Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

Overnight Markets: US stocks inch up with financials

Overnight Markets: US stocks inch up with financials

Wall Street rose to record closing highs on Monday, with the Dow Jones finishing less than 50 points below 23,000, as investors looked ahead to the release of major corporate earnings this week.

The Dow Jones Industrial Average added 85 points, or 0.37%, to close at 22,957, the S&P 500 gained four points, or 0.18%, to 2,558 and the Nasdaq Composite added 18 points, or 0.28%, to 6,624.

Financial shares recovered from last week’s losses with JP Morgan Chase (JPM.N) and Bank of America (BAC.N) leading gains. JP Morgan was up 2.1%, while Bank of America was up 1.6%.

The S&P 500 financial index rose 0.6% after three days of losses. Shares of banks mostly slipped last week after they reported results.

Netflix (NFLX.O) gained 1.6% during the session and rose another 2% after the bell following the release of its results. Apple (AAPL.O) shares gained 1.8% following a bullish brokerage call on the iPhone maker.

Elsewhere, Ruby Tuesday jumped 19.1% after the struggling restaurant chain said has agreed to be acquired by NRD Capital in a deal valued by the companies at $335 million, or $2.40 a share, including debt and other items.

KBR climbed 3.9% after the engineering and construction company said it will buy Australian defense technology company Sigma Bravo.

Exelixis vaulted 18.1% after the company reported positive study results for its cancer drug Cabometyx and said regulators will consider expanding the uses for which it is approved.

Investors will keep a close eye on the Senate, which is trying this week to pass a partisan budget blueprint that would help guide federal spending.

S&P healthcare stocks were among the biggest laggards, with the index falling 0.4%.

In Asia, stocks were mixed on Tuesday in morning session as commodities held onto most overnight gains made on the back of better-than-expected China producer prices.

Japan's Nikkei 225 was off 0.09%. South Korea's benchmark Kospi index advanced 0.09%. Down Under, the S&P/ASX 200 gained 0.58%.

Greater China markets trended lower. Hong Kong's Hang Seng Index was off 0.14%. On the mainland, the Shanghai Composite slid 0.23% and the Shenzhen Composite declined 0.23%.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
CIO Tapes 2: two warnings and a lot of optimism

CIO Tapes 2: two warnings and a lot of optimism

Our group of leading asset management CIOs see a lot of opportunities – and overseas investors are buying UK too

Play Wealth Manager Retreat 2017: size isn't everything

Wealth Manager Retreat 2017: size isn't everything

We asked our delegates at the Wealth Manager Retreat what they think about the recent wave of consolidation in the industry.

1 Comment Play CIO Tapes - part 3: 'passive funds are anti-capitalist'

CIO Tapes - part 3: 'passive funds are anti-capitalist'

Citywire recently gathered three of the UK's leading fund investment heads to discuss their hopes, fears and the issues that their jobs throw at them daily.

Read More
Your Business: Cover Star Club

Profile: Thomas Miller explains its post-restructure plans

Profile: Thomas Miller explains its post-restructure plans

Thomas Miller Investment’s (TMI) head of wealth Matt Phillips has strong opinions about many things

Wealth Manager on Twitter