logo-loader

US shares head higher into close after European indices tumble

Last updated: 06:00 30 Aug 2017 AEST, First published: 19:23 29 Aug 2017 AEST

1504016757_Donald-Trump-4
  • US stocks higher in to close

  • President Trump visiting Texas devastation 

  • FTSE 100 closes 64 down in London

 

Having started lower, US shares appeared to pivot on a dime and head higher on Tuesday.

The Dow Jones added over 56 at 21,865; while the  Nasdaq is at 20 piints higher at 6,303 going into the close in New York.

The S&P 500 is up 2.20 at 2,446.

in Toronto, the TSX is up over 16 points at 15,068.

The US crude price continues to lag  however in the wake of the devastation in Texas and refinery closures on the US Gulf coast. President Trump has arrived in the state to see the damage.

West Texas Intermediate (WTI) is down 0.32% to $46.41 a barrel, while gold, which had been higher has lost $1.50 an ounce.

In companies, a big riser was Juo Therapeutics Inc (NASDAQ: JUNO) which gained over 20% to $43.88  as broker Wedbush upgraded the stock from to 'outperform' from 'neutral'.

Movado Group, Inc (NYSE:MOV) added almost 17% after the company posted better-than-expected results for its second quarter and raised its full year forecast for 2018.

Moleculin Biotech Inc  (NASDAQ:MBRX) gained 9.83% to $2.57 as it disclosed that it has filed an investigational NDA (new drug application) with the FDA for Annamycin.

On the losing side, Acorda Therapeutics Inc (NASDAQ: ACOR) plunged over 24%  after the group received a 'Refusal to File' letter from the FDA for INBRIJA regarding its previously filed new drug application.

MID-SESSION

European shares were seeing red on Tuesday but Wall Street stocks bucked that trend and were higher at mid-session.

The Dow Jones Industrial Index added over 27 at 21,835, while the S&P 500 gained 0.10 at 2,444.

The tech heavy Nasdaq added 12 points at 6,295.

The price of an ounce of gold rose 0.36% to US$1,320 an ounce, but US crude shed 0.49% to $46.32.

FTSE 100 closed earlier in London down 64 points.

 

OPEN

Global equities are taking a pummeling on Tuesday and Wall Street is no different.

Traders are jittery on North Korea worries after it fired missile from near the capital of Pyongyang which flew over the northern island of Japan before it landed in the Pacific ocean.

The Japanese Prime Minister who has spoken to Donald Trump, reportedly described the move by Kim Jong-un was a "most serious and grave" threat.

 

FTSE 100 is lower along with European indices. In the US, the Dow Jones started down 52 at 21,755, the Nasdaq lost almost 28 points at 6,255 and the S&P 500 shed 9.32 at 2,434.

 

In Toronto, the TSX shed 91 points at 14,960.

Also, in the US, to compound unease, Hurricane Harvey continues to wreak havoc in Texas and in Houston with rain set to continue at least until Wednesday. The reservoirs in the US's fourth largest city are now starting to overflow  

County officials have encouraged residents in six areas to evacuate their homes before the water levels rise in this unfolding disaster.

In stocks, electronics retailer Best Buy Co Inc (NYSE:BBY) saw shares surge early on after it released second quarter results but has now gone over 9% lower at  $56.69.

A notable loser was Finish Line Inc (NASDAQ:FINL), which shed over 21% to $8.21 after the retailer slashed  its adjusted profit forecast for the year to March 3, 2018 to 50-60 cents per share from $1.12-$1.23 per share.

The company also said it expects sales and gross margin to remain 'challenged' through the year.

Connor Campbell, analyst at Spreadex in London, said of the Wall Street open: " The Dow Jones managed to avoid the kind of North Korea-inspired losses seen in Europe this Tuesday, in part because the dollar absorbed the brunt of the blow.

Having threatened a 120 point plunge earlier in the day, the Dow Jones ended up only falling by 40 or so points after the bell.

"That Donald Trump’s only comment so far in regards to North Korea has been that ‘all options are on the table’ – a slightly less chest-beating response than perhaps could have been expected – may have gone some way to reassuring US investors."

Australian Strategic Materials signs US$600 million LoI

Rowena Smith, CEO and managing director of Australian Strategic Materials Ltd (ASX:ASM, OTC:ASMMF), joins Jonathan Jackson in the Proactive studio to discuss the company’ s Dubbo Project, in Central West New South Wales. This project aims to extract and process critical minerals and rare earth...

7 hours, 25 minutes ago