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Stock Indexes Edge Higher in Midday Trading; Oil Rises

Stock Indexes Edge Higher in Midday Trading; Oil Rises
(AP/Richard Drew)

Friday, 30 June 2017 01:05 PM

U.S. stock indexes edged higher in midday trading Friday, recovering some of their losses from a day earlier. Consumer-focused companies and industrials stocks led the gainers. Energy companies also rose as crude oil prices headed higher. Phone and real estate companies were down the most. Investors were sizing up the latest company earnings and deal news and adjusting portfolios in the final hours of the second quarter.

KEEPING SCORE: The Standard & Poor's 500 index rose 7 points, or 0.3 percent, to 2,426 as of 11:55 a.m. Eastern time. The Dow Jones industrial average gained 82 points, or 0.4 percent, to 21,369. The Nasdaq composite added 9 points, or 0.2 percent, to 6,153. The Russell 2000 index of small-company stocks fell 1 point, or 0.1 percent, to 1,414. The stock market was rebounding from a steep decline led by technology companies.

QUARTER'S END: With the second quarter of the year coming to an end, some investors traditionally look to close out positions and book profits. That can make trading choppy in the final hours of the day.

JUST DID IT: Nike jumped 9.2 percent after the athletic apparel company's latest quarterly results beat Wall Street's forecasts. The company also said it's testing a program to sell sneakers through Amazon.com directly, instead of via third-party sellers. The stock was the biggest gainer in the S&P 500 index, adding $4.90 to $58.07.

REAL ESTATE BET: Parkway vaulted 12.1 percent after the Canada Pension Plan Investment Board agreed to buy the commercial real estate investment trust for about $1.13 billion. Parkway rose $2.47 to $22.85.

BUYING IN: Hain Celestial climbed 8.4 percent after activist investor Engaged Capital disclosed a 9.9 percent stake in the organic food maker. Hain shares added $3.01 to $38.77.

SHOOTING BLANKS: American Outdoor Brands slid 5.1 percent after the firearms maker issued weak forecasts for the current quarter and the fiscal year. Shares in the company, which changed its name from Smith & Wesson earlier this year, fell $1.22 to $22.72.

STILL HURTS: Cara Therapeutics sank 36.4 percent after results from a trial of the company's osteoarthritis pain treatment disappointed investors. The stock gave up $9.30 to $16.22.

ENERGY: Crude oil prices were on course to extend a six-day winning streak. Benchmark U.S. crude was up 64 cents, or 1.4 percent, to $45.57 a barrel in New York. Brent, the international standard, was up 66 cents, or 1.4 percent, at $48.29 a barrel in London.

CURRENCIES: The dollar rose to 112.35 yen from 112.07 yen late Thursday. The euro and British pound gave up some of their gains from earlier in the week. The euro weakened to $1.1410 from $1.1432. The pound slid to $1.2988 from $1.2991.

BOND YIELDS: Bond prices fell. The 10-year Treasury yield rose to 2.28 percent from 2.27 percent late Thursday.

MARKETS OVERSEAS: European stock markets were headed lower. Germany's DAX was down 0.7 percent, while the CAC 40 in France was 0.7 percent lower. The FTSE 100 index of leading British shares was down 0.5 percent. In Asia, trading was mixed. The Hang Seng in Hong Kong fell 0.8 percent, while Japan's Nikkei 225 index dropped 0.9 percent. South Korea's Kospi lost 0.2 percent, while Australia's S&P ASX 200 lost 1.7 percent. Shares in Southeast Asia were mostly lower.

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U.S. stock indexes edged higher in midday trading Friday, recovering some of their losses from a day earlier. Consumer-focused companies and industrials stocks led the gainers. Energy companies also rose as crude oil prices headed higher. Phone and real estate companies...
markets, stocks, bonds, oil
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2017-05-30
Friday, 30 June 2017 01:05 PM
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