Dow rises more than 100 points as Procter & Gamble surges on earnings

The 30-stock index climbed 109 points, led by a 7.8 percent surge in Procter & Gamble shares. The stock surged after Procter posted better-than-expected earnings. American Express, PayPal and Skechers all posted on Thursday earnings that topped analyst expectations. Their shares rose 3.9 percent, 8.2 percent and 13 percent, respectively. “The underpinnings of the economy are still in place and earnings are still good,” said Quincy Krosby, chief market strategist at Prudential Financial.


The 30-stock index climbed 109 points, led by a 7.8 percent surge in Procter & Gamble shares. The stock surged after Procter posted better-than-expected earnings. American Express, PayPal and Skechers all posted on Thursday earnings that topped analyst expectations. Their shares rose 3.9 percent, 8.2 percent and 13 percent, respectively. “The underpinnings of the economy are still in place and earnings are still good,” said Quincy Krosby, chief market strategist at Prudential Financial.
Dow rises more than 100 points as Procter & Gamble surges on earnings Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-19  Authors: fred imbert, brendan mcdermid
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Dow rises more than 100 points as Procter & Gamble surges on earnings

Lebenthal says we’re in a rolling bear market right now 2 Hours Ago | 03:33

The Dow Jones Industrial Average rose on Friday on the back of strong earnings from Procter & Gamble as Wall Street tried to regain its footing after a sharp sell-off in the prior session.

The 30-stock index climbed 109 points, led by a 7.8 percent surge in Procter & Gamble shares. The stock surged after Procter posted better-than-expected earnings. The company said it got a boost from strong beauty-product sales.

Honeywell and Schlumberger also reported better-than-forecast profits. American Express, PayPal and Skechers all posted on Thursday earnings that topped analyst expectations. Their shares rose 3.9 percent, 8.2 percent and 13 percent, respectively.

The corporate earnings season is off to a strong start. With more than 15 percent of S&P 500 companies having reported, 83 percent have topped analyst expectations, according to FactSet.

The S&P 500, meanwhile, climbed 0.2 percent as the consumer staples sector outperformed. The Nasdaq Composite fell 0.1 percent, however, giving up a more than 1 percent gain.

“The underpinnings of the economy are still in place and earnings are still good,” said Quincy Krosby, chief market strategist at Prudential Financial. “The market is not going to have an immediate recovery; it tends to bounce.”


Company: cnbc, Activity: cnbc, Date: 2018-10-19  Authors: fred imbert, brendan mcdermid
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Dow stocks Pfizer and UnitedHealth could be safety plays amid market volatility

Two of those Dow stocks look like a buy to Erin Gibbs, portfolio manager at S&P Global Market Intelligence. UnitedHealth trades at nearly 19 times forward earnings, while Pfizer trades at 14.5 times. “We like Pfizer because they’ve actually just done a big restructuring, we think that they’re able to potentially sell off some of their generic drug pricing group,” Gibbs said. “Our second favorite would also be with UnitedHealth just because they’ve had really good organic growth membership.” Matt


Two of those Dow stocks look like a buy to Erin Gibbs, portfolio manager at S&P Global Market Intelligence. UnitedHealth trades at nearly 19 times forward earnings, while Pfizer trades at 14.5 times. “We like Pfizer because they’ve actually just done a big restructuring, we think that they’re able to potentially sell off some of their generic drug pricing group,” Gibbs said. “Our second favorite would also be with UnitedHealth just because they’ve had really good organic growth membership.” Matt
Dow stocks Pfizer and UnitedHealth could be safety plays amid market volatility Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-18  Authors: keris lahiff, getty images, nick oxford, michael nagle, bloomberg, aly song, kcna, thomas barwick getty images, source, lawrence mcdonald
Keywords: news, cnbc, companies, drug, trades, safety, dow, unitedhealth, sp, trading, pfizer, stocks, volatility, plays, amid, times, maley, theyve, think, market, gibbs


Dow stocks Pfizer and UnitedHealth could be safety plays amid market volatility

Two of those Dow stocks look like a buy to Erin Gibbs, portfolio manager at S&P Global Market Intelligence.

