Written by Investing.com Staff, Investing.com
U.S. stocks higher at close of trade; Dow Jones Industrial Average up 1.15%
U.S. stocks were higher after the close on Friday, as gains in the Technology, Consumer Services and Healthcare sectors led shares higher.
At the close in NYSE, the Dow Jones Industrial Average rose 1.15%, while the S&P 500 index added 1.42%, and the NASDAQ Composite index gained 2.29%.
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The best performers of the session on the Dow Jones Industrial Average were Visa Inc (NYSE:V), which rose 4.73% or 6.33 points to trade at 140.06 at the close. Meanwhile, Walgreens Boots Alliance Inc (NASDAQ:WBA) added 3.67% or 2.60 points to end at 73.50 and Cisco Systems Inc (NASDAQ:CSCO) was up 3.60% or 1.59 points to 45.71 in late trade.
The worst performers of the session were JPMorgan Chase & Co (NYSE:JPM), which fell 1.09% or 1.18 points to trade at 106.95 at the close. The Travelers Companies Inc (NYSE:TRV) declined 0.53% or 0.66 points to end at 123.65 and Chevron Corp (NYSE:CVX) was down 0.56% or 0.66 points to 117.77.
The top performers on the S&P 500 were Netflix Inc (NASDAQ:NFLX) which rose 5.75% to 339.56, Autodesk Inc (NASDAQ:ADSK) which was up 5.57% to settle at 138.18 and Intuit Inc (NASDAQ:INTU) which gained 5.55% to close at 211.82.
The worst performers were PNC Financial Services Group Inc (NYSE:PNC) which was down 5.58% to 124.26 in late trade, Freeport-McMoran Copper & Gold Inc (NYSE:FCX) which lost 3.34% to settle at 12.74 and Signet Jewelers Ltd (NYSE:SIG) which was down 3.20% to 58.03 at the close.
The top performers on the NASDAQ Composite were Corium International Inc (NASDAQ:CORI) which rose 52.83% to 12.700, Auris Medical Holding AG (NASDAQ:EARS) which was up 44.12% to settle at 0.980 and Youngevity International Inc (NASDAQ:YGYI) which gained 40.74% to close at 13.300.
The worst performers were Immune Design Corp (NASDAQ:IMDZ) which was down 33.69% to 1.85 in late trade, Intellipharmaceutics International Inc (NASDAQ:IPCI) which lost 21.00% to settle at 0.640 and Kelly Services B Inc (NASDAQ:KELYB) which was down 20.00% to 17.600 at the close.
Rising stocks outnumbered declining ones on the New York Stock Exchange by 1759 to 1326 and 70 ended unchanged; on the Nasdaq Stock Exchange, 1555 rose and 1074 declined, while 91 ended unchanged.
Shares in PNC Financial Services Group Inc (NYSE:PNC) fell to 52-week lows; losing 5.58% or 7.35 to 124.26. Shares in Freeport-McMoran Copper & Gold Inc (NYSE:FCX) fell to 52-week lows; down 3.34% or 0.44 to 12.74. Shares in Immune Design Corp (NASDAQ:IMDZ) fell to all time lows; down 33.69% or 0.94 to 1.85. Shares in Intellipharmaceutics International Inc (NASDAQ:IPCI) fell to all time lows; losing 21.00% or 0.170 to 0.640. Shares in Youngevity International Inc (NASDAQ:YGYI) rose to 5-year highs; up 40.74% or 3.850 to 13.300.
The CBOE Volatility Index, which measures the implied volatility of S&P 500 options, was down 13.83% to 21.31.
Gold Futures for December delivery was down 0.53% or 6.50 to $1221.10 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in November rose 0.77% or 0.55 to hit $71.52 a barrel, while the December Brent oil contract rose 0.34% or 0.27 to trade at $80.53 a barrel.
EUR/USD was down 0.31% to 1.1557, while USD/JPY rose 0.03% to 112.20.
The US Dollar Index Futures was up 0.27% at 94.95.
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The dollar found its footing against its rivals Friday on firmer U.S. import data and weakness in the euro and sterling.
The U.S. dollar index, which measures the greenback against a trade-weighted basket of six major currencies, rose by 0.29% to 94.96.
The cost of goods imported into the U.S., as measured by the import price index, rose0.5% last month, exceeding economists’ forecasts for a 0.2% increased. That was the first increase in four months, driven by a rise in energy prices.
The rise in greenback, however, appeared too little too late as it remained on track for a weekly loss after ceding ground against sterling and the euro.
GBP/USD fell 0.60% to $1.3154, while EUR/USD fell 0.234% to $1.1553, But both pairs remained on track for a weekly gain amid rising investor hopes that the U.K. and European Union will reach an agreement on a Brexit deal as soon as next week.
A rebound in global markets, meanwhile, failed to tempt traders to abandon their safe-haven holdings of yen, as analysts warned Friday’s bounce in global markets may turn out to be nothing more than a relief rally.
USD/JPY fell 0.11% to Y112.04 and remained on track for the biggest weekly loss since February.
USD/CAD rose 0.06% to C$1.3041 as oil prices were set for a timid end to the week following a steep decline on Thursday.
