S&P 500 gains with energy, tech but ends near day's low

Virginia Carson
November 23, 2018

USA stocks recovered from a brutal two-day selloff on Wednesday, as strong earnings from Foot Locker and gains in technology stocks lifted investor sentiment ahead of the Thanksgiving holiday.

Sentiment soured on FAANG stocks after investors digested a Wall Street Journal report that Apple (NASDAQ:AAPL) was considering cutting production as demand for its newest slate of phones was not as strong as the company had hoped.

Despite the rally, which includes retail, energy and industrial companies as well as tech and internet stocks, the S&P 500 is down about 2.5 percent so far this week. Eastern time. The Dow Jones Industrial Average sank 428 points, or 1.7 percent, to 24,984. The large-company stock index, considered a proxy for the health of the broader market, briefly dipped 10 percent below its September 20 high, putting it back in so-called "correction territory".

Benchmark 10-year notes last fell 5/32 in price to yield 3.0664 percent, from 3.048 percent late on Tuesday. The Dow fell 395.78 points, or 1.6%, to 25,017.44.

Apple sank 4.8 percent Tuesday.

Retailers also bounced back, with the S&P retail index on track to break an eight-session string of losses, as Foot Locker Inc surged 14.8 percent after the footwear retailer's quarterly same-store sales trumped expectations and boosted other sports retailers. The Nasdaq composite rose 80 points, or 1.1 percent, to 6,988.

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The Nasdaq is up 68.86 points, or 1 percent.

Target fell 10.52 percent after reporting weaker-than-expected earnings for the third quarter.

PG&E stock fell 4.8 percent to $23.21. Devon Energy lost 7.4 percent.

Target skidded 10.2 percent to $69.27 after it said its growing investments in its online business and in stores are bringing in shoppers, but are affecting its profits.

Alec Young, managing director of global markets research at FTSE Russell, said the market has tumbled this autumn because growth in the global economy and in company profits is slowing down, and investors are anxious that the situation will get worse.

Benchmark U.S. crude reversed an early loss and rose 0.5% to $56.76 a barrel in NY.

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OVERSEAS: Germany's DAX and Britain's FTSE 100 both rose 1 per cent. Amazon's were off by 2.3 percent.

Exxon Mobil jumped 1.7 percent to $78.31 and Chevron rose 2.5 percent to $119.06. Brent crude, used to price global oils, fell 24 cents to $66.55 per barrel in London. It fell 6.6 per cent on Tuesday and finished at its lowest price in a year.

CURRENCIES: The dollar rose to 113.05 yen from 112.40 yen. The euro strengthened to $1.1410 from $1.1403. The pound rose to $1.2855 from $1.2831.

US crude rose 2.7 percent to $54.87 per barrel.

In Asia, Japan's benchmark Nikkei 225 dropped 0.4 per cent and the Kospi in South Korea was down 0.3 per cent. Hong Kong's Hang Seng index rose 0.5 per cent.

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