Stocks Close Little Changed - InvestingChannel

Stocks Close Little Changed

Stocks ended a volatile session along the flatline on Wednesday despite strong gains from IBM that lifted the overall technology sector.

The Dow Jones Industrials floundered 9.77 points to finish at 29,186.27. The S&P 500 edged ahead 0.96 points at 3,321.75. The NASDAQ was positive 12.96 points to 9,383.77, touching an intraday high.


IBM shares climbed 3% on the back of quarterly numbers that beat analyst expectations. The company also issued 2020 earnings guidance that topped estimates. These results put IBM “on its front foot for 2020,” Nomura Instinet analyst Jeffrey Kvaal said in a note. “IBM is quickly pivoting its existing businesses toward the hybrid cloud.”


Apple, meanwhile, gained 0.4% and hit an all-time high. Tesla shares jumped 4.1% as the electric car maker’s market cap broke above $100 billion for the first time. Semiconductor stocks also hit an all-time high, as Intel and Teradyne advanced more than 2.8% each.


However, Netflix closed 3.6% lower to offset some of those gains. Boeing also fell more than 1% to amid renewed concerns over the 737 Max.


So far, more than 10% of S&P 500 companies have posted their latest quarterly results. Of those companies, 75% have posted better-than-forecast earnings.


Tesla shares, meanwhile, rose 6.3% as the electric car maker’s market cap broke above $100 billion for the first time. Semiconductor stocks also hit an all-time high, as Intel and Qorvo advanced more than 2% each.


Stocks pulled back slightly on Tuesday as worries over the spreading of the deadly coronavirus dampened investor sentiment. Those fears eased Wednesday after China unveiled measures to rein in the virus.


Overall, stocks are off to a strong start for the year. Through 13 sessions, the S&P 500 has closed lower just five times and is up 2.8%.


Prices for the 10-Year U.S. Treasury regained lost strength, lowering yields to Tuesday’s 1.77%. Treasury prices and yields move in opposite directions.


Oil prices slid $1.78 to $56.80 U.S. a barrel. Gold prices inched up 80 cents to $1,558.70 U.S. an ounce.

Related posts

Carl Icahn Increases His Stake In Take-Two Interactive To 10.68%

ValueWalk

iPad Mini Display Outperformed By Kindle Fire HD & Nexus 7

ValueWalk

Foxconn Might Open Manufacturing Plants In The U.S. [REPORT]

ValueWalk

Peter Cundill Protégé Tim McElvaine on Investing in Japan [VIDEO]

ValueWalk

Set Bing Home Page Image As Lock Screen In Windows 8

ValueWalk

Morning Market News: JCP, APO, MCHP, ZIP, ENR, LGF, EA, ATVI, COV, LNT

ValueWalk