econintersect.com
       
  

FREE NEWSLETTER: Econintersect sends a nightly newsletter highlighting news events of the day, and providing a summary of new articles posted on the website. Econintersect will not sell or pass your email address to others per our privacy policy. You can cancel this subscription at any time by selecting the unsubscribing link in the footer of each email.



posted on 10 February 2017

Investing.com Weekly Wrap-Up 10 February 2017

Written by , Investing.com

U.S. stocks higher at close of trade; Dow Jones Industrial Average up 0.48%

U.S. stocks were higher after the close on Friday, as gains in the Basic Materials, Oil & Gas and Utilities sectors led shares higher.

At the close in NYSE, the Dow Jones Industrial Average gained 0.48% to hit a new all time high, while the S&P 500 index added 0.36%, and the NASDAQ Composite index added 0.33%.

The best performers of the session on the Dow Jones Industrial Average were Caterpillar Inc (NYSE:CAT), which rose 2.50% or 2.35 points to trade at 96.31 at the close. Meanwhile, Nike Inc (NYSE:NKE) added 1.65% or 0.91 points to end at 56.22 and Boeing Co (NYSE:BA) was up 1.19% or 1.95 points to 166.23 in late trade.

The worst performers of the session were Coca-Cola Company (NYSE:KO), which fell 1.62% or 0.67 points to trade at 40.58 at the close. Wal-Mart Stores Inc (NYSE:WMT) declined 1.53% or 1.06 points to end at 68.02 and Procter & Gamble Company (NYSE:PG) was down 0.79% or 0.70 points to 87.97.

The top performers on the S&P 500 were Activision Blizzard Inc (NASDAQ:ATVI) which rose 18.88% to 47.23, CBRE Group Inc (NYSE:CBG) which was up 7.70% to settle at 34.00 and News Corp A (NASDAQ:NWSA) which gained 7.26% to close at 13.29.

The worst performers were Cerner Corporation (NASDAQ:CERN) which was down 4.42% to 51.50 in late trade, Envision Healthcare Corp (NYSE:EVHC) which lost 3.43% to settle at 68.44 and Teradata Corporation (NYSE:TDC) which was down 3.24% to 31.68 at the close.

The top performers on the NASDAQ Composite were KBS Fashion Group Ltd (NASDAQ:KBSF) which rose 175.19% to 10.8700, Plug Power Inc (NASDAQ:PLUG) which was up 38.82% to settle at 1.180 and Sierra Wireless Inc (NASDAQ:SWIR) which gained 31.10% to close at 24.45.

The worst performers were Biostage Inc (NASDAQ:BSTG) which was down 40.27% to 0.300 in late trade, Wins Finance Holdings Inc (NASDAQ:WINS) which lost 22.84% to settle at 297.00 and iPass Inc (NASDAQ:IPAS) which was down 21.25% to 1.2600 at the close.

Rising stocks outnumbered declining ones on the New York Stock Exchange by 2286 to 933 and 45 ended unchanged; on the Nasdaq Stock Exchange, 1652 rose and 834 declined, while 146 ended unchanged.

Shares in Activision Blizzard Inc (NASDAQ:ATVI) rose to all time highs; rising 18.88% or 7.50 to 47.23. Shares in CBRE Group Inc (NYSE:CBG) rose to 52-week highs; rising 7.70% or 2.43 to 34.00. Shares in KBS Fashion Group Ltd (NASDAQ:KBSF) rose to 3-years highs; gaining 175.19% or 6.9200 to 10.8700. Shares in Biostage Inc (NASDAQ:BSTG) fell to all time lows; down 40.27% or 0.203 to 0.300. Shares in Sierra Wireless Inc (NASDAQ:SWIR) rose to 52-week highs; up 31.10% or 5.80 to 24.45.

The CBOE Volatility Index, which measures the implied volatility of S&P 500 options, was down 0.46% to 10.83.

Gold Futures for April delivery was down 0.15% or 1.80 to $1235.00 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in March rose 1.49% or 0.79 to hit $53.79 a barrel, while the April Brent oil contract rose 1.83% or 1.02 to trade at $56.65 a barrel.

EUR/USD was down 0.23% to 1.0634, while USD/JPY rose 0.10% to 113.36.

The US Dollar Index Futures was up 0.11% at 100.77.

Read additional news from Reuters at Investing.com.

Forex

The dollar remained broadly higher against other major currencies on Friday, despite the release of disappointing U.S. consumer sentiment dats, as recent comments by U.S. President Donald Trump continued to lend support.

EUR/USD slid 0.30% to a fresh two-week low of 1.0627.

In a preliminary report, the University of Michigan said its consumer sentiment index fell to 95.7 in February from 98.5 the previous month, compared to expectations for a slip to 97.9.

