Dow falls almost 500 points, dragged down by Target and tech shares

25 November, 2018, 12:49 | Author: Kathy Ellis
  • Markets Right Now Tech stocks lead a slump on Wall Street

Stocks are opening higher on Wall Street as big technology companies like Apple claw back some of the ground they lost in a rout over the past two days.

Major technology companies including Apple and Microsoft rose Wednesday, and crude oil prices climbed 3.8 percent a day after sinking to their lowest level in a year. On the other hand, The Dow and S&P 500 were up 1.2 percent and 0.6 percent, respectively, for 2018 entering Tuesday.

The Dow Jones Industrial Average was down 551.80 points, or 2.21 percent, to 24,465.64.

The tech-heavy Nasdaq composite lost 87 points, or 1.2 per cent, to 6,941.

The Russell 2000 index of smaller-company stocks soared 19.27 points, or 1.3 percent, to 1,488.28.

The S&P 500 fell 30 points, or 1.1 percent, to 2,660.

Thanks to the decline, the SPDR S&P Retail ETF (XRT) fell 3.4 percent.

Target fell 10.52 percent after reporting weaker-than-expected earnings for the third quarter. The broad-based S&P added 0.3 per cent at 2,649.93, ending well below its session peak. Home improvement company Lowe's gained 2.7 percent to $88.49 and Nike rose 1.5 percent to $72.22.

MSCI's gauge of stocks across the globe gained 0.75 percent. Boeing was the biggest drag on the Dow Jones Industrial Average with a loss of 4.5 percent. The company added that it expects strong sales over the holidays.

Zverev stuns Djokovic to win ATP Finals
Really, as I said before many times, I kind of also expect myself to do very well. I hope he doesn't have a sleepless night. "There's many positives.

NISSAN: Nissan said Chairman Carlos Ghosn, who engineered a turnaround at the automaker, was arrested and will be fired on charges he underreported his income and misused company funds.

Stocks sank Monday as investors focused on simmering trade tension between Washington and Beijing after the two governments clashed at a weekend conference.

Benchmark U.S. crude lost 7 per cent to $53.23 a barrel in NY.

Industrial companies and retailers also stumbled.

ENERGY: Oil prices rebounded Wednesday as benchmark USA crude gained 2.3 per cent to $54.66 a barrel in NY. The biggest decliners are Facebook, which has been hounded by data privacy issues, down almost 40 percent from its recent peak, and Netflix, which is off 37 percent.

Wholesale gasoline rose 0.4% to $1.58 a gallon. Advanced Micro Devices Inc and Nvidia Corp rose 1.2% each and Micron Technology Inc was up 2.0%. It fell 6.6 per cent on Tuesday and finished at its lowest price in a year.

CURRENCIES: The dollar was flat at 112.95 yen. The pound extended its gains to $1.2880 from $1.2879, on news that Britain and the European Union had reached a deal in principle on future relations.

In Europe, Germany's DAX index lost 1.6 percent and France's CAC 40 shed 1.2 percent. Hong Kong's Hang Seng index rose 0.5 percent.

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