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20 March 2017
Major U.S. indexes are little changed in early trading Monday as
technology companies gain but energy and bank stocks fall. Stocks in Europe are
lower after the British government said it will formally begin its departure
from the European Union next week. .The
Total Investment & Insurance Solutions
KEEPING
SCORE: The Standard & Poor's 500 index was up a fraction at 2,378 as of
10:27 a.m. Eastern time. The Dow Jones industrial average rose 22 points, or
0.1 percent, to 20,937. The Nasdaq composite added 7 points, or 0.1 percent, to
5,908. Small-company stocks fell. The Russell 2000 was down 3 points, or 0.2
percent, to 1,388. More stocks fell than rose on the New York Stock Exchange.
BRITAIN
MUST BE GOING: Britain's government said it will trigger the process of leaving
the EU on March 29. That will start a long negotiation between Britain and the
EU, with uncertain effects for banks and other companies. The country is
expected to officially leave the union in early 2019.
Bank
of America fell 24 cents, or 1 percent, to $24.62 and Morgan Stanley gave up 38
cents to $44.64.
CURRENCY:
The British pound slipped to $1.2392 from $1.2396 late Friday, and it's down
about 20 percent since Britain voted to leave the EU in late June. The dollar
declined to 112.67 yen from 112.70 yen. The euro rose to $1.0755 from $1.0743.
ENERGY:
Benchmark U.S. crude declined 39 cents to $48.39 per barrel in New York, while
Brent crude, used to price international oils, lost 16 cents to $51.60 a barrel
in London.
Drilling
rig operator Transocean lost 54 cents, or 4.3 percent, to $11.94 and Concho
Resources sank $1.24, or 1 percent, to $129.23. .The Total Investment & Insurance Solutions
DIAMOND?
MINE: Dominion Diamond climbed $2.23, or 22.5 percent, to $12.16 after
Washington Cos. went public with an offer to buy the diamond mining company for
$13.50 per share, or about $1.1 billion. Dominion Diamond said it is willing to
engage in talks but said Washington doesn't have experience in the diamond
industry and questioned the timing of the offer. Washington Cos. said it first
made its offer in February and that Dominion Diamond isn't willing to open its
books.
TRADE:
Finance ministers and central bankers from the Group of 20 major economies
dropped a pledge to eschew protectionism in a statement Saturday under U.S.
pressure. In his campaign to become president and since his inauguration,
Donald Trump has sounded more protectionist than his predecessors. He has
promised to rewrite trade deals and has ditched the Trans-Pacific Partnership,
a proposed pact between 12 countries that border the Pacific Ocean which
represented around 40 percent of global economic output. .The Total Investment & Insurance
Solutions
WATCH
STOPPED: Watchmaker Movado Group fell $1.15, or 4.9 percent, to $22.45 after
its fourth-quarter results fell short of Wall Street forecasts. The company
said sales are continuing to shift to the web from physical stores and that the
market for watches remains tough.
BONDS:
Bond prices rose. The yield on the 10-year Treasury note fell to 2.49 percent
from 2.50 percent.
OVERSEAS:
Britain's FTSE 100 declined 0.1 percent. France's CAC-40 fell 0.2 percent and
the DAX in Germany declined 0.2 percent. Hong Kong's Hang Seng index gained 0.8
percent and the Kospi in South Korea shed 0.4 percent. Japanese markets were
closed for a holiday.The Total
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