Egypt considers launching national platform to mobilise green financing for private-sector industrial transformation    Egypt's FRA chief vows to reform business environment to boost investor confidence    Egypt's enterprise agency injects EGP 2.2bn into Alexandria projects    Egyptian, Belarusian officials discuss drug registration, market access    Egypt's ARC, Italy's AICS sign deal to boost wheat production    Gold prices edge higher on July 16th    Egypt stocks hit record highs in 2025 as reforms fuel rally: Cabinet    Egypt condemns Israeli strikes on Lebanon, Syria    Syria says it will defend its territory after Israeli strikes in Suwayda    Egypt urges EU support for Gaza ceasefire, reconstruction at Brussels talks    Pakistan names Qatari royal as brand ambassador after 'Killer Mountain' climb    Health Ministry denies claims of meningitis-related deaths among siblings    Egypt's Health Min. discusses drug localisation with Sandoz    Egypt, Mexico explore joint action on environment, sustainability    Needle-spiking attacks in France prompt government warning, public fear    Foreign, housing ministers discuss Egypt's role in African development push    Korea Culture Week in Egypt to blend K-Pop with traditional arts    Egypt, France FMs review Gaza ceasefire efforts, reconstruction    CIB finances Giza Pyramids Sound and Light Show redevelopment with EGP 963m loan    Egypt's PM urges BRICS to prioritise peace    Greco-Roman tombs with hieroglyphic inscriptions discovered in Aswan    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Sisi launches new support initiative for families of war, terrorism victims    Egypt's GAH, Spain's Konecta discuss digital health partnership    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    Egypt's Democratic Generation Party Evaluates 84 Candidates Ahead of Parliamentary Vote    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Cabinet approves establishment of national medical tourism council to boost healthcare sector    Egypt's PM follows up on Julius Nyerere dam project in Tanzania    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Wall St. sets records again, led by tech, bank stocks
Published in Amwal Al Ghad on 19 - 07 - 2016

Wall Street closed slightly higher on Monday to mint new record highs for the S&P 500 and the Dow industrials, fueled by Bank of America's better-than-expected profit and a major tech sector acquisition.
SoftBank's $32-billion deal to buy British chip designer ARM Holdings (ARMH.O) lifted U.S. chip stocks, and the technology sector led the way higher on the S&P 500. The tech-heavy Nasdaq rose more than the S&P and the Dow.
Bank of America's (BAC.N) earnings report continued the momentum for U.S. banks, kicked off by JPMorgan (JPM.N) last week. The bank's shares rose 3.3 percent to $14.11, helping the S&P financial index .SPSY gain 0.4 percent.
"The underlying catalyst is a breakout in economic optimism," said Jim Paulsen, chief investment strategist at Wells Capital Management in Minneapolis.
"What's really important is people are revising up their earnings numbers. You see more cyclical (sectors) taking over leadership and less of the bond-like stocks."
The Dow Jones industrial average .DJI rose 16.5 points, or 0.09 percent, to 18,533.05, for its seventh consecutive up day. The S&P 500 .SPX gained 5.15 points, or 0.24 percent, to 2,166.89 and the Nasdaq Composite .IXIC added 26.20 points, or 0.52 percent, to 5,055.78.
The year-on-year decline in earnings of S&P 500 components is now expected to slow to 4.5 percent in the second quarter, from 5 percent in the first, and more companies are expected to beat analysts' estimates, according to Thomson Reuters data.
Third-quarter earnings are then expected to turn positive, rising 1.5 percent, with fourth-quarter profit up a more robust 9.1 percent.
"There seems to be a growing consensus that this is the trough of earnings for the S&P 500," said Bucky Hellwig, senior vice president at BB&T Wealth Management in Birmingham, Alabama. "If indeed it is, that can build some momentum on a fundamental basis going into the third and the fourth quarter."
The S&P 500 and Dow set new records last week for the first time in more than a year, shaking off global economic uncertainty including Britain's recent vote to leave the European Union.
The SoftBank deal sent ARM's U.S.-listed shares surging 40.5 percent, while the semiconductor index .SOX rose 1.5 percent.
The materials sector .SPLRCM gained 0.7 percent, boosted by a 2.9-percent rise in Monsanto (MON.N) shares. Monsanto is negotiating a confidentiality agreement with Bayer AG (BAYGn.DE) after Bayer raised its takeover offer to more than $64 billion, Reuters reported.
Hasbro (HAS.O) fell 6.6 percent to $79.82 on concerns of slowing growth in the toy maker's sales targeted at boys, its biggest business. Rival Mattel (MAT.O) dropped 1 percent.
After the market closed, Netflix (NFLX.O) shares tumbled 14.5 percent. The streaming video company's subscription additions in the second quarter fell short of analysts' expectations.
International Business Machines (IBM.N) shares rose 2.5 percent after hours following results.
About 5.6 billion shares changed hands in U.S. exchanges, well below the 7.7 billion daily average over the past 20 sessions.
NYSE advancing issues outnumbered decliners by a 1.72-to-1 ratio; on Nasdaq, a 1.25-to-1 ratio favored advancers.
The S&P 500 posted 22 new 52-week highs and no new lows; the Nasdaq Composite recorded 110 new highs and 23 new lows.
Source: Reuters


Clic here to read the story from its source.