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 | 44197.54 | +327.19 | +0.75% |
| SP500 | S&P 500 | 5971.06 | +22.35 | +0.38% |
| I:COMP | NASDAQ COMPOSITE INDEX | 18997.726795 | +25.31 | +0.13% |
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. | 35.34 | +0.77 | +2.23% |
| UNP | UNION PACIFIC CORP. | 239.02 | +5.46 | +2.34% |
| UNH | UNITEDHEALTH GROUP INC. | 597.49 | -3.01 | -0.50% |
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. | 897.48 | +13.63 | +1.54% |
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. | 42.50 | +0.28 | +0.66% |
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. | 31.87 | +0.69 | +2.21% |
| BKR | BAKER HUGHES CO. | 44.88 | +0.57 | +1.29% |
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. | 80.88 | +0.80 | +1.00% |
| ICE | INTERCONTINENTAL EXCHANGE INC. | 158.35 | +2.58 | +1.66% |
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. | 228.52 | -0.48 | -0.21% |
| GOOGL | ALPHABET INC. | 167.63 | -8.35 | -4.74% |
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.