“Pfizer and UnitedHealth both have really above-average earnings growth coming into next year, about 13 percent, and even though they’re trading at 52-week highs, there’s still a pretty reasonable valuation,” Gibbs said Wednesday on CNBC’s “Trading Nation.”

UnitedHealth trades at nearly 19 times forward earnings, while Pfizer trades at 14.5 times. The two straddle the S&P 500’s 16 times multiple.

“We like Pfizer because they’ve actually just done a big restructuring, we think that they’re able to potentially sell off some of their generic drug pricing group,” Gibbs said. “Our second favorite would also be with UnitedHealth just because they’ve had really good organic growth membership.”

Matt Maley, equity strategist at Miller Tabak, said a fading headwind should give further rise to the entire group.

“Back in 2015, Hillary Clinton came out and made these comments about going after the health-care companies for their drug pricing issues and of course everybody started jumping on the bandwagon,” Maley said Wednesday on “Trading Nation.” “Everybody thought this was going to be big long-term problem.”

President Donald Trump also voiced support for a political solution to high drug prices in May, though Maley said “it didn’t have much teeth at all.”

“As we’ve learned, the president focuses on one issue at a time. He started with Obamacare, then it was taxes and then it became, of course, trade so that theme seems to be pushed to the side. I think that’s helped the group a lot,” said Maley.

Since the beginning of May, the XLV health care ETF has rallied 13 percent. By comparison, the Dow and the S&P 500 are up 5 percent.

Disclosure: S&P Global Market Intelligence holds PFE. Gibbs does not personally own PFE nor UNH.


Company: cnbc, Activity: cnbc, Date: 2018-10-18  Authors: keris lahiff, getty images, nick oxford, michael nagle, bloomberg, aly song, kcna, thomas barwick getty images, source, lawrence mcdonald
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Dow falls more than 300 points as the market’s October struggles persist

Among the reasons for selling on Thursday, according to investors, were worries about the U.S.-China trade war, rising interest rates and lingering worries about possible overvalued U.S. tech stocks. Several stocks seen as economic bellwethers fell sharply in the U.S., including United Rentals and Textron, which dropped at least 11 percent each. Large-cap tech shares like Facebook and Amazon both fell more than 2.5 percent, along with Alphabet and Netflix. The country is losing and needs to cry


Among the reasons for selling on Thursday, according to investors, were worries about the U.S.-China trade war, rising interest rates and lingering worries about possible overvalued U.S. tech stocks. Several stocks seen as economic bellwethers fell sharply in the U.S., including United Rentals and Textron, which dropped at least 11 percent each. Large-cap tech shares like Facebook and Amazon both fell more than 2.5 percent, along with Alphabet and Netflix. The country is losing and needs to cry
Dow falls more than 300 points as the market’s October struggles persist Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-18  Authors: fred imbert, bryan r smith, afp, getty images, nick oxford, michael nagle, bloomberg, aly song, kcna, thomas barwick getty images
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Dow falls more than 300 points as the market's October struggles persist

Among the reasons for selling on Thursday, according to investors, were worries about the U.S.-China trade war, rising interest rates and lingering worries about possible overvalued U.S. tech stocks. Stocks also fell as Treasury Secretary Steven Mnuchin pulled out of a Saudi Arabia investment conference as traders worried a large global investor in the kingdom is coming under greater scrutinee.

Several stocks seen as economic bellwethers fell sharply in the U.S., including United Rentals and Textron, which dropped at least 11 percent each. Snap-on and Caterpillar, meanwhile, fell 9.6 percent and 3.9 percent, respectively. Large-cap tech shares like Facebook and Amazon both fell more than 2.5 percent, along with Alphabet and Netflix.

