clear
Thursday November 23rd, 2017 4:59PM

Stocks start higher behind health care companies and banks

By The Associated Press
Related Articles
  Contact Editor

NEW YORK (AP) — U.S. stocks edged higher Tuesday morning as health care companies and banks made modest gains. Oil prices also held steady after they jumped to two-year highs a day ago. Investors are focused on company earnings, with travel booking sites Priceline and TripAdvisor taking steep losses.

KEEPING SCORE: The Standard & Poor's 500 index rose 4 points, or 0.2 percent, to 2,595 as of 9:55 a.m. Eastern time. The Dow Jones industrial average gained 48 points, or 0.2 percent, to 23,596. The Nasdaq composite added 2 points to 6,789. The Russell 2000 index of smaller-company stocks fell less than 1 point to 1,497.

The S&P 500, Dow and Nasdaq have closed at record highs the last two days.

TRAVELING MOOD: Travel website TripAdvisor plunged after its third-quarter revenue fell short of analyst estimates. Booking service Priceline Group had a better-than-expected quarter, but its forecasts for the current quarter disappointed Wall Street. Analysts said the company is spending a lot of money on advertising, but that may pay off with increased market share. TripAdvisor sank $6.37, or 16.1 percent, to $33.16 and Priceline lost $192.47, or 10.1 percent, to $1,710.53. Competitor Expedia shed $2.58, or 2.1 percent, to $120.40.

Royal Caribbean Cruises jumped $6.66, or 5.3 percent, to $132 after it had a strong quarter even though its business was affected by three major hurricanes.

EARLY LEADERS: AbbVie climbed $2.42, or 2.6 percent, to $95.38 and Incyte rose $3.23, or 3.1 percent, to $108.68 as drugmakers helped the health care sector advance. Financial service company Prudential added $1.23, or 1.1 percent, to $113.62 and insurer Progressive picked up 68 cents, or 1.1 percent, to $50.89. Industrial firms also rose. Logistics services provider Expeditors International of Washington jumped $4.67, or 8.1 percent, to $62.17 after it did better than investors expected in the third quarter. Aerospace company Boeing picked up $2.62, or 1 percent, to $266.69.

SLIMMED DOWN: Weight loss company Weight Watchers continued to surge after it raised its forecasts for the year. Its stock rose $7.82, or 17.5 percent, to $52.62. It started the year at $11.45.

OIL: Benchmark U.S. crude fell 28 cents to $57.07 a barrel in New York. Brent crude, used to price international oils, fell 40 cents to $63.87 a barrel in London. Oil prices rose about 3 percent Monday and hit two-year highs after a wave of arrests of princes and other officials in Saudi Arabia. Investors wondered if the upheaval could affect oil supplies and prices. The government said the arrests were part of as a crackdown on corruption, but skeptics say it targets potential rivals and critics of Crown Prince Mohammed bin Salman, who heads the anti-corruption committee that was formed shortly before the arrests.

BONDS: Bond prices were little changed. The yield on the 10-year Treasury note remained at 2.32 percent. The yield on the 2-year note held steady at 1.62 percent.

CURRENCIES: The dollar rose to 114.19 yen from 113.77 yen. The euro fell to $1.1579 from $1.1606.

OVERSEAS: The CAC 40 in France lost 0.1 percent while Germany's DAX rose 0.1 percent. London's FTSE 100 shed 0.2 percent. Tokyo's Nikkei 225 jumped 1.7 percent and Hong Kong's Hang Seng advanced 1.3 percent. In Seoul, the Kospi lost 0.2 percent.

___

AP Markets Writer Marley Jay can be reached at http://twitter.com/MarleyJayAP His work can be found at https://apnews.com/search/marley%20jayt

