Midday Update: U.S. Stocks Turn Positive After Tillerson Denies Plans to Resign

Midday Update: U.S. Stocks Turn Positive After Tillerson Denies Plans to Resign

Wall Street’s major market indicators have all flipped into positive territory as a high-ranking administration official dismissed rumors of his resignation, and economic data indicated significant growth in the services sector of the economy. The Dow Jones Industrial Average, S&P 500 and Nasdaq have all set record highs with the S&P extending its winning streak to a seventh straight day.

Stocks were mixed early on as investors cashed in on recent profits in the technology sector, with comments from President Donald Trump about a possible forgiveness of Puerto Rico’s debt weighing on shares of investment banks.

Economic data was marginally supportive as the Institute for Supply Management non-manufacturing index hit a 12-year high of 59.8 from August’s 55.3, overshadowing a slight decline in the corresponding purchasing managers index, and a below-consensus increase in private payrolls.

After struggling to turn positive, the S&P 500 and Nasdaq perked up when Secretary of State Rex Tillerson assured Americans he is not resigning his post despite media reports of dissention between him and Trump. Tillerson has been instrumental in pacifying North Korea and keeping geopolitical risks from plaguing Wall Street.

European markets were mixed as the separatist movement in Spain’s Catalonia region continues to weigh on most EU-zone bourses. The UK’s FTSE-100 closed lower on Wednesday as a result of gains in the pound on upbeat UK services sector data.

Crude oil was up $0.05 to $50.47 per barrel. Natural gas was up $0.06 to $2.96 per 1 million BTU. Gold was up $1.40 to $1,276.10 an ounce, while silver was down $0.01 to $16.64 an ounce. Copper was down $0.002 to $2.96 per pound.

Among energy ETFs, the United States Oil Fund was up 0.25% to $10.20 with the United States Natural Gas Fund up 1.98% to $6.43. Among precious-metal funds, the Market Vectors Gold Miners ETF was up 0.46% to 23.34, while SPDR Gold Shares were up 0.15% to $121.01. The iShares Silver Trust was unchanged at $15.71.

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

US MARKETS

NYSE Composite Index was up 7.06 points (+0.06%) to 12,309.71

Dow Jones Industrial Index was up 33.11 points (+0.15%) to 22,674.78

S&P 500 was up 3.94 points (+0.16%) to 2,538.58

Nasdaq Composite Index was up 6.61 points (+0.10%) to 6,537.91

GLOBAL SENTIMENT

FTSE 100 was down 0.53 points (-0.01%) to 7,467.58

DAX was up 67.87 points (+0.53%) to 12,970.52

CAC 40 was down 4.18 points (-0.08%) to 5,363.23

Nikkei 225 was up 12.59 points (+0.6%) to 20,626.66

Hang Seng Index was up 205.97 points (+0.73%) to 28,379.18

Shanghai China Composite Index is closed

NYSE SECTOR INDICES

NYSE Energy Sector Index was down 0.37 points (-0.00%) to 10,917.61

NYSE Financial Sector Index was down 11.65 points (-0.15%) to 7,824.56

NYSE Healthcare Sector Index was up 27.10 points (+0.19%) to 14,130.51

UPSIDE MOVERS

(+) CATB (+13.20%) Reported positive results from phase 2 MoveDMD trial evaluating edasalonexent

(+) MYL (+18.70%) FDA approved generic version of Copaxone

(+) CTMX (+18.68%) Partnering with Amgen ( AMGN ) for strategic collaboration in immuno-oncology

(+) CAPR (+6.10%) Reported positive six-month results in Duchenne muscular dystrophy Hope clinical trial

DOWNSIDE MOVERS

(-) SBBP (-17.33%) Proposed public offering of stock

(-) ODP (-15.03%) Announced plans to acquire CompuCom for $1 billion

(-) TEVA (-13.28%) and MNTA (-14.86%) FDA approved competitor Mylan’s ( MYL ) generic Copaxone

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.

Related posts