US stock indexes wavering between small gains and losses
Posted Mar 31, 2017 10:25:46 AM.
Last Updated Mar 31, 2017 11:00:07 AM.
This article is more than 5 years old.
U.S. stock indexes wavered between small gains and losses in early trading Friday as investors weighed several corporate deals and new economic data on consumer spending and prices. Financial stocks were down the most, while utilities posted the biggest gains.
KEEPING SCORE: The Dow Jones industrial average slid 41 points, or 0.2 per cent, to 20,687 as of 10:16 a.m. Eastern Time. The Standard & Poor’s 500 index fell 1 point, or 0.1 per cent, to 2,366. The Nasdaq composite index lost 2 points to 5,912. The Nasdaq was coming off its latest all-time high.
U.S. ECONOMY: The Commerce Department said consumer spending kept rising in February, though gains the last two months have been slow. Meanwhile, an inflation gauge closely watched by the Federal Reserve increased 2.1 per cent in February compared to a year ago.
STRONG QUARTER: DXP Enterprises jumped 11.5 per cent after the industrial products company reported a profit and better-than-expected sales in the fourth quarter. The stock added $3.76 to $36.50.
DIALED IN: BlackBerry surged 15 per cent after the company delivered a surprise fourth-quarter profit. Its shares picked up $1.38 to $10.65.
ACQUISITION AGREEMENT: TRC vaulted 45.6 per cent after the engineering and consulting services company agreed to be bought by a unit of the investment firm New Mountain Capital for $17.55 a share, or $365.5 million. The stock climbed $5.45 to $17.40.
DOUBLE DEAL: FMC has agreed to buy part of DuPont’s crop protection business, while DuPont has agreed to buy FMC’s health and nutrition unit. FMC will get $1.6 billion, mostly in cash. Antitrust regulators in Europe wanted DuPont to make the sale as part of its combination with competitor Dow Chemical. Shares in FMC jumped $9.78, or 15.9 per cent, to $71.28. DuPont shares fell $1.06, or 1.3 per cent, to $80.58.
MARKETS OVERSEAS: In Europe, Germany’s DAX and France’s CAC 40 were both essentially flat. The FTSE 100 index of leading British shares was down 0.4 per cent. In Asia, Tokyo’s Nikkei 225 and Hong Kong’s Hang Seng each fell 0.8 per cent. Sydney’s S&P-ASX 200 declined 0.5 per cent. Seoul’s Kospi fell 0.2 per cent. India’s Sensex gave up 0.2 per cent, while Taiwan and New Zealand rose.
TREASURY YIELDS: Bond prices edged higher. The 10-year Treasury yield fell to 2.41 per cent from 2.42 per cent late Thursday.
ENERGY: Benchmark U.S. crude fell 11 cents to $50.24 per barrel in New York. Brent crude, used to price international oils, rose 3 cents to $53.16.
CURRENCIES: The euro weakened to $1.0677 from $1.0691 on Thursday. The dollar fell to 110.72 yen from 111.60 yen.