The Shanghai Composite dropped 2.9 percent and hit its lowest level since November 2014.

“Mr. Market is speaking loud and clear on China. The country is losing and needs to cry uncle,” Nick Raich, CEO of The Earnings Scout, said in a note to clients.

“Chinese stocks are now at a four year low as rising U.S. interest rates and the likelihood of less favorable trade deals is going to adversely impact Chinese companies profits next year and its market price is re-setting lower to reflect that,” Raich said.

This drop in Chinese stocks increased fears that China’s economy, the world”s second largest, could be slowing down, dragging down global growth. These worries increased Thursday after European Central Bank President Mario Draghi said one of the risks for the economy was countries trying to circumvent EU budget rules.

Draghi’s comments sent Italian bond yields to their highs of the day and sent major European stock-market indexes to their session lows.


Company: cnbc, Activity: cnbc, Date: 2018-10-18  Authors: fred imbert, bryan r smith, afp, getty images, nick oxford, michael nagle, bloomberg, aly song, kcna, thomas barwick getty images
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Dow falls 200 points at the open as volatile trading continues


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Dow jumps 500 points in best day since March on strong earnings

The S&P 500 gained 1.9 percent as the tech and health care sectors jumped more than 2 percent each. Both the Dow and S&P 500 were on track to post their best day since March. In the previous earnings season, the streaming giant fell sharply as its subscriber growth was less than expected. Analysts polled by FactSet expect third-quarter S&P 500 earnings to have grown by 19 percent. The Dow and S&P 500 fell more than 4 percent last week as worries over higher borrowing costs sent equities tumbling


The S&P 500 gained 1.9 percent as the tech and health care sectors jumped more than 2 percent each. Both the Dow and S&P 500 were on track to post their best day since March. In the previous earnings season, the streaming giant fell sharply as its subscriber growth was less than expected. Analysts polled by FactSet expect third-quarter S&P 500 earnings to have grown by 19 percent. The Dow and S&P 500 fell more than 4 percent last week as worries over higher borrowing costs sent equities tumbling
Dow jumps 500 points in best day since March on strong earnings Cached Page below :
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Dow jumps 500 points in best day since March on strong earnings

Why you shouldn’t panic when stocks are getting slammed 9:47 AM ET Fri, 12 Oct 2018 | 02:11

Stocks rose sharply on Tuesday after the release of strong quarterly results from some of the largest U.S. companies helped the market recover from last week’s sell-off.

The Dow Jones Industrial Average surged 500 points, with UnitedHealth outperforming. The S&P 500 gained 1.9 percent as the tech and health care sectors jumped more than 2 percent each. Both the Dow and S&P 500 were on track to post their best day since March. The Nasdaq Composite advanced 2.6 percent.

With Tuesday’s sharp gains and following a rally on Friday, the Dow has risen more than 4 percent from the lows seen last week.

Morgan Stanley jumped more than 5.5 percent after reporting better-than-expected earnings. Goldman Sachs’ profits also beat estimates, sending the stock up 2.6 percent. Dow-members Johnson & Johnson and UnitedHealth both posted better-than-expected earnings, sending their shares higher.

Kim Forrest, senior portfolio manager at Fort Pitt Capital, said more companies should report stronger-than-expected earnings moving forward. “We were overly worried about the economy at the start of October,” Forrest said. “I think the bar has been set pretty low by sell-side analysts.”

Investors will turn their eyes to Netflix after the close on Tuesday, as the company releases its quarterly results. In the previous earnings season, the streaming giant fell sharply as its subscriber growth was less than expected. The stock rose more than 2 percent ahead of the report’s release.

Investors came into the earnings season with high hopes. Analysts polled by FactSet expect third-quarter S&P 500 earnings to have grown by 19 percent.

However, Dow-component Walmart slashed its fiscal 2019 earnings forecast on Tuesday, citing its Flipkart acquisition. The earnings season comes as Wall Street tries to recover from sharp losses seen last week.

