Markets

US stocks still mixed into close; Dow Jones rallies

A mixed start on Wall Street continued into the afternoon session and towards the close
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Manhattan island from the Hudson river
  • Wall Street mixed into close

  • Dow Jones up nearly 100pts

  • FTSE 100 closes 67 lower at 7,393

US shares are still mixed going into the close, with the Dow Jones up almost 100 points.

Earlier in London, FTSE 100 closed over 67 points at 7,393.

The S&P 500 shed 1.04 at 2,626, while the tech heavy Nasdaq lost over 88 points at 6,823.

In Toronto, the TSX shed 0.49% to stand at 15,951.

In stocks, a notable mover was discount retailer Target Corp (NYSE:TGT), which surged almost 9% to US$61.68.

Also in retail, Macy's Inc (NSYE:M) added 8.21% to US$23.99.

Elsewhere, Marathon Patent Group Inc (NASDAQ: MARA) shares surged over 30% after dropping more than 40% on Tuesday.

The firm filed for sale of 1.85 million shares of common stock by selling stockholders.

MID-SESSION

The picture was mixed at mid-session on Wall Street, with the Dow Jones up over 77 to 23,913 but other benchmarks lower.

It comes as cryptocurrency Bitcoin smashed through the US$11,000 level after topping US$10,000 yesterday.

“There are no fundamentals or technicals that explain this other than it being a massive speculative bubble," said Neil Wilson, senior market analyst at ETX Capital.

On Wall Street, the broader based S&P 500 stock index is down 0.66 at 2,626, and the[ tech heavy Nasdaq is down almost 72 points at 6,840.

US crude is off 1.60% to US$57.07 a barrel, while the TSX in Toronto is down over 74 at 15,954.

OPEN

Wall Street shares rose in early deals on Wednesday, but the tech heavy Nasdaq index lost almost 26 points to 6,885.

The Dow Jones however, followed yesterday's pattern to surge almost 100 points at 23,937.

The S&P 500 index added almost six points to 2,633.

US crude was down, like yesterday, off 0.19% to US$57.89 a barrel.

In Toronto, the TSX is down almost 25 points to 16,004.

PREVIEW

New York’s headline benchmarks were seen in positive territory ahead of Wednesday’s open.

The Dow Jones is expected to start nearly 70 points higher, at 23,881, while the S&P 500 and the Nasdaq were both also above yesterday’s close.

It comes after the US Senate got closer to green-lighting Trump’s tax plan on Tuesday, with a floor vote now anticipated tomorrow.

Elsewhere, European Central Bank vice-president Vitor Constancio claimed US equity valuations are ‘overstretched’ and prices are “well-above historical averages" – he warned that the market could be facing a ‘sharp reversal’


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