US close: Stocks higher on deal talk ahead of Presidents's Day
US stocks recovered their poise heading into a long weekend ahead of the Presidents's Day holiday, boosted by deal action in the consumer products space.
The Dow Jones Industrials ended the session higher by 0.02% or 4.82 points to 20,624.05, while the S&P 500 added 0.17% or 3.94 points to 2,351.15 - a fresh record - and the Nasdaq Composite tacked on 0.41% or 23.68 points to 5,838.58.
In terms of sectors, personal products-makers topped the leader board following Kraft Heinz´s $143bn bid for Anglo-Dutch rival Unilever, rising by 3.39%, as Mobile Telecommunications gained 2.83% and Personal goods added 2.56%
US equity and fixed income markets would remain closed for the Presidents's Day holiday on Monday.
Acting as a backdrop, stocks ended on a mixed note on Thursday after President Donald Trump said during a press conference that tax reform proposals would come only after a push to replace Obamacare in March. He also said in the conference that he had inherited a "mess" from former President Barack Obama.
"US investors don’t appear to be in any hurry to give up on the Trump trade quite yet, after another record close on Friday, despite the fact that details of President Trump’s new stimulus plan continue to prove to be about as elusive as water in the desert.
"For all the new President’s promises that a plan is on its way he continues to devote his energies at depicting the press as purveyors of “fake news”. If he devoted anywhere as much energy towards his new fiscal plans as he does in portraying himself as a victim there would in all probability be a lot less uncertainty around the prospects of the global economy than there currently is at the moment," said Michael Hewson, chief market analyst at CMC Markets UK.
Meanwhile, oil prices retreated with West Texas Intermediate down 0.22% to $553.24 per barrel and Brent crude 0.18% weaker to $55.55.
The yield on the benchmark 10-year US Treasury note ended the session off by three basis points at 2.42%.
On the corporate front, shares in Kraft Heinz surged 10.74% after its proposed to merge with British consumer products giant Unilever. The $143bn takeover bid was rejected by Unilever saying that it has no financial or strategic merit, according to Reuters, although talks are ongoing.
Deere & Co added 1.01% despite quarterly profit and revenue beat forecasts and raised it forecasts.
JM Smucker Co slumped 1.37% after reporting a fall in third quarter sales and giving a downbeat 2017 outlook.
Campbell Soup dipped 6.51% after second quarter profit missed expectations, although earnings beat forecasts.
UnitedHealth Group gained 3.66% after the US Justice Department said it would sue the company for allegedly overcharging Medicare millions of dollars.
WebMD Health Corp shares slipped 0.68% after the company said it may put itself up for sale.
Dow Jones - Risers
Verizon Communications Inc. (VZ) $49.19 1.51%
Boeing Co. (BA) $172.71 1.11%
Home Depot Inc. (HD) $143.00 1.03%
McDonald's Corp. (MCD) $127.80 0.87%
Nike Inc. (NKE) $56.75 0.82%
Wal-Mart Stores Inc. (WMT) $69.37 0.73%
Johnson & Johnson (JNJ) $118.86 0.66%
Caterpillar Inc. (CAT) $98.85 0.60%
Cisco Systems Inc. (CSCO) $33.74 0.42%
Goldman Sachs Group Inc. (GS) $250.38 0.38%
Dow Jones - Fallers
Unitedhealth Group Inc. (UNH) $157.62 -3.68%
Exxon Mobil Corp. (XOM) $81.76 -0.66%
Walt Disney Co. (DIS) $110.06 -0.59%
International Business Machines Corp. (IBM) $180.67 -0.42%
E.I. du Pont de Nemours and Co. (DD) $77.49 -0.39%
JP Morgan Chase & Co. (JPM) $90.23 -0.33%
Chevron Corp. (CVX) $110.33 -0.32%
General Electric Co. (GE) $30.37 -0.26%
3M Co. (MMM) $182.95 -0.25%
Pfizer Inc. (PFE) $33.62 0.00%
S&P 500 - Risers
Kraft Heinz Co. (KHC) $96.65 10.74%
VF Corp. (VFC) $52.68 4.59%
Colgate-Palmolive Co. (CL) $71.98 4.32%
Mallinckrodt Plc Ordinary Shares (MNK) $54.74 4.27%
Skyworks Solutions Inc. (SWKS) $96.35 4.24%
Kimberly-Clark Corp. (KMB) $131.93 4.19%
Tiffany & Co. (TIF) $86.18 3.82%
DaVita Inc (DVA) $66.90 3.46%
Nordstrom Inc. (JWN) $45.69 3.42%
Dentsply International Inc. (XRAY) $62.68 3.19%
S&P 500 - Fallers
Campbell Soup Co. (CPB) $58.48 -6.51%
Flowserve Corp. (FLS) $48.37 -4.80%
General Mills Inc. (GIS) $59.23 -3.75%
Unitedhealth Group Inc. (UNH) $157.62 -3.68%
Centene Corp. (CNC) $67.61 -3.51%
Aetna Inc. (AET) $125.27 -3.26%
Westrock Company (WRK) $52.66 -3.07%
Akamai Technologies Inc. (AKAM) $62.34 -2.96%
SCANA Corp. (SCG) $65.65 -2.48%
Kellogg Co. (K) $72.90 -2.42%
Nasdaq 100 - Risers
Kraft Heinz Co. (KHC) $96.65 10.74%
T-Mobile Us, Inc. (TMUS) $63.92 5.46%
Skyworks Solutions Inc. (SWKS) $96.35 4.24%
Liberty Global Plc Lilac Class C (LILAK) $26.54 4.08%
Liberty Global Plc Lilac Class A (LILA) $26.73 3.24%
Dentsply International Inc. (XRAY) $62.68 3.19%
Dollar Tree Inc (DLTR) $80.00 2.56%
Liberty Global plc Series A (LBTYA) $36.75 2.34%
Celgene Corp. (CELG) $121.16 2.11%
Tractor Supply Company (TSCO) $72.18 1.88%
Nasdaq 100 - Fallers
Akamai Technologies Inc. (AKAM) $62.34 -2.96%
Mondelez International Inc. (MDLZ) $42.50 -1.62%
Western Digital Corp. (WDC) $74.91 -1.37%
JD.com, Inc. (JD) $29.85 -1.26%
Alexion Pharmaceuticals Inc. (ALXN) $128.82 -1.20%
Seagate Technology Plc (STX) $47.14 -0.90%
Comcast Corp. (CMCSA) $75.32 -0.88%
Cintas Corp. (CTAS) $118.61 -0.75%
QUALCOMM Inc. (QCOM) $56.46 -0.74%
Biomarin Pharmaceutical Inc. (BMRN) $89.87 -0.73%