How major U.S. stock indexes fared on Wednesday

Lloyd Doyle
January 21, 2018

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Citigroup on Tuesday reported adjusted earnings per share of $1.28 for the fourth quarter of 2017, beating market expectations $1.19. Those talks have complicated efforts to keep the government open.

More than three quarters of the 26 S&P 500 companies that have reported so far have topped profit estimates, according to Thomson Reuters I/B/E/S.

The Dow Jones Industrial Average closed marginally lower on Tuesday after the blue-chip index relinquished all its early gains in the sharpest daily reversal in almost two years, according to FactSet. The Russell 2000 index of smaller-company stocks picked up 13.69 points, or 0.9 percent, to 1,586.66.

Even with Tuesday's reversal the stock market is off to a stellar start in 2018.

"But at the same time", he adds, "there is a danger that the USA stock market could accelerate so quickly that it decouples from the economic fundamentals most analysts think now underpin it". "I think that the market's trying to figure that out, and on top of that you have the classic momentum story". Emerging-market stocks jumped, consolidating at the highest level in nearly a decade.

Wednesday's report comes before the Fed's next policy meeting on January 30-31. That helped spur both core and periphery debt.

"Optimism on Wall Street is pretty high as a lot of previously skeptical and bearish investors have turned into stock market fans lately", said Brett Schutte, chief investment strategist at Northwestern Mutual Wealth Management Co. As earnings season picks up steam, corporate results are set to be the big focus in Europe ahead of central bank meetings in the U.S., Japan and Europe before the end of the month. And bitcoin joined a slump in cryptocurrencies, tumbling 17 percent to below $12,000.

Banks seesawed as Goldman Sachs and Bank of America reported disappointing results.

The S&P 500 index rose 26.14 points, or 0.9 percent, to 2,802.56.

Industrial stocks rose after the Federal Reserve said USA industrial production increased 0.9 percent in December.


The MSCI All-Country World Index gained 0.1 percent to an all-time high.

Morgan Stanley wrapped up earnings season for the big United States banks with a better-than-expected adjusted profit, but its shares slipped 0.43 per cent. The euro weakened to $1.2223 from $1.2258.

The Dow is up 312.46 points, or 1.2 percent.

CURRENCIES: The dollar rose to 110.83 yen from 110.49 yen on Tuesday.

The yield on 10-year Treasuries added less than one basis point to 2.5517 percent.

On Thursday, Pfizer fell 0.9 per cent and Amgen dropped more than 1 per cent, knocking 0.34 per cent off the S&P healthcare sector. The Dow lost 10.33 points, or 0.04 percent, to 25,792.86.

The Dow is up 1,396.43 points, or 5.7 percent.

West Texas Intermediate crude fell 0.6 percent to $63.94 a barrel, the first retreat in more than a week.

The New York Times reported that President Donald Trump's former chief strategist Steve Bannon was subpoenaed last week by special counsel Robert Mueller (http://www.marketwatch.com/story/bannon-subpoenaed-in-russia-investigation-report-2018-01-16) to testify as part of the probe into possible links between Trump associates and Russian Federation.

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