Markets
CBD

Closing Update: U.S. Stocks Finish Back Near Session Highs After Energy, Utility Stocks Pare Earlier Losses

U.S. stocks finished higher Monday, rebounding from their worst two-day drubbing since October amid new speculation Chinese officials may be planning additional stimulus for the country's sagging economy.

Most sectors in the S&P 500 closed with gains, led by shares of technology and consumer staple companies, with mining companies also rebounding today, while energy and utility stocks pared their earlier losses to lift the major market indices back near their session highs after a mid-day slump dragged blue-chips, measured by the Dow Jones Industrial Average, briefly underwater.

Comments made at the Chinese government's Central Economic Work Conference, released by Xinhua News Agency, indicated that the country's fiscal deficit could be widened and fiscal policy made more forceful as the world's number two economy tries to bolster growth which has slowed in recent months.

All three benchmark indices had opened higher but slumped as oil prices dropped an 11-year low this morning on ballooning supply concerns. A surprise decline for the Chicago Fed National Activity Index today also pressured stocks when the barometer of overall economic activity and inflationary pressure fell to a negative 0.30 reading in November from negative 0.17 in October - the fourth consecutive month the index has remained below zero, a level which is indicative of below-trend growth. Market experts had been expecting the index would rise to a positive 0.15 reading last month.

Crude oil for February delivery settled 25 cents lower at $35.81 per barrel, bouncing back from a $35.35 low, while January natural gas futures jumped 12 cents higher to $1.99 per 1 million BTU. February gold also rose, lifting mining stocks, adding $15.60 to finish at $1,080.60 per ounce while March copper climbed 3 cents to $2.14 per pound.

Here's were the U.S. markets stood at the end-of-day:

Dow Jones Industrial Average up 123.07 (+0.72%) to 17,251.62

S&P 500 up 15.60 (+0.78%) to 2,021.15

Nasdaq Composite Index up 45.84 (+0.93%) to 4,968.92

GLOBAL SENTIMENT

Hang Seng Index up 0.17%

Shanghai China Composite Index up 1.77%

FTSE 100 Index down 0.29%

UPSIDE MOVERS

(+) AVEO, Announces exclusive license agreement with EUSA Pharma for European rights to its Tivozanib treatment for advanced renal cell carcinoma. Deal includes upfront $2.5 mln payment and up to $394 mln in future regulatory and commercial milestone payments.

(+) AMID, ArcLight Capital Partners agrees to a stock-purchase program for up to $75 mln of AMID equity units.

(+) NTWK, Signs contract valued above $100 mln, including license, maintenance, services and expected customization with an unnamed long-standing customer.

DOWNSIDE MOVERS

(-) CNV, Companhia Brasileira de Distribuicao ( CBD ) hires legal advisors and external forensic accountants to review alleged employee misconduct and inventory mis-management at CNV.

(-) LITB, Q3 net loss expands to $8.6 mln, or $0.18 per ADS, from a $6.3 mln loss during the same quarter last year. Net revenue falls 29.1% year over year to $70.2 mln. Analyst estimates were not available for comparison.

(-) MNGA, Negative Seeking Alpha article by anonymous short-seller says MNGA international partners were either "nonexistent, defunct or unviable." Company responds by saying the article contains "multiple instances of "materially false and misleading information."

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.

In This Story

CBD

Other Topics

Commodities

Latest Markets Videos

    MTNewswires

    Founded in 1999, MT Newswires (formerly known as Midnight Trader) is a leading provider of original source, multi-asset class, real-time, global financial news and information to most of the largest banks, brokerage firms and professional market data, trading & research applications in North America.

    Learn More