But the dollar remained supported after U.S. President Donald Trump said on Thursday that he would announce the most ambitious tax reform plan since the Reagan era in the next few weeks.

During a meeting with airline CEOs on Thursday, Trump promised a “phenomenal" tax plan, without giving any specific details of the plan.

Meanwhile, sentiment on the euro was still fragile amid concerns over the possibility of a Brexit or Trump-style shock result in France’s upcoming presidential election.

Worries over elections in the Netherlands, Germany and possibly Italy, as well as the ongoing row over Greece's bailout added to concerns over political risk in the euro area.

Elsewhere, GBP/USD fell 0.22% to 1.2469.

The pound shrugged off an earlier report by the U.K. Office for National Statistics showing that manufacturing production rose 2.1% in December, beating expectations for a 0.5% gain. Year-on-year, manufacturing production increased by 4.0% in December.

The report also showed that industrial production rose 1.1% in December, more than the expected 0.2% gain.

Data also showed that the U.K. trade deficit narrowed to £10.89 billion in December from a revised £11.56 billion in November.

USD/JPY added 0.27% to 113.55, the highest since February 1, while USD/CHF gained 0.30% to 1.0047.

Japanese Prime Minister Shinzo Abe and Trump were set to hold a two-day summit in the U.S., starting on Friday. Trade and currency issues were expected to be in the spotlight.

The Australian and New Zealand dollars were higher, with AUD/USD up 0.60% at 0.7669 and with NZD/USD adding 0.13% to 0.7196.

The two currencies were helped by earlier data showing that China’s imports climbed by an annualized rate of 16.7% in January, while exports rose 7.9%.

China is Australia’s biggest export partner and New Zealand’s second biggest export partner.

Meanwhile, USD/CAD dropped 0.54% to trade at 1.3074.

The loonie was boosted after Statistics Canada reported that the number of employed people rose by 48,300 in January, confounding expectations for a 5,000 decline.

The report also showed that Canada’s unemployment rate ticked down to 6.8% last month from 6.9% in December. Analysts had expected an unchanged reading in January.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.11% at a two-week high of 100.77.

CTFC Commitment of Traders

This week saw very minor changes in speculative positions.

Note: This data is for the week ending on Tuesday so the last three days of trading are not reflected.

cot.2017.feb.08

Gold (Early Friday AM report)

Gold prices tumbled on Friday, as the U.S. dollar remained broadly supported following recent comments by U.S. President Donald Trump on tax reform and an upbeat jobless claims report added to optimism over the strength of the U.S. economy.

On the Comex division of the New York Mercantile Exchange, gold futures for April delivery were down 1.12% at $1,223.00, the lowest since February 6.

The April contract ended Thursday’s session 0.22% lower at $1,236.80 an ounce.

Futures were likely to find support at $1,206.20, the low of February 3 and resistance at $1,243.50, Thursday’s high.

The dollar strengthened after U.S. President Donald Trump said on Thursday that he would announce the most ambitious tax reform plan since the Reagan era in the next few weeks.

During a meeting with airline CEOs on Thursday, Trump promised a “phenomenal" tax plan, without giving any specific details of the plan.

The comments came after the U.S. Department of Labor said initial jobless claimsdecreased by 12,000 to 234,000 in the week ending February 4. Analysts had expected jobless claims to rise by 4,000.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was steady at 100.69, just off a two-week high of 100.75 hit overnight.

Elsewhere in metals trading, silver futures for March delivery lost 1.01% to $17.562 a troy ounce, while copper futures for March delivery gained 0.77% to $2.675 a pound.

Copper prices remained under pressure however, as workers at the Escondida copper mine in Chile, the largest in the world, launched a strike on Thursday.

The workers union has warned that the strike could be lengthy, potentially affecting global supplies.

Chile is the world’s biggest producer of the red metal, providing almost a third of the world's supply.

Editor's note: Gold recovered in afternoon trading in New York to end the week at $1,235, down $1.80 (-0.15%) from Thursday's close.

Oil

Crude prices rallied in the U.S. on Friday as the International Energy Agency said global supply and demand is falling into balance.

On the New York Mercantile Exchange crude for March delivery rose 1.62% to settle at $53.86 a barrel, while on London's Intercontinental Exchange, Brent gained 1.92% to $55.70 a barrel.

Global oil output dropped 1.5 million barrels per day (bpd) in January, the International Energy Agency (IEA) said on Friday, putting supply and demand on a path to balance later in this year after a major glut of crude on the markiet for nearly two years.

Key to the drop was a coordinated pledge by OPEC and non-OPEC nations led by Russia to trim nearly 1.8 million bpd on averag in the first six months of this year with compliance a touch over 90% in January, led by the world top exporter Saudi Arabia, IEA said. the Paris-based IEA further said.

"Some producers, notably Saudi Arabia, (are) appearing to cut by more than required. This first cut is certainly one of the deepest in the history of OPEC output cut initiatives."

