Dow reclaims 34K, UnitedHealth, CSX hit records
Dow Transports nab 25th record close of the year
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U.S. equity markets reversed early losses Wednesday to bounce back after two days of selling.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 43408.47 | +139.53 | +0.32% |
| SP500 | S&P 500 | 5917.11 | +0.13 | +0.00% |
| I:COMP | NASDAQ COMPOSITE INDEX | 18966.143245 | -21.32 | -0.11% |
The Dow Jones Industrial Average rose 316 points or 0.94%, while the S&P 500 and the Nasdaq Composite advanced 0.93% and 1.19%, respectively. The major averages on Tuesday suffered their biggest decline in a month as the number of COVID-19 cases rose worldwide.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| CSX | CSX CORP. | 34.57 | -0.03 | -0.09% |
| UNP | UNION PACIFIC CORP. | 233.54 | +0.26 | +0.11% |
| UNH | UNITEDHEALTH GROUP INC. | 600.68 | +23.75 | +4.12% |
Dow transports posted the 25th record close helped by rails CSX and Union Pacific, while UnitedHealth also hit a record high.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| NFLX | NETFLIX INC. | 883.85 | +12.53 | +1.44% |
In stocks, Netflix Inc. added 3.98 million subscribers in the three months through March, well below the 6.2 million new users that were expected, and warned that it anticipated adding only 1 million subscribers in the current quarter. Both earnings and revenue exceeded expectations.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| VZ | VERIZON COMMUNICATIONS INC. | 42.22 | +0.30 | +0.72% |
Verizon Communications Inc. lost a larger than expected 178,000 wireless customers last quarter amid increased competition from rivals AT&T Inc. and T-Mobile US Inc.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| HAL | HALLIBURTON CO. | 31.19 | +0.72 | +2.36% |
| BKR | BAKER HUGHES CO. | 44.31 | +1.44 | +3.36% |
Elsewhere in earnings, oilfield services provider Halliburton Co. swung to a quarterly profit as oil prices bounced and drilling demand picked up from the COVID-19 induced slowdown.
Rival Baker Hughes Co. said it was "cautiously optimistic" that the oil industry has moved past the worst of its COVID-19-induced slump. The company reported mixed quarterly results as revenue fell 12% year over year.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| NDAQ | NASDAQ INC. | 80.08 | -0.08 | -0.10% |
| ICE | INTERCONTINENTAL EXCHANGE INC. | 155.76 | -2.17 | -1.37% |
Meanwhile, exchange operator Nasdaq Inc. beat on both the top and bottom lines as volatile markets and a surge of new listings helped drive a 21% year-over-year increase in net revenue.
Traders will also be monitoring a Senate committee hearing on the treatment of app developers by Apple Inc. and Google.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AAPL | APPLE INC. | 229.00 | +0.72 | +0.32% |
| GOOGL | ALPHABET INC. | 175.98 | -2.14 | -1.20% |
Apple on Tuesday afternoon announced upgrades to its computers and tablets and a new device for helping find lost items like keys and wallets.
In commodities, West Texas Intermediate crude oil lost $1.32 to $61.35 per barrel and gold jumped $15 to $1,792.30 an ounce.
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Overseas markets were mixed.
European markets were higher across the board with France’s CAC 40 up 0.74%, Britain’s FTSE 100 advancing 0.52% and Germany’s DAX 30 edging up 0.44%.
In Asia, Japan’s Nikkei 225 paced the decline, finishing down 2.03%, while Hong Kong’s Hang Seng index dipped 1.76% and China’s Shanghai Composite was unchanged.