US close: Street finishes green ahead of fresh talks with China
Wall Street finished its Monday session in the green, as investors grew optimistic ahead of US-China trade talks later in the week.
Dow Jones I.A.
38,239.98
04:30 15/10/20
Nasdaq 100
17,210.88
12:15 22/04/24
The Dow Jones Industrial Average added 0.35% to 25,758.69, the S&P 500 was ahead 0.24% at 2,857.05, and the Nasdaq Composite finished 0.06% firmer at 7,821.01.
“Markets often find it difficult to focus on one topic, and thus with the focus now shifting away from Turkey and towards China, it comes as no surprise that the pessimism of last week is fading into obscurity,” said IG market analyst Joshua Mahony earlier.
However, Mahony added that this newfound optimism was likely to be "ill-founded", noting that all the previous meetings between the two nations had shown "precious few signs of anything that looks like a breakthrough."
Elsewhere, Turkey was also in focus after Standard & Poor's and Moody's downgraded the country's credit rating further into junk territory on Friday.
CMC Markets analyst Michael Hewson said that while the move was largely expected, it could prompt a similar downgrade to Turkey's banks in the coming days, which were already struggling with the measures taken by Turkey's authorities to support the lira.
"By making the currency more difficult to trade and limiting the ability of both domestic and overseas banks to hedge their currency exposure, the decline in the currency could well regain its pace in the coming days, after last week's late rebound," Hewson said.
On the corporate front, PepsiCo reversed earlier gains to ended 0.1% lower, after the soft drinks and snacks giant agreed to buy Israel-based SodaStream for $3.2bn.
SodaStream - which makes home fizzy drinks makers - saw its shares climb 9.44% on the news.
Meanwhile, Tyson Foods clawed back from opening losses to add 1.6% after agreeing to buy Keystone Foods for $2.16bn.
Cosmetics conglomerate Estee Lauder Companies was ahead 3.4% higher after turning in a set of fourth-quarter sales that beat analysts' expectations.
Electric car maker Tesla was 0.96% higher, having earlier dipped following a report that Saudi Arabia's sovereign wealth fund, PIF, was in talks to invest in one of the company's rivals, Lucid Motors.
Dow Jones - Risers
Johnson & Johnson (JNJ) $136.88 3.32%
Nike Inc. (NKE) $82.18 3.06%
Pfizer Inc. (PFE) $42.33 2.20%
Dowdupont Inc. (DWDP) $68.48 2.09%
Caterpillar Inc. (CAT) $138.67 1.77%
Merck & Co. Inc. (MRK) $70.17 1.61%
Boeing Co. (BA) $350.72 1.38%
Home Depot Inc. (HD) $197.93 1.30%
Goldman Sachs Group Inc. (GS) $235.82 1.19%
American Express Co. (AXP) $103.83 1.15%
Dow Jones - Fallers
Walmart Inc. (WMT) $96.00 -1.89%
Intel Corp. (INTC) $46.50 -1.27%
Apple Inc. (AAPL) $215.46 -0.97%
Microsoft Corp. (MSFT) $106.87 -0.66%
Walt Disney Co. (DIS) $112.00 -0.44%
Visa Inc. (V) $140.94 -0.31%
Verizon Communications Inc. (VZ) $54.65 -0.26%
JP Morgan Chase & Co. (JPM) $114.62 -0.13%
Procter & Gamble Co. (PG) $83.64 -0.06%
McDonald's Corp. (MCD) $161.68 -0.03%
S&P 500 - Risers
Nordstrom Inc. (JWN) $61.56 17.75%
Frontier Communications Co. (FTR) $5.73 7.71%
Perrigo Company plc (PRGO) $75.49 7.23%
Macy's Inc. (M) $38.21 6.70%
Diamond Offshore Drilling Inc. (DO) $16.88 5.83%
American Airlines Group (AAL) $39.99 5.82%
Mallinckrodt Plc Ordinary Shares (MNK) $36.07 5.65%
Kohls Corp. (KSS) $78.85 5.48%
Estee Lauder Co. Inc. (EL) $140.55 5.23%
Gap Inc. (GPS) $32.17 4.62%
S&P 500 - Fallers
Qorvo, Inc. (QRVO) $78.18 -4.07%
News Corp Class B (NWS) $14.05 -2.77%
News Corp Class A (NWSA) $13.57 -2.37%
Walmart Inc. (WMT) $96.00 -1.89%
Tenet Healthcare Corp. (THC) $32.71 -1.80%
Agilent Technologies Inc. (A) $64.48 -1.57%
Jefferies Financial Group Inc. (JEF) $23.48 -1.34%
KLA-Tencor Corp. (KLAC) $110.93 -1.31%
Bristol-Myers Squibb (BMY) $60.34 -1.29%
Intel Corp. (INTC) $46.50 -1.27%
Nasdaq 100 - Risers
American Airlines Group (AAL) $39.99 5.82%
Netflix Inc. (NFLX) $327.73 3.46%
JD.com, Inc. (JD) $33.04 2.54%
Wynn Resorts Ltd. (WYNN) $145.78 2.42%
Micron Technology Inc. (MU) $48.07 2.04%
Ctrip.Com International Ltd. Ads (CTRP) $39.22 2.00%
Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $239.32 1.82%
Henry Schein Inc. (HSIC) $81.67 1.66%
Adobe Systems Inc. (ADBE) $249.76 1.65%
PACCAR Inc. (PCAR) $68.24 1.61%
Nasdaq 100 - Fallers
Biomarin Pharmaceutical Inc. (BMRN) $99.03 -1.96%
Charter Communications Inc. (CHTR) $295.00 -1.55%
Align Technology Inc. (ALGN) $352.28 -1.40%
Mercadolibre Inc. (MELI) $319.75 -1.37%
KLA-Tencor Corp. (KLAC) $110.93 -1.31%
Intel Corp. (INTC) $46.50 -1.27%
Broadcom Inc. (AVGO) $206.72 -1.22%
Qurate Retail Inc. (QRTEA) $21.60 -1.10%
Apple Inc. (AAPL) $215.46 -0.97%
Skyworks Solutions Inc. (SWKS) $90.98 -0.95%