If the January level of compliance is maintained, IEA said, output reductions combined with strong demand growth should help ease the record stocks overhang in the next six months by around 600,000 bpd.

Elsewhere, oil rigs at work in the U.S. rose by 8 to 591 by the end of last week, according to oilfield services firm Baker Hughes, marking the most since the week of Oct. 23, 2015 when the count stood at 594.

The number of gas-only rigs rose 4 to 149, bringing active oil and gas rigs to 741, up by 12.

Natural Gas (Thursday Report)

U.S. natural gas futures were higher on Thursday, albeit off the best levels of the session after data showed that natural gas supplies in storage in the U.S. fell broadly in line with expectations last week.

Natural gas for March delivery on the New York Mercantile Exchange rose 0.9 cents, or around 0.3%, to $3.138 per million British thermal units by 10:40AM ET (15:40GMT). Futures were at around $3.171 prior to the release of the supply data.

The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. declined by 152 billion cubic feet in the week ended February 3, compared to market expectations for a drop of 153 billion cubic feet.

That compared with a withdrawal of 87 billion cubic feet in the preceding week, 70 billion a year earlier and a five-year average drop of 138 billion cubic feet.

Total natural gas in storage currently stands at 2.559 trillion cubic feet, according to the U.S. Energy Information Administration, 11.3% lower than levels at this time a year ago and 1.8% above the five-year average for this time of year.

Prices of the heating fuel are down around 17% so far this year as forecasts for warm winter weather weighed on heating demand expectations.

Natural gas markets have been volatile in recent weeks, changing course rapidly in response to shifting outlooks in short-term weather patterns.

About half of U.S. homes use natural gas for heating.

>>>>> Scroll down to view and make comments <<<<<<

Click here for Historical Investing Post Listing










Make a Comment

Econintersect wants your comments, data and opinion on the articles posted. You can also comment using Facebook directly using he comment block below.




Econintersect Investing


search_box

Print this page or create a PDF file of this page
Print Friendly and PDF


The growing use of ad blocking software is creating a shortfall in covering our fixed expenses. Please consider a donation to Econintersect to allow continuing output of quality and balanced financial and economic news and analysis.


Take a look at what is going on inside of Econintersect.com
Main Home
Analysis Blog
Slow Economic Growth Will Be Around For A Long Time
The Job Guarantee, Wage-Price Inflation And Alternative Solutions: Part 2
News Blog
U.S. Top Source Of DDoS Attacks In Q4 2016
How Artificial Intelligence And The Robotic Revolution Will Change The Workplace Of Tomorrow
Amazon's Alexa Is A Fast Learner
What We Read Today 26 March 2017
NASA's Plan To Use A Giant Magnet To Make Mars Habitable
Mexico Faces Cloudy 2017 Outlook, Recent Data Mixed
Money Market Funds And The New SEC Regulation
Life Cycle Hypothesis
How Tight Is The U.S. Labor Market?
Infographic Of The Day: President Trump's Budget Would Make Big Cuts To Agencies Which Focus On Science
Early Headlines: GW Will Increase Rainfall, New Ohio Law Inhibits Wind Farms, Break Up California?, EU C Emissions At 22-Yr Low, Mosul Offensive Suspended, And More
The Cynical Game
Earnings And Economic Reports: Week Starting 06 June 201627 March 2017
Investing Blog
Earnings: A Lot Less Than Meets The Eye
The Week Ahead: Does The Demise Of The Health Care Bill Mean Anything For Stocks?
Opinion Blog
Fade To Black
Robots, Aliens, Corporate Drones - Who Will Be The Citizens Of The Future?
Precious Metals Blog
These Gold Stocks Will Produce Much Bigger Gains Than Gold Itself
Live Markets
24Mar2017 Market Close: Trumpcare Collapses But Little Affect On The Markets
Amazon Books & More






.... and keep up with economic news using our dynamic economic newspapers with the largest international coverage on the internet
Asia / Pacific
Europe
Middle East / Africa
Americas
USA Government































 navigate econintersect.com

Blogs

Analysis Blog
News Blog
Investing Blog
Opinion Blog
Precious Metals Blog
Markets Blog
Video of the Day
Weather

Newspapers

Asia / Pacific
Europe
Middle East / Africa
Americas
USA Government
     

RSS Feeds / Social Media

Combined Econintersect Feed
Google+
Facebook
Twitter
Digg

Free Newsletter

Marketplace - Books & More

Economic Forecast

Content Contribution

Contact

About

  Top Economics Site

Investing.com Contributor TalkMarkets Contributor Finance Blogs Free PageRank Checker Active Search Results Google+

This Web Page by Steven Hansen ---- Copyright 2010 - 2017 Econintersect LLC - all rights reserved