Josh White WebFG News | 08 Dec, 2017 00:39 | | |
Wall Street finished higher on Thursday, with the Nasdaq making gains amid a flurry of share buyback announcements in the wider market and another torrid run higher in Bitcoin.
The Dow Jones Industrial Average closed up 0.29% at 24,211.48, the S&P 500 was ahead 0.29% as well at 2,636.98, and the Nasdaq 100 added 0.37% to settle at 6,316,28.
“A lot has been made of the recent tech sell-off but it also needs to be put into perspective,” said CMC Markets UK's Michael Hewson earlier in the day.
“Despite recent price falls companies like Facebook, Alphabet, Apple, Amazon and Microsoft are still over 40% higher year to date, and yesterday we did see some light buying return."
Late on Wednesday, the Republican-led Senate agreed to begin formal negotiations with the House of Representatives on tax reform, sparking hopes that the final tax overhaul will be done by the self-imposed deadline of 22 December.
The week before, the House and Senate passed their own versions of the tax reform bill and now both need to agree on a final bill for President Donald Trump to sign.
In corporate news, a few large share buyback announcements were again part of the market landscape, as Edwards Lifesciences, American Tower and Johnson Controls unveiled fresh share repurchase authorisations from their boards.
Stock in Edwards Lifesciences was up 3,61%, while American Tower added 1.63% and Johnson Controls was 0.3% firmer.
SAGE Therapeutics rocketed 70.04% after disclosing positive results from a mid-stage clinical trial for an anti-depression treatment.
General Electric was 0.28% higher after telling investors its power business would cut 12,000 jobs globally.
Discount retailer Dollar General was higher by 2.77%, after posting stronger-than-expected third quarter earnings per share of 98 cents, excluding one-offs, besting the Street consensus of 94 cents.
At the other end, Citigroup was down 0.61% a day after management said that profits are likely take a $20bn hit under the new tax plans passed by Congress.
Ciena was 1.94% lower after the networking technology company missed analysts' forecasts for the company's bottom line in its fourth fiscal quarter.
Among some of the smaller caps, power supply provider Digital Power surged 24.45% on talk of a deal with online retailer Amazon.com.
However, the company said late on Wednesday that it had "entered into no agreement and has received no order from Amazon".
Dow Jones - Risers
Boeing Co. (BA) $282.00 2.33%
Caterpillar Inc. (CAT) $142.89 1.96%
Visa Inc. (V) $111.40 1.51%
Nike Inc. (NKE) $60.60 1.47%
United Technologies Corp. (UTX) $122.40 0.98%
Merck & Co. Inc. (MRK) $54.77 0.77%
3M Co. (MMM) $240.30 0.63%
Exxon Mobil Corp. (XOM) $82.55 0.33%
Apple Inc. (AAPL) $169.32 0.18%
Goldman Sachs Group Inc. (GS) $248.56 0.09%
Dow Jones - Fallers
Walt Disney Co. (DIS) $105.26 -1.83%
Coca-Cola Co. (KO) $45.78 -1.44%
Procter & Gamble Co. (PG) $90.10 -1.26%
Intel Corp. (INTC) $43.08 -0.85%
Travelers Company Inc. (TRV) $134.21 -0.85%
Johnson & Johnson (JNJ) $140.01 -0.74%
Chevron Corp. (CVX) $119.65 -0.63%
Verizon Communications Inc. (VZ) $50.42 -0.53%
Wal-Mart Stores Inc. (WMT) $96.78 -0.51%
Home Depot Inc. (HD) $182.00 -0.46%
S&P 500 - Risers
DaVita Inc (DVA) $67.14 10.19%
First Solar Inc. (FSLR) $68.43 8.21%
Spectra Energy Corp. (SE) $12.92 6.51%
Brown Forman Corp. Class B (BF.B) $66.02 6.48%
Freeport-McMoRan Inc (FCX) $14.85 5.17%
Endo International Plc (ENDP) $7.44 4.94%