  • Associated Categories: Associated Press (AP), AP Business, AP Business - Economy, AP Business - Financial Markets, AP Business - Industries, AP Business - Utilities
© Copyright 2017 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
France's Macron, Arab leaders to inaugurate Louvre Abu Dhabi
France's Macron, Arab leaders to inaugurate new Louvre Abu Dhabi, museum that marks major cultural achievement in UAE
12:38AM ( 28 minutes ago )
As Trump arrives, China reports narrower surplus with US
China is reporting that its trade surplus with the United States narrowed last month, in data released the same day President Donald Trump arrives in Beijing
12:35AM ( 30 minutes ago )
Democrats sweep Virginia, New Jersey governor's races
Democrats in Virginia and New Jersey win only governor's races this year in blow to Trump and GOP
12:31AM ( 34 minutes ago )
Associated Press (AP)
New York Times fires lawyer who worked with Weinstein
The New York Times says it has fired lawyer David Boies' firm after learning it was working to suppress its investigation into harassment charges against Harvey Weinstein while also representing the newspaper in other cases
11:33PM ( 1 hour ago )
Asian markets mixed after Wall Street decline
Asian stock markets are mixed after Wall Street declined as President Trump prepared to start his first official visit to China
11:07PM ( 1 hour ago )
The Latest: Trump pays his respects at Seoul cemetery
President Donald Trump is paying his respects at Seoul National Cemetery in South Korea
11:06PM ( 1 hour ago )
AP Business
Trump visits Beijing amid mounting tensions over trade
After a brief truce with China to cooperate over North Korea, President Donald Trump visits Beijing this week amid mounting U.S. trade complaints, with limited prospects for progress on market access, technology policy and other sore points
8:10PM ( 4 hours ago )
Losses for banks and smaller companies take US stocks lower
US stocks take modest losses as banks and smaller, domestically-focused companies stumble
4:41PM ( 8 hours ago )
US consumer borrowing up $20.8 billion, most in 10 months
US consumer borrowing climbed $20.8 billion in September, best showing in 10 months
3:03PM ( 10 hours ago )
AP Business - Economy
The Latest: Panel blocks bigger benefits for raising kids
The House Ways and Means Committee has blocked Democratic efforts to provide bigger tax benefits for parents' costs of raising children and adopting kids
7:14PM ( 5 hours ago )
Bucks get Bledsoe from Suns for Monroe, 2 draft picks
Bucks get disgruntled Eric Bledsoe from Suns for Monroe, 2 draft picks
6:33PM ( 6 hours ago )
The Latest: Senators consider big changes to House tax bill
Senate tax writers are considering significant changes to the House Republican tax bill
6:33PM ( 6 hours ago )
AP Business - Financial Markets
California approves rescue plan for shrinking Salton Sea
California regulators approve a plan to spend nearly $400 million over 10 years to slow the shrinking of the state's largest lake, a vital migratory stop for birds and a buffer against swirling dust in farming towns
7:46PM ( 5 hours ago )
Forbes says Commerce head overstated wealth by $2 billion
Forbes says commerce secretary overstated wealth by $2 billion
7:18PM ( 5 hours ago )
Yellen says public trust in Fed ethics is critical
Fed Chair Janet Yellen says ethical standards critically important for central bank
4:29PM ( 8 hours ago )
AP Business - Industries
Fossil fuels will be main energy source for decades - OPEC
OPEC says long-term growth in global oil demand will steadily lessen from an annual average of 1.3 million barrels a day between 2016-2020, to 300,000 barrels a day by 2035-2040 but fossil fuels will remain main energy source of the future
8:36AM ( 16 hours ago )
North Korea, trade deficit on agenda of Trump's China visit
President Donald Trump's agenda in Beijing is expected to be led by the standoff over North Korea's nuclear weapons and demands that China do more to balance trade with America
6:58AM ( 18 hours ago )
Are all Russia ties now sinister, or are some just business?
Trump advisers' business relationships with Russia once seen as normal now draw suspicion
4:37AM ( 20 hours ago )
AP Business - Utilities
France's Macron, Arab leaders to inaugurate Louvre Abu Dhabi
France's Macron, Arab leaders to inaugurate new Louvre Abu Dhabi, museum that marks major cultural achievement in UAE
12:38AM ( 28 minutes ago )
As Trump arrives, China reports narrower surplus with US
China is reporting that its trade surplus with the United States narrowed last month, in data released the same day President Donald Trump arrives in Beijing
12:35AM ( 31 minutes ago )
Democrats sweep Virginia, New Jersey governor's races
Democrats in Virginia and New Jersey win only governor's races this year in blow to Trump and GOP
12:31AM ( 35 minutes ago )
Trump mocked during New York fundraiser by top comedians
Trump mocked during New York City fundraiser for military veterans by comedians John Oliver, Jon Stewart, Trevor Noah and Conan O'Brien
12:27AM ( 39 minutes ago )
Nissan's profit flat over inspection scandal, legal costs
Japanese automaker Nissan Motor Co. is seeing fiscal second quarter profit slip 3 percent despite growing sales because of costs related to improper vehicle checks in Japan and a massive global air-bag recall in the U.S.
12:24AM ( 42 minutes ago )