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Midday Update: Wall Street Gains Altitude as Congress Aims to Avert Shutdown


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Wall Street's major averages resumed their upward momentum at midday on Thursday ahead of a meeting between President Donald Trump and congressional leaders aimed at averting a government shutdown, and as technology stocks demonstrate their resiliency by trading higher for a third consecutive day.

The Dow Jones Industrial Average is being kept afloat by a rally in General Electric ( GE ) and Boeing ( BA ), making the industrial sector one of the best performing sectors in the S&P 500.

General Electric said early Thursday morning it will eliminate 12,000 positions in its troubled global power business as part of the company's initiative to reduce overall costs by $3.5 billion in 2017 and 2018. As a result, shares are trading at a four-day high.

In economic news, initial jobless claims fell by 2,000 in the latest survey week to 236,000, beating expectations for an increase of 2,000 to 240,000.

European markets were mixed with the UK's FTSE-100 pressured by gains in sterling, but EU-zone bourses higher after positive GDP data and gains in the financial and defensive sectors.

Crude oil was up $0.45 to $56.41 per barrel. Natural gas was down $0.14 to $2.78 per 1 million BTU. Gold was down $10.30 to $1,255.80 an ounce, while silver was down $0.14 to $15.82 an ounce. Copper was up $0.01 to $2.97 per pound.

Among energy ETFs, the United States Oil Fund was up 0.85% to $11.30 with the United States Natural Gas Fund was down 4.24% to $5.54. Amongst precious-metal funds, the Market Vectors Gold Miners ETF was up 0.22% to 21.67 while SPDR Gold Shares were down 0.87% to $119.02. The iShares Silver Trust was down 1.26% to 414.91.

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

US MARKETS

NYSE Composite Index was up 17.34 points (+0.13%) to 12,549.77

Dow Jones Industrial Index was up 71.69 points (+0.30%) to 24,212.60

S&P 500 was up 9.84 points (+0.37%) to 2,639.11

Nasdaq Composite Index was up 47.04 points (+0.69%) to 6,823.41

GLOBAL SENTIMENT

FTSE 100 was down 30.87 points (-0.42%) to 7,317.16

DAX was up 30.28 points (+0.23%) to 13,029.13

CAC 40 was up 0.88 points (+0.02%) to 5,375.23

Nikkei 225 was up 320.99 points (+1.45%) to 22,498.03

Hang Seng Index was up 78.39 points (+0.28%) to 28,303.19

Shanghai China Composite Index was down 21.96 points (-0.67%) to 3,272.01

NYSE SECTOR INDICES

NYSE Energy Sector Index was up 3.76 points (+0.03%) to 10,882.93

NYSE Financial Sector Index was up 30.26 points (+0.37%) to 8,118.49

NYSE Healthcare Sector Index was down 24.06 points (-0.17%) to 14,025.86

UPSIDE MOVERS

(+) SAGE (+77.31%) Phase 2 trial of SAGE-217 met primary endpoint

(+) ENTL (+49.88%) To be acquired by Stryker ( SYK )

(+) SEAC (+24.82) Q3 results beat Wall Street expectations

(+) DPW (+20.05%) Raised FY18 guidance by 50%, reports of US Air Force order

DOWNSIDE MOVERS

(-) FCSC (-29.50%) Priced 13.6 million share public offering

(-) NSA (-4.50%) Priced 5 million shares at 4.3% discount

(-) RVNC (-2.54%) Priced 5.3 million shares at 8% discount to prior day's closing price

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: GE , BA , SYK


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