The Dow and S&P 500 fell more than 4 percent last week as worries over higher borrowing costs sent equities tumbling. The Nasdaq also fell 3.7 percent last week as tech shares dropped broadly.

But Bill Nygren, portfolio manager and chief investment officer at Harris Associates, said these worries about higher rates are misplaced.

“Over the past 50 years the 10-year bond has averaged about 6 percent and it’s at about 3 percent today,” Nygren told CNBC’s “Halftime Report” on Tuesday. “This concern about the jiggles in the 10-year rate going up 20 or 30 basis points I think is disconnected from 50 years of history of living with a bond [yield] that was much, much higher than it is today.”

Tuesday’s moves come after fell in the previous session, led by tech, continuing from their overall trend last week. The S&P 500 slipped by 0.6 percent to close at 2,750.79 while the Nasdaq composite fell by 0.9 percent to end the trading day stateside at 7,430.74. The Dow also shed 89.44 points to close at 25,250.55.

Morgan Stanley’s quarterly results were driven by a 15 percent jump in investment-banking revenue. Goldman Sachs’ investment banking business also drove it to a better-than-expected profit.

In data, job openings hit a record by surging above 7 million in August, according to the Labor Department.

“That’s very encouraging,” said Forrest of Fort Pitt Capital. “That’s the utmost in confidence, when you put up the ‘Help Wanted’ sign. It means your business is demanding growth.”

—CNBC’s Spriha Srivastava contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2018-10-16  Authors: fred imbert
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Cramer: As long as the Fed doesn’t keep pushing rate hikes, stocks can keep rallying

Stocks can keep rallying as long as Fed doesn’t keep pushing rate hikes 2 Hours Ago | 01:00As better-than-expected earnings results drove the Dow Jones Industrial Average more than 500 points higher on Tuesday, paring last week’s losses, CNBC’s Jim Cramer became cautiously optimistic about the fate of the rally. “When the Fed bears are away, the stock bulls will play,” the “Mad Money” host said. “As long as the Fed doesn’t mandate a slowdown, you get what we had today and what I bet we could hav


Stocks can keep rallying as long as Fed doesn’t keep pushing rate hikes 2 Hours Ago | 01:00As better-than-expected earnings results drove the Dow Jones Industrial Average more than 500 points higher on Tuesday, paring last week’s losses, CNBC’s Jim Cramer became cautiously optimistic about the fate of the rally. “When the Fed bears are away, the stock bulls will play,” the “Mad Money” host said. “As long as the Fed doesn’t mandate a slowdown, you get what we had today and what I bet we could hav
Cramer: As long as the Fed doesn’t keep pushing rate hikes, stocks can keep rallying Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-16  Authors: elizabeth gurdus
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Cramer: As long as the Fed doesn't keep pushing rate hikes, stocks can keep rallying

Stocks can keep rallying as long as Fed doesn’t keep pushing rate hikes 2 Hours Ago | 01:00

As better-than-expected earnings results drove the Dow Jones Industrial Average more than 500 points higher on Tuesday, paring last week’s losses, CNBC’s Jim Cramer became cautiously optimistic about the fate of the rally.

“When the Fed bears are away, the stock bulls will play,” the “Mad Money” host said. “As long as the Fed doesn’t mandate a slowdown, you get what we had today and what I bet we could have tomorrow.”

While several technical indicators had signaled to Cramer that the sell-off could be short-lived, some key fundamental factors paved the way for the Dow to see its best trading day since March, he said.

Among them was an “absence of negatives” emerging from the White House, namely the lack of President Donald Trump’s hawkish rhetoric around tariffs on Chinese goods, Cramer said.

The president did escalate his attack on the Federal Reserve, however, calling it his “biggest threat” because of how quickly the central bank is raising interest rates.

