Real estate leads USA stocks mostly higher; oil rebounds

Janie Parker
February 10, 2017

Despite the flurry of record highs on Thursday, the big three major USA averages haven't seen a 1 percent move - either up or down - in more than two months.

USA equities have rallied since Trump's November election, spurred by hopes for fiscal stimulus, lower taxes and fewer regulations under the Republican-led federal government.

The S&P 500 rose 0.6% to 2,307.87 today, while the Dow Jones Industrial Average gained 118.06 points, or 0.6%, 20,172.40.

Tokyo's Nikkei 225 index lost 0.1 percent to 18,962.94 and Sydney's S&P-ASX 200 was steady at 5,617.60.

"But outside of that, the story is a pretty good one for stocks in terms of it looks like the economy is continuing to grow, I think corporate profits have been pretty good, certainly enough to support higher prices".

At 11:03 a.m. ET (1603 GMT), the Dow Jones industrial average was up 80.77 points, or 0.4 percent, at 20,133.19.

In earnings news, Hasbro (HAS.O) shares jumped 14.1 percent after the No. 2 USA toymaker reported record holiday-quarter revenue.

Oil prices were pressured by sluggish demand and evidence of a burgeoning revival in US shale production that could complicate efforts to reduce a supply glut.

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Tech stocks helped prop up the S&P. For the whole year, the deficit was up 0.4 percent to $502.3 billion - which is the highest annual imbalance since 2012. The S&P ended the day up 0.07% while Nasdaq climbed 0.15%.

General Motors slipped 3.3 per cent to $35.68 after the automaker said fourth-quarter net income fell partly because of $500 million in foreign exchange losses.

Shares of Michael Kors dropped as much as 15.4 percent to a more than one-year low of $34.92, after the handbag maker cut its full-year revenue forecast.

Walt Disney and Gilead Sciences are among the companies due to report after the market closes on Tuesday.

The Dow Jones Industrial Average climbed on Tuesday but finished well off session highs, as the US trade deficit widened to the most in four years, underscoring ongoing challenges posed by a stronger exchange rate.

Advancing issues outnumbered decliners on the NYSE by 1,576 to 1,170.

The S&P 500 index showed 25 new 52-week highs and two new lows, while the Nasdaq recorded 73 new highs and 25 new lows.

Other reports by TheDailyFarc

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