Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

Overnight Markets: Amazon lifts Nasdaq to record close

Overnight Markets: Amazon lifts Nasdaq to record close

 

US stocks closed little changed on Wednesday, with the Nasdaq composite eking out a record close, led by gains in Amazon.

The Dow Jones Industrial Average fell 65 points, or 0.27%, to 23,526.18, the S&P 500 lost two points, or 0.08%, to 2,597 and the Nasdaq Composite added five points, or 0.07%, to 6,867.

The Dow and the S&P 500 fell after Federal Reserve expressed concern about the impact of the market's sharp rise on the economy in a summary of its previous meeting. Policymakers expect interest rates to be raised in the "near term."

In company news, Amazon rose more than 1% after reports that the company's cloud business is about to announce a huge health-care deal with Cerner, one of the largest health technology companies in the world.

Verizon and AT&T added 2.0% and 1.6% respectively on bets they will benefit from the US government's plan to rescind net neutrality rules put in place by the Obama administration.

Hewlett Packard Enterprise chief executive Meg Whitman said she would step down in February, sending the company's shares down 7.2%.

HP Inc, which holds the computer and printer business, lost 5.0% after reporting an unimpressive profit.

Shares of chipmaker Qualcomm rose 2.2% after Reuters reported Broadcom is considering raising its offer to buy its larger rival by offering more of its own stock.

Tractor maker Deere & Co rose 4.3% and touched a record high of $146.00 after reporting upbeat quarterly earnings and issuing a strong profit forecast for the year.

Dow component DowDuPont fell 0.9% to lead decliners.

Trading volumes were thin ahead of the Thanksgiving holiday on Thursday and an early close on Friday.

In Asia, share markets were mostly subdued on Thursday, taking the lead from a quiet overnight session on Wall Street.

Down Under, the S&P/ASX 200 shed 0.07%. South Korea's benchmark Kospi index edged down 0.07%. Greater China markets edged down in early trade, with Hong Kong's Hang Seng Index off 0.15%. On the mainland, the Shanghai Composite slipped 0.36%. Japanese markets were closed for a public holiday.

 

 

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play French fund CEOs: 'Brexit is a lose-lose situation for all of us'

French fund CEOs: 'Brexit is a lose-lose situation for all of us'

'We'll all lose out - but London is an international city, Paris is not.' Leading French asset management CEOs tell us what they think Brexit will mean for the investment business.

Play Mark Barnett - part 2: why I'm not buying Lloyds

Mark Barnett - part 2: why I'm not buying Lloyds

In the second part of our exclusive video interview, Barnett explains why he has no intention of buying Lloyds, and where he sees the greatest income opportunities.

Play Wealth managers reveal the best investment ideas of the year

Wealth managers reveal the best investment ideas of the year

From robotics to impact investing, wealth managers share the best ideas they have heard this year.

Read More
Wealth Manager on Twitter