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Mid-Afternoon Market Update: Dow Gains 60 Points; Net Element Shares Spike Higher


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Toward the end of trading Tuesday, the Dow traded up 0.25 percent to 24,779.25 while the NASDAQ climbed 1.24 percent to 6,989.08. The S&P also rose, gaining 0.64 percent to 2,690.83.

Leading and Lagging Sectors

Tuesday afternoon, the basic materials sector proved to be a source of strength for the market. Leading the sector was strength from AK Steel Holding Corporation (NYSE: AKS ) and Cleveland-Cliffs Inc (NYSE: CLF ).

In trading on Tuesday, utilities shares fell 0.25 percent. Meanwhile, top losers in the sector included RGC Resources Inc. (NASDAQ: RGCO ), down 3 percent, and American Water Works Company Inc (NYSE: AWK ) down 3 percent.

Top Headline

Digital Power Corporation (NYSE: DPW ) disclosed that its subsidiary, CooliSys Technologies Inc., agreed to acquire Enertec from Micronet Enertec Technologies Inc (NASDAQ: MICT ) for $5.2 million in cash.

Equities Trading UP

Chanticleer Holdings Inc (NASDAQ: BURG ) shares shot up 49 percent to $3.92. Chanticleer Holdings announced plans to deploy Mobivity's blockchain technology to power cryptocurrency rewards program.

Shares of Net Element International Inc (NASDAQ: NETE ) got a boost, shooting up 22 percent to $13.53. Net Element said it has finalized a $7.55-million private placement of common stock and warrants with a New York-based family office that has made multiple investments in companies with a blockchain-focused technology platform.

Synlogic Inc (NASDAQ: SYBX ) shares were also up, gaining 22 percent to $11.80.

Equities Trading DOWN

Technical Communications Corporation (NASDAQ: TCCO ) shares dropped 22 percent to $8.95.

Shares of Koss Corporation (NASDAQ: KOSS ) were down 33 percent to $2.07 after surging 114.58 percent on Friday.

Merus NV (NASDAQ: MRUS ) was down, falling around 17 percent to $16.18. RBC Capital downgraded Merus from Outperform to Sector Perform.

Commodities

In commodity news, oil traded down 0.25 percent to $60.27 while gold traded up 0.37 percent to $1,314.20.

Silver traded up 0.29 percent Tuesday to $17.195, while copper fell 0.70 percent to $3.2775.

Eurozone

European shares closed mostly lower today. The eurozone's STOXX 600 declined 0.21 percent, the Spanish Ibex Index rose 0.35 percent, while Italy's FTSE MIB Index fell 0.04 percent. Meanwhile the German DAX slipped 0.36 percent, and the French CAC 40 fell 0.45 percent while U.K. shares fell 0.52 percent.

Economics

The Markit manufacturing PMI rose to 55.10, versus previous reading of 55. However, economists projected a reading of 55.00.

© 2018 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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



This article appears in: Investing , Commodities
Referenced Symbols: DPW , KOSS , RGCO , AKS , AWK


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