Markets

Close Update: Wall Street Mostly Swings to Gains as S&P 500, Nasdaq Climb 5th Day to Records

Wall Street reversed some of its earlier losses and added to the strong start for 2018 with gains in the Standard & Poor's 500 and the Nasdaq Composite, while the Dow Jones Industrial Average stayed in the red.

Utilities led most of the sectors on the S&P 500 higher, rising 0.9% as the overall measure rose for a fifth straight day to another record high. The Nasdaq also gained for a fifth day as information technology shares advanced 0.4%.

While the Dow briefly turned positive, the momentum couldn't be sustained as the blue-chip measure slipped for the first time in the new year with the number of decliners just outpacing the gainers.

Markets charged out of the gate to start 2018 and this week, investors' attention is turning to the Q4 earnings season, with financial heavyweights due out on Friday, including JPMorgan Chase ( JPM ) and Wells Fargo ( WFC ).

The members of the S&P 500 are seen growing earnings per share by 10% in the quarter, better than the 7% pace of Q3, Goldman Sachs said in a note Monday. Sales are seen up 9%. Still, the analysts projected that the quarter will be "muddled" as some firms take one-time charges related to tax reform.

With economic data weighted toward the latter part of the week, Federal Reserve speakers took some attention Monday, as Atlanta Fed leader Raphael Bostic -- a voter this year -- saying monetary policy accommodation may not be at a pace of three or four moves a year. Also, San Francisco Fed President John Williams said he's not worried about inflation being slightly above or below that 2% target.

Here's where the markets stood by the close:

US MARKETS

Dow Jones Industrial Average was down 12.87 points (-0.05%)

S&P 500 was up 4.56 points (+0.17%)

Nasdaq Composite Index was up 20.83 points (+0.29%)

GLOBAL SENTIMENT

FTSE 100 was down 0.36%

Nikkei 225 was closed

Hang Seng Index was up 0.28%

Shanghai China Composite Index was up 0.52%

UPSIDE MOVERS

(+) ALDR (+17.37%) Secures $250 million committed equity financing

(+) LITB (+13.31%) Now accepts bitcoin payments

(+) VUZI (+12.42%) Craig Hallum initiates coverage with a buy

(+) ABIO (+10%) Completes GENETIC-AF phase 2B clinical trial

(+) STX (+7.13%) Media reports speculate on size of early investments in cryptocurrency company Ripple

DOWNSIDE MOVERS

(-) AXON (-56.98%) Intepirdine fails to meet primary endpoint, company to scrap plans to develop

(-) MFGP (-16.78%) Lowers revenue forecast, names new CFO

(-) GPRO (-12.77%) Lowered revenue guidance, announced layoffs, discontinuing Karma drone

(-) OAKS (-10.89%) Cuts Q1 dividend

(-) FIVE (-7.49%) Sets Q4, FY guidance below street expectations

(-) P (-6.19%) Morgan Stanley downgrades to equal weight from overweight, lowers price target to $6 from $12

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.


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

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