Frontier Communications Co. (FTR) $9.15 4.21%
H&R Block Inc. (HRB) $27.39 4.18%
Micron Technology Inc. (MU) $43.20 3.90%
Edwards Lifesciences Corp. (EW) $117.44 3.89%
S&P 500 - Fallers
Chesapeake Energy Corp. (CHK) $3.69 -5.61%
EQT Corp. (EQT) $55.80 -5.46%
Southwestern Energy Co. (SWN) $5.53 -4.98%
FMC Technologies Inc. (FTI) $27.18 -3.75%
Hess Corp. (HES) $44.60 -3.65%
Apache Corp. (APA) $40.64 -3.61%
Advance Auto Parts (AAP) $97.65 -3.50%
Range Resources Corp. (RRC) $15.95 -3.33%
GameStop Corp. (GME) $18.63 -3.32%
Devon Energy Corp. (DVN) $37.15 -3.20%
Nasdaq 100 - Risers
Micron Technology Inc. (MU) $43.20 3.90%
Align Technology Inc. (ALGN) $241.38 3.59%
Twenty-First Century Fox Inc Class B (FOX) $33.77 3.27%
Twenty-First Century Fox Inc Class A (FOXA) $34.18 2.92%
Lam Research Corp. (LRCX) $189.16 2.68%
American Airlines Group (AAL) $50.88 2.56%
Applied Materials Inc. (AMAT) $52.30 2.53%
Autodesk Inc. (ADSK) $109.61 2.52%
Viacom Inc. Class B (VIAB) $29.64 2.42%
Facebook Inc. (FB) $180.14 2.32%
Nasdaq 100 - Fallers
Ctrip.Com International Ltd. Ads (CTRP) $43.76 -3.36%
Alexion Pharmaceuticals Inc. (ALXN) $106.78 -2.41%
Walgreens Boots Alliance, Inc. (WBA) $69.61 -2.03%
Comcast Corp. (CMCSA) $37.89 -1.92%
Express Scripts Holding Co (ESRX) $67.41 -1.69%
Monster Beverage Corp (MNST) $62.30 -1.53%
Mondelez International Inc. (MDLZ) $42.68 -1.50%
Kraft Heinz Co. (KHC) $79.36 -1.40%
Amgen Inc. (AMGN) $173.96 -1.28%
Liberty Global Plc Lilac Class A (LILA) $21.31 -0.98%
The scandal-hit parent company of high street discount chain Poundland will this week face key creditors and insurers at a meeting that could determine the future of its British retail operations. Poundland is already under intense pressure after Atradius - one of the credit insurers on which suppliers rely to ensure they get paid - reduced its cover for the group. Reliable industry sources say another credit insurer, Euler Hermes, is also considering cutting cover. - The Sunday Times
The top flight index recovered some ground on Friday, but mostly on account of weakness in Sterling after German Chancellor Angela Merkel reportedly echoed other European Union officials, saying "the most difficult phase is ahead of us".
The focus in the coming week will continue to be on the ebb and flow of data out of the US, including Republicans' progress on securing passage of their tax cuts.
Wall Street is heading higher again on Friday amid news that Republicans were tweaking their proposed tax cuts in order to secure prompt passage of the US tax bill.
The chief executive of French planemaker Airbus will step down from his position in 2019 as the company announced a major shake-up of its management team.
London’s FTSE 250 was up 0.1% to 20,023.23 in afternoon trade on Friday as the Christmas lull kicked in.
Industrial production in the States rose slightly less quickly than expected last month, despite higher output of business equipment and materials.
Diversified mineral production and development company Strategic Minerals announced on Friday that, after the successful completion of technical and financial due diligence on the Leigh Creek Copper Mine company, it has agreed to continue with the acquisition on renegotiated terms.
London’s FTSE 100 was up 0.3% to 7,469.23 in quiet afternoon trade on Friday.
International esports entertainment group Gfinity has been named as a preferred event partner to Microsoft for the forthcoming ‘Halo World Championship 2018’ for the next season, it announced on Friday.