Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  News

News

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesHot NewsMost Read NewsRecomm.Business LeadersCalendar 

MARKET SNAPSHOT: Dow Poised To Snap Win Streak But Broader Stock Market On Track For Weekly Gains

share with twitter share with LinkedIn share with facebook
share via e-mail
0
02/17/2017 | 07:00pm CEST

By Sue Chang and Joseph Adinolfi, MarketWatch

Nasdaq Composite flirts with positive territory

U.S. stocks traded mostly lower Friday with the Dow Jones Industrial Average poised to snap its winning streak, weighed by a tumble in shares of UnitedHealth Group. The broader market, however, is on track to finish the week higher.

Market participants have attributed the stall-out to investors taking a breather, after a string of healthy gains and Wall Street's reluctance to make bullish bets ahead of the Presidents Day holiday.

The Dow eased by 61.43 points, or 0.3%, to 20,559, with a 3.8% drop in UnitedHealth Group Inc. (>> UnitedHealth Group Inc) responsible for the bulk of the blue-chip benchmark's decline. The company, the country's largest health insurer, is being sued by the Justice Department for allegedly overcharging Medicare, according to reports (https://www.nytimes.com/2017/02/16/business/dealbook/unitedhealthcare-improperly-took-money-from-medicare-suit-says.html?_r=1). The insurer was cutting about 50 points from the Dow industrials in late-morning trade.

The S&P 500 index slipped 3 points, or 0.2%, to 2,343, with telecommunications and energy sectors leading the broad-market index lower.

The Nasdaq Composite Index bounced around between small gains and losses, and was most recently trading up 2 points to 5,817.

The euphoria surrounding President Donald Trump's proposed economic policies--fueled by optimism around the prospect of tax cuts and increased infrastructure spending--have helped to push U.S. stocks to all-time highs.

Still, remarks from Trump on Thursday that his administration is likely to introduce a new health plan to replace the Affordable Care Act in March, ahead of his proposed tax reform , dampened some of the enthusiasm.

Opinion:Trump's tax reform looks like just another of his tweets

Mohannad Aama, managing director at Beam Capital Management, expects the market to take an extended breather, he said, because "we've fully priced in the potential for policy improvements as it relates to the stock market."

Jeffrey Saut, chief investment strategist at Raymond James, cautioned that stocks have depleted most of their energy and will need time to rebuild upside momentum but rejected the possibility of a major pullback.

Need to Know:Tempted to cash in on the market rally? Why Tesla may be a good place to start

Others believe the market rally could have more room to run once investors have a clearer picture of Trump's plans for tax reform and the health-care overhaul.

"I still remain optimistic on the market going forward," said Gary Anetsberger, chief executive officer at Millennium Trust Co.

The stock and bond markets will be closed on Monday () for the Presidents Day holiday, meaning there may be little appetite to build new positions on Friday, Wild said.

For the week, all three main indexes are positioned to rise more than 1%.

In a lengthy and wide-ranging news conference on Thursday, Trump spoke of inheriting a "mess" from President Barack Obama and sparred with members of the media and the mainstream media more generally.

Wild noted that the market will be eager to hear what the president has to say in an address to Congress on Feb. 28.

(http://projects.marketwatch.com/2017/trump-today-signup/)

Stock movers: Shares of Kraft Heinz Co. (>> Kraft Heinz Co) and Unilever PLC (>> Unilever plc)(>> Unilever) (>> Unilever plc) rocketed higher after Kraft said Unilver had rejected its initial merger offer. The company indicated that talks were still ongoing .

Shares of Deere & Co. (>> Deere & Company) reversed early gains to slip 0.6% after earnings and sales beat forecasts. The maker of construction equipment offered up an upbeat outlook .

J.M. Smucker Co. shares (>> J M Smucker Co) fell 3.6% after the jam maker issued a weak outlook.

Campbell Soup Co. shares (>> Campbell Soup Company) sank 6.5% after second-quarter profit and revenue missed forecasts .

General Mills Inc. shares (>> General Mills, Inc.) slid 3.5% after the company lowered its sales outlook .

Other markets: Asian stocks finished mostly lower and European stocks slipped.after U.S. stocks largely stepped back from their record run.

The U.S. Dollar Index rose while oil prices declined, and gold was essentially flat.

--Barbara Kollmeyer contributed to this report.

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news
Date Title
07:21a NISSAN MOTOR : Margot Robbie, Nissan’s first electric vehicle ambassador
07:01a DUBAI ELECTRICITY AND WATER AUTHORITY : saves 244MW of electricity and 107 tonnes of CO2 emissions during Earth Hour 2017
07:00a NZMP : GOLD Whole Milk Powder for UHT Launches
06:16a NETDIMENSIONS : Intention to delist
05:36a CENTRAL PEOPLE GOVERNMENT OF PEOPLE RE : China-NZ partnership growing stronger
05:34a WAL MART STORES : The Fresno Bee Carmen George column
05:18a MARTIN MARIETTA MATERIALS : Battle brews over gravel mining eyed for Boulder County 'gemstone'
05:03a BAYERISCHE MOTOREN WERKE : Lexington beautillion celebrates excellence for young black men
04:46a NATION MEDIA : UK ban on khat from Kenya to stay
04:39a BAYERISCHE MOTOREN WERKE : Port Aransas PD arrest driver after pedestrian death in hit-and-run
Latest news
Advertisement
Hot News 
9.35%Infineon raises 2017 outlook on stronger automotive orders
-1.59%ANTHEM : Grilled as It Seeks to Save Cigna Deal
3.07%EXCLUSIVE - CHINA-BACKED FUND RELAUNCHES BID FOR U.S. CHIP DEAL APPROVAL : sources
2.89%British engineer Smiths posts higher first-half profit, reaffirms FY outlook
7.57%TOSHIBA : shares rise 6 percent after Effissimo increases stake
Most Read News
03/25DJOM ASSET MANAGEMENT : Chinese Conglomerate HNA to Buy Stake in U.S. Asset Manager
03/25 WAL MART STORES : Ash Road and Old U.S. 20 intersection set for long summer of construction
03/25 SKANSKA : The latest tactic for Virginia's governor against the hated tunnel tolls? Public shaming.
12:16a NETDIMENSIONS : Intention to delist
03/25 ALLIANCE TRUST PLC : Transaction in Own Shares
Most recommended articles
03/21 UK to investigate any UK banking involvement in 'Laundromat' case
03/25DJOM ASSET MANAGEMENT : Chinese Conglomerate HNA to Buy Stake in U.S. Asset Manager
03/25DJALPHABET : Uber Suspends Self-Driving Vehicle Program After Accident -- Update
03/25DJWAL MART STORES : Correction to Wal-Mart Buying Spree Irks Some Hipsters Article
03/25 APPLE : Chinese court rules in favour of Apple in local design patent disputes