ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Railways
  • World
    • Economy
    • Politics
    • Markets
  • Survey
  • videos
  • photos
  • More ...
    • VIDEOS
    • PHOTOS
BREAKING NEWS
  • Mahindra & Mahindra stock hits 52-week high as brokerages bullish on counter post Scorpio-N launch; check target prices
  • GST Council meet begins today: Know agendas of Finance Minister Nirmala Sitharaman's led two-day meeting
  • Security deposit on commercial LPG connection goes up by Rs 1050 for 19-kg cylinder; check new rates
  • Cash-starved Sri Lanka to end fuel duopoly to ease fuel shortages
  • Xiaomi 12S series set to launch with Leica cameras on July 4: Check key details here
Read in App
Business News » World News

Wall St. shrugs off Macy's, rallies for fifth session

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App

Wall Street extended its rally into a fifth straight day on Thursday in a session of whipsaw trading as investors responded to mixed comments by Federal Reserve Chairman Jerome Powell, while a warning from Macy`s pummeled retail stocks.

Powell reiterated the views of other policymakers that the Fed would be patient about interest rate hikes. But major stock indexes temporarily moved into negative territory after Powell said the bank`s balance sheet would be "substantially smaller," and after he raised concerns about the size of U.S. debt.

"That`s what spooked the market a little bit. It`s more of a commentary on the entire economy as a whole," said Randy Frederick, vice president of trading and derivatives for Charles Schwab in Austin.

The S&P 500 <.spx> is up over 10 percent from a 20-month low it touched around Christmas, lifted by hopes for a U.S.-Chinese trade deal, which eased some worries over the impact of the dispute on global growth. The benchmark index`s five-day winning streak is its longest since September.

Trade-related optimism faded somewhat as China offered little in the way of details on key issues such as forced technology transfers, intellectual property rights, tariff barriers and cyber attacks.

In the United States, reports from Macy`s and American Airlines added to concerns that growth of corporate profits would slow.

Macy`s Inc stock plunged 17.69 percent and pulled down other retailers after the department store operator cut its same-store sales forecast for the full year because of weak demand during mid-December.

S&P 500 companies on average are seen posting 14.5 percent growth in earnings per share as they report December-quarter results over the next few weeks, according to IBES data from Refinitiv. However, expectations for growth in 2019 are at 6.4 percent, down from an expectation of 7.3 percent on Jan 1.

"It could be a good quarter, but maybe with more cautious outlooks until we get something that comes out of the trade negotiations," said Kurt Brunner, a portfolio manager at Swarthmore Group in Philadelphia. "There is a lot of uncertainty there."

The Dow Jones Industrial Average <.dji> climbed 0.51 percent to end at 24,001.92 points, while the S&P 500 <.spx> gained 0.45 percent to 2,596.63.

The Nasdaq Composite <.ixic> added 0.42 percent to 6,986.07.

Trade-sensitive industrial stocks <.splrci> rose 1.44 percent, lifted by Boeing Co , which gained 2.55 percent after the U.S. Air Force accepted its long-delayed KC-46 air tanker.

American Airlines Group Inc fell 4.13 percent after the No. 1 U.S. carrier cut its fourth-quarter profit and unit revenue forecasts. That weighed on other airline shares as well.

Ten out of 11 S&P sector indexes rose, led by a 1.55 percent increase in real estate <.splrcr>, with consumer discretionary <.splrcd> ending down 0.23 percent.

Advancing issues outnumbered declining ones on the NYSE by a 1.61-to-1 ratio; on Nasdaq, a 1.19-to-1 ratio favored advancers.

The S&P 500 posted no new 52-week highs and 1 new low; the Nasdaq Composite recorded 18 new highs and 12 new lows.

Volume on U.S. exchanges was 7.3 billion shares, compared with the 8.9 billion-share average over the last 20 trading days.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Economy
Updated: Fri, Jan 11, 2019
03:04 am
Reuters
RELATED NEWS
GST on online gaming, casinos, horse racing - They may be taxed like this! What Group of Ministers recommended? GST on online gaming, casinos, horse racing - They may be taxed like this! What Group of Ministers recommended?
LIVE: 47th GST Council Meeting - What happened on 1st day? What's slated for today? Latest updates from Chandigarh meet LIVE: 47th GST Council Meeting - What happened on 1st day? What's slated for today? Latest updates from Chandigarh meet
GST council clears proposal to remove tax exemptions on some items GST council clears proposal to remove tax exemptions on some items
15 more firms selected under PLI scheme for white goods 15 more firms selected under PLI scheme for white goods
JP Morgan bullish on global markets in H2; rejects possibility of recession, sees inflation receding in second half JP Morgan bullish on global markets in H2; rejects possibility of recession, sees inflation receding in second half

LATEST NEWS

How rising crude oil prices, falling Rupee impact stock market? Anil Singhvi decodes

UPSC declares Indian Forest Service Examination, 2021 results

Porinju Veliyath-backed small-cap stock jumps 18%; know what’s fueling rally in counter

Ashish Kacholia Stocks: This multi-bagger counter surges for 3rd day in row, up 13% - know what’s driving the rally

Indian cyber agency warns users of more bugs in Cisco products

New norms for safer tyre design to kick-in from October 1; expert picks Apollo tyres, JK Tyres for good gains

LIVE: 47th GST Council Meeting - What happened on 1st day? What's slated for today? Latest updates from Chandigarh meet

GST on online gaming, casinos, horse racing - They may be taxed like this! What Group of Ministers recommended?

Covid-19 cases today: India records 14,506 news covid cases, 30 deaths in last 24-hour, as per Union Health Ministry

Crude oil prices take a breather after three-day rally

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
© 2022. India Dot Com Private Limited. All Rights Reserved.
LIVE TV