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U.S. stocks dropped from all-time highs Thursday, with the Nasdaq and S&P 500 falling into negative territory, as tech stocks gave up early gains inspired by another round of largely upbeat corporate earnings that included well-received results from Facebook Inc.
The S&P 500 fell 11 points, or 0.4%, to 2,467, as industrials fell 0.9%, health-care stocks fell 1%, and tech stocks dropped 1.2%, after the index touched an intraday record of 2,484.04. Earlier in the session, the tech sector was up as much as 0.6%.
The Nasdaq Composite Index fell 64 points, or 1% to 6,358, after touching an intraday record of 6,460.84.
The Dow Jones Industrial Average remained in positive territory, up 17 points, or 0.1%, at 21,728, as Verizon Communications Inc. shares soared 7.5% and Merck & Co. shares rallied 3.2%. Apple Inc. shares weighed on the index with a 2.4% decline. Earlier, the blue-chip average set an intraday record of 21,790.13.
Stocks pulled back in midday trading as gains in tech stocks swung to losses. (MarketWatch – Continue Reading)
Donald Trump can’t point to much in the way of legislative victories over his first six months in office, but he might have something to crow about when it comes to a weaker U.S. dollar.
“Much of the world has been waging a cold currency war since the autumn of 2016, and so far the winner is Donald Trump,” wrote Joachim Fels, global economic adviser for asset manager Pimco, in a Wednesday blog post.
Trump regularly charged during the presidential campaign that other countries were taking advantage of the U.S. by manipulating their currencies, leaving U.S. exporters to suffer from an overvalued dollar. The Trump administration hasn’t followed through on a campaign pledge to declare China a currency manipulator, but has continued to at least talk tough on trade-related issues. (MarketWatch – Continue Reading)
After a disappointing start to 2017, US GDP growth is expected to pick up in the second quarter, driven by consumer spending and business investment.
US Q2 GDP is widely expected, on average, to rise 2.5pct on an annualized basis versus 1.4pct in Q1 and 2.1pct in Q4 2016. The US Commerce Department's Bureau of Economic Analysis (BEA) will also release its annual update on any revisions to GDP going back to the start of 2014. All the data comes out on Friday, 28 July at 1230 GMT.
Personal consumption is forecast to rise 2.9pct compared with Q1's more modest rise of 1.1pct. The latest figures for US household consumption and income released on 30 June showed that consumption rose 0.1pct month on month in May in nominal and real terms, while past consumption figures were upwardly revised. (LiveSquawk – Continue Reading)
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