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: Stock Market On Track For Weekly Gains, Dow Poised To Snap Win Streak

share with twitter share with LinkedIn share with facebook
share via e-mail
0
02/17/2017 | 08:06pm 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 UnitedHealth Group's decline. The broader market, however, was 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 fell 64 points, or 0.3%, to 20,555, with a 4.1% drop in UnitedHealth Group (>> 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).

Boeing Co.(>> Boeing Co) shares are rising for a seventh session to lead the Dow, bolstered by a visit from President Donald Trump who reiterated his "America First" message and promise to create more jobs.

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 6 points, or 0.1%, to 5,821.

The euphoria surrounding President 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) rose 0.5% 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 1.8% after the jam maker issued a weak outlook.

Campbell Soup Co. shares (>> Campbell Soup Company) sank 6.8% after second-quarter profit and revenue missed forecasts .

General Mills Inc. shares (>> General Mills, Inc.) slid 3.4% 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
06:08a COMPANHIA DE SANEAMENTO BASICO SABESP : Notice to the Market
06:08a SHISEIDO : Signs Agreement with UN Women to Lead the Promotion of Gender Equality in Japan
06:08a L3 TECHNOLOGIES : Q117 Earnings Release
06:08a UP ENERGY DEVELOPMENT : Announcements and Notices - Adjourment of Special General Meeting
06:06a ALTIUM : and Neutron Controls Sign Cooperation to Provide Extended Services to Infineon AURIX™ Customers in North American Markets
06:05a Sayona Mining Ltd Canadian Country Manager Appointed to Fast-Track Authier Lithium Project Development
06:05a Diamond Resorts International - Historic Crags Lodge - A Century of Vacation Experience
06:03a PLATINUM CAPITAL : Net Asset Value 21/04/2017
06:03a SAYONA MINING LTD (ASX : SYA) Canadian Country Manager Appointed to Fast-Track Authier Lithium Project Development
06:02a ROCKCLIFF COPPER : Discovers High Grade Volcanogenic Massive Sulphide (VMS) Zone
Latest news
Advertisement
Hot News 
0.28%BHP Billiton Cuts Annual Coking Coal, Copper Guidance -- Update
Most Read News
04/25 Softwood lumber dispute fires up trade fight between Canada, U.S.
04/25 GOLDMAN SACHS : Trump tax plan will sharply slash corporate tax rates
04/25 AT&T revenue misses estimates as customers keep phones longer
04/25 DGAP-ADHOC : Epigenomics AG: Blitz F16-83 GmbH to launch takeover offer for Epigenomics AG
04/25 TOSHIBA : to replace auditor PwC over differences - Nikkei
Most recommended articles
04/21 TWENTY FIRST CENTURY FOX : Government extends period for regulators to report on Sky-Fox merger
04/25 MCDONALD JAPAN : drops plan to sell shares in Japan unit
04/25DJNEWS HIGHLIGHTS : Top Global Markets News of the Day
04/25 TPI ENTERPRISES (ASX : TPE), legal narcotic raw material producer
04/25DJCHINA COMMUNICATIONS CONSTRUCTION : 1Q Value of New Contracts CNY151.31 Billion, up 40% on Year