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Tuesday, November 24, 2020
Banking Dow industrials turn higher after 5 straight losses

Dow industrials turn higher after 5 straight losses

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Stocks were modestly higher in afternoon trading Friday following Donald Trump’s swearing in as the 45th president of the United States. Phone companies, real estate and materials stocks were among the biggest gainers. Health care and industrial companies lagged the broader market. Investors were also weighing the latest batch of company earnings news.

KEEPING SCORE: The Dow Jones industrial average rose 74 points, or 0.4 percent, to 19,808 as of 1:29 p.m. Eastern Time. The Dow is coming off five straight losses. The Standard & Poor’s 500 index gained 6 points, or 0.3 percent, to 2,270. The Nasdaq composite index added 13 points, or 0.3 percent, to 5,553.

THE QUOTE: An overall improvement in quarterly results so far this corporate earnings season as well as optimism over the Trump inauguration helped lift stocks, said Sam Stovall, chief investment strategist at CFRA Research.

“Historically, the market has performed best in the November-April time frame,” Stovall said. “The Trump victory added a tailwind to this traditional seasonal factor.”

TRUMP’S INAUGURATION: The major stock indexes pulled back slightly as Trump delivered remarks after taking the oath of office. Stocks have slowed in 2017 after surging for several weeks following Election Day on investor optimism that a Trump administration and Republican congress would usher in business-friendly policies. But the possibility of increased tariffs or trade restrictions could also mean drops in profits for big U.S. companies.

Since 1953, starting with President Dwight D. Eisenhower’s inauguration, the S&P 500 has risen an average of 1.6 percent in the first 100 days of a president’s first term in office, Stovall noted.

STRONG RESULTS: Skyworks Solutions jumped 12.9 percent after the semiconductor products maker reported better-than-anticipated quarterly results. The stock was the biggest gainer in the S&P 500, adding $10.16 to $88.62.

BRIGHT OUTLOOK: Consumer goods maker Procter & Gamble rose 2.6 percent after releasing a strong growth forecast. The stock added $2.24 to $86.94.

EXCEEDING EXPECTATIONS: Citizens Financial Group gained 2.4 percent after reporting fourth-quarter earnings and revenue that beat analysts’ expectations. The stock rose 84 cents to $35.57.

GOOD CALL: AT&T rose 1.5 percent after the phone company reported strong subscriber numbers. The stock added 60 cents to $41.60.

NOT GOOD ENOUGH: General Electric slid 1.8 percent after the conglomerate reported fourth-quarter revenue that fell short of analysts’ forecasts. The stock gave up 57 cents to $30.65.

SLOW APPROACH: Bristol-Myers Squibb slumped 11.7 percent after the drugmaker said it won’t pursue accelerated regulatory approval for a lung cancer treatment. The stock was the biggest decliner in the S&P 500 index, shedding $6.49 to $49.

MARKETS OVERSEAS: Germany’s DAX rose 0.3 percent, while France’s CAC 40 added 0.2 percent. Britain’s FTSE 100 fell 0.1 percent. In Asia, Hong Kong’s Hang Seng shed 0.7 percent after the Chinese government said the economy grew at a 6.8 percent annual rate in the last quarter, even as full-year growth increased 6.7 percent, the weakest in three decades. Tokyo’s Nikkei 225 index rose 0.3 percent.

ENERGY: Benchmark U.S. crude was up $1.12, or 2.2 percent, at $52.49 a barrel in New York. Brent crude, used to price international oils, was up $1.26, or 2.3 percent, at $55.42 a barrel in London.

BONDS: Bond prices fell. The yield on the 10-year Treasury note rose to 2.48 percent from 2.47 percent late Thursday. Yields have been rising as investors expect inflation to increase.

CURRENCIES: The dollar rose to 114.91 yen from Thursday’s 114.80. The euro rose to $1.0671 from $1.0659.


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