This article is from the source 'washpo' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.

You can find the current article at its original source at https://www.washingtonpost.com/world/europe/asian-stock-indexes-mixed-market-focus-on-ecb-remarks/2016/04/19/994487b6-06a0-11e6-bfed-ef65dff5970d_story.html

The article has changed 9 times. There is an RSS feed of changes available.

Version 7 Version 8
US stocks edge higher as investors eye company earnings US stocks end modestly higher as oil price recovers
(about 2 hours later)
Energy companies led U.S. stocks modestly higher in late-afternoon trading Wednesday as the price of oil recovered from an early slide. Investors were also weighing the latest company earnings and deal news. Utilities companies lagged the rest of the market. Financial and energy companies led a modest increase in U.S. stocks Wednesday, giving the stock market its third gain in a row.
KEEPING SCORE: The Dow Jones industrial average rose 97 points, or 0.5 percent, to 18,151 as of 3:10 p.m. Eastern time. The Standard & Poor’s 500 index added eight points, or 0.4 percent, to 2,109. The Nasdaq composite index gained 25 points, or 0.5 percent, to 4,966. The market got a boost from a pickup in the price of oil, which climbed about 4 percent after an early slide. When oil prices rise they tend to favor battered energy stocks and financial companies such as banks, which have been in the doldrums due to investor concerns that loans to struggling oil companies could go bad.
THE QUOTE: After several weeks of moving in different directions, the stock market appears to be getting more closely tied to the fluctuations in oil prices. After several weeks of moving in different directions, the stock market appears to be getting more closely tied to the fluctuations in oil prices.
“Oil is what’s been driving the market lately,” said Chris Gaffney, president of EverBank World Markets.“Oil is what’s been driving the market lately,” said Chris Gaffney, president of EverBank World Markets.
ENERGY FOCUS: Climbing crude and heating oil prices helped lift shares in several energy companies. Chesapeake Energy rose 34 cents, or 5.6 percent, to $6.46, while Williams Cos. gained 97 cents, or 5.4 percent, at $18.98, while Devon Energy added $1.50, or 4.5 percent, at $35.12. Utilities and consumer staples stocks were among the biggest decliners.
CHARGE IT: Discover Financial Services climbed 8 percent after the credit card issuer and lender reported better-than-anticipated quarterly profit and sales as loan volume improved. The stock gained $4.18 to $56.73. The Dow Jones industrial average rose 42.67 points, or 0.2 percent, to 18,096.27. The Standard & Poor’s 500 index added 1.60 points, or 0.1 percent, to 2,102.40. The Nasdaq composite index gained 7.80 points, or 0.2 percent, to 4,948.13.
STRONG QUARTER: VMWare jumped 14 percent after the cloud-computing company reported better-than-expected earnings. The stock climbed $7.18 to $58.64. The Dow is now up almost 4 percent for the year, while the S&P 500 is up about 3 percent. The Nasdaq narrowed its loss to 1.2 percent.
PRINT IT: Lexmark International surged 9.4 percent after the printer maker agreed to be bought by a group that includes Apex Technology and PAG Asia Capital for about $2.51 billion. The stock added $3.27 to $37.93. Trading got off to a flat start, with the major stock indexes moving sideways. They perked up by midmorning, as oil prices turned higher, but the rally lost some steam by the end of the day.
FOR SALE: Yahoo rose 4.8 percent a day after the Internet pioneer said that it is considering the sale of part or all of its Internet business. The news overshadowed its latest quarterly loss. The stock added $1.74 to $38.07. U.S. crude rose $1.55, or 3.8 percent, to close at $42.63 a barrel in New York. Brent crude, the international benchmark, climbed $1.77, or 4 percent, at $45.80 a barrel in London. Heating oil jumped 5.5 percent after adding 7 cents to close at $1.33 a gallon.
NO FIZZ: Coca-Cola slid 4.4 percent after the world’s biggest beverage maker reported a lower profit for the first quarter. The company was squeezed by a strong dollar and charges related to the transformation of its North American operations. Coca-Cola fell $2.04 to $44.57. That helped lift shares in several energy companies. Chesapeake Energy gained 30 cents, or 4.9 percent, to $6.42, while Williams Cos. rose 82 cents, or 4.6 percent, at $18.83.
