Home » NEWS » Banking & Finance » US stock indexes edge higher in early trading; oil rising
A board above the trading floor of the New York Stock Exchange.

US stock indexes edge higher in early trading; oil rising

U.S. stock indexes edged higher in early trading Thursday, extending gains a day after the Dow Jones industrial average closed above 20,000 for the first time. Energy stocks rose more than the rest of the market as the price of crude oil headed higher. Investors had their eye on the latest crop of company earnings.

KEEPING SCORE: The Dow gained 35 points, or 0.2 percent, to 20,103 as of 10:08 a.m. Eastern Time. The Standard & Poor’s 500 index rose 2 points, or 0.1 percent, to 2,300. The Nasdaq composite index added 6 points, or 0.1 percent, to 5,663.

RECORD RUN: It’s been a record-making week on Wall Street. The S&P 500 index and Nasdaq composite closed at all-time highs on Tuesday and Wednesday. The Dow, which tracks 30 major industrial companies, added its own milestone Wednesday after it breached the 20,000 mark for the first time. The market is getting a boost from strong company earnings and investor optimism that the Trump administration’s policies on taxes, regulation and trade will be good for business.

FRESH COAT: Sherwin-Williams jumped 8.2 percent after paint maker reported quarterly earnings and revenue that easily beat analysts’ forecasts. The stock gained $23.34 to $306.76.

HEALTHY RESULTS: Biogen rose 4.1 percent after the company reported a bigger profit than expected, which bought it back to around breakeven this year. The stock added $11.26 to $284.50.

HOME SWEET HOME: PulteGroup gained 5 percent after the homebuilder reported that quarterly earnings and sales beat Wall Street’s estimates. The stock was up $1.02 to $21.47.

NO JOY: Mattel sank 13.4 percent after the toymaker reported a big slowdown in sales over the holidays. The stock was the biggest decliner in the S&P 500, sliding $4.23 to $27.33.

MARKETS OVERSEAS: Germany’s DAX was up 0.3 percent, while the CAC-40 in France was 0.1 percent lower. The FTSE 100 index of leading British shares was up 0.1 percent. Earlier in Asia, Japan’s Nikkei 225 surged 1.8 percent and South Korea’s Kospi gained 0.8 percent. Hong Kong’s Hang Seng index rose 1.4 percent. Markets in China, Hong Kong, South Korea and other Asian countries are about to begin holidays of varying lengths to mark the lunar new year, curtailing trading across much of the region.

OIL: Benchmark U.S. crude oil was up 99 cents, or 1.9 percent, at $53.72 per barrel in New York. Brent crude, used to price international oils, was up $1.17, or 2.1 percent, at $56.56. a barrel in London.

TREASURY YIELDS: Bond prices were little changed. The 10-year Treasury yield held steady at 2.52 percent.

CURRENCIES: The dollar rose to 114.26 yen from 113.60 on Wednesday. The euro fell to $1.0690 from $1.0743.


… we’d like to ask for your support. More people are reading the Mississippi Business Journal than ever before, but advertising revenues for all conventional media are falling fast. Unlike many, we do not use a pay wall, because we want to continue providing Mississippi’s most comprehensive business news each and every day. But that takes time, money and hard work. We do it because it is important to us … and equally important to you, if you value the flow of trustworthy news and information which have always kept America strong and free for more than 200 years.

If those who read our content will help fund it, we can continue to bring you the very best in news and information. Please consider joining us as a valued member, or if you prefer, make a one-time contribution.

Click for more info

About Associated Press

Leave a Reply