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14 August 2017
 |
| U.S. stock markets (The Total Investment & Insurance Solutions) |
Stocks are rallying Monday morning as the tensions between the U.S. and
North Korea that flared last week appeared to ease. Technology companies and
banks are making some of the largest gains as stocks bounce back from their
losses with some of the biggest gains the market has seen this year. All 11
industrial groups in the Standard & Poor's 500 index are moving higher.
KEEPING SCORE: The S&P 500 jumped 24
points, or 1 percent, to 2,466 as of 11:15 a.m. Eastern time. The Dow Jones
industrial average gained 147 points, or 0.7 percent, to 22,005. The Nasdaq
composite added 73 points, or 1.2 percent, to 6,329. The Russell 2000 index of
smaller companies climbed 14 points, or 1.1 percent, to 1,388. The Total Investment & Insurance
Solutions
Last week was the worst for stocks since late
March, as the S&P 500 fell more than 1.4 percent. Rising tensions between
the U.S. and North Korea startled investors out of the complacency that has
weighed on the stock market for most of this year. That eased Monday after
officials said fighting is not imminent. The top U.S. military officer said the
country wants to resolve the standoff peacefully.
Thursday was the worst day for stocks since
mid-May, and Monday is shaping up to be the best day since late April. The Total Investment & Insurance
Solutions
LEADERS: Technology stocks rose in early
trading. Apple added $1.88, or 1.2 percent, to $159.36 and Microsoft picked up
$1.07, or 1.5 percent, to $73.57. Western Digital advanced $2.77, or 3.5 percent,
to $82.67. The Total Investment &
Insurance Solutions
Chipmaker Nvidia rebounded after two days of
sharp losses. It rose $6.32, or 4.1 percent, to $162.28. Competitors like
Micron Technology and Analog Devices also rose.
NEW BUYER NETS NEFF: Equipment rental company
Neff said it received a buyout offer worth $25 per share, or $596 million. It
did not say who made the offer, but Neff said its board has decided the new
offer is superior to a bid from H&E Equipment Services that the company
accepted last month. H&E Equipment has the right to match the new offer and
is entitled to a breakup payment if Neff it acquired by another company. Neff
climbed $3.85, or 17.6 percent, to $25.70. H&E's offer valued Neff at
$21.07 a share. The Total Investment
& Insurance Solutions
H&E Equipment lost 48 cents, or 2.2
percent, to $21.11.
FRIENDLY NABORS: Drilling technology
developer Tesco said it will be acquired by drilling contractor Nabors
Industries in an all-stock deal. The companies said Tesco is being valued at
$4.62 a share. Tesco added 43 cents, or 10.9 percent, to $4.33. Nabors lost 33
cents, or 4.8 percent, to $6.48.
STICKER SHOCK? Fiat Chrysler climbed after
Automotive News reported that a Chinese car maker offered to buy the company.
It did not identify that company and said Fiat Chrysler rejected the offer
because it wasn't high enough, but investors hoped another bid would come. Fiat
Chrysler stock gained 88 cents, or 7.6 percent, to $12.50. The Total Investment & Insurance
Solutions
RHIMES AND REASON: Netflix signed a deal with
Shonda Rhimes, the creator of popular television series such as
"Scandal" and "Grey's Anatomy." She will leave ABC and make
shows for Netflix, although those shows will remain on ABC. Financial terms
were not disclosed, but recently Netflix has started shelling out more money to
try to get own and develop shows that more people will watch. Its stock dipped
23 cents to $171.17 Monday. The Total
Investment & Insurance Solutions
ENERGY: U.S. crude oil rose 18 cents to $49 a
barrel in New York. Brent crude, the international standard, picked up 11 cents
to $52.21 a barrel in London.
BONDS: Bond prices turned lower. The yield on
the 10-year Treasury note rose to 2.21 percent from 2.19 percent late Friday.
That helped banks, as higher bond yields mean higher interest rates and greater
profits on mortgages and other loans. The
Total Investment & Insurance Solutions
Bank of America climbed 48 cents, or 2
percent, to $24.35 and JPMorgan Chase gained $1.21, or 1.3 percent, to $92.63. The Total Investment & Insurance
Solutions
CURRENCIES: The dollar rose to 109.45 yen
from 109.04 yen. The euro fell to $1.1785 from $1.1824.
OVERSEAS: Germany's DAX jumped 1.4 percent,
as did the CAC 40 in France. In Britain, the FTSE 100 index added 0.8 percent.
Hong Kong's Hang Seng index jumped 1.4 percent and the South Korean Kospi rose
0.6 percent. Japanese stocks fell sharply as investors played catch-up after an
extended holiday weekend. The Nikkei ended 1 percent lower.The Total Investment & Insurance
Solutions
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