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Wall Street recovered some of its previous day’s losses on Wednesday buoyed by strong fourth quarter earnings results of several major companies. However, trade related conflict between the United States and Chins still persists. All three major stock indexes closed in the green.
The Dow Jones Industrial Average (DJI) closed at 24,575.62, gaining 0.7% or 171.14 points. The S&P 500 Index (INX) increased 0.2% to close at 2,638.70. Meanwhile, the Nasdaq Composite Index (IXIC) closed at 7,025.77, rising 0.1%. A total of 6.83 billion shares were traded on Wednesday, lower than the last 20-session average of 7.82 billion shares. Advancers outnumbered decliners on the NYSE by 1.05-to-1 ratio. On the Nasdaq, decliners had an edge over advancers by 1.02-to-1 ratio. The CBOE VIX decreased 6.2% to close at 19.52.
How Did the Benchmarks Perform?
The Dow ended in positive territory reversing previous day’s losses. Notably, 18 stocks of the 30-stocks blue-chip index finished in the green while twelve ended in red. The tech-heavy Nasdaq Composite also ended in the green reversing previous day’s losses, due to strong performance by technology stocks.
The S&P 500 closed in positive territory reversing yesterday’s downturn. Consumer Staples Select Sector SPDR (XLP) and Utilities Select Sector SPDR (XLU) are major gainers with 1.2% and 1%, respectively. Notably, eight out of 11 sectors of the benchmark index closed in the green while the remaining three in the red.
Strong Fourth Quarter Earnings Results
Wednesday’s stock market rally was backed by strong results of several major U.S. corporates.
International Business Machines Corp. (IBM - Free Report) delivered strong fourth-quarter 2018 results wherein both the top and bottom line surpassed the Zacks Consensus Estimate. Consequently, shares of IBM were up 8.5%, marking its best session since Oct 18, 2017. (Read More)
Shares of United Technologies Corp. surged 5.4% after posting strong fourth-quarter 2018 results wherein both the top and bottom line surpassed the Zacks Consensus Estimate. (Read More)
Lingering Problems on Trade War Front
On Jan 22, White House economic advisor Larry Kudlow conformed that the U.S. government has rejected a trade planning meeting with China scheduled to be held this week on the ground of gross disagreements over intellectual property rights. He also said that no intermediate gatherings had been scheduled other than the visit by China Vice Premier Liu He this week.
A major concern for the Trump administration is that China is stealing intellectual property from U.S. companies by unfair means. This is the central point of trade conflict between the two largest trading countries of the world. Notably, the two countries are currently going through a 90-day truce period related to imposition of fresh tariffs on each other. The deadline will come to an end on Mar 1.
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2020.
Image: Bigstock
Stock Market News for Jan 24, 2019
Wall Street recovered some of its previous day’s losses on Wednesday buoyed by strong fourth quarter earnings results of several major companies. However, trade related conflict between the United States and Chins still persists. All three major stock indexes closed in the green.
The Dow Jones Industrial Average (DJI) closed at 24,575.62, gaining 0.7% or 171.14 points. The S&P 500 Index (INX) increased 0.2% to close at 2,638.70. Meanwhile, the Nasdaq Composite Index (IXIC) closed at 7,025.77, rising 0.1%. A total of 6.83 billion shares were traded on Wednesday, lower than the last 20-session average of 7.82 billion shares. Advancers outnumbered decliners on the NYSE by 1.05-to-1 ratio. On the Nasdaq, decliners had an edge over advancers by 1.02-to-1 ratio. The CBOE VIX decreased 6.2% to close at 19.52.
How Did the Benchmarks Perform?
The Dow ended in positive territory reversing previous day’s losses. Notably, 18 stocks of the 30-stocks blue-chip index finished in the green while twelve ended in red. The tech-heavy Nasdaq Composite also ended in the green reversing previous day’s losses, due to strong performance by technology stocks.
The S&P 500 closed in positive territory reversing yesterday’s downturn. Consumer Staples Select Sector SPDR (XLP) and Utilities Select Sector SPDR (XLU) are major gainers with 1.2% and 1%, respectively. Notably, eight out of 11 sectors of the benchmark index closed in the green while the remaining three in the red.
Strong Fourth Quarter Earnings Results
Wednesday’s stock market rally was backed by strong results of several major U.S. corporates.
International Business Machines Corp. (IBM - Free Report) delivered strong fourth-quarter 2018 results wherein both the top and bottom line surpassed the Zacks Consensus Estimate. Consequently, shares of IBM were up 8.5%, marking its best session since Oct 18, 2017. (Read More)
Shares of The Procter & Gamble Co. (PG - Free Report) soared 4.9% after the company reported second quarter of fiscal 2019 results, wherein both the top and bottom lines surpassed the Zacks Consensus Estimate. (Read More). The stock carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Shares of United Technologies Corp. surged 5.4% after posting strong fourth-quarter 2018 results wherein both the top and bottom line surpassed the Zacks Consensus Estimate. (Read More)
Lingering Problems on Trade War Front
On Jan 22, White House economic advisor Larry Kudlow conformed that the U.S. government has rejected a trade planning meeting with China scheduled to be held this week on the ground of gross disagreements over intellectual property rights. He also said that no intermediate gatherings had been scheduled other than the visit by China Vice Premier Liu He this week.
A major concern for the Trump administration is that China is stealing intellectual property from U.S. companies by unfair means. This is the central point of trade conflict between the two largest trading countries of the world. Notably, the two countries are currently going through a 90-day truce period related to imposition of fresh tariffs on each other. The deadline will come to an end on Mar 1.
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2020.
Click here for the 6 trades >>