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Benchmarks closed in the positive territory on Thursday led by gains in tech-related companies. While investors kept track of weak economic data and kept an eye on government’s plan to restart the economy.
The Dow Jones Industrial Average (DJI) gained 33.33 points, or 0.1%, to close at 23,537.68 and the S&P 500 rose 11.90 points, or 0.4% to close at of 2,787. While, the Nasdaq Composite Index closed at 8,734.75, gaining 140.75 points, or 1.6%. The fear-gauge CBOE Volatility Index (VIX) decreased 1.8%, to close at 40.11. Declining issues outnumbered advancing ones for 2.13-to-1 ratio on the NYSE and a 1.60-to-1 ratio on the Nasdaq favored decliners.
How Did the Benchmarks Perform?
While the Dow’s gain was restrained byThe Boeing Company’s (BA - Free Report) loss of 8%, the tech-heavy Nasdaq gained from Amazon.com, Inc. (AMZN - Free Report) and Netflix, Inc.’s (NFLX - Free Report) gain of 4.4% and 2.9%, respectively. Additionally, coronavirus’ impact on first-quarter earnings reports weighed on the Dow and limited gains in the S&P 500.
Overall, the S&P index recorded 14 new 52-week highs and 1 new low. Meanwhile, Nasdaq recorded 41 new highs and 60 new lows.
Tech Stocks Rally Offset Poor Economic Data
On Thursday, though uncertainties loomed on business outlook due to the aftermath of the coronavirus, poor economic data did not dampen investor’s sentiments. Investors picked stocks related to technology which helped the markets to close higher.
Amazon.com and Netflix hit record highs as demand surge with online order of home delivery of essential goods and online streaming.
The Department of Labor reported that jobless claims fell slightly to 5.2 million for the week ending Apr 11, an upwardly revised 6.62 million the previous week. However, claims still cross total figure for the past month of 20 million.
Mixed Q1 Earnings Reports
On Thursday, investors also kept a close watch on quarterly earnings from top U.S. banks and medical firms.
Shares of Morgan Stanley (MS - Free Report) slided 0.1% on Thursday, after the company first-quarter 2020 adjusted earnings of 99 cents per share missed the Zacks Consensus Estimate of $1.07. The company reported that the earnings were impacted by coronavirus-related concerns and economic slowdown. (Read More)
Abbott Laboratories (ABT - Free Report) reported first-quarter 2020 adjusted earnings from continuing operations of 65 cents per share, surpassing the Zacks Consensus Estimate by 18.2%. Organic sales in the key emerging markets improved 13.1%, year over year, on a reported basis. The company also reported adjustments in the quarter that include certain non-recurring expenses primarily associated with acquisitions and restructuring actions. The company stated that higher revenues were due to strong performance in the Institutional Clients Group segment. Shares of Citigroup dropped 5.6% on Apr 15. Shares of Abbott Laboratories rose 5.6% on Apr 16. (Read More)
Zacks has just released a Special Report on the booming investment opportunities of legal marijuana.
Ignited by new referendums and legislation, this industry is expected to blast from an already robust $6.7 billion to $20.2 billion in 2021. Early investors stand to make a killing, but you have to be ready to act and know just where to look.
Image: Bigstock
Stock Market News for Apr 17, 2020
Benchmarks closed in the positive territory on Thursday led by gains in tech-related companies. While investors kept track of weak economic data and kept an eye on government’s plan to restart the economy.
The Dow Jones Industrial Average (DJI) gained 33.33 points, or 0.1%, to close at 23,537.68 and the S&P 500 rose 11.90 points, or 0.4% to close at of 2,787. While, the Nasdaq Composite Index closed at 8,734.75, gaining 140.75 points, or 1.6%. The fear-gauge CBOE Volatility Index (VIX) decreased 1.8%, to close at 40.11. Declining issues outnumbered advancing ones for 2.13-to-1 ratio on the NYSE and a 1.60-to-1 ratio on the Nasdaq favored decliners.
How Did the Benchmarks Perform?
While the Dow’s gain was restrained byThe Boeing Company’s (BA - Free Report) loss of 8%, the tech-heavy Nasdaq gained from Amazon.com, Inc. (AMZN - Free Report) and Netflix, Inc.’s (NFLX - Free Report) gain of 4.4% and 2.9%, respectively. Additionally, coronavirus’ impact on first-quarter earnings reports weighed on the Dow and limited gains in the S&P 500.
Overall, the S&P index recorded 14 new 52-week highs and 1 new low. Meanwhile, Nasdaq recorded 41 new highs and 60 new lows.
Tech Stocks Rally Offset Poor Economic Data
On Thursday, though uncertainties loomed on business outlook due to the aftermath of the coronavirus, poor economic data did not dampen investor’s sentiments. Investors picked stocks related to technology which helped the markets to close higher.
Amazon.com and Netflix hit record highs as demand surge with online order of home delivery of essential goods and online streaming.
The Department of Labor reported that jobless claims fell slightly to 5.2 million for the week ending Apr 11, an upwardly revised 6.62 million the previous week. However, claims still cross total figure for the past month of 20 million.
Mixed Q1 Earnings Reports
On Thursday, investors also kept a close watch on quarterly earnings from top U.S. banks and medical firms.
Shares of Morgan Stanley (MS - Free Report) slided 0.1% on Thursday, after the company first-quarter 2020 adjusted earnings of 99 cents per share missed the Zacks Consensus Estimate of $1.07. The company reported that the earnings were impacted by coronavirus-related concerns and economic slowdown. (Read More)
Abbott Laboratories (ABT - Free Report) reported first-quarter 2020 adjusted earnings from continuing operations of 65 cents per share, surpassing the Zacks Consensus Estimate by 18.2%. Organic sales in the key emerging markets improved 13.1%, year over year, on a reported basis. The company also reported adjustments in the quarter that include certain non-recurring expenses primarily associated with acquisitions and restructuring actions. The company stated that higher revenues were due to strong performance in the Institutional Clients Group segment. Shares of Citigroup dropped 5.6% on Apr 15. Shares of Abbott Laboratories rose 5.6% on Apr 16. (Read More)
Abbott Laboratories carriesa Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Looking for Stocks with Skyrocketing Upside?
Zacks has just released a Special Report on the booming investment opportunities of legal marijuana.
Ignited by new referendums and legislation, this industry is expected to blast from an already robust $6.7 billion to $20.2 billion in 2021. Early investors stand to make a killing, but you have to be ready to act and know just where to look.
See the pot trades we're targeting>>