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Banks lead US stocks mostly higher in afternoon trading Led by banks, US stocks inch higher in afternoon trading
(about 3 hours later)
NEW YORK — U.S. stocks are edging higher Thursday afternoon. Banks are rising as they continue to report their first-quarter results, and airlines are rising after Delta said the low cost of fuel boosted its business. Tech stocks are falling after dour projections from Seagate Technology. NEW YORK — U.S. stocks are wavering between small gains and losses Thursday afternoon. Banks are rising as they continue to report their first-quarter results, and airlines are rising after Delta said low fuel costs boosted its results. Consumer stocks are struggling.
KEEPING SCORE: The Dow Jones industrial average added 38 points, or 0.2 percent, to 17,946 as of 12:15 p.m. Eastern time. The Standard & Poor’s 500 index rose 3 points, or 0.2 percent, to 2,085. The Nasdaq composite gained 7 points, or 0.1 percent, to 4,954. KEEPING SCORE: The Dow Jones industrial average added 19 points, or 0.1 percent, to 17,926 as of 3:15 p.m. Eastern time. The Standard & Poor’s 500 index rose 1 point to 2,083. The Nasdaq composite gained 2 points to 4,949. Stocks made big jumps the last two days to reach their highest levels this year.
After making big jumps the last two days, stocks are little changed. BANKS: Banks reported mixed results, as they’ve been hurt by loans to energy companies and trading results from trading. But since Wall Street was braced for even worse news, those stocks made some of the biggest gains on the market. Bank of America picked up 40 cents, or 2.9 percent, to $14.19, as its results met investor expectations.
BANKS: Banks made the largest gains. Bank of America’s profit fell on weak results from trading, but the outcome wasn’t any worse than investors expected. The stock picked up 44 cents, or 3.2 percent, to $14.23. First Republic Bank jumped $2.38, or 3.5 percent, to $69.88 after the San Francisco bank reported a bigger-than-expected profit. Fifth Third Bank, another regional bank, gained 34 cents or 2 percent, to $17.75.
Wells Fargo’s profit fell as it set aside more money to cover its struggling portfolio of oil and gas loans. Still, it earned more money than analysts expected. The stock picked up 9 cents to $49.12. First Republic Bank jumped $4.78, or 7.1 percent, to $72.28 after the San Francisco bank reported a bigger-than-expected profit. Wells Fargo’s profit fell as it set aside more money to cover its struggling portfolio of oil and gas loans. The stock lost 1 cent to $49.02.
Bank stocks jumped Wednesday after JPMorgan Chase, the largest U.S. bank, reported results that beat expectations. They are the worst-performing stocks in the S&P 500 index this year, and Wall Street has been bracing for bad results in the first quarter. Bank stocks jumped Wednesday after JPMorgan Chase, the largest U.S. bank, reported results that beat expectations. They are still the worst-performing stocks on the S&P 500 this year.
FLYING HIGH: Delta Air Lines’ first-quarter profit jumped 27 percent, helped by low fuel costs. Delta’s stock gained 88 cents, or 1.8 percent, to $48.92. American Airlines rose $1.31, or 3.3 percent, to $41.25 and United added $1.46, or 2.6 percent, to $57.04. THE QUOTE: JJ Kinahan, chief strategist for TD Ameritrade, said banks have slashed their spending benefited as more people bought homes and consumers and businesses took out more loans.
TECH TROUBLES: Data storage company Seagate Technology said its third-quarter profit margins and revenue will be lower than expected. The company said it’s seeing lower demand for some kinds of hard disk drives. Its stock slumped $6.50, or 19.1 percent, to $27.44. Western Digital fell $3.65, or 8.1 percent, to $41.15 and NetApp lost $1.11, or 4.2 percent, to $2.59. “If businesses are starting to expand a little bit, if the consumer is out there trying to buy housing, (lending) is a steady source of income for these institutions,” he said. Investors feared “this was going to be an absolutely disastrous earnings season,” he said.
