57.8 F
Fort Worth
Monday, November 23, 2020
Banking Stocks move mostly higher as big dividend payers jump

Stocks move mostly higher as big dividend payers jump

Other News

Closing prices for crude oil, gold and other commodities

The Associated Press Benchmark U.S. crude oil for September delivery rose 31 cents to settle at $41.60 a barrel Monday. Brent crude oil for...

Trump to discuss energy, tour oil rig, raise money in Texas

By DARLENE SUPERVILLE Associated PressWASHINGTON (AP) — President Donald Trump will shift his focus to American energy dominance during a stop in Texas later...

Basic Energy Services makes organizational changes

Fort Worth-based Basic Energy Services, Inc. (OTCQX: BASX) in late May announced the implementation of changes to the organizational structure of the company, reducing...

Texas oil producers were cutting output before Railroad Commission chose not to, Commissioner Christi Craddick says

By Cassandra PollockMay 12, 2020 Texas Railroad Commissioner Christi Craddick on Tuesday doubled down on the agency’s recent decision to not cut oil production and...

NEW YORK (AP) — Stocks are mostly higher Friday thanks to gains for companies that pay large dividends. Real estate and phone companies are rising. Banks are slipping after a huge rally over the last few weeks. Bond prices rose after a string of steep declines, sending yields lower. The Dow Jones industrial average, which closed at a record high a day ago, is down slightly.

KEEPING SCORE: The Dow Jones industrial average lost 15 points, or 0.1 percent, to 19,176 as of 10:55 a.m. Eastern time. Goldman Sachs, which closed at a nine-year high Thursday, was responsible for the entire loss as it fell $2.80, or 1.2 percent, to $223.83. The Standard & Poor’s 500 index added 4 points, or 0.2 percent, to 2,195. The Nasdaq composite edged up 7 points, or 0.1 percent, to 5,258.

US JOBS DATA: U.S. employers added 178,000 jobs in November as hiring remained steady. However, fewer people looked for work and hourly wages slipped. The results cemented market expectations that the Federal Reserve will raise interest rates later this month. A very weak jobs report would have the last thing that might have stopped the Fed from raising rates.

BONDS: Bond prices, which have been falling sharply since the presidential election, rose in early trading. The yield on the 10-year Treasury note fell to 2.38 percent from 2.45 percent. That helped utility and real estate companies, which are often compared to bonds because of their big dividend payments. When bond yields fall, those stocks become more appealing to investors seeking income. Public Storage rose $4.22, or 2 percent, to $212.08 and Exelon rose $1.09, or 3.4 percent, to $33.26.

BOWING OUT: Starbucks shares slid $1.50, or 2.6 percent, to $57.01 after the company said Howard Schultz will step down as CEO in April. He will remain chairman of the company, and Starbucks said he will focus on new ideas like high-end shops. President and Chief Operating Officer Kevin Johnson will become CEO. Schultz gave up the CEO title in 2000, and investors feel Starbucks struggled until he become CEO again in 2008.

BANKS: Charles Schwab declined 87 cents, or 2.2 percent, to $38.74 and Citigroup fell 73 cents, or 1.3 percent, to $56.54 as banks moved lower. The S&P 500 index of financial stocks is at its highest price since 2008, and it’s up 14 percent since the presidential election.

MISFIRE: Firearms maker Smith & Wesson gave up $2.27, or 9.4 percent, to $21.72 after its quarterly guidance disappointed investors.

RETAIL: Discount retailer Five Below jumped after it said it’s off to a strong start this holiday season. That helped the stock rebound from losses over the last week. It picked up $4.46, or 11.2 percent, to $44.34. Also rising was Ascena Retail, the parent of Ann Taylor, Maurices and Dressbarn. It gained $1.42, or 24.4 percent, to $7.25. Gap lost 25 cents, or 1 percent, to $24.80 and teen retailer Zumiez sank 48 cents, or 1.9 percent, to $24.08 after weak quarterly reports.

ENERGY: Benchmark U.S. crude added 33 cents to $51.39 a barrel in New York. Brent crude, the standard for pricing international oils, picked up 29 cents to $54.23 a barrel in London. Oil prices jumped 13 percent over the last two days after OPEC countries agreed to trim their production of the fuel.

CURRENCIES: The dollar fell to 113.68 yen from 114.04 yen. The euro rose to $1.0661 from $1.0645.

OVERSEAS: Germany’s DAX was down 0.3 percent and the CAC-40 in France fell 0.7 percent. The FTSE 100 index in Britain was 0.4 percent lower. Japan’s Nikkei 225 index shed 0.5 percent and South Korea’s Kospi lost 0.7 percent. Hong Kong’s Hang Seng retreated 1.4 percent.


close






Oh hi there 👋
It’s nice to meet you.

Sign up to receive awesome content in your inbox.

We don’t spam! Read our privacy policy for more info.

Latest News

Fort Worth firm acquired by Abilene-based Petrosmith

Abilene-based Petrosmith, a leading provider of production equipment and oilfield tubular goods, has acquired the assets of Wellflex Energy Solutions LLC, an engineering, procurement...

Arlington firm designing new hotel in Las Colinas

Arlington-based Type Six Design & Development has announced the firm has received zoning approval from the City of Irving for a new six-story Hotel...

New ownership at WineHaus

WineHaus Fort Worth announced a change in ownership and updates to the popular wine bar located at 1628 Park Place Ave. New owners Robyn Davis...

GM to recall 7M vehicles globally to replace Takata air bags

DETROIT (AP) — General Motors will recall about 7 million big pickup trucks and SUVs worldwide to replace potentially dangerous Takata air bag inflators. The...

Stocks edge higher on Wall Street on latest vaccine hopes

NEW YORK (AP) — U.S. stocks edged higher in morning trading Monday after investors received several pieces of encouraging news on COVID-19 vaccines and...