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30 April 2018
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Wall street financial markets (The Total Investment & Insurance
Solutions)
A burst of corporate deals and strong earnings reports helped push U.S.
stock indexes higher in early trading Monday. If the gains hold, it will be the
fourth straight increase for the S&P 500, marking the longest winning
streak in more than two months. The
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KEEPING SCORE: The S&P 500 rose 10
points, or 0.4 percent, to 2,680, as of 10 a.m. Eastern time. The Dow Jones
industrial average climbed 164, or 0.7 percent, to 24,476, and the Nasdaq
composite added 36, or 0.5 percent, to 7,156.
REFINED GAINS: Andeavor jumped to the biggest
gain in the S&P 500 after Marathon Petroleum said it will buy the refiner
and pipeline owner for more than $23 billion. Andeavor, which used to be called
Tesoro, soared 20 percent to $142.29. The
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GOBBLED UP: McDonald's jumped 4.4 percent to
$165.24 after it reported healthier profit and revenue than analysts expected
for the first three months of the year. Sales at its restaurants open more than
a year were much stronger than Wall Street had forecast. The Total Investment & Insurance Solutions
PUT ON HOLD: Sprint and T-Mobile US fell in
the first day of trading after the companies announced a $26.5 billion deal to
merge. The pair have been considering a combination for years, but investors
are unsure whether this attempt will get the necessary approvals from U.S.
regulators.
Sprint dropped 12.1 percent to $5.72, and
T-Mobile lost 5.3 percent to $61.07.
DISTRIBUTED GAINS: DCT Industrial Trust, a
logistics real-estate company, soared 12.4 percent to $66.05 after Prologis, an
owner of distribution centers and other logistics real estate, agreed on Sunday
to buy it in an all-stock deal.
DCT shareholders will receive 1.02 Prologis
shares for each share they own. With nearly 94 million shares outstanding, that
values DCT at $6.38 billion, according to Friday's closing prices. The Total Investment & Insurance
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OFF THE SHELF: U.K. grocer Sainsubry's agreed
to buy Walmart's U.K. unit, Asda, for 7.3 billion pounds ($10.1 billion) in
cash and stock. The deal would create Britain's largest supermarket chain.
Walmart rose 1.7 percent to $88.80.
BUSY WEEK AHEAD: Besides being the heart of
earnings reporting season for companies, this week will also feature a policy
meeting for the Federal Reserve on interest rates. The Fed will announce its
decision on Wednesday.
On Friday, the government releases its jobs
report, which is usually the most anticipated economic report of each month.
COMMODITIES: Benchmark U.S. crude fell 47
cents to $67.63. Brent crude, the international standard, dropped 27 cents to
$73.52. Gold lost $11.70 to $1,311.70 per ounce. The Total Investment & Insurance Solutions
YIELDS: Prices for Treasury bonds were mixed.
The yield on the 10-year Treasury note dipped to 2.95 percent from 2.96 percent
late Friday. The two-year yield inched up to 2.49 percent from 2.48 percent,
and the 30-year yield dipped to 3.12 percent from 3.13 percent. The Total Investment & Insurance
Solutions
CURRENCIES: The dollar rose to 109.40
Japanese yen from 109.02 yen late Friday. The euro fell to $1.2069 from
$1.2121, and the British pound dipped to $1.3737 from $1.3785. The Total Investment & Insurance
Solutions
MARKETS ABROAD: In Europe, France's CAC 40
rose 0.4 percent, and Germany's DAX was close to flat. The FTSE 100 in London
rose 0.1 percent. In Asia, Hong Kong's Hang Seng climbed 1.7 percent, and South
Korea's Kospi added 0.9 percent. Markets in Japan were closed for holidays.The Total Investment & Insurance
Solutions
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