Also conveniently absent on Tuesday were more comments from the Fed on hiking rates, which some, including Cramer, believe can cause an economic slowdown in 2019.

“I’m not saying that the Fed has learned its lesson, but at least today investors felt safe ignoring our misguided central bankers,” he said.

Then, five positive earnings reports from flagship Dow stocks compounded the positivity: UnitedHealth Group, Johnson & Johnson, Walmart, Morgan Stanley and Goldman Sachs all reported notably strong quarterly results.

All of these factors combined sent “the bearish arguments … into hibernation” in Tuesday’s trading session, Cramer said. But whether that means the bulls have effectively regained control remains to be seen, he warned.

Still, the rally gave investors who can’t handle some continued volatility a way out, the “Mad Money” host said.

“If you want out, bye. Go ahead. Take it,” he said. “If you hate this market, if you want out, you’re getting a much better chance to sell than you would’ve gotten when things were falling apart last week.”


Company: cnbc, Activity: cnbc, Date: 2018-10-16  Authors: elizabeth gurdus
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Market is rallying but ‘we’re not out of the woods yet,’ says trader

However, Cheslock pointed out that the blue-chip index hasn’t regained all it lost in the recent sell-off. Cheslock, an equity trader at Virtu Financial, said markets were oversold after last week’s rout so equities are now being bought. “It doesn’t really give us an indication if the market is going to go higher or hit all-time highs. Last week’s sell-off was brought about, in part, by concern over rapidly rising interest rates and a possible global economic slowdown. On Tuesday, the Dow posted


However, Cheslock pointed out that the blue-chip index hasn’t regained all it lost in the recent sell-off. Cheslock, an equity trader at Virtu Financial, said markets were oversold after last week’s rout so equities are now being bought. “It doesn’t really give us an indication if the market is going to go higher or hit all-time highs. Last week’s sell-off was brought about, in part, by concern over rapidly rising interest rates and a possible global economic slowdown. On Tuesday, the Dow posted
Market is rallying but ‘we’re not out of the woods yet,’ says trader Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-16  Authors: michelle fox
Keywords: news, cnbc, companies, dow, day, selloff, weeks, closing, doesnt, trader, major, recent, market, rallying, woods


Market is rallying but 'we're not out of the woods yet,' says trader

Closing Bell Exchange: Major indices on pace for best day since March 26th 6 Hours Ago | 03:44

The U.S. stock market shook off the recent sell-off and rose sharply on Tuesday, but that doesn’t necessarily mean it’s time to celebrate yet, trader Matthew Cheslock told CNBC.

The Dow Jones Industrial Average closed up more than 500 points on Tuesday. However, Cheslock pointed out that the blue-chip index hasn’t regained all it lost in the recent sell-off.

“We’re not out of the woods yet,” he said on “Closing Bell.”

Cheslock, an equity trader at Virtu Financial, said markets were oversold after last week’s rout so equities are now being bought.

“It doesn’t really give us an indication if the market is going to go higher or hit all-time highs. This is probably some kind of smaller bounce in between,” he noted.

Last week’s sell-off was brought about, in part, by concern over rapidly rising interest rates and a possible global economic slowdown. The major indexes suffered their worst weekly loses since March.

On Tuesday, the Dow posted its best day since March after positive earnings reports from some of the largest U.S. companies.

The Dow is now up 3 percent from last week’s lows thanks to Tuesday’s gains and Friday’s rally.


