Home |  Cash Bids |  Charts |  Weather |  Headline News |  Markets Page |  Futures Markets |  Canada Wx |  Canadian Ag News |  Canadian Market News 

Printable Page Headline News   Return to Menu - Page 1 2 3 5 6 7 8 13
Stocks Set New Milestones on Friday    01/19 16:16

   Investors shrugged off the potential for a federal government shutdown 
Friday, driving U.S. stocks higher and setting new milestones for several of 
the indexes.

   (AP) -- Investors shrugged off the potential for a federal government 
shutdown Friday, driving U.S. stocks higher and setting new milestones for 
several of the indexes.

   The Standard & Poor's 500 index, Nasdaq composite and Russell 2000 index of 
smaller-company stocks finished at record highs as the market bounced back from 
modest losses a day earlier. The S&P 500 has now posted a weekly gain in nine 
of the last 10 weeks.

   Retailers, banks and consumer goods companies accounted for much of the 
latest gains. Energy stocks fell along with crude oil prices. Utilities also 
declined as bond yields edged up to their highest level in more than three 

   The market rally suggested that the possibility of a federal government 
shutdown this weekend wasn't worrying traders.

   "Looking back to some of the previous shutdowns, they weren't terribly 
extended in nature and didn't cause a lot of disruption by the time everything 
was done," said Tim Dreiling, regional investment director at U.S. Bank Private 
Wealth Management. "I don't think it's going to disrupt growth or make much of 
an impact on GDP, for example."

   The S&P 500 index rose 12.27 points, or 0.4 percent, to 2,810.30. The Dow 
Jones industrial average gained 53.91 points, or 0.2 percent, to 26,071.72. The 
average hit a new high on Wednesday.

   The Nasdaq added 40.33 points, or 0.6 percent, to 7,336.38. The Russell 2000 
index of smaller-company stocks picked up 20.90 points, or 1.3 percent, to 

   Bond prices fell. The yield on the 10-year Treasury rose to 2.66 percent 
from 2.63 percent late Thursday. That's the highest level since July 2014. The 
increase in yields weighed on bond-proxy stocks, such as utilities. Exelon 
declined 62 cents, or 1.6 percent, to $37.97.

   Despite an eleventh-hour effort to reach an agreement, Republicans and 
Democrats appeared no closer to averting a government shutdown before a 
midnight Friday deadline. After an afternoon meeting with President Donald 
Trump, Senate Democratic leader Chuck Schumer said the discussions would 
continue after having made "some progress."

   U.S. House lawmakers voted late Thursday for a stopgap funding bill to keep 
federal agency doors open until mid-February, but Senate Democrats and some 
Republicans threatened to block it. Democrats want the bill to include 
protections for younger immigrants who were brought to the U.S. illegally as 

   Investors have driven stock indexes higher on optimism over the global 
economic outlook and corporate earnings, and the possibility of a federal 
government shutdown did not dim that enthusiasm Friday.

   Investors bid up shares in clothing makers, restaurant chains, department 
stores and other consumer-focused companies. Toy maker Mattel led the pack, 
climbing 91 cents, or 6 percent, to $16.14.

   They also drove up tobacco manufacturers, food and beverage makers, and 
other consumer products companies. Philip Morris International picked up $3.85, 
or 3.7 percent, to $108.92. Campbell Soup added $1.14, or 2.5 percent, to 

   Banks and other financial stocks also rose. Synchrony Financial gained 
$1.17, or 3.1 percent, to $38.47.

   Lowe's rose 3.5 percent after the home-improvement supply retailer named 
three new directors. The stock added $3.59 to $104.95.

   Some big companies missed out on the broader market gains Friday. 

   IBM slumped 4 percent despite a solid fourth-quarter report. The technology 
and consulting company was the biggest decliner in the Dow. The stock slid 
$6.75 to $162.37.

   American Express fell 1.8 percent after the credit card issuer suspended its 
share buy-back program for six months following a big one-time tax charge. The 
stock shed $1.83 to $98.03.

   Oil futures closed lower after the International Energy Agency said U.S. oil 
production would rise sharply this year. Benchmark U.S. crude lost 58 cents, or 
0.9 percent, to settle at $63.37 a barrel on the New York Mercantile Exchange. 
Brent crude, used to price international oils, fell 70 cents, or 1 percent, to 
close at $68.61 a barrel.

   The decline in oil prices weighed on energy sector stocks. Range Resources 
slid 39 cents, or 2.4 percent, to $16.08.

   In other energy futures trading, wholesale gasoline fell 2 cents to $1.86 a 
gallon. Heating oil was little changed at $2.06 a gallon. Natural gas also 
closed essentially flat at $3.19 per 1,000 cubic feet.

   Gold rose $5.90 to $1,333.10 an ounce. Silver added 8 cents to $17.04 an 
ounce. Copper slipped 1 cent to $3.19 a pound.

   The dollar fell to 110.60 yen from 110.98 yen on Thursday. The euro weakened 
to $1.2234 from $1.2242.

   The price of bitcoin edged up 1.4 percent to $11,413, according to the 
tracking site CoinDesk. Bitcoin futures on the Cboe Futures Exchange declined 
3.1 percent to settle at $11,400. The futures allow investors to make bets on 
the future price of the digital currency.

   Major stock indexes in Europe notched gains Friday. Germany's DAX rose 1.2 
percent and France's CAC 40 added 0.6 percent. Britain's FTSE 100 gained 0.4 
percent. In Asia, Japan's benchmark Nikkei 225 edged up 0.2 percent, while 
South Korea's Kospi gained 0.2 percent. Hong Kong's Hang Seng ended 0.4 percent 


Copyright DTN. All rights reserved. Disclaimer.
Powered By DTN