ibusinesslines.com
ibusinesslines.com June 24, 2017


IBM sends S&P 500, Dow lower; Nasdaq advances

20 April 2017, 06:16 | Kelvin Horton

Wall Street closes mixed with oil decline, tech rise

IBM weighs on Dow but other indexes rise

The Dow Jones Industrial Average.DJI fell 119.13 points, or 0.58 percent, to 20,404.15, the S&P 500.SPX lost 4.03 points, or 0.17 percent, to 2,338.16 and the Nasdaq Composite.IXIC added 13.56 points, or 0.23 percent, to 5,863.03.

The Nasdaq is up 57.88 points, or 1 percent.

Among energy companies, Marathon Oil dropped 4.3 percent and Newfield Exploration sank 3.5 percent. The stock was the biggest drag on the S&P and the price-weighted Dow.

Twenty-First Century Fox fell 0.8 per cent as Fox News severed its relationship with Bill O'Reilly, dumping America's most-watched cable news anchor after a flood of sexual-harassment allegations and an advertiser boycott.

The stock sagged 5.6% after the company reported a bigger-than-expected decline in revenue of 2.6% in the quarter to March.

The Dow is up 641.89 points, or 3.2 percent.

The Standard & Poor's 500 index rose 7 points, or 0.3 percent, to 2,349.

A decline in oil prices and gains by tech stocks led to a mixed close on Wall Street on Wednesday.


U.S. crude fell below US$52 a barrel for the first time in two weeks.

"Crude broke US$52 on WTI, that is the strongest correlation we have right now away from the case-by-case earnings we have", said Art Hogan, chief market strategist at Wunderlich Securities in NY. "The problem with our impression of the earnings season is we just talk about the bad news".

Much of the same pattern was evident in USA trading Wednesday, only in the opposite direction, as earlier market optimism faded and a financials rally gave way to a selloff in Dow Jones Industrial Average component IBM (IBM) and energy shares. On the other hand, the market is also cautious amid a lack of clarity regarding President Trump's pro-growth policies.

Semiconductor company Lam Research surged 6.9 per cent after reporting better-than-expected quarterly earnings and surprising the market with a bullish forecast for the current quarter.

Precious metals have been well supported in recent weeks by escalating geopolitical tensions over North Korea and looming French elections.

Declining issues outnumbered advancing ones on the NYSE by a 1.12-to-1 ratio; on Nasdaq, a 1.52-to-1 ratio favored advancers.

The S&P 500 posted 21 new 52-week highs and 3 new lows; the Nasdaq Composite recorded 80 new highs and 39 new lows.



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