Midday Update: Wall Street Buoyed by Tech and Retail Sectors


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Led by a rebound in the beaten-down technology and retail sectors, the Dow Jones Industrial Average and S&P 500 set new record highs on Thursday, while the Nasdaq was trading in the plus column for the first time in four days. Financial shares were also posting impressive gains on the heels of hawkish comments from a voting member of the Federal Reserve.

During a speech Monday morning New York Fed president William Dudley warned that "halting the tightening cycle would imperil the economy." His remarks drove financial shares and the dollar higher.

Dudley's remarks coupled with the risk-on trade was leaving its mark on safe-havens, however, as both gold and U.S. Treasury securities traded lower. Down for the eighth day out of nine session, the price of gold fell to its lowest level in close to a month.

Wall Street was buoyant at the open as bargain-hunters poured back into retail stocks after Friday's sell-off following Amazon's ( AMZN ) acquisition of Whole Foods ( WFM ). The e-commerce giant offered $13.7 billion for the upscale grocer, sending shares of competitor grocery stocks reeling.

Monday's gains on Wall Street were fueled in pre-market by strength across Europe's bourses after Brexit talks commenced in Brussels, and French president Emmanuel Macron's En March! party won an absolute majority in the French parliament. All of the major market average were nearly 1% higher into the close.

Crude oil was down $0.19 to $44.56 per barrel. Natural gas was down $0.14 to $2.91 per 1 million BTU. Gold was down $7.40 to $1,249.10 an ounce, while silver was down $0.13 to $16.53 an ounce. Copper was down $0.03 to $2.60 per pound.

Among energy ETFs, the United States Oil Fund was down 0.32% to $9.21 with the United States Natural Gas Fund was down 4.54% to $6.52. Amongst precious-metal funds, the Market Vectors Gold Miners ETF was unchanged at 22.06 while SPDR Gold Shares were down 0.54% to $118.69. The iShares Silver Trust was down 0.76% to $15.67.

Here's where the markets stand at mid-day:

US MARKETS

NYSE Composite Index was up 50.72 points (+0.43%) to 11,822.74

Dow Jones Industrial Index was up 117.45 points (+0.55%) to 21,501.54

S&P 500 was up 16.96 points (+0.70%) to 2,450.28

Nasdaq Composite Index was up 71.41 points (+1.16%) to 6,223.18

GLOBAL SENTIMENT

FTSE 100 was up 60.27 points (+0.81%) to 7,523.81

DAX was up 136.22 points (+1.07%) to 12,888.95

CAC 40 was up 47.41 points (+0.90%) to 5,310.72

Nikkei 225 was up 124.29 points (+0.62%) 20,067.75

Hang Seng Index was up 298.06 points (+1.16%) to 25,924.55

Shanghai China Composite Index was up 21.21 points (+0.68%) to 3,144.37

NYSE SECTOR INDICES

NYSE Energy Sector Index was down 19.32 points (-0.19%) to 10,264.20

NYSE Financial Sector Index was up 44.66 points (+0.60%) to 7,441.53

NYSE Healthcare Sector Index was up 107.16 points (+0.79%) to 13,698.35

UPSIDE MOVERS

(+) NVDQ (+95.75%) Acquired by Stryker ( SYK ) for $11.75 per share

(+) CLVS (+47.64%) Settled class action lawsuit for $142 million in cash and stock

(+) RWLK (+30.58%) Unveiled soft suit exoskeleton for stroke patients

(+) RICE (+26.87%) Acquired by EQT ( EQT ) for $6.7 billion

DOWNSIDE MOVERS

(-) PFMT (-36.11%) Terminated student loan recovery contract with Great Lakes Higher Education Guaranty Corp

(-) CLSN (-23.75%) To sell $5.4 million shares in registered direct offering

(-) SGEN (-3.007%) Discontinues phase 3 Cascade trial of vadastuximab talirine in frontline acute myeloid leukemia

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.



This article appears in: Investing , Stocks
Referenced Symbols: AMZN , WFM , SYK , EQT


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