Markets Right Now: S&P 500 ekes out a record at the close

16 Novembre, 2019, 21:37 | Auteur: Auguste Feret
  • Dow jones Price Chart

All eyes are on Federal Reserve Chair Jerome Powell's testimony before the House Budget Committee on Thursday after his comments about a "sustained expansion" ahead for the USA economy supported stock markets in the previous session.

Major U.S. stock indexes finished the day near where they ended Wednesday after a disappointing forecast from Cisco Systems sent shares of the networking giant sharply lower. Investors showed concern over progression between the US and China with tariffs and agriculture purchases holding up a new agreement. "They don't want to sell into a possible announced deal, but they also don't want to get whipsawed by, again, some disappointment over it".

At 10:23 a.m. ET the Dow Jones Industrial Average .DJI was up 1.98 points, or 0.01%, at 27,785.57, the S&P 500 .SPX rose 2.08 points, or 0.07%, at 3,096.12 and the Nasdaq Composite .IXIC was down 5.99 points, or 0.07%, at 8,476.11. The VIX Volatility Index was higher at 13.01 for a gain of 0.010 points or 0.077%.

Wall Street capped a wobbly day for stocks with another record-setting finish Wednesday.

The S&P 500 fell 7 points, or 0.2%, to 3,086. Surprisingly good corporate earnings and data showing the economy is still growing solidly have also put investors in a buying mood.

Washington and Beijing have imposed tariffs on billions of dollars' worth of one another's goods since the start of 2018, battering financial markets and souring business and consumer sentiment. The Nasdaq down 3 points, less than 0.1%, to 8,482d. Samana said. "The Fed's on hold".

The S&P 500 fell less than 1 point to 3,093.

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The Fed cut short-term rates last month for the third time this year, to a range of 1.5% to 1.75%, in a bid to shield the economy from slower global growth and the U.S.

"We have on display this front end of the economy, the USA consumer, that remains resilient and remains in a healthy place in front of a very key holiday spending time frame for the economy", said Margaret Reid, senior portfolio manager at The Private Bank at Union Bank in San Francisco.

About 6.3 billion shares changed hands in USA exchanges, below the 6.9 billion-share daily average over the last 20 sessions.

YIELDS: Treasury yields continued to fall as demand for bonds increased, driving their prices higher. Lower bond yields hurt banks' ability to charge more lucrative interest rates on mortgages and other loans.

Cisco fell 6.4% early Thursday.

Dillard's Inc shares jumped 14.2 percent after the department store chain's quarterly results.

Gold rose $10.10 to $1,471.80 per ounce, silver rose 11 cents to $17.01 per ounce and copper fell 2 cents to $2.62 per pound. Brent crude oil, the global standard, dropped 9 cents to close at $62.28 a barrel. It was below 1.50% in early September and has been rallying with confidence in the economy's strength.

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