US close: Wall Street back in the green despite tax reform concerns
Wall Street was back in the green on Thursday, bouncing back from weakness earlier in the week thanks to a crop of positive corporate updates and a robust reading on factory output, even as some analysts continue to differ on the outlook.
Dow Jones I.A.
37,986.40
04:30 15/10/20
Nasdaq 100
17,037.65
12:15 19/04/24
That was in spite of news overnight that US senator Ron Johnson would not support Senate Republicans' tax package, meaning that if just two other senators pulled their support, the plan would no longer be approved by the start of December.
The Dow Jones Industrial Average finished ahead 0.8% at 23,458.36, the S&P 500 was up 0.82% at 2,585.64, and the Nasdaq 100 added 1.29% to 6,339.14.
“Investors are beginning to punish the corporate debt and equity of highly indebted US companies,” said SocGen’s Albert Edwards.
“We have highlighted consistently that excess US corporate debt is probably the key area of vulnerability that could bring down the QE inflated pyramid scheme that the central banks have created."
Thursday's economic data was a bit of a mixed bag, with October's print on industrial production clearly better-than-expected while the import price figures for that same month contained some indications that prices were headed higher.
Powering gains on the Street, Cisco Systems and Wal-Mart bounded higher on the back of their latest quarterly figures, rising 5.19% and 10.9% respectively.
Shares of data storage outfit NetApp surged 15.91% after the company posted fiscal second quarter earnings of 81 cents a share, on the back of stronger-than-forecast revenues and well ahead of consensus forecasts for 69 cents.
Rockwell Automation was also well bid, rising 2.54% after Emerson Electric put in a revised unsolicited bid on the industrial automation outfit of $225 a share, up from an initial $215.
The Coca-Cola Company finished down 0.56%, having earlier risen after it reaffirmed its guidance on its investor day.
JM Smucker was ahead 9.57% despite 2018 sales to be down slightly or flat.
Bringing up the rear, Procter & Gamble was edging higher, adding 1.14% after activist investor Nelson Peltz managed to win a seat on the board.
Dow Jones - Risers
Wal-Mart Stores Inc. (WMT) $99.62 10.90%
Cisco Systems Inc. (CSCO) $35.88 5.19%
Dowdupont Inc. (DWDP) $70.68 2.48%
Verizon Communications Inc. (VZ) $44.77 1.50%
International Business Machines Corp. (IBM) $149.09 1.37%
Home Depot Inc. (HD) $167.49 1.21%
Apple Inc. (AAPL) $171.10 1.19%
Procter & Gamble Co. (PG) $89.27 1.13%
Nike Inc. (NKE) $57.23 1.06%
3M Co. (MMM) $229.42 0.83%
Dow Jones - Fallers
Travelers Company Inc. (TRV) $130.85 -2.18%
Chevron Corp. (CVX) $114.57 -1.62%
Caterpillar Inc. (CAT) $136.36 -0.86%
Exxon Mobil Corp. (XOM) $80.54 -0.80%
Coca-Cola Co. (KO) $46.55 -0.56%
Johnson & Johnson (JNJ) $138.85 -0.17%
Walt Disney Co. (DIS) $103.57 -0.10%
General Electric Co. (GE) $18.25 -0.05%
United Technologies Corp. (UTX) $117.88 0.26%
JP Morgan Chase & Co. (JPM) $98.47 0.26%
S&P 500 - Risers
NetApp Inc. (NTAP) $53.11 15.91%
Wal-Mart Stores Inc. (WMT) $99.62 10.90%
J. M. Smucker Co. (SJM) $116.65 9.52%
Amerisource Bergen Corp. (ABC) $80.31 6.51%
Paypal Holdings Inc (PYPL) $77.70 5.82%
Cisco Systems Inc. (CSCO) $35.88 5.19%
Patterson Companies Inc. (PDCO) $36.07 4.70%
Campbell Soup Co. (CPB) $48.34 4.12%
Centene Corp. (CNC) $96.14 4.08%
Express Scripts Holding Co (ESRX) $62.45 4.00%
S&P 500 - Fallers
Advance Auto Parts (AAP) $90.50 -5.45%
Viacom Inc. Class B (VIAB) $23.69 -3.74%
Best Buy Co. Inc. (BBY) $55.33 -3.59%
Apache Corp. (APA) $40.49 -3.32%
Emerson Electric Co. (EMR) $59.02 -2.83%
Transocean Ltd. (RIG) $10.23 -2.39%
Chesapeake Energy Corp. (CHK) $3.85 -2.28%
American International Group Inc. (AIG) $60.06 -2.28%
AutoNation Inc. (AN) $52.06 -2.22%
Travelers Company Inc. (TRV) $130.85 -2.18%
Nasdaq 100 - Risers
NetEase Inc. Ads (NTES) $326.24 7.86%
Paypal Holdings Inc (PYPL) $77.70 5.82%
T-Mobile Us, Inc. (TMUS) $59.80 5.49%
Cisco Systems Inc. (CSCO) $35.88 5.19%
Express Scripts Holding Co (ESRX) $62.45 4.00%
Applied Materials Inc. (AMAT) $57.84 3.71%
Seagate Technology Plc (STX) $39.12 3.46%
Shire Plc Ads (SHPG) $144.63 3.29%
CSX Corp. (CSX) $50.12 3.06%
Celgene Corp. (CELG) $103.35 3.00%
Nasdaq 100 - Fallers
Viacom Inc. Class B (VIAB) $23.69 -3.74%
Norwegian Cruise Line Holdings Ltd. - Ordinary Shares (NCLH) $53.97 -2.00%
Liberty Global Plc Lilac Class A (LILA) $21.80 -1.67%
Liberty Global Plc Lilac Class C (LILAK) $21.92 -1.44%
Liberty Global plc Series C (LBTYK) $28.77 -0.93%
Liberty Global plc Series A (LBTYA) $29.83 -0.80%
Mylan Inc. (MYL) $37.50 -0.79%
Vertex Pharmaceuticals Inc. (VRTX) $147.94 -0.48%
Mercadolibre Inc. (MELI) $262.48 -0.40%
Comcast Corp. (CMCSA) $37.07 -0.30%