Dow, S&P climb on energy and industrials; Nasdaq falls

24 February, 2018, 10:15 | Author: Lora Ball
  • Stock Market Recovering

The Nasdaq Composite closed at 7,218.23 for a loss of -16.08 points or -0.22%.

"We are looking for a confirmation, a technical confirmation the markets are on solid footing". Speakers include New York Fed president William Dudley and Boston Fed president Eric Rosengren in the morning and Cleveland Fed president Loretta Mester and Kansas City's Ester George due to speak in the afternoon.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move.

Fast food chain and franchise operator, Wingstop Inc (NASDAQ:WING) saw its shares plunge 9.06% pre-market, after its guidance failed to match Wall Street's expectations.

More news: Electric auto market jumpstarts cobalt prices

After the Fed left interest rates unchanged in January, minutes showed the USA central bank's rate-setting committee grew more confident in the need to keep raising rates, with most believing inflation would perk up amid an improving economic landscape. In corporate news, Shares of Blue Buffalo Pet Products Inc.

General Mills shares however slipped 3.91% to trade at US$52.80. Indexes rallied into the close, sending the S&P 500 and Dow back above the 50-day moving average. Eastern from the Federal Reserve, which comes ahead of Jerome Powell's inaugural testimony before congress as Fed boss next week. The S&P consumer staples index dropped 2.25 per cent and is down almost 5 per cent for the year.

Home Depot edged down 0.14 per cent after the largest United States home improvement chain's quarterly profit beat market estimates in an improving housing market.

HPE also provided offered better-than-expected guidance for the next quarter and for full fiscal year 2018. NXP shares jumped 5.96 per cent. There are over 100 companies on both the Nasdaq and NYSE, for example, that are trading up today. This helps to contribute to an overall stronger market space.

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