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Gold eased Friday on light profit-taking, a day after achieving its biggest one-day rally in two years. But support remained solid above the $1,200 level from safe-haven demand triggered by the recent weakness on Wall Street and spike in Treasury yields. George Gero, analyst at the RBC Wealth Management in New York, said, referring to gold’s ability to stay above the $1,200 level despite a series of rate hikes planned by the U.S. Federal Reserve:
“My 35 years on the floor have seen all this before. Traders will look for headlines, both political and economic, for further moves as technically we need $1,235-$1,250 prices for calls to be active, or $1,180 or lower for puts to be active at next options expiration.”
Both spot and futures prices of bullion jumped about 3% on Thursday, hitting two-month highs and gaining the most since June 2016, as slowing global growth and trade tensions combined to drive more investors away from risk.
But the snap back on Wall Street and globally on bargain hunting, as well as cashing out by some gold investors after this week’s gains, brought bullion off its highs. A stronger dollar also weighed on gold.
Gold futures for December delivery settled down 0.5%, or $5.60, at $1,222 a troy ounce on the COMEX division of the New York Mercantile Exchange. For the week, the contract was up 1.7% for its largest weekly advance in almost two months.
The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, increased by 0.26% to 94.94.
In other precious metals trading on COMEX, silver futures rose 0.1% to $14.62 a troy ounce, platinum futures decreased 0.64% to $841.20 and palladium futures fell 1.32% to $1,061 an ounce.
Among base metals, COMEX copper futures rose 0.11% to $2.806 a pound.
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Oil prices rebounded Friday from the previous day’s rout, but still logged their biggest weekly loss since the second quarter after data showed U.S. drillers ramping up output, even as a second global energy agency said the market was adequately supplied.
A weekly reading on the U.S. oil rig count rose by eight, the first such climb in four weeks, which signaled the U.S. shale crude industry was intensifying drilling with prices near four-year highs. Shale drillers were largely responsible for the 2014-2017 crude glut.
The Paris-based IEA, which watches over the interest of Western crude importers said in its monthly report that oil markets looked “adequately supplied for now” after a big production increase in the last six months. But it added that the spare capacity of oil producers to deal with emergencies were down to just 2% of global demand.
The IEA’s remarks came a day after Vienna-based OPEC, which groups some of oil’s biggest exporters, slashed its own demand growth forecast for this year by 800,000 barrels per day to 1.54 million bpd, citing headwinds to the global economy. OPEC even suggested there could be another oil glut by 2019 if output continued rising.
That warning, along with a global rout in equities and a surprisingly large weekly build in U.S. crude stockpiles, hammered oil prices down by 3% on Thursday.
The IEA’s follow-up caution on Friday saw mixed reactions from oil traders and analysts who had been preparing for crude to go to $100 a barrel after U.S. sanctions against Iran oil exports begin in November. Agreeing in principle with the IEA’s outlook, Scott Shelton, an energy broker at ICAP (LON:NXGN) in Durham, N.C., said:
“I see the bearish story coming in the next six months, but think we will get a rally first. The focus remains on global macro for now.”
But Phil Flynn, analyst at the Price Futures Group in Chicago, said the IEA was “famous for underestimating demand” and was back in that role to push prices lower when higher investments were required in oil. Flynn said:
“Their underestimation probably helped lead us to where we are today. Is it any wonder why global spare production capacity is at an all-time low?”
US West Texas Intermediate (WTI) crude settled up 53 cents, or 0.7%, at $71.34 a barrel on the day. For the week it fell 4%, the sharpest slide since the week to May 20.
London-traded Brent crude, the benchmark outside the U.S., was up 16 cents, or 0.2%, at $80.42 by 2:42 PM ET (18:42 GMT). It fell 4.4% on the week, the biggest drop since the week to April 1.
The weekly corrections aside, Brent remained up 20% on the year and WTI 18%.
On other U.S. energy markets, RBOB gasoline rose 0.6% to $1.9432 a gallon, while heating oil, a proxy for distillates and diesel, fell 0.4% to $2.3224 a gallon. Natural gas futures fell 2% to $3.16 per million British thermal units.
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- How Oil Prices Impact the U.S. Economy (Investopedia)
Natural Gas (VXEmpire)
Natural gas markets tried to rally during the week, but you can see we gave up quite a bit of gains. Beyond that, we had formed a couple of shooting stars on the daily chart, so it’s very obvious that the market is way over bought, and I think it’s only a matter of time before we start to see this market pull back. I suspect that longer-term traders have gotten a bit frustrated with this market, because it had been so massively consolidated. However, I think that we may have just hit the high in the short term, and I think that we may get a couple of negative candle sticks on the weekly chart from here. I would probably use the daily charts though, because quite frankly we have such a huge candle stick that had formed for the weekly chart.
I think at this point, the market probably will try to find support at $3.10, and then possibly the $3.00 level. That has been an explosive move, and it would make sense that we would need to retrace this type of explosion. At this point, I think that the market will continue to see certain amount of underlying demand, but I think part of this may have been due to fears about what damage hurricane conditions in the Gulf of Mexico may have done. Ultimately, we have colder temperatures coming as well so that might have been a bit of front running. We have gotten way ahead of ourselves though, so a pullback makes complete sense.