PIER PRESSURE: Pier 1 Imports is falling after the home decor company gave a shaky outlook for the first half of its fiscal year. Pier 1 said it expects “pressure” on its profit and sales because of marketing expenses, including a return to TV advertising, as well as price markdowns. The stock gave up 18 cents, or 2.5 percent, to $7.16. FLYING HIGH: Delta Air Lines’ first-quarter profit jumped 27 percent, helped by low fuel costs. Delta’s stock gained 61 cents, or 1.3 percent, to $48.65. American Airlines rose $1.12, or 3.3 percent, to $41.25 and United added $1.44, or 2.6 percent, to $57.02. JetBlue and Southwest also climbed.
TECH TROUBLES: Data storage company Seagate Technology said its third-quarter profit margins and revenue will be lower than expected. The company said it’s seeing lower demand for some kinds of hard disk drives. Its stock slumped $6.86, or 20.2 percent, to $27.07. Competitor Western Digital fell $3.11, or 6.9 percent, to $41.69 and NetApp lost $1.04, or 3.9 percent, to $25.66.
PIER PRESSURE: Pier 1 Imports is falling after the home decor company gave a shaky outlook for the first half of its fiscal year. Pier 1 said it expects “pressure” on its profit and sales because of marketing expenses, including a return to TV advertising, as well as price markdowns. The stock gave up 34 cents, or 4.7 percent, to $7.
UNEMPLOYMENT FALLS: Claims for unemployment benefits dropped sharply last week and reached their lowest level since 1973. They’ve been at low levels for a year, which indicates the job market is healthy and employers aren’t letting go of workers. That suggests many companies see the recent slowdown as temporary.UNEMPLOYMENT FALLS: Claims for unemployment benefits dropped sharply last week and reached their lowest level since 1973. They’ve been at low levels for a year, which indicates the job market is healthy and employers aren’t letting go of workers. That suggests many companies see the recent slowdown as temporary.
ENERGY: Benchmark U.S. crude oil rose 16 cents to $41.92 a barrel in New York. Brent crude, the international standard, rose 18 cents to $44.36 a barrel in London. ENERGY: Benchmark U.S. crude oil fell 26 cents to $41.50 a barrel in New York. Brent crude, the international standard, gave up 34 cents to $43.84 a barrel in London.
METALS: Gold fell $21.80, or 1.7 percent, to $1,226.50 an ounce. Silver fell 15 cents to $16.17 an ounce. Copper was unchanged at $2.17 a pound.
OTHER ENERGY TRADING: Wholesale gasoline fell 2 cents to $1.51 a gallon. Heating oil dipped 1 cent to $1.25 a gallon. Natural gas fell 7 cents, or 3 percent, to $1.97 per 1,000 cubic feet.
OVERSEAS: In Europe, Germany’s DAX was up 0.7 percent while the CAC-40 in France rose 0.5 percent. The FTSE 100 index in Britain held steady. Japan’s benchmark Nikkei 225 closed 3.2 percent higher as the yen weakened slightly against the dollar. Hong Kong’s Hang Seng gained 0.8 percent and South Korea’s KOSPI climbed 1.7 percent.OVERSEAS: In Europe, Germany’s DAX was up 0.7 percent while the CAC-40 in France rose 0.5 percent. The FTSE 100 index in Britain held steady. Japan’s benchmark Nikkei 225 closed 3.2 percent higher as the yen weakened slightly against the dollar. Hong Kong’s Hang Seng gained 0.8 percent and South Korea’s KOSPI climbed 1.7 percent.
BONDS, CURRENCIES: Bond prices fell. The yield on the 10-year U.S. Treasury note rose to 1.80 percent from 1.77 percent. The euro fell to $1.1267 from $1.1283 and the dollar slipped to 109.19 yen from 109.24 yen. BONDS, CURRENCIES: Bond prices slipped. The yield on the 10-year U.S. Treasury note rose to 1.78 percent from 1.77 percent. The euro fell to $1.1268 from $1.1283 and the dollar edged up to 109.25 yen from 109.24 yen.
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AP Markets Writer Marley Jay can be reached at http://twitter.com/MarleyJayAP His work can be found at http://bigstory.ap.org/journalist/marley-jayAP Markets Writer Marley Jay can be reached at http://twitter.com/MarleyJayAP His work can be found at http://bigstory.ap.org/journalist/marley-jay
Copyright 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.Copyright 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.