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US Market Wrap 21 September 2018

Posted by Billy Macris on 21-Sep-2018 09:59:08

US equities rose on Thursday as trade sensitive industrial stocks led the Dow to rise 250 points and close at a record high as investor’s trade worries subsided. Both the S&P 500 and Nasdaq finished higher as a 0.93% rise in Amazon shares helped the tech sector. Boeing and Caterpillar, two of the more trade sensitive stocks, rose 0.6 percent and 2.1 percent, respectively.

News also surfaced of a reshuffle in the S&P500 sectors overnight as the telecommunications services index on Monday will be folded into a much higher profile group. Verizon, AT&T and CenturyLink will be included in a new S&P 500 Communications Services Sector that also will include the bigger players in the market, Netflix, Alphabet and Facebook.

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Of the Dow stocks Intel shares rose 2.28 percent closely followed by Walgreens Boots Alliance shares rising 2.26 percent, being the best performers on the 30 stock index. All but two stocks finished in positive territory, Home Depot shares were down 0.29 percent and Chevron fell 0.08 percent.

Among earnings news, Micron Technology shares rose more than 4 percent in after-hours trading following the release of its earnings report beating analyst’s expectations however the company gave weak future guidance and as a result the stock turned lower. United Natural Foods tumbled more than 11 percent in the extended session after reporting earnings numbers that missed estimates. In contrast to this poor result, Steelcase shares surged more than 12 percent after the furniture company’s strong second quarter earnings report.

In currency markets, the US dollar fell as trade worries continued to fall among investors. The euro advanced 0.93 percent against the greenback, the dollar index was down 0.7 percent and the emerging market currency index rose 0.49 percent robbing the US dollar of safe haven flows. Oil prices slipped after President Trump’s twitter warnings warning OPEC to lower prices. The global benchmark Brent crude was down by 80 cents at $78.60. WTI crude ended the session down 38 cents at $70.80.

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Chart of the Day: Dow Jones Daily chart 

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Topics: +U.S. Market Wrap