ENERGY: U.S. crude reversed an early morning slide. It rose $1.55, or 3.8 percent, to close at $42.63 a barrel in New York. Brent crude, the international benchmark, climbed $1.77, or 4 percent, at $45.80 a barrel in London. The market got some encouraging data on housing, with the National Association of Realtors reporting that sales of previously occupied U.S. homes bounced back in March after a February slump as the spring home-selling season kicked off.
In other energy trading, wholesale gasoline rose about 3 cents, or 1.8 percent, to close at $1.51 a gallon. Heating oil added 7 cents, or 5.5 percent, to close at $1.33 a gallon. Natural gas fell 2 cents to close at $2.069 per 1,000 cubic feet. Investors also had their eye on the latest batch of company earnings.
OVERSEAS: In Europe, Germany’s DAX rose 0.7 percent, while the CAC-40 of France gained 0.6 percent. The FTSE 100 of leading British shares added 0.1 percent. Earlier in Asia, most markets closed lower. South Korea’s Kospi fell 0.3 percent and Hong Kong’s Hang Seng slid 0.9 percent. Japan’s benchmark Nikkei 225 edged up 0.2 percent, while Australia’s S&P/ASX 200 added 0.5 percent. Corporate profits for companies in the S&P 500 are expected to be down 8.1 percent, according to S&P Global Market Intelligence. Even excluding energy companies, which have been hammered by falling oil prices, earnings growth for the S&P 500 companies is projected to be down 3.3 percent.
METALS: Precious and industrial metals futures inched higher. Gold rose 10 cents to $1,254.40 an ounce, silver gained 16 cents, or 1 percent, to $17.14 an ounce and copper rose 1.5 cents to $2.24 a pound. Even so, while only about 15 percent of companies having reported results at this point, many have turned in better-than-expected results.
BONDS AND CURRENCIES: Bond prices fell. The yield on the 10-year Treasury note rose to 1.85 from 1.78 late Tuesday. In currency markets, the euro fell to $1.1296 from $1.1377, while the dollar rose to 109.82 yen from 109.13. “So far, we’re actually seeing companies surprising to the upside,” said Jason Pride, director of investment strategy at Glenmede.
Discover Financial Services led all the gainers in the S&P 500 after the credit card issuer and lender reported better-than-anticipated quarterly profit and sales as loan volume improved. The stock climbed $4.29, or 8.2 percent, to $56.84.
VMWare also delivered strong results, which vaulted the cloud-computing company $7.07, or nearly 14 percent, to $58.53.
Some companies failed to turn in encouraging results.
Coca-Cola slid 4.8 percent after the world’s biggest beverage maker reported a lower profit for the first quarter. The company was squeezed by a strong dollar and charges related to the transformation of its North American operations. Coca-Cola was the biggest decliner in the S&P 500. It lost $2.23 to $44.37.
Beyond earnings, investors welcomed news that printer maker Lexmark International agreed to be bought by a group that includes Apex Technology and PAG Asia Capital for about $2.51 billion. The stock climbed $3.24, or 9.3 percent, to $37.90.
Stock markets in Europe also closed higher.
Germany’s DAX rose 0.7 percent, while the CAC-40 of France gained 0.6 percent. The FTSE 100 of leading British shares added 0.1 percent. Earlier in Asia, most markets closed lower. South Korea’s Kospi fell 0.3 percent and Hong Kong’s Hang Seng slid 0.9 percent. Japan’s benchmark Nikkei 225 edged up 0.2 percent, while Australia’s S&P/ASX 200 added 0.5 percent.
In other energy trading, wholesale gasoline rose about 3 cents, or 1.8 percent, to close at $1.51 a gallon. Natural gas fell 2 cents to close at $2.069 per 1,000 cubic feet.
Precious and industrial metals futures inched higher. Gold rose 10 cents to $1,254.40 an ounce, silver gained 16 cents, or 1 percent, to $17.14 an ounce and copper rose 1.5 cents to $2.24 a pound.
Bond prices fell. The yield on the 10-year Treasury note rose to 1.85 from 1.78 late Tuesday. In currency markets, the euro fell to $1.1302 from $1.1377, while the dollar rose to 109.80 yen from 109.13.
___
This story has been corrected to fix wording in second paragraph.
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.