MARKET SNAPSHOT: U.S. Stocks Rally; Dow Climbs 170 Points
Source: Dow Jones News
By Anora Mahmudova and Victor Reklaitis, MarketWatch
Nasdaq Composite leads gains among benchmarks
U.S. stocks advanced on Tuesday, rebounding from the heavy selling seen last week that left the main indexes at their multi-month lows, as an uptick in oil prices helped push energy shares higher.
Gain on Wall Street were across all industries, however, with technology and healthcare sectors leading advances. The S&P 500 rose 20 points, or 1%, to 1,943.
The Dow Jones Industrial Average gained 167 points, or 1%, to 16,566. Meanwhile, the Nasdaq Composite rose 64 points, or 1.4%, to 4,702, trying to snap an eighth-day slump.
A modest uptick in crude-oil prices helped lift energy companies, which had been battered over the past several sessions. The U.S. oil benchmark was trading 0.5% higher on Tuesday, recovering after a brief dip below $31.
"There is some room to bounce after heavy selling at the start of the year, but there are still many uncertainties that may put pressure on stocks again," said Brian Fenske, head of sales trading at ITG.
On Monday, the S&P 500 and Dow gained 0.1% and 0.3% (http://www.marketwatch.com/story/stock-futures-rise-shaking-off-another-china-selloff-and-falling-oil-prices-2016-01-11), respectively, catching their breath after suffering their worst five-day start to a year ever (http://www.marketwatch.com/story/us-stock-futures-dow-eyes-triple-digit-gain-after-china-ends-higher-2016-01-08). Energy stocks fueled the gains.
But the Nasdaq Composite on Monday finished 0.1% lower, dropping for an eighth session in a row.
"We believe the big takeaway for U.S. investors at the start of 2016 is that China is one of many issues that will likely create more volatility," said Kristina Hooper, U.S. investment strategist for Allianz Global Investors, in a note. But "that is only part of the story," as good U.S. economic reports suggest "investors with longer time horizons could find attractive opportunities amid the disarray," she added.
China's Shanghai Composite closed higher on Tuesday (http://www.marketwatch.com/story/china-stocks-gain-asian-markets-breathe-sigh-of-relief-2016-01-11), but it is still down nearly 15% for the year amid worries over how Beijing is managing market turmoil and an economic slowdown in the world's second-largest economy.
Other markets: European stocks traded higher (http://www.marketwatch.com/story/european-stocks-rebound-after-four-day-losing-streak-2016-01-12). Beyond Shanghai, Asian markets mostly closed lower (http://www.marketwatch.com/story/china-stocks-gain-asian-markets-breathe-sigh-of-relief-2016-01-11). Gold futures dipped, while a key dollar index edged up.
Individual movers: Alcoa Inc. (AA) late Monday reported adjusted quarterly profit that topped Wall Street's forecasts, but revenue missed expectations (http://www.marketwatch.com/story/alcoa-reports-18-drop-in-revenue-2016-01-11-17485259). Shares were trading modestly lower.
Also late Monday, Lululemon Athletica Inc. (LULU) raised its fourth-quarter guidance (http://www.marketwatch.com/story/lululemon-hikes-outlook-on-strong-holiday-sales-2016-01-11), citing strong sales for the holiday season.
Horizon Pharma PLC (http://www.marketwatch.com/story/horizon-pharmas-stock-surges-after-boosting-sales-outlook-2016-01-12)(HZNP) surged after the drugmaker raised its 2016 sales outlook, as a result of the expected close of the Crealta Holdings acquisition this week.
Coca-Cola Co (http://www.marketwatch.com/story/coca-cola-shares-up-11-after-upgrade-to-buy-at-stifel-2016-01-12).(KO) shares rose after the beverage giant was upgraded to buy from hold at Stifel, with analysts citing expectations of improved organic growth.
Intel Corp (http://www.marketwatch.com/story/intels-stock-climbs-after-bullish-analyst-call-2016-01-12). shares (INTC) rose after J.P. Morgan placed a bullish rating on the chip maker, saying strength in its data center and Internet of Things businesses should offset continued lackluster PC demand.
After the market's close, railroad operator CSX Corp. (CSX) is due to report quarterly results.
Economic news: A November reading on U.S. job openings is slated to come at 10 a.m. Eastern Time.
Richmond Fed President Jeffrey Lacker is expected to deliver a speech in Columbia, S.C., on the economic outlook at 3:15 p.m. Eastern Time, while Fed Vice Chairman Stanley Fischer is due to give a speech on monetary policy and financial stability in Paris at 5:30 a.m.
