قالب وردپرس درنا توس
Home / Business / Wall Street benefits from Nike

Wall Street benefits from Nike



NEW YORK (Reuters) – Wall Street's most important stock indexes rallied on Friday as a rise in Nike Inc's ( NKE.N ) share boosted the quarter, while concerns over the US -Examples emerged Trade relations ebbed away.

The Dow, S & P 500 and Nasdaq gained in the quarter. The Dow rose 0.7 percent, the S & P 500 2.94 percent and the tech-heavy Nasdaq 6.33 percent. The small cap Russell 2000, whose components are more domestically oriented than the large caps, rose 7.4 percent.

Like the Russell, the major sectors of the S & P were somewhat skeptical of trading. Energy posted the largest percentage gains for the quarter as oil prices rose and growth sectors such as technology and consumer discretionary recorded solid gains. But also real estate and utilities, which are considered as defensive sectors, continued to develop.

Nike's shares rose 1

3 percent to an all-time high of $ 81 on Friday, after the world's largest footwear company reported a return to growth in North America in the final quarter and made a positive outlook for the year.

Nike shares closed the day up 11.1 percent to $ 79.68, the biggest daily gain in nearly four years. Nike was the strongest boost for the Dow Jones and the S & P 500.

The S & P 500 banking sector index .SPXBK ended the day little changed after hitting a weekly high. The Federal Reserve on late Thursday reported that US lenders had cleared out the second part of the Fed's annual stress tests, although the Fed set conditions for some and Goldman Sachs Group Inc. ( GS.N ) and Morgan Stanley ( MS.N ) of rising capital payouts.

Wells Fargo & Co ( WFC.N ) was a bright spot, rising 3.4 percent.

Friday's session reflected the momentary easing of trade concerns that shook the market earlier this week, several investors said, even though the major indices posted gains in the final hour of trading.

"There really are not many headlines," said Ryan Detrick, chief market strategist for LPL Financial in Charlotte, North Carolina. "We have a late week back from previous worries."

Traders work on the floor of the New York Stock Exchange (NYSE) in NYC, USA, June 28, 2018. REUTERS / Brendan McDermid [19659011] Investors took note of data from the US Department of Commerce indicating a slowdown in growth Consumer spending showed that the price index for private consumption, a measure of inflation, reached the US Federal Reserve's annual target of 2 percent for the first time in six years. Fears of rising inflation and a subsequent slowdown in the economy led to a decline in inventories several times this year.

"People are coming down at the end of the month and quarter," said Mark Luschini, chief investment officer at Janney Montgomery Scott in Philadelphia.

The Dow Jones Industrial Average (DJI) rose 55.36 points or 0.23 percent to 24,271.41, the S & P 500.SPX gained 2.06 points or 0.08 percent to 2,718.37 and the Nasdaq Composite .IXIC added 6.62 points or 0.09 percent. up to 7,510.30.

For the week, however, all three indices registered losses. The Dow lost 1.26 percent, the S & P 500 fell 1.33 percent and the Nasdaq lost 2.37 percent. The Dow lost for the first time in more than two years three weeks in a row.

For the month of June, the Dow lost 0.59 percent, while the S & P 500 rose 0.49 percent and the Nasdaq 0.92 percent.

On Friday, stocks of Vertex Pharmaceuticals Inc ( VRTX.O ) climbed 15.2 percent, most on the S & P 500 after the competition of Galapagos NV ( GLPG.AS ) GLPG.O ), the cystic fibrosis program reported disappointing experimental data.

KB Home ( KBH.N ) gained 7.3 percent after second-quarter residential construction outperformed Wall Street estimates. The strong results are also shared by other housing companies, including D.R. Horton Inc. ( DHI.N ) and PulteGroup Inc ( PHM.N ).

Constellation Brands Inc. ( STZ.N ) fell 5.8 percent after the corona beer maker's quarterly earnings and full-year earnings guidance missed analyst estimates.

Progressive problems outperformed the declines on the NYSE by a ratio of 1.51 to 1; on the Nasdaq, a ratio of 1.19 to 1 favored the trailblazers.

The S & P 500 recorded 10 new 52-week highs and two new lows; The Nasdaq Composite recorded 52 new highs and 67 new lows.

The volume of US stock exchanges was 7.16 billion shares, compared to the average of 7.28 billion over the last 20 trading days.

Report by April Joyner; Additional reporting by Amy Caren Daniel in Bengaluru; Edited by Leslie Adler


Source link