Tech leads as stocks edge higher after days of big moves
- Stocks tumble as weaker forecast sends oil prices lower
- Toronto Stock Exchange loses nearly 300 points, Canadian dollar drops
- PayPal expands its partnership with Mastercard
- Resource stocks lead Toronto stock market higher, loonie advances
- A weak start to September for US stock market
- US stocks slide as lower oil prices sink energy companies
In this Monday, July 6, 2015, file photo, a man uses a mobile phone while walking by a building in the Financial District in New York. U.S. stocks are slightly higher in early trading Wednesday, Sept. 14, 2016, as utility companies climb. Energy companies are trading lower as the price of oil continues to slip. Stocks are at their lowest levels in two months after large losses in two of the previous three days.
U.S. stocks are rising Wednesday as Apple leads technology companies higher. Energy companies are trading lower as the price of oil continues to slip. Stocks are fairly calm after three days of big, erratic moves.
KEEPING SCORE: The Dow Jones industrial average added 60 points, or 0.3 per cent, to 18,127 as of 12:05 p.m. Eastern time. The Standard & Poor's 500 index rose 8 points, or 0.4 per cent, to 2,135. The Nasdaq composite climbed 39 points, or 0.8 per cent, to 5,194. Stocks are at their lowest levels in two months after big losses Friday and Tuesday. In between came a big gain on Monday.
WHERE TO? Investors have sent stocks in different directions as they wonder if the Federal Reserve will raise interest rates next week, and they're also speculating about the health of the global economy.
Bond prices also reflected that confusion as they changed direction once again, as yields fell and prices rose. The yield on the 10-year Treasury note fell to 1.68 per cent. A day ago it jumped to 1.73 per cent, the highest in almost three months.
The fall in bond yields helped high-dividend utility companies, which became more appealing to investors seeking income. Consolidated Edison added 90 cents, or 1.2 per cent, to $74.13 and Duke Energy gained 40 cents to $79.09.
PLANT A SEED: After four months of public negotiations, seed and weedkiller maker Monsanto agreed to be bought by German drug and farm chemical company Bayer. Bayer's latest offer is worth about $57 billion in cash. Bayer makes a wide range of crop protection chemicals that kill weeds, bugs and fungus, while Monsanto is known for its seeds business and the weedkiller Glyphosate. It rose $1.35, or 1.3 per cent, to $107.45.
TECH TIP TOP: Apple picked up $4.73, or 4.4 per cent, to $112.68, for its second day of big gains. Apple rose Tuesday after T-Mobile said it's getting strong preorders for the new iPhones. Apple gets most of its revenue from the iPhone, and those sales, while still enormous, have finally started to decline in the last year. That's hurt Apple stock, which traded above $130 a little more than a year ago.
Other gainers included customer-management software developer Salesforce.com, which added 92 cents, or 1.3 per cent, to $73.98.
OIL: Benchmark New York crude lost 86 cents, or 1.9 per cent, to $44.04 a barrel in New York. The international standard, Brent crude, fell 82 cents, or 1.7 per cent, to $46.28 a barrel in London. U.S. crude prices fell 3 per cent Tuesday and energy companies continued to fall Wednesday. Chevron gave up 24 cents to $99.19 and Marathon Oil lost 25 cents, or 1.8 per cent, to $14.09.
NO FIESTA: Ford dipped 20 cents, or 1.6 per cent, to $12.18 after it said its pretax profit will fall this year. Ford also said its results will weaken further in 2017 as the company invests more money in electric and autonomous cars, among other areas, and costs rise. The automaker expects results to start improving in 2018.
LIVELY: Dermatology drug developer Vitae Pharmaceuticals soared to $20.89 after it agreed to be bought by Allergan, the maker of Botox. The deal values Vitae at $21 per share, or $606 million. Vitae, which doesn't have any approved products, closed at $8.10 on Tuesday. Allergan rose $5.41, or 2.3 per cent, to $245.51.
STEEL STAINED: Nucor stumbled after it forecast a smaller profit than investors expected for the third quarter. The steelmaker said it expects to earn between 85 cents and 95 cents a share, while FactSet said investors were expecting $1.03 per share on average. The stock declined 45 cents, or 1 per cent, to $45.58.
IN THE WEEDS: Cracker Barrel Old Country Store gave up $7.98, or 5.3 per cent, to $142.55 after investors weren't impressed with the restaurant chain's projections for the current fiscal year.
CURRENCIES: The dollar fell to 102.44 yen from 102.72 yen. The euro rose to $1.1267 from $1.1208.
OVERSEAS: The CAC 40 in France fell 0.4 per cent and Germany's DAX edged up 0.1 per cent. The FTSE 100 index of leading British shares rose 0.1 per cent. Japan's benchmark Nikkei 225 lost 0.7 per cent and Hong Kong's Hang Seng was down 0.1 per cent. South Korean markets were closed for a national holiday.
- Editor:Albert | Source: The Associated Press
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