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Midday Update: Stocks Buoyed by Earnings, Manufacturing Data

A list of stock prices rising and declining in value
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Wall Street was holding onto sizable gains Tuesday as upbeat earnings coupled with bullish manufacturing data encouraged investors and lifted the Dow Jones Industrial Average to an eight-day high.

After the close on Monday, Dow component stock DuPont ( DD ) beat Q4 EPS estimates, while Alibaba ( BABA ) and Yahoo ( YHOO ) reported results that exceeded expectations, offsetting disappointing results from Verizon ( VZ ) and soft guidance from Johnson and Johnson ( JNJ ).

Along with earnings, the markets digested economic data that included a better-than-expected improvement in the purchasing manager's flash manufacturing index for January to 55.1 from 54.3 previously. Additionally, the Richmond Fed manufacturing index increased to 12 from 8 in December, beating expectations for a slight drop to 7.0.

The PMI and Richmond Fed indices helped offset a much larger-than-expected decline in existing home sales of 2.8% to a seasonally-adjusted annual rate of 5.49 million from an upwardly revised SAAR of 5.65 million in December. Moreover, the supply of new homes fell to a 17-year low of 3.6 months.

In related news, President Trump signed more executive orders on Tuesday, one of which was to advance construction of the Keystone and Dakota Access Pipeline. The action had little impact on oil futures which continue to trade with sizeable gains amid reports of production cuts by members of the Organization of the Petroleum Exporting Countries.

Trump also met with the CEOs of Ford (F), General Motors (GM) and Fiat Chrysler Auto (FCAU) amid his efforts to keep manufacturing jobs in the U.S., shares of which were all higher on Tuesday.

European shares were higher with the notable exception of the UK's FTSE-100. The UK Supreme Court ruled on Tuesday that the government will have to first seek parliament's approval before invoking Article 50, the formal process to separate for the European Union. Although the news was initially positive for UK stocks and sterling, the court ruled that Ireland, Wales and a quite vocal dissenter, Scotland, cannot participate in the vote, the exclusion of which insures that the measure will be approved by both houses of the UK parliament.

Crude oil was up $0.66 to $53.42 per barrel. Natural gas was up $0.06 to $3.32 per 1 million BTU. Gold was down $3.20 to $1,212.50 an ounce, while silver was up $0.02 to $17.21 an ounce. Copper was up $0.06 to $2.71 per pound.

Among energy ETFs, the United States Oil Fund was up 1.24% to $11.46 with the United States Natural Gas Fund was up 1.34% to $8.30. Amongst precious-metal funds, the Market Vectors Gold Miners ETF was up 1.36% to 24.14 while SPDR Gold Shares were down 0.22% to $115.55. The iShares Silver Trust was down 0.04% to $16.28.

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

US MARKETS

NYSE Composite Index was up 45.45 (+0.41%) to 11,216.07

Dow Jones Industrial Index was up 66.78 points (+0.34%) to 19,867.22

S&P 500 was up 8.09 points (+0.36%) to 2,273.16

Nasdaq Composite Index was up 18.92 points (+0.34%) to 5,572.12

GLOBAL SENTIMENT

FTSE 100 was down 0.84 points (-0.01%) to 7,150.34

DAX was up 49.19 points (+0.43%) to 11,594.94

CAC 40 was up 8.62 points (+0.18%) to 4,830.03

Nikkei 225 was down 103.04 points (-0.55%) to 18,787.99

Hang Seng Index was up 51.34 points (+0.22%) to 22,949.86

Shanghai China Composite Index was up 5.78 points (+0.18%) to 3,142.55

NYSE SECTOR INDICES

NYSE Energy Sector Index was up 92.32 points (+0.82%) to 11,435.48

NYSE Financial Sector Index was up 40.94 points (+0.58%) to 7,055.45

NYSE Healthcare Sector Index was down 108.17 points (-0.90%) to 11,794.53

UPSIDE MOVERS

(+) MPSX (+23.59%) Agrees to $18 per share buyout by WestRock (WRK)

(+) CLRB (+15.22%) Granted U.S. patent for cancer treatment

(+) NAK (+11.15%) Expects to resolve a dispute with the U.S. EPA to move ahead with development of copper and gold mine

(+) RMD (+10.35%) Reported better-than-expected fiscal Q2 earnings and revenue

(+) IDXG (+5.25%) Thyroid ThyGenX test expanded in Canada

DOWNSIDE MOVERS

(-) BT (-21.00%) Raises write-down related to accounting practices in Italy to $663 million vs $181 million previously

(-) BIOA (-17.30%) Increases size of share offering to 3.7 million from 2.1 million shares

(-) OCUL (-9.21%) Priced 3.5 million offering at 7% discount

(-) GLOP (-6.46%) Prices unit offering at $20.50 per unit

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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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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