US stocks veer higher in morning trading; oil heads lower
Tuesday 08 August, 2017 09:56:22 pm
Dhaka, Aug 8 (AP/UNB)- U.S. stock indexes turned higher in morning trading Tuesday, rebounding after an early slide. Banks and technology stocks were among the big gainers, offsetting losses among health care and consumer-focused companies. Crude oil prices headed lower.
KEEPING SCORE: The Standard & Poor's 500 index rose 4 points, or 0.2 percent, to 2,485 as of 11:17 a.m. Eastern time. The Dow Jones industrial average gained 37 points, or 0.2 percent, to 22,155. The Nasdaq composite added 13 points, or 0.2 percent, to 6,397. The Russell 2000 index of smaller-company stocks picked up 8 points, or 0.6 percent, to 1,422.
LOOKING GOOD: Michael Kors climbed 19.6 percent after the luxury handbag and apparel designer and retailer's latest quarterly results beat analysts' forecasts as sales improved. The stock gained $7.28 to $44.51.
FASHIONABLE RESULTS: Investors cheered Ralph Lauren's latest quarterly results, sending the designer clothing company's shares up $7.62, or 9.8 percent, to $85.77.
BANK ON THIS: LendingClub surged 9.3 percent after the peer-to-peer lender's second-quarter earnings exceeded financial analysts' forecasts. The stock gained 51 cents to $5.97.
NO ALARM: Envision Healthcare was up 4.3 percent after the ambulatory surgery center company said it will sell its medical transportation business to KKR. The stock added $2.39 to $57.44.
IN A SKID: Avis Budget Group slumped 6.4 percent after the car rental company cut its guidance following a weak second quarter. The stock fell $2.13 to $31.26.
FLOUNDERING: SeaWorld Entertainment slid 4.3 percent after the theme park operator reported second-quarter revenue that fell short of Wall Street's expectations. The stock fell 59 cents to $13.02.
OIL: Benchmark U.S. crude fell 19 cents to $49.20 a barrel on the New York Mercantile Exchange. It fell 19 cents, or 0.4 percent, to $49.39 per barrel Monday in New York. Brent crude, the international standard, added 3 cents to $52.40 a barrel in London.
CURRENCIES: The U.S. dollar rose to 110.73 yen from 110.72 yen late Monday. The euro weakened to $1.1746 from $1.1793.
BONDS: Bond prices fell. The yield on the 10-year Treasury note rose to 2.28 percent from 2.26 percent late Monday.
MARKETS ABROAD: In Europe, Germany's DAX rose 0.4 percent, while France's CAC 40 added 0.3 percent. Britain's FTSE 100 added 0.2 percent. In Asia, markets were mostly lower after disappointing Chinese trade data. Japan's Nikkei 225 slipped 0.3 percent, while Australia's S&P/ASX 200 lost 0.5 percent. South Korea's Kospi fell 0.2 percent. Hong Kong's Hang Seng added 0.6 percent.