Company: cnbc, Activity: cnbc, Date: 2018-10-16  Authors: michelle fox
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Art Cashin: The stock market is like someone stumbling ‘in a dark room’

Markets trying not to stumble after last week, says Art Cashin 3 Hours Ago | 02:36The stock market is blindly trying to build gains after a devastating performance last week, closely followed trader Art Cashin said Monday. Cashin said investors have “had enough” of last week’s “shocking” market action, which saw the biggest weekly declines for the Dow Jones Industrial Average, S&P 500 and Nasdaq since March. Just reaching out to find out which way it can walk and not stumble,” Cashin, director o


Markets trying not to stumble after last week, says Art Cashin 3 Hours Ago | 02:36The stock market is blindly trying to build gains after a devastating performance last week, closely followed trader Art Cashin said Monday. Cashin said investors have “had enough” of last week’s “shocking” market action, which saw the biggest weekly declines for the Dow Jones Industrial Average, S&P 500 and Nasdaq since March. Just reaching out to find out which way it can walk and not stumble,” Cashin, director o
Art Cashin: The stock market is like someone stumbling ‘in a dark room’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-15  Authors: berkeley lovelace jr
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Art Cashin: The stock market is like someone stumbling 'in a dark room'

Markets trying not to stumble after last week, says Art Cashin 3 Hours Ago | 02:36

The stock market is blindly trying to build gains after a devastating performance last week, closely followed trader Art Cashin said Monday.

Cashin said investors have “had enough” of last week’s “shocking” market action, which saw the biggest weekly declines for the Dow Jones Industrial Average, S&P 500 and Nasdaq since March.

The heaviest selling of the week was on Wednesday and Thursday, when the Dow plummeted nearly 1,400 points, or more than 5.2 percent, in the two sessions.

Despite a strong rebound on Friday, the Dow and S&P 500 fell more than 4 percent for the week. The Nasdaq dropped nearly 3.75 percent for the week.

“What they’re doing this week is like a man in a dark room. Just reaching out to find out which way it can walk and not stumble,” Cashin, director of UBS’ floor operations at the New York Stock Exchange, said on “Squawk on the Street.”

Last week’s decline was fueled by concern the Federal Reserve might raise rates more than forecast. The central bank has already hiked rates three times this year, and one more is expected in December.

Stocks were slightly in the red at midday Monday, with tech stocks like Apple and Netflix bringing the Nasdaq lower. Cashin expects the technology sector to continue to be an underperformer.

He also said “a lot wild cards” could impact the market this week.

CEOs pulling out next week’s Saudi investment conference could have an impact on stocks, Cashin said, but as of right now there are minimal signs in the financial or oil markets.

U.S.-China trade tensions also remain a concern, Cashin said. Most recently, the U.S. levied duties on $200 billion worth of goods from China, prompting Beijing to put tariffs on $60 billion worth of U.S. goods.

Cashin began his career in 1959 at Thomson McKinnon. In 1964, at age 23, he became a member of the NYSE and a partner in P.R. Herzig & Co.


Company: cnbc, Activity: cnbc, Date: 2018-10-15  Authors: berkeley lovelace jr
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As the Dow plummeted, two of its stocks have weathered the sell-off

Amid a wild week for the Dow, two of its 30 stocks weathered the sell-off: Walmart and Verizon. Craig Johnson, chief market technician at Piper Jaffray, says one of them could continue to weather any market pressure. If they’re going to take profits out of the fab five tech stocks — Microsoft, Apple, etc. Verizon is one of those names that you can step up and buy,” Johnson said on CNBC’s “Trading Nation” on Thursday. Over the past two days, Verizon has fallen 3 percent, a shallower drop than the


Amid a wild week for the Dow, two of its 30 stocks weathered the sell-off: Walmart and Verizon. Craig Johnson, chief market technician at Piper Jaffray, says one of them could continue to weather any market pressure. If they’re going to take profits out of the fab five tech stocks — Microsoft, Apple, etc. Verizon is one of those names that you can step up and buy,” Johnson said on CNBC’s “Trading Nation” on Thursday. Over the past two days, Verizon has fallen 3 percent, a shallower drop than the
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As the Dow plummeted, two of its stocks have weathered the sell-off

Amid a wild week for the Dow, two of its 30 stocks weathered the sell-off: Walmart and Verizon.

Craig Johnson, chief market technician at Piper Jaffray, says one of them could continue to weather any market pressure.

