Citywire for Financial Professionals
Stay connected:

View the article online at http://citywire.co.uk/money/article/a983171

Overnight Markets: Wall Street mixed ahead of Trump press conference

The Nasdaq registered its fourth record close in a row, representing the longest stretch of record closes for the index since 1999.

 
Overnight Markets: Wall Street mixed ahead of Trump press conference

US stocks closed mixed on Tuesday, with the Nasdaq notching its fourth record close in a row, amid caution ahead of a news conference by US President-elect Donald Trump on Wednesday.

The Dow Jones industrial average declined 0.2%, to 19,856, while the S&P 500 ended flat at 2,269, as gains in healthcare and financials offset a drop in energy shares. Nasdaq, on the other hand, rose 0.4% to 5,552.

The dollar slid 0.3% to 115.84 yen, and was last flat against a basket of currencies at 102.00 after uncertainty ahead of Trump's comments on Wednesday dampened demand for the dollar.

Analysts said traders were watching hearings for his choices for senior administration posts, which started on Tuesday with US Senator Jeff Sessions, the president-elect's choice for attorney general.

Commodities such as copper gained on further signs of a pick-up in China's economy. Oil prices were lower on the day but off their weakest levels of the previous session when they fell nearly 4%.

The Down Jones was weighed down by shares of Merck & Co. and Exxon Mobil Corp., which fell 1.93% and 1.28% respectively.

Shares of Valeant Pharmaceuticals International Inc. shot up 6.8% after announcing a couple of deals.

General Motors Co. shares closed up 3.7% after the car maker forecast a 2017 outlook above Wall Street expectations.

Ascena Retail Group Inc. shares fell 10% after the company warned that it will report a wider-than-expected loss after disappointing holiday sales led to increased promotions.

Alphabet Inc.’s Google is said to be in talks to sell its satellite business Terra Bella to startup rival Planet Labs Inc. Yahoo Inc. shares rose 2.3% after plans were disclosed Monday afternoon in which Chief Executive Marissa Mayer and co-founder David Filo resigned from the board of directors.

In Asia, shares were positive on Wednesday in morning session as investors prepared for Trump's first full press conference as president-elect.

Down Under, the ASX 200 gained 0.39%, led strongly by its materials play. In Japan, the Nikkei 225 was up 0.34% as the yen weakened to trade above 116. Across the Korean strait, the Kospi added 0.37%.

 Mainland Chinese shares were nearly flat, with the Shanghai composite unchanged and the Shenzhen composite down 0.025%. Hong Kong's Hang Seng surged 0.62% in early trade.

leave a comment

Please sign in here or register here to comment. It is free to register and only takes a minute or two.

News sponsored by:

The Citywire Guide to Investment Trusts


In this guide to investment trusts, produced in association with Aberdeen Asset Management, we spoke to many of the leading experts in the field to find out more.

Watch Now

More about this:

Archive

Today's articles

Tools from Citywire Money

From the Forums

+ Start a new discussion

Weekly email from The Lolly

Get simple, easy ways to make more from your money. Just enter your email address below

An error occured while subscribing your email. Please try again later.

Thank you for registering for your weekly newsletter from The Lolly.

Keep an eye out for us in your inbox, and please add noreply@emails.citywire.co.uk to your safe senders list so we don't get junked.

Read more...

European markets slump as soaring euro takes toll

by Daniel Grote on Jul 21, 2017 at 16:54

Sorry, this link is not
quite ready yet