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14 May 2018
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| financial markets (The Total Investment & Insurance Solutions) |
U.S. stocks moved broadly higher in morning trading Monday as investors
hoped for reduced trade tensions between the U.S. and China. President Donald
Trump tweeted over the weekend that the U.S. could ease sanctions on Chinese
telecommunications company ZTE, while Bloomberg News reported that Chinese
regulators planned to take another look at Qualcomm's purchase of rival
chipmaker NXP Semiconductors. .The
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Technology and health care companies
accounted for a big slice of the market's gains. Energy stocks also rose as
crude oil prices climbed. Banks moved higher along with bond yields. .The Total Investment & Insurance
Solutions
KEEPING SCORE: The S&P 500 index added 10
points, or 0.4 percent, to 2,738 as of 11:16 a.m. Eastern Time. The Dow Jones
industrial average climbed 143 points, or 0.6 percent, to 24,974. The Nasdaq
composite rose 44 points, or 0.6 percent, to 7,447. The Russell 2000 index of
smaller-company stocks picked up 2 points, or 0.1 percent, to 1,608. The stock
market is coming off its best weekly gain since early March. .The Total Investment & Insurance
Solutions
U.S.-CHINA TRADE: Trump softened his tone on
U.S.-China trade over the weekend, tweeting on Sunday that he would help ZTE
get "back into business" despite U.S. sanctions, saying too many jobs
in China are at stake after the U.S. government cut off access to its American
suppliers. ZTE's Hong Kong-traded shares have been suspended since U.S.
authorities banned it last month for seven years from importing U.S. components
in a case involving illegal exports to North Korea and Iran. China's foreign
ministry responded by saying it "highly commended" the move, ahead of
trade talks in Washington this week.
U.S. companies that would stand to benefit
from an effort to rescue ZTE moved higher. Acacia Communications jumped 11.9
percent to $35.26, while Oclaro gained 6.3 percent to $9.11. .The Total Investment & Insurance
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WAITING ON CHINA: Qualcomm and NXP
Semiconductors got a boost as investors hope that Chinese regulators will
reverse their stance and approve Qualcomm's proposed $44 billion acquisition of
NXP. China is the final major government withholding approval of the deal. But
Bloomberg News reported that Chinese regulators are reviewing the deal again.
Qualcomm rose 2.9 percent to $56.82, while
NXP surged 9.9 percent to $108.81.
UP WITH TECH: The market got a boost from a
pickup in technology sector stocks. Symantec jumped 11.7 percent to $21.80.
OH SO HEALTHY: Investors continued to bid up
shares in health care companies. CVS Health gained 2.3 percent to $65.90.
TUNED OUT: Viacom fell 6 percent to $28.41
after CBS sued its controlling shareholder, seeking to block efforts to make
the company combine with Viacom. CBS shares added 5.3 percent to $55.28.
BET ON THIS: Casino operators and equipment
makers surged after the Supreme Court struck down a federal law that barred
gambling on football, basketball and other sporting events in most states. The
ruling gives states the go-ahead to legalize sports betting. Penn National
Gaming rose 4.5 percent to $33.69, while Empire Resorts jumped 9 percent to
$21.20. Scientific Gaming, which makes casino and interactive games as well as
lottery games, vaulted 10.2 percent to $58.80. .The Total Investment & Insurance Solutions
NO DEAL: Xerox slid 8.2 percent to $27.70
after the copier maker ended merger talks with Fujifilm and resolved a dispute
with investors Carl Icahn and Darwin Deason. .The Total Investment & Insurance Solutions
ENERGY: Benchmark U.S. crude oil rose 49
cents to $71.19 a barrel in New York. Brent crude, used to price international
oils, gained $1.02, or 1.3 percent, to $78.14 a barrel in London. .The Total Investment & Insurance
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Rising oil prices helped lift energy stocks.
Range Resources added 2.9 percent to $14.70. .The Total Investment & Insurance Solutions
BOND YIELDS: Bond prices fell. The yield on
the 10-year Treasury rose to 2.99 percent from 2.97 percent late Friday.
CURRENCIES: The dollar rose to 109.58 yen
from 109.30 yen on Friday. The euro strengthened to $1.1967 from $1.1945.
MARKETS OVERSEAS: Major stock indexes in Europe
declined. Germany's DAX lost 0.3 percent, while France's CAC 40 dipped 0.3
percent. Britain's FTSE 100 edged 0.2 percent lower. In Asia, Japan's benchmark
Nikkei 225 closed 0.5 percent higher. South Korea's Kospi dipped 0.1 percent.
Hong Kong's Hang Seng jumped 1.4 percent.The Total Investment & Insurance Solutions
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