(END) Dow Jones Newswires
January 12, 2016 09:44 ET (14:44 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
Source: Dow Jones News
By Anora Mahmudova and Victor Reklaitis, MarketWatch
Nasdaq Composite leads gains among benchmarks
U.S. stocks advanced on Tuesday, rebounding from the heavy selling seen last week that left the main indexes at their multi-month lows, as an uptick in oil prices helped push energy shares higher.
Gain on Wall Street were across all industries, however, with technology and healthcare sectors leading advances. The S&P 500 rose 20 points, or 1%, to 1,943.
The Dow Jones Industrial Average gained 167 points, or 1%, to 16,566. Meanwhile, the Nasdaq Composite rose 64 points, or 1.4%, to 4,702, trying to snap an eighth-day slump.
A modest uptick in crude-oil prices helped lift energy companies, which had been battered over the past several sessions. The U.S. oil benchmark was trading 0.5% higher on Tuesday, recovering after a brief dip below $31.
"There is some room to bounce after heavy selling at the start of the year, but there are still many uncertainties that may put pressure on stocks again," said Brian Fenske, head of sales trading at ITG.
On Monday, the S&P 500 and Dow gained 0.1% and 0.3% (http://www.marketwatch.com/story/stock-futures-rise-shaking-off-another-china-selloff-and-falling-oil-prices-2016-01-11), respectively, catching their breath after suffering their worst five-day start to a year ever (http://www.marketwatch.com/story/us-stock-futures-dow-eyes-triple-digit-gain-after-china-ends-higher-2016-01-08). Energy stocks fueled the gains.
But the Nasdaq Composite on Monday finished 0.1% lower, dropping for an eighth session in a row.
"We believe the big takeaway for U.S. investors at the start of 2016 is that China is one of many issues that will likely create more volatility," said Kristina Hooper, U.S. investment strategist for Allianz Global Investors, in a note. But "that is only part of the story," as good U.S. economic reports suggest "investors with longer time horizons could find attractive opportunities amid the disarray," she added.
China's Shanghai Composite closed higher on Tuesday (http://www.marketwatch.com/story/china-stocks-gain-asian-markets-breathe-sigh-of-relief-2016-01-11), but it is still down nearly 15% for the year amid worries over how Beijing is managing market turmoil and an economic slowdown in the world's second-largest economy.
Other markets: European stocks traded higher (http://www.marketwatch.com/story/european-stocks-rebound-after-four-day-losing-streak-2016-01-12). Beyond Shanghai, Asian markets mostly closed lower (http://www.marketwatch.com/story/china-stocks-gain-asian-markets-breathe-sigh-of-relief-2016-01-11). Gold futures dipped, while a key dollar index edged up.
Individual movers: Alcoa Inc. (AA) late Monday reported adjusted quarterly profit that topped Wall Street's forecasts, but revenue missed expectations (http://www.marketwatch.com/story/alcoa-reports-18-drop-in-revenue-2016-01-11-17485259). Shares were trading modestly lower.
Also late Monday, Lululemon Athletica Inc. (LULU) raised its fourth-quarter guidance (http://www.marketwatch.com/story/lululemon-hikes-outlook-on-strong-holiday-sales-2016-01-11), citing strong sales for the holiday season.
Horizon Pharma PLC (http://www.marketwatch.com/story/horizon-pharmas-stock-surges-after-boosting-sales-outlook-2016-01-12)(HZNP) surged after the drugmaker raised its 2016 sales outlook, as a result of the expected close of the Crealta Holdings acquisition this week.
Coca-Cola Co (http://www.marketwatch.com/story/coca-cola-shares-up-11-after-upgrade-to-buy-at-stifel-2016-01-12).(KO) shares rose after the beverage giant was upgraded to buy from hold at Stifel, with analysts citing expectations of improved organic growth.
Intel Corp (http://www.marketwatch.com/story/intels-stock-climbs-after-bullish-analyst-call-2016-01-12). shares (INTC) rose after J.P. Morgan placed a bullish rating on the chip maker, saying strength in its data center and Internet of Things businesses should offset continued lackluster PC demand.
After the market's close, railroad operator CSX Corp. (CSX) is due to report quarterly results.
Economic news: A November reading on U.S. job openings is slated to come at 10 a.m. Eastern Time.
Richmond Fed President Jeffrey Lacker is expected to deliver a speech in Columbia, S.C., on the economic outlook at 3:15 p.m. Eastern Time, while Fed Vice Chairman Stanley Fischer is due to give a speech on monetary policy and financial stability in Paris at 5:30 a.m.
(END) Dow Jones Newswires
January 12, 2016 09:44 ET (14:44 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
