Stocks Rally Into The Close As Dow, S&P Reclaim A Key Level

24 February, 2018, 10:14 | Author: Salvatore Jensen
  • Traders work on the floor of the New York Stock Exchange

Wayfair Inc. shares sank 23% after the online home retailer reported a wider-than-expected fourth-quarter loss.

Earlier this month, stocks suffered their first 10 percent pullback since early 2016.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Indexes rallied into the close, sending the S&P 500 and Dow back above the 50-day moving average.

Baker Hughes said the number of active US rigs increased by three over the last week.

In addition, the overall global equity market continues to be solid.

The Standard & Poor's 500 index rose 2.63 points, or 0.1 percent, to 2,703.96.

The Dow Jones Industrial Average was up 0.30% or 75.40 points at 25,037.88 while the S&P 500 edged up 0.39% at 2,714.61. Other sectors seen as bond proxies due to their high dividend yields, utilities and telecoms, also dropped more than 1 percent.

Qualcomm fell 1.3 per cent after the chipmaker raised its offer to buy NXP Semiconductors NV to $127.50 per share from $110.

For the first quarter, HP said earnings per share came in at 48 U.S. cents on revenue of US$14.52bn, against analysts' expectations of 42 USA cents on US$13.49bn in revenue.

"What is going on with Qualcomm and their bid for NXP is certainly making all the semiconductors look more attractive", said JJ Kinahan, chief market strategist at TD Ameritrade in Chicago.

Hewlett Packard Enterprise shares jumped more than 10% after beating estimates for quarterly earnings.

Declining issues outnumbered advancing ones on the NYSE by a 1.98-to-1 ratio; on Nasdaq, a 2.05-to-1 ratio favoured decliners.

The S&P 600 closed at 934.93 for a gain of 1.99 points or 0.21%.

Volume on United States exchanges was 6.79 billion shares, below the 8.48 billion average over the last 20 trading days.



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