“At these levels, we’ve got to recognize that portfolio managers have to do something. If they’re going to take profits out of the fab five tech stocks — Microsoft, Apple, etc. — they need to put money somewhere. Verizon is one of those names that you can step up and buy,” Johnson said on CNBC’s “Trading Nation” on Thursday.

Over the past two days, Verizon has fallen 3 percent, a shallower drop than the 5 percent decline in the S&P 500 and the Dow.


Company: cnbc, Activity: cnbc, Date: 2018-10-12  Authors: keris lahiff, aly song, adam jeffery, mike blake, jin lee, kcna, thomas barwick getty images, source, lawrence mcdonald
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Dow futures point to more than 300-point jump, regaining some of this week’s steep losses

Futures climbed as tech shares rose sharply in the premarket. On Thursday, Wall Street closed sharply down, with the Dow falling over 540 points, bringing its two-day losses to more than 1,300 points. Sentiment was rocked around the globe in recent sessions, as investors grew nervous over the rise in interest rates and high valuations in tech shares. These losses have sent the major indexes down more than 5 percent, on pace for their biggest weekly declines since March. Sentiment was also lifted


Futures climbed as tech shares rose sharply in the premarket. On Thursday, Wall Street closed sharply down, with the Dow falling over 540 points, bringing its two-day losses to more than 1,300 points. Sentiment was rocked around the globe in recent sessions, as investors grew nervous over the rise in interest rates and high valuations in tech shares. These losses have sent the major indexes down more than 5 percent, on pace for their biggest weekly declines since March. Sentiment was also lifted
Dow futures point to more than 300-point jump, regaining some of this week’s steep losses Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-12  Authors: fred imbert, alexandra gibbs, michael nagle, bloomberg, getty images
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Dow futures point to more than 300-point jump, regaining some of this week's steep losses

Futures climbed as tech shares rose sharply in the premarket. Amazon and Apple both rose more than 2 percent, while Netflix surged more than 3.5 percent. Facebook, meanwhile, gained 1.5 percent and Twitter jumped 2.6 percent.

The move higher on U.S. stock futures follows an uptick in global equities. In Europe, the German Dax gained half a percent while France’s CAC 40 climbed 0.7 percent. Asian equities also rose, with the Shanghai Composite surging 0.9 percent and Japan’s Nikkei 225 gaining 0.5 percent.

On Thursday, Wall Street closed sharply down, with the Dow falling over 540 points, bringing its two-day losses to more than 1,300 points. Sentiment was rocked around the globe in recent sessions, as investors grew nervous over the rise in interest rates and high valuations in tech shares.

President Donald Trump has recently criticized the U.S. Federal Reserve for the decline in stock markets, saying Wednesday that he wasn’t happy with how the central bank continued to raise interest rates.

“The problem I have is with the Fed. The Fed is going wild. I mean, I don’t know what their problem is that they are raising interest rates and it’s ridiculous,” Trump said during a telephone interview on Wednesday with Fox News. Trump went onto blame the Fed for the stock market decline on Thursday, but added that while he was disappointed, he wouldn’t remove Jay Powell as Fed chair.

Stocks have also fallen this week as tech — the biggest S&P 500 sector by market cap weight — has lost nearly 6.8 percent through Thursday’s close. These losses have sent the major indexes down more than 5 percent, on pace for their biggest weekly declines since March.

Sentiment was also lifted by stronger-than-expected third-quarter results from J.P. Morgan Chase, which sent the company’s stock up by more than 1 percent.


Company: cnbc, Activity: cnbc, Date: 2018-10-12  Authors: fred imbert, alexandra gibbs, michael nagle, bloomberg, getty images
Keywords: news, cnbc, companies, steep, losses, point, futures, dow, sent, stock, fed, sharply, problem, rose, rates, trump, tech, interest, weeks, 300point, jump, regaining


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