $48.85 -1.27%
AES Corp. (AES) $12.77 -1.24%
Wynn Resorts Ltd. (WYNN) $98.01 -1.23%
Wyndham Worldwide Corp. (WYN) $80.61 -1.21%
Dow Jones I.A - Risers
Exxon Mobil Corp. (XOM) $82.48 +4.06%
Chevron Corp. (CVX) $92.40 +3.66%
Caterpillar Inc. (CAT) $77.78 +3.27%
Unitedhealth Group Inc. (UNH) $121.52 +3.09%
Pfizer Inc. (PFE) $35.35 +2.94%
Intel Corp. (INTC) $28.96 +2.15%
3M Co. (MMM) $151.11 +1.61%
Home Depot Inc. (HD) $114.84 +1.57%
Nike Inc. (NKE) $113.47 +1.56%
McDonald's Corp. (MCD) $97.33 +1.34%
Dow Jones I.A - Fallers
E.I. du Pont de Nemours and Co. (DD) $55.90 -1.46%
Microsoft Corp. (MSFT) $45.34 -0.02%
Nasdaq 100 - Risers
Micron Technology Inc. (MU) $19.76 +9.04%
Tesla Motors Inc (TSLA) $264.82 +4.67%
Amgen Inc. (AMGN) $172.74 +4.35%
Vertex Pharmaceuticals Inc. (VRTX) $128.30 +4.11%
Biogen Inc (BIIB) $319.93 +3.39%
CH Robinson Worldwide Inc (CHRW) $66.86 +3.24%
Nxp Semiconductors Nv (NXPI) $91.04 +3.20%
Sirius XM Holdings Inc (SIRI) $3.96 +3.13%
Liberty Media Corporation - Class A (LMCA) $36.83 +3.11%
Avago Technologies Ltd. (AVGO) $128.42 +3.02%
Nasdaq 100 - Fallers
Baidu Inc. (BIDU) $168.03 -15.00%
TripAdvisor Inc. (TRIP) $79.34 -1.56%
Wynn Resorts Ltd. (WYNN) $98.01 -1.23%
Amazon.Com Inc. (AMZN) $526.03 -1.01%
Discovery Communications Inc. Class A (DISCA) $31.31 -0.73%
Intuitive Surgical Inc. (ISRG) $540.74 -0.63%
Tractor Supply Company (TSCO) $91.72 -0.39%
Autodesk Inc. (ADSK) $50.89 -0.31%
Yahoo! Inc. (YHOO) $37.72 -0.30%
Staples Inc. (SPLS) $13.91 -0.29