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10
February 2017
Dow Jones industrial average (The Total Investment & Insurance
Solutions)
The Dow Jones industrial average rose 51 points,
or 0.3 percent, to 20,223 as of 10:08 a.m. Eastern Time. The Standard &
Poor's 500 index gained 4 points, or 0.2 percent, to 2,312. The Nasdaq
composite index added 3 points, or 0.1 percent, to 5,719. The three indexes
were pushing further into record territory after closing at new highs on
Thursday.
ADDITION BY SUBTRACTION: Sears leaped 27
percent after the troubled department store chain said it will slash at least
$1 billion a year in costs by selling stores, cutting jobs or selling some of
its well-known brands. The stock gained $1.50 to $7.04.
GOOD FIT: Skechers surged 21.6 percent after
the shoe retailer reported surprisingly strong fourth-quarter revenue thanks
partly to sales in China. The stock gained $5.02 to $28.30.
STRONG QUARTER: Activision Blizzard climbed
14.1 percent after the video game maker's fourth-quarter earnings beat
expectations. Shares in the maker of "Call of Duty," ''Candy
Crush" and other games rose $5.60 to $45.33.
SOLD: Mead Johnson Nutrition Co. rose 4.8
percent after the baby formula maker agreed to be bought by British household
products company Reckitt Benckiser for $90 a share, or $16.6 billion. Mead
Johnson shares jumped $4 to $87.05.
THUMBS DOWN: Yelp skidded 11.9 percent after
the online reviews company's revenue forecasts disappointed Wall Street. The
stock shed $4.94 to $36.55.
DASHED EXPECTATIONS: Cerner slid 4 percent
after the health care information technology company lowered its earnings and
revenue guidance for the year. The stock fell $2.14 to $51.74.
TRUMP & EARNINGS: Investors have been
focused in recent weeks on companies reporting their quarterly results as they
size up corporate America's growth prospects. They're also eying Washington
D.C. for signs the Trump administration will deliver on the promised business-friendly
policy proposals that helped drive a market rally last fall, including slashing
government regulations and taxes.
MARKETS OVERSEAS: In Europe, Germany's DAX
was up 0.3 percent, while France's CAC 40 was flat. Britain's FTSE 100 was 0.3
percent higher. Greece's stock market was up 2.5 percent as its creditors met
to find a way to ease concerns about the future of its bailout program. In
Asia, investors welcomed strong January trade data from China. Hong Kong's Hang
Seng rose 0.2 percent, while South Korea's Kospi added 0.5 percent. Australia's
S&P/ASX 200 jumped 1 percent. Japan's benchmark Nikkei 225 index surged 2.5
percent as the yen weakened against the dollar, lifting shares of exporters.
OIL & GAS: Benchmark U.S. crude was up 83
cents, or 1.6 percent, at $53.83 a barrel in New York. The contract rose 66
cents on Thursday. Brent crude, the benchmark for international oil prices, was
up 87 cents, or 1.6 percent, at $56.50 a barrel in London. Natural gas futures
were down 11 cents, or 3.5 percent, at $3.03 per 1,000 cubic feet.
TREASURY YIELDS: Bond prices fell. The
10-year Treasury yield rose to 2.42 percent from 2.40 percent late Thursday.
CURRENCIES: The dollar strengthened to 113.59
yen, up from 113.33 yen on Thursday. The euro weakened to $1.0623 from $1.0658.
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