Thursday, 13 December, 2018


Tech stocks take Nasdaq, S&P close to record

Dow down 200 emerging markets crashing on US-Turkey geopolitical concerns Andrew Kelly Reuters
Conrad Doyle | 12 August, 2018, 21:44

The tech-heavy index was up 0.33 percent at 7,914.22, a quarter of a percent away from hitting an all-time high.

The S&P index recorded 24 new 52-week highs and 2 new lows, while the Nasdaq recorded 66 new highs and 40 new lows.

US stock-index benchmarks slumped to start Friday trade, tracking a global equity retreat fueled by a mounting currency crisis in Turkey, which raised the alarm for possible contagion into other markets.

The Dow slid 149.44 points, or 0.6 per cent.

The VIX Volatility Index was higher at 13.20 for a gain of 1.93 points or 17.13%.

S&P 500 e-minis were down 12.75 points, or 0.45 percent and Nasdaq 100 e-minis were down 40.25 points, or 0.54 percent.

Leading sector declines was the S&P energy index, which fell 0.9 per cent. Occidental Petroleum fell 4.2 per cent after it maintained a tepid production forecast for the year.

The Nasdaq is up 79.77 points, or 1 per cent.

Bank shares led the way lower in the U.S.as Bank of America, Goldman Sachs and Morgan Stanley all dropped at least 1 percent.

Citigroup, the most global of the major US banks, fell 2.4 per cent. JPMorgan, Wells Fargo and Bank of America were also lower.

United States stocks were set to open slightly higher on Thursday, with the S&P 500 aiming at a fresh record as strong earnings helped weather the impact of trade tensions.

Tesla Inc's shares also fell to a two-day low and wiped out all the gains fuelled by Chief Executive Elon Musk's recent tweet announcing a plan to take the company private.

Declining issues outnumbered advancing ones on the NYSE by a 2.10-to-1 ratio; on Nasdaq, a 1.51-to-1 ratio favoured decliners.

"We have been in a tug of war between broadly positive economic conditions and the uncertainty of trade risk", said Bill Northey, senior vice president at U.S. Bank Wealth Management in Helena, Montana. That compares with the 6.3 billion daily average for the past 20 trading days, according to Thomson Reuters data.

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