US stock indexes mixed in afternoon trading; oil rebounds

Brittany BishopApr 02, 2017

Gains were led by Exxon Mobil Corp, American Express Co and Goldman Sachs Group Inc.

At 12:50 a.m. ET the Dow Jones Industrial Average .DJI was up 24.98 points, or 0.12 percent, at 20,684.3. The S&P 500 dipped 5.34 points, or 0.23 percent, to 2,362.72. The Nasdaq was coming off its latest all-time high.

The Nasdaq closed at a record high after rising for a fifth straight session. The Russell 2000 index picked up 3.57 points, or 0.3 per cent, to 1,385.92.

The high costs of extraction have made it hard for companies to make profits with oil prices remaining low. The 10-year Treasury yield fell to 2.39 per cent from 2.42 per cent late Thursday.

European stock markets traded in narrow ranges Friday, March 31, 2017, though trading has the potential to become quite volatile in the hours before the first quarter of the year ends.

Meanwhile, incomes rose 0.4% after a 0.5% gain the previous month.

"As the Fed loves the PCE instead of the CPI, the nearing of their 2% core inflation rate coincides with their determination of hiking at least 3 times this year".

USA stocks pushed higher as the latest United States economic data showed the economy started 2017 at a strong lick.

Wall Street's near-record valuations may be put to the test in the coming weeks as investors turn their attention to first quarter earnings.

The market will be looking at quarterly earnings to see if valuations can be supported.

NantHealth didn't fare as well.

Exxon Mobil (NYSE: XOM) was top of the Dow Industrials, adding over 2% to $83.7 as the oil price firmed.

Auto dealership companies were among the decliners Friday.

-West Texas Intermediate crude rose 1.7 percent to settle at $50.35 a barrel, the highest close since March 7.

"We continue to see decent-to-improving economic data primarily in employment", said Tim Ghriskey, chief investment officer of Solaris Asset Management in NY. Shares surged 14 per cent to $10.53. The stock climbed $5.50 to $17.45. (FMC) in exchange for $1.2 billion in cash and FMC Health and Nutrition.

Today, the company expanded its share buy-back program, launched a $1.2bn debt offering, and decided it would not spin-off its real estate assets into a separate real estate investment trust (REIT).

Major indexes overseas were mixed Friday. The FTSE 100 index of leading British shares fell 0.6 per cent. One of the best quarterly performances in the region came from the Hong Kong Hang Seng Index, which finished up 9.6%.

Oil futures also posted an uneven finish.

The Canadian dollar was trading at 74.99 cents U.S., down 0.01 of a cent from Thursday's close. Brent crude, used to price global oils, added 12 cents to $53.25. The DJIA is poised to add almost 5%, which would be its sixth-straight positive quarter and the longest winning streak since the fourth quarter of 2006. Copper slipped 2 cents to $2.65 per pound.

CURRENCY: The dollar gained to 112.06 yen from Thursday's 111.91 yen.

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