xxxx

Markets Right Now: US stocks waver as crude oil price slumps

US stocks have climbed since the November 8 election, fueled by expectations of significant economic stimulus and cuts in corporate taxes and regulations under President-elect Donald Trump.USA stocks are resuming their climb Monday, led by gains in bank stocks, sending the Dow Jones industrial average to another record high.At 9:40am ET (1441 GMT), the Dow Jones Industrial Average was down 1.58 points, or 0.01%, at 19,250.2. The Standard and Poor’s 500 list climbed 12.76 focuses, or 0.6%, to 2,204.71. Dow Chemical rose 91 cents, or 1.6 percent, to $56.33 and steelmaker Nucor added $1.82, or 2.9 percent, to $64.85.STARVING: Chipotle Mexican Grill fell $27.69, or 7 percent, to $368.70 after the company’s CEO said he was “nervous” about hitting full-year forecasts and that the company’s turnaround is going slower than expected. The Nasdaq composite increased 19 points, or 0.4 percent, to 5,271. The yield on the benchmark 10-year Treasury note was 2.39 percent, the same as late Friday. So did the Russell 2000, an index of smaller companies. Copper jumped 7 cents, or 2.8 percent, to $2.70 a pound. Brent crude, the global standard, shed 99 cents to $53.94 a barrel in London.Trump’s announcement that Japanese telecoms and internet firm SoftBank 9984.T agreed to invest $50 billion in the United States also rippled through markets, with Sprint shares S.N rising 1.5 percent and T-Mobile TMUS.O gaining 1.8 percent. The stocks had likewise achieved unequaled highs not long ago. Elsewhere, Pfizer gave up 81 cents, or 2.6 percent, to $30.75 and Johnson & Johnson fell $2.42, or 2.2 percent, to $109.64.Investors shrugged off the results of Italy’s referendum, which prompted Prime Minister Matteo Renzi to resign. Stock traders are digesting the latest economic data, including a 3.1% rise in USA productivity in the third quarter – unchanged from initial estimates – and an 18% rise in the US trade deficit in October.Microsoft rose 1.6% to $60.22, and client administration programming designer Salesforce.com climbed 3.5% to $70.80.”You’ve got a lot of overbought individual components, especially in a rising rate environment, so any bad news, including Trump tweeting on Boeing, is going to have a big impact on the market”, said Phil Davis, chief executive of PSW Investments. Hong Kong’s Hang Seng added 0.8 percent. Legislators asked if the deal would improve competition and reduce prices for consumers, as the companies say it will. AT&T gained $1.10, or 2.8 per cent, to $40.45 and Time Warner edged up 8 cents to $93.98. Boeing had been down as much as 1 percent earlier in the day, only to close mostly unchanged at $152.24. Silver jumped 47 cents to $17.28 an ounce. London’s FTSE 100 was last seen 0.2% higher, even after the U.K.’s Financial Conduct Authority announced it will crack down on the sale of certain products in the complex “contract for difference” market – crushing a handful of derivative sellers.

xxxxxxxxxxxxxxxxx