Breaking News

You are here » Indian-Commodity  :  International & World Stock  :  US markets end higher for second straight session

17-Jan2019

US markets end higher for second straight session

Extending their gains for second straight day, the US markets ended higher on Wednesday, on the back of upbeat earnings report from financial institutions such as Bank of America (BAC) and Goldman Sachs (GS).  Shares of Bank of America reported fourth quarter results that beat Street estimates on both the top and bottom lines. Meanwhile, the Federal Reserve also released its Beige Book this afternoon, with the report saying economic activity has continued to increase in most of the US but also hinting at deterioration in optimism. The Beige Book, a compilation of anecdotal evidence on economic conditions in the twelve Fed districts, said eight of the twelve districts reported modest to moderate growth. Looking ahead, the Beige Book said outlooks generally remained positive, although many districts reported that contacts had become less optimistic.

On the economic front, the Labor Department released a report showing another steep drop in import prices in the month of December, reflecting a continued nosedive in fuel prices. The Labor Department said import prices tumbled by 1.0 percent in December after plunging by a revised 1.9 percent in November. Street had expected import prices to plummet by 1.3 percent compared to the 1.6 percent slump originally reported for the previous month. The report said export prices also fell by 0.6 percent in December after sliding by a revised 0.8 percent in November. The drop in export prices matched street estimates. However, a separate report from the National Association of Home Builders showed an unexpected improvement in homebuilder confidence in January. The report said the NAHB/Wells Fargo Housing Market Index rose to 58 in January after slumping to 56 in December. Street had expected the index to come in unchanged.

Dow Jones Industrial Average rose 141.57 points or 0.59 percent to 24207.16, Nasdaq added 10.86 points or 0.15 percent to 7034.69 and S&P 500 was up by 5.80 points or 0.22 to 2616.10.


Related News

View all news

US markets settle higher on Thursday

The US markets ended Thursday's choppy trading session higher as investors continued to analyze the flow of corporate earnings and a series of conflicting economic reports, but sentiment was buoyed by......

US markets end marginally lower on Wednesday

The US markets ended marginally lower on Wednesday as traders digested a mixed batch of earnings reports from big-name companies such as PepsiCo (PEP), Morgan Stanley (MS), Netflix (NFLX) and IBM Corp.......

US Markets end higher on Tuesday

The US markets ended higher on Tuesday following a round of better than expected corporate earnings. UnitedHealth reported better than expected first quarter results and raised its full-year earnings guidance.......

Top News

View all news

Lupin seeks more time from commerce ministry to complete project in Indore SEZ

Lupin has sought more time from the commerce ministry to complete its project, with proposed investment of Rs 205.69 crore, in the Indore Special Economic Zone (SEZ). The company is setting up its pharma......

Tata Sponge Iron to shift its registered office to Kolkata

Tata Sponge Iron has decided to shift its registered office from Keonjhar in Odisha to Kolkata, subject to the approval of the members of the company and other regulatory authorities. The company has also......

GVK Power's arms ink pact with ADIA, NIIF

GVK Power and Infrastructure's subsidiaries -- GVK Airports Developer (GVKADL) and GVK Airport Holdings (GVKAHL) have signed a term sheet and exclusivity agreement with Abu Dhabi Investment Authority (ADIA)......