USA stocks rally after Trump's Iran n-deal decision

12 May, 2018, 06:44 | Author: Brooke Harris
  • Trader Craig Spector center works on the floor

Gains in industrial and materials companies outweighed losses in safe-play sectors such as utilities and phone companies.

The Dow Jones industrial average climbed 182.33 points, or 0.7 percent, to 24,542.54. Benchmark U.S. crude oil climbed $2, or 2.9 percent, to $71.06 per barrel in NY.

S&P 500 e-minis ESc1 were up 7 points, or 0.26 percent and Nasdaq 100 e-minis NQc1 were up 31.75 points, or 0.47 percent.

The S&P energy index.SPNY rose 1.9 percent after oil prices hit their highest levels in 3-1/2 years as investors anxious that Trump's decision would increase risks of conflict in the Middle East and curtail oil supplies in a tight market.

The Nasdaq is up 57.28 points, or 0.8 percent.

The S&P 500 rose on Friday, helped by healthcare stocks after President Donald Trump blasted high drug prices but avoided taking aggressive measures to cut them.

Regeneron Pharmaceuticals jumped 6.2 percent to $306.94 and CVS Health gained 3.2 percent to $64.41. "Trump chose the incremental over the disruptive, which is the decisive factor for markets today".

The S&P 500 is up 24.18 points, or 0.9 percent.

Three quarters of companies have reported revenue above expectations, compared to 60 percent in a typical quarter.

The S&P 500 posted 25 new 52-week highs and seven new lows; the Nasdaq Composite recorded 124 new highs and 23 new lows.

The indexes moved higher for much of the morning as investors weighed the latest corporate quarterly results. Both companies gave disappointing outlooks.

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The Dow is up 280.03 points, or 1.2 percent.

Comcast fell 5.6 percent after Reuters reported the company wants to make a new offer for the entertainment businesses that Twenty-First Century Fox agreed to sell to Disney.

Walmart, Home Depot and other retailers are due to report quarterly results next week.

"We have very strong fundamentals from an earnings perspective and valuations are looking a bit more reasonable than they were late past year", said Bill Northey, senior vice president at U.S. Bank Wealth Management.

Benchmark U.S. crude oil fell 66 cents to settle at $70.70 a barrel in NY. Brent crude, which is used to price global oils, gained $2.11, or 2.8 percent, to $76.96 per barrel in London. Oil futures have remained near their highest level since 2014 this week following the Trump administration's decision to re-impose sanctions Iran, the world's fifth-biggest oil producer.

Bond prices fell. The yield on the 10-year Treasury note rose to 3 percent.

The dollar fell to 109.30 yen from 109.37 yen on Thursday. The euro weakened to $1.1856 from $1.1858.

Gold dipped 70 cents to $1,313 an ounce. Silver dropped 1 cent to $16.75 an ounce.

Trader Michael Capolino shouts out a bid on the floor of the New York Stock Exchange (NYSE) in New York, U.S., May 3, 2018. Natural gas slipped a penny to $2.80 per 1,000 cubic feet. ConocoPhillips shares finished 0.1% lower. Germany's DAX fell 0.2 percent and France's CAC 40 slid 0.1 percent. Australia's S&P/ASX 200 gained 0.3 percent.

The tech sector slipped 0.32 percent, with Apple Inc dropping 0.38 percent after a nine-day winning streak that saw the iPhone maker edge closer to $1 trillion in market capitalization. Over in Hong Kong, the Hang Seng Index advanced 0.59%.



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