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Markets Right Now: Banks lead early stock gains
22 April 2017, 01:09 | Jan Cross
U.S. stocks shed early gains on Wednesday as investors waded through the latest round of earnings, while a decline in oil prices weighed on the energy sector.
Despite a quick trek into positive territory at the open, the Dow Jones Industrial Average (DJIA) spent almost the entire session moving lower, succumbing to a negative earnings reaction for Dow stock IBM. IBM stock fell $8.36, or 4.9 percent, to $161.69.
Among energy companies, Marathon Oil dropped 4.3 percent and Newfield Exploration sank 3.5 percent.
The Dow is up 125.46 points, or 0.6 percent. The Nasdaq Composite (COMP - 5,863.03) outperformed its peers, adding 13.6 points, or 0.2%.
"The market hasn't given up any substantial ground, but the leadership - these large-cap names - are being challenged. putting into question some of the valuations in this earnings season", said Daniel Deming, managing director at KKM Financial. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, rose by 2.3 basis points to 2.202%.
About 6.60 billion shares changed hands in US exchanges, above the 6.31 billion daily average over the last 20 sessions.
The advance in financials was underpinned by a 2.6 percent jump in shares of Morgan Stanley MS.N , which reported a surge in quarterly profit. Steep declines from oil major Chevron only increased pressure on the blue-chip barometer, with the Dow closing with a second consecutive triple-digit loss.
Stocks climbed early on as a solid quarter from Morgan Stanley revived optimism about banks, and strong results from auto and industrial parts distributor Genuine Parts sent vehicle makers and suppliers higher.
Baby 'bus death' couple facing years in jail
As the two parted ways Wiltshire gave Baker the thumbs up and it is this detectives believe was the signal to begin the ruse. Neither has shown any remorse for their actions and I am pleased with the convictions that have been handed down today.
Aaron Hernandez found hanged in cell
He was brought to UMass-Memorial Health Alliance Hospital in Leominster where he was pronounced dead about an hour later. Meanwhile, a lawyer for Odin Lloyd's family says he will continue with the civil suit against Hernandez.
Who will win British general election?
But they added the government was "not complacent about the situation in England" and said there was "more to do". It is the view of the 172 Labour MPs who just previous year said they had no confidence in his leadership.
SB 808 would rein in charter schools
On Thursday, they made a decision to table the vote. "It has been on a downward trend.since the first year", he said. The School Board approved the $42,840,628 plan, up 2.72 percent over that of the current year, at a special meeting.
North Korea says don't 'mess with us' as US plans next move
If that were to happen, neighboring South Korea and Japan likely would be in danger of retaliation, according to the Times . North Korea will continue to test missiles on a weekly, monthly and yearly basis, Vice Foreign Minister Han Song-ryol said.
Palestinians in Israeli jails launch mass hunger strike
Barghouti was also convicted of masterminding a suicide bombing attack that backfired and only killed the bombers. The prisoners say they are striking for more contact with relatives, and an end to detention without trial.
Bella Thorne: There's no dating rules
In addition to being attractive , the young 19-year-old American actress already has a full filmography. "I don't like medication. The outspoken actress is struggling to find love because suitors don't want to part of a public romance on social media.
Syria's Assad still has chemical weapons, says Israel
The Turkish government said autopsies on victims brought over the border confirmed chemical weapons had been used. Briefing reporters, he said Israel estimates Assad still has "between one and three tons" of chemical weapons.
Ibrahimovic ruled out for rest of season
Roared on by their raucous away support, Anderlecht gave United several scares before finally succumbing in the 107th minute. Both were substituted with knee injuries during United's Europa League extra-time win over Anderlecht yesterday.