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Sun, 28th May 2017

Anirudh Sethi Report

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Overnight US Market :Dow closed +38 points ,Nasdaq hits new closing high

Stocks gave up early gains but ended in positive territory Tuesday, with the Nasdaq hitting a new all-time closing high.

The Nasdaq composite ended up 0.2%, a gain of about 11 points to its new record of 5674.22.

Climbing the same percentage was the Dow Jones industrial average, up 38 points to finish at 20,090.29. The S&P 500 finished fractionally positive after briefly nosing into the red about mid-session.

The 10-year Treasury yield fell to 2.38% from 2.41% late Monday.

A slide in crude oil prices weighed on energy companies, which fell the most, adding to the sector’s losses this year. Consumer-focused companies led the gainers. Investors were also sizing up the latest company earnings reports. Benchmark U.S. crude was down $1.09, or 2.1%, at $51.92 a barrel in New York. Brent crude, which is used to price international oils, was off 92 cents, or 1.7%, at $54.80 in London.

Several oil and gas companies followed crude prices lower. Chevron was the biggest decliner in the Dow, shedding 1.4%. Murphy Oil slid 4%, while Chesapeake Energy gave up 3.3%. Newfield Exploration slid 4.2%. Energy has been the worst-performing sector in the market over the last month and is now back to where it stood in November, when OPEC announced a deal to cut oil production.

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