The S&P 500 and Nasdaq hit record closing highs Wednesday after reassuring comments from Texas Instruments about global chip demand blunted the impact of weak earnings reports from Boeing and Caterpillar.
A surge in chip stocks led by Texas Instruments lifted the S&P 500 and Nasdaq to all-time closing highs Wednesday.
But weak earnings from blue chip industrial companies dragged the Dow lower.
Crossmark Global Investments chief market strategist, Victoria Fernandez: SOUNDBITE: CROSSMARK GLOBAL INVESTMENTS CHIEF MARKET STRATEGIST, VICTORIA FERNANDEZ (ENGLISH) SAYING: "We have diffferent things going on in different areas of the market, although in general, I think that we're still doing well as the majority of the companies are actually exceeding expectations on earnings." Texas Instrument shares leapt higher.
The chipmaker hinted that a global slowdown in microchip demand would not be as long as feared.
Caterpillar was the Dow's biggest decliner.
Weak sales in China and fallout from the tariff war drove quarterly profit lower, falling short of analysts' estimates.
Fellow Dow component Boeing shares also dropped.
The jet maker suffered its biggest quarterly loss ever.
The grounding of its best-selling 737 MAX planes hurt its earnings.
After the bell, Facebook shares rose after the company reported gains in revenue and monthly active users.
Earlier Wednesday, the social networking company agreed to pay a record-breaking $5 billion fine to resolve a government probe into its privacy practices.
U.S stocks rose Wednesday and the Nasdaq hit a record closing high, supported by tech shares as early signs of an economic rebound offset concern about rising coronavirus cases across the country. Fred Katayama reports.
The S&P 500 and Nasdaq closed higher Wednesday to kick off the third quarter as increasing optimism for a safe and effective COVID-19 vaccine eased concerns that another round of business lockdowns was likely. Fred Katayama reports.
Elon Musk is officially richer than Warren Buffett. Tesla stock, of which Musk is the largest holder, continues to hit record highs. Musk is worth 70-billion dollars. Tesla stock is up 259% in 2020 compared with the benchmark S&P 500 index's 1% gain. Buffett, meanwhile, donated almost $3 billion of Berkshire Hathaway stock, causing his riches to shrink.
Economist Max Wolff of Multivariate thinks the S&P 500 should be trading at 2300 instead of 3150. He tells Reuters' Fred Katayama that investors are ignoring negative news about the rising coronavirus cases and the renewed trade tensions with China.
The S&P 500 ended lower Friday after a choppy session as investors weighed spiking cases of COVID-19 and Apple's announcement of fresh store closures against anticipated stimulus and continued economic recovery. Fred Katayama reports.
Boeing Co and suppliers set the final number of parts it would need for the 747 jumbo jet program at least a year ago, signaling the end for a plane that democratized global air travel in the 1970s. Francis Maguire reports.
Wall Street plummeted Thursday as investors reacted to renewed fears of a pandemic resurgence and digested dour economic forecasts from the U.S. Federal Reserve. Fred Katayama reports on the market action.
Layoffs in the United States are abating, but millions who lost their jobs because of COVID-19 continue to draw unemployment benefits, suggesting the labor market could take years to heal from the pandemic even as businesses resume hiring workers. Conway G. Gittens breaks down the numbers.
U.S. retail sales increased by the most on record in May after two straight months of sharp declines as businesses reopened, offering more evidence that the recession was over or drawing to an end. Fred Katayama reports.
The Shanghai Composite has soared 15% this month, but Invesco's Kristina Hooper says it's not too late to get exposure to Chinese stocks. She tells Reuters' Fred Katayama that they're the "stars" of the emerging market world.
Tesla cut the price of its sport utility vehicle Model Y by $3,000, just four months after its launch, as the U.S. electric carmaker seeks to maintain sales momentum in the COVID-19 pandemic. Fred Katayama reports.
Environment Secretary George Eustice has said ‘we’re making the right steps to recover’ as UK GDP fell by 19.1% during the three months to May. Report by Browna. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn
Environment secretary George Eustice says delaying the compulsory wearing of face coverings in shops until 24th July will allow people and businesses more time to prepare. Report by Browna. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn
Johnny Depp arrives for day six of his libel action against News Group Newspapers as the case continues at the Royal Courts of Justice in London. Report by Browna. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn
First Minister Mark Drakeford announces that face coverings on public transport will be made mandatory in Wales on July 27. Report by Jonesia. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn
Frank Lampard says he was not “pinning his hopes” on Manchester City’s two-year ban from European competitions being upheld by the Court of Arbitration for Sport (CAS). The Chelsea boss added: “If we can win enough games now, we can get into the Champions League qualification”. Report by Jonesia. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn