US close: Stocks finish higher after solid economic data

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  • Max:
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Stocks in the US finished higher on Wednesday after better-than-expected readings on the jobs market and the broader economy, as shares of Apple traded at record highs.

The Dow Jones Industrial Average finished up 0.12% at 21,892.43, while the S&P 500 was ahead 0.46% at 2,457.59 and the Nasdaq 100 added 1.21% to 5,932.90.

“Relief returned to markets on Wednesday after two-days of concern over North Korean missile threats and the huge damage inflicted on Texas by tropical storm Harvey,” was LCG analyst Jasper Lawler’s take on the situation.

On the macroeconomic side of things, hiring in the US kept up a steady pace in August, increasing by 237,000 according to payroll specialist ADP’s monthly tally, easily outpacing forecasts for a rise of 185,000.

Job creation was especially heavy among online retailers and distributors, according to Moody’s Analytics chief economist, Mark Zandy.

Shortly afterwards, the Commerce Department published revised second quarter data showing that gross domestic product expanded at an annualised pace of 3.0% over the three months to June, up from an advanced estimate of 2.6%.

Year-on-year, GDP was ahead by 2.2%.

On the Federal Reserve front, in a speech at the Large Bank Directors Conference in Chicago, Illinois, Governor Jerome Powell opted not to make any remarks on monetary policy.

Meanwhile, in corporate news, Apple was in the spotlight – and trading at fresh record highs – amid investor anticipation ahead of the expected launch of a new iPhone model in September.

Its stock finished ahead 0.27% at $165.35.

In parallel, United Technologies was reportedly on the hunt for a greater than $20bn tie-up with aircraft equipment manufacturer Rockwell Collins – it ended up 0.76%.

On a down note, stock in Barnes & Noble cratered 5.23% after the publisher posted a fiscal first quarter loss of 75 cents, dwarfing analysts’ estimates for 55 cents of red ink.

In tandem, shares of H&R Block were sharply lower, falling 8.28% after the company reported a wider-than-expected quarterly loss late on Tuesday.

Elsewhere, alcohol company Brown-Forman reported earnings per share for the first three months of its fiscal year of 46 cents, ahead of the 39 cents expected on the Street.

At $732m, revenues also topped analysts’ estimates, and shares ended the session ahead 3.79%.

Dow Jones – Risers

Cisco Systems Inc. (CSCO) $31.99 1.62%
Caterpillar Inc. (CAT) $117.55 1.33%
Microsoft Corp. (MSFT) $74.01 1.31%
E.I. du Pont de Nemours and Co. (DD) $83.19 1.16%
Goldman Sachs Group Inc. (GS) $222.42 1.12%
United Technologies Corp. (UTX) $119.60 0.76%
Intel Corp. (INTC) $34.89 0.46%
3M Co. (MMM) $203.64 0.38%
American Express Co. (AXP) $85.69 0.32%
Walt Disney Co. (DIS) $102.87 0.29%

Dow Jones – Fallers

Travelers Company Inc. (TRV) $121.81 -0.98%
Johnson & Johnson (JNJ) $131.07 -0.86%
Verizon Communications Inc. (VZ) $48.12 -0.80%
General Electric Co. (GE) $24.26 -0.65%
Procter & Gamble Co. (PG) $91.87 -0.49%
Exxon Mobil Corp. (XOM) $76.08 -0.46%
Unitedhealth Group Inc. (UNH) $195.84 -0.43%
International Business Machines Corp. (IBM) $142.55 -0.41%
Nike Inc. (NKE) $52.56 -0.32%
Wal-Mart Stores Inc. (WMT) $78.54 -0.29%

S&P 500 – Risers

Gilead Sciences Inc. (GILD) $81.23 7.25%
Martin Marietta Mtrl (MLM) $213.80 5.41%
Analog Devices Inc. (ADI) $83.72 5.24%
Vulcan Materials Co. (VMC) $121.86 4.60%
AutoNation Inc. (AN) $43.51 4.09%
Carmax Inc. (KMX) $65.99 3.82%
Brown Forman Corp. Class B (BF.B) $53.14 3.79%
Qorvo, Inc. (QRVO) $73.12 3.78%
United Rentals Inc. (URI) $119.19 3.70%
Netflix Inc. (NFLX) $174.69 3.48%

S&P 500 – Fallers

H&R Block Inc. (HRB) $26.80 -8.28%
Freeport-McMoRan Inc (FCX) $14.56 -4.27%
Southwestern Energy Co. (SWN) $5.30 -2.57%
Tenet Healthcare Corp. (THC) $17.23 -2.33%
Urban Outfitters Inc. (URBN) $20.29 -2.31%
Progressive Corp. (PGR) $46.56 -2.23%
Endo International Plc (ENDP) $8.55 -1.95%
Navient Corporation (NAVI) $13.28 -1.78%
Dominion Energy Inc. (D) $78.82 -1.77%
Transocean Ltd. (RIG) $8.10 -1.58%

Nasdaq 100 – Risers

Incyte Corp. (INCY) $138.27 10.64%
Gilead Sciences Inc. (GILD) $81.23 7.25%
Biomarin Pharmaceutical Inc. (BMRN) $87.62 5.63%
Analog Devices Inc. (ADI) $83.72 5.24%
NetEase Inc. Ads (NTES) $275.57 3.93%
Netflix Inc. (NFLX) $174.69 3.48%
Activision Blizzard Inc. (ATVI) $65.68 3.47%
Biogen Inc (BIIB) $303.61 3.46%
Marriott International – Class A (MAR) $103.64 3.40%
Applied Materials Inc. (AMAT) $45.47 3.29%

Nasdaq 100 – Fallers

Discovery Communications Inc. Class C (DISCK) $20.85 -1.56%
Discovery Communications Inc. Class A (DISCA) $22.19 -1.16%
Dish Network Corp. (DISH) $57.20 -0.99%
Mondelez International Inc. (MDLZ) $41.63 -0.62%
American Airlines Group (AAL) $44.32 -0.54%
Viacom Inc. Class B (VIAB) $29.13 -0.51%
Ross Stores Inc. (ROST) $58.43 -0.44%
Expedia Inc. (EXPE) $143.44 -0.38%
J.B. Hunt Transport Services Inc. (JBHT) $99.78 -0.28%
Dentsply International Inc. (XRAY) $55.67 -0.05%

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