Tech companies lead USA stocks to new records

Mae Love
November 22, 2017

Wall Street indexes hit record levels on Tuesday, with technology stocks rising for a second straight day and healthcare shares getting a boost from Medtronic's results.

Trading volume remained light ahead of the Thanksgiving holiday, creating the potential for outsized moves in either direction.

The latest data from Thomson Reuters showed that the S&P 500 companies' blended earnings in the third quarter of 2017 are expected to rise 8.2 percent year on year, while the revenues are forecast to increase 5.4 percent.

"They have been in a leadership position and have produced remarkable earnings growth", Wiegand said.

The Dow Jones Industrial Average soared 160.50 (+0.69 percent) to finish at 23,590.83.

Federal Bureau of Investigation offering reward for information about Border Patrol agent's death
The region's mountains and the Rio Grande make it a hard area for people to cross illegally into the US from Mexico. On Saturday, agents arrested 34-year-old Abigael Calvo-Calvo after he illegally crossed the border near Naco.

Manafort and Gates Win Freedom for Thanksgiving But They Can't Drink
The charges are related to work done by Manafort and Gates on behalf of a pro-Kremlin political party in Ukraine. Jackson has ordered that Manafort's secured bond be $10 million and Gates' $5 million.

Stock in Action: Endo Int'l Plc (ENDP)
Finally, Bank of Hawaii purchased a new stake in Endo International PLC in the second quarter worth approximately $180,000. The stock has a market cap of $1,683.79, a PE ratio of 1.56, a price-to-earnings-growth ratio of 2.05 and a beta of 0.53.

The Nasdaq composite rose 71.76 points, or 1.1 percent, to 6,862.48.

Investors looking for additional gains before the end of the year flocked to tech stocks (+1.2%), helped by strong performances from Apple, Microsoft, Facebook and Alphabet, all of which climbed at least 1.4%; the S&P tech sector has now gained 38.6% YTD, more than double the S&P's 16.1% advance.

Signet Jewelers tanked 27 per cent after reporting a surprise quarterly loss, pulling down Tiffany by more than 1 per cent.

On the economic front, USA total existing-home sales increased 2.0 percent from a downwardly revised 5.37 million in September to a seasonally adjusted annual rate of 5.48 million in October, beating market consensus, the National Association of Realtors said Tuesday. On the Nasdaq, 2,028 issues rose and 741 fell.

Other reports by

Discuss This Article

FOLLOW OUR NEWSPAPER