Monday, 20 August, 2018

Turkey woes see Wall Street end week on sour note

Traders work on the floor of the NYSE in New York Traders work on the floor of the New York Stock Exchange in New York U.S
Orlando Vargas | 12 August, 2018, 21:43

Investors are more comfortable with FAANG stocks and technology as far as valuations go, and these stocks have higher margins", Tom White, chief market strategist at TradeWise Advisors, in Chicago, Illinois, told Reuters.

On Wall Street, the benchmark S&P 500 index rose modestly and remained less than half a percentage point from breaching an all-time high that was set in January.

The S&P 500 is up 179.97 points, or 6.7 percent.

The dollar rose against most major currencies as investors bet global trade tensions and a robust USA economy would continue to support the currency.

The Dow slid 149.44 points, or 0.6 percent.

The number of Americans filing for unemployment benefits unexpectedly fell last week, suggesting that a strong economy was helping the labor market.

The Dow Jones Industrial Average closed at 25,313.14 on Friday with a loss of -196.09 points or -0.77%. The S&P financial index was down 0.6 per cent.

NASA Parker Solar Probe launches on mission to high-five the sun
Seven Venus flybys are planned over the seven-year mission to fine-tune the trajectory, setting up the close-in aim points. At a press conference last week, Parker said of his namesake mission: "I expect to find some surprises".


Judge Orders Plane Carrying Deported Mother And Child Turned Around
As the Post reports , Judge Sullivan ordered the government to "turn the plane around". The Justice Department declined a request for comment, the Post reported.


Bairstow departs but England lead past 200
Chris Woakes celebrates his first Test century, the all-rounder ended the day on 120 not out . England bowled India all out for 107 in its first innings on a rain-interrupted second day.


Oil prices were down slightly as the escalating China-U.S. trade dispute cast doubt on the outlook for crude demand.

The energy sector was the biggest loser, dragged down by Occidental Petroleum, the largest Permian producer, which boosted its capital expenditure. Nasdaq Composite futures have dropped 0.6%.

Intel dropped 2.4 percent in premarket trading after Goldman Sachs downgraded the stock.

Shares of trade-sensitive companies declined, with Boeing, 3M and Caterpillar down between 2.3 percent and 4 percent.

Brent crude futures fell 8 cents to $72.20 a barrel and USA crude futures were down 2 cents at $66.92 a barrel.

Chip stocks fell after Morgan Stanley downgraded the United States semiconductor industry. Micron also fell 1.8 percent. Tech stocks have been at the center of a sharp recovery in the S&P since a market rout in February, driving the index close to its record high.

Declining issues outnumbered advancing ones on the NYSE by a 2.12-to-1 ratio; on Nasdaq, a 1.47-to-1 ratio favored decliners.

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