Industrials lift Dow to record, techs drag S&P and Nasdaq | Reuters
By Yashaswini Swamynathan The Dow hit an all-time high for the third straight day on Wednesday, helped by a record-setting surge in industrial stocks, but a drop in technology heavyweights kept the S&P 500 and the Nasdaq in negative territory.The S&P 500 industrial sector .SPLRCI rose 0.52 percent to a record high, helped by a report that showed a strong jump in orders for durable goods in October due to demand for machinery and other equipment.Caterpillar (CAT.N) rose as much as 2.8 percent to a near 2-year high of $96.26. Deere (DE.N) jumped 10.8 percent to a record high of $101.96 after the farm equipment maker reported a much smaller-than-expected decline in profit.The industrial sector had risen 6.7 percent since the U.S
By Yashaswini Swamynathan
The Dow hit an all-time high for the third straight day on Wednesday, helped by a record-setting surge in industrial stocks, but a drop in technology heavyweights kept the S&P 500 and the Nasdaq in negative territory.The S&P 500 industrial sector .SPLRCI rose 0.52 percent to a record high, helped by a report that showed a strong jump in orders for durable goods in October due to demand for machinery and other equipment.Caterpillar (CAT.N) rose as much as 2.8 percent to a near 2-year high of $96.26. Deere (DE.N) jumped 10.8 percent to a record high of $101.96 after the farm equipment maker reported a much smaller-than-expected decline in profit.The industrial sector had risen 6.7 percent since the U.S. election on bets that President-elect Donald Trump's policies such as higher spending on infrastructure would benefit the industry.The S&P and the Nasdaq were dragged down by declines in index-heavyweights Microsoft (MSFT.O), Alphabet (GOOGL.O), Facebook (FB.O) and Apple (AAPL.O). The technology index .SPLRCT was down 0.73 percent.The U.S. dollar .DXY surged to a near 14-year high after upbeat U.S. economic data, including a report that showed consumer sentiment this month jumped more than expected in the wake of Trump's upcoming presidency.
Traders upped the odds of the Federal Reserve hiking interest rates next month by 2 percentage points to 89 percent after the data, according to Thomson Reuters data.Those odds are likely to be reinforced when the Fed releases the minutes of its November meeting at 2:00 p.m. ET.At 12:27 a.m. ET (1727 GMT), the Dow Jones Industrial Average .DJI was up 27.18 points, or 0.14 percent, at 19,051.05, easing from an all-time high of 19,074.51.The S&P 500 .SPX was down 2.12 points, or 0.1 percent, at 2,200.82 and the Nasdaq Composite .IXIC was down 17.93 points, or 0.33 percent, at 5,368.42.
Six of the 11 major S&P sectors were higher, led by the telecom services sector's .SPLRCL 0.62 percent rise.Eli Lilly (LLY.N) was the biggest loser on the S&P, falling 11.5 percent after the company said it would stop developing its Alzheimer's drug following a trail failure.Biogen (BIIB.O), which is developing a similar drug, fell 4.2 percent.
Juno Therapeutics (JUNO.O) sank 27 percent after reporting that two patients died during a trial of its leukemia drug.Trading volumes are likely to remain subdued ahead of the Thanksgiving Day holiday on Thursday and an early market close on Black Friday.Declining issues outnumbered advancers on the NYSE by 1,608 to 1,268. On the Nasdaq, 1,414 issues rose and 1,287 fell.The S&P 500 index showed 59 new 52-week highs and three new lows, while the Nasdaq recorded 255 new highs and 17 new lows. (Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Savio D'Souza)
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By Alex Lawler and Rania El Gamal | VIENNA/DUBAI VIENNA/DUBAI OPEC experts have made some progress on the first day of a two-day meeting to nail down details of their plan to cut oil output, OPEC sources said on Monday, with some expressing optimism about the prospect of a final deal.The second meeting of the High-Level Committee began at 0930 GMT. The committee is a technical body comprised mainly of OPEC governors and national representatives - officials who report to their respective ministers.Delegates emerged after about eight hours of talks at OPEC's Vienna headquarters, with some making upbeat comments to reporters. The meeting continues on at 0900 GMT on Tuesday."We are discussing
BERLIN Indian software service group Infosys (INFY.NS) is bracing for pressure on its U.S. business from anti-immigrant policies by U.S
MELBOURNE India's Adani Enterprises Ltd reached a milestone on Monday in its bid to build a controversial $16 billion coal project in northern Australia, winning approval for part of a rail link to service the planned mine.The mine has now secured all major state and federal government approvals, said the Queensland state government, whose premier will meet with chairman and founder Gautam Adani in the northern city of Townsville on Tuesday.Adani was also expected to meet with Prime Minister Malcolm Turnbull on Monday, amid local media speculation the federal government could contribute A$1 billion (583.55 million pounds)in rail funding."I do expect to meet Mr Adani and I have got no doubt we will be discussing his proposed substantial investment in Queensland," Turnbull told reporters in Melbourne.The Carmichael mine has faced years of legal delays and rollercoaster coal prices, amid strident opposition from environmentalists opposed to coal mining and concerned at the impact the mine will have on the Great Barrier Reef. Adani, India's biggest solar power producer and top coal-fired generator, said in October it was preparing to start construction of the mine in 2017, although it still faces several court challenges and appeals. Queensland state premier Annastacia Palaszczuk said she will meet Gautam Adani on Tuesday to gain an assurance the firm will use local labor for the coal, rail and port project, rather than foreign workers