Dow Jones Has Its Biggest Day Of The Year, Jumps 400 Points – Huffington Post

NEW YORK (AP) — The Dow Jones industrial average had its biggest day in three years, soaring more than 400 points as the stock market extended a rally into a second day.

The Dow closed up 421 points, or 2.4 percent, to 17,778 Thursday, its largest gain since December 2011.

The Standard & Poor’s 500 gained 48 points, or 2.4 percent, to 2,061. The Nasdaq composite climbed 104 points, or 2.2 percent, to 4,748.

The market built on its surge from the day before, when the Federal Reserve indicated it was in no rush to raise interest rates.

Oracle led a rally in technology shares after the business software maker reported earnings that were better than expected.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.21 percent.

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Dow up 350: Stocks soar on Fed boost – USA TODAY

Stocks climbed higher and added to gains in midday trading Thursday, a day after the Federal Reserve said it can be ‘patient’ about when it will make the first rate hike and signs of oil prices stabilizing. Newslook

Stocks soared Thursday as good feelings about the Fed’s Wednesday announcement that rate hikes aren’t on the immediate horizon carry over into a second day.

The Dow Jones industrial average jumped 421 points, or 2.4%, to 17,778 and the Standard & Poor’s 500 index gained 48 points, or 2.4%, to 2061. The Nasdaq composite index rose 104 points, or 2.2%, to 448.

Percentage-wise, the S&P 500 is having its best two-day stretch in almost two years — since early January 2013.

WHY? 5 reasons the Dow is skyrocketing

“Fed-induced optimism sent the Dow to its best day of the year yesterday, and the blue-chip barometer is set to pick up right where it left off,” Karee Venema of Schaeffer’s Investment Research noted early in the day.

European stock investors also were reassured by the Fed’s comments. An easy Fed also benefits Eurozone companies as it suggests that the U.S. economy — which has been growing at a roughly 4% clip the past two quarters — will remain healthy, providing a demand boost to Eurozone firms that sell goods and services to the Americans.

Investors in Europe, especially in Germany and France, are also relieved that the Russian ruble is showing signs of stabilization.

The CAC 40 of France jumped 3.4% and Germany’s DAX added 2.8%. The FTSE of Britain gained 2%.

In Asia, Japan’s Nikkei 225 index gained 2% and Hong Kong’s Hang Seng index gained 1%. The Shanghai composite fell 0.1%

Investment Roundtable takeaway: More volatility in 2015 http://t.co/mFSqxaz4yo#marketoutlook15pic.twitter.com/2FvMDjUJBR

— USA TODAY Money (@USATODAYmoney) December 18, 2014

The good market news comes in the wake of volatility churned in recent days by a plunging Russian ruble and cratering oil prices. The ruble has stabilized, now trading for about 60 to one U.S. dollar. Oil is dropping more: A barrel of West Texas intermediate crude is down shy of 2%, at a few dimes above $56.

Remarks by Russian President Vladimir Putin in a long, three-hour news conference led the ruble to a 0.3% drop — modest compared to a huge, 23% plunge on Tuesday.

The surprising thaw in U.S.-Cuba relations announced by President Obama on Wednesday is having a two-day impact on the Herzfeld Caribbean Basin Fund, which invests in business related to the Caribbean island. The fund — ticker, CUBA — is up about about 3% after having soared 28.9% the previous session.

Wednesday and Thursday’s market action shows that after a brief bout of turbulence, a risk-on mentality has returned to financial markets largely due to the Fed.

Obama: I had blunt discussion with Raul Castro; @djusatoday reports http://t.co/kAbl1Oxp2m

— USA TODAY Money (@USATODAYmoney) December 18, 2014

Investors’ positive vibes spring from the Fed’s Wednesday afternoon statement that it could raise near-zero short-term interest rates, but in a matter of months and amid an accelerating economy. In its final policy statement of the year, the Fed said that it “can be patient in beginning to normalize the stance of monetary policy.”

Stocks took a giant leap on the resulting perception that the Fed won’t rush into rate hikes. The Dow had its best day of 2014, closing the day up 288 points, or 1.7%, to 17,356.87.

Thurday’s rally is being driven by the same things that have been driving the bull market for years: “low rates and easy money and little in the way of alternatives to stocks” for investors looking to generate acceptable returns, says Bill Hornbarger, chief investment strategist at Moneta Group.

When the Fed does raise rates – it will take things slow – or at least that is what investors are banking on, says Alan Skrainka, chief Investment officer at Cornerstone Wealth Management.

“This move is likely the result of increased confidence that the Fed will raise rates very gradually in light of recent events – mainly the plunge in oil prices and slowing global growth,” says Skrainka.

Another reason for the massive stock market rally is investors are reversing earlier bets against the market, or so-called “short covering,” says Mark Luschini, chief investment strategist at Janney Montgomery Scott.

USA TODAY

Jobless aid applications decline to 289,000

Many investors had been shorting the market, or trying to profit when prices fall by borrowing shares with the hope of buying them back later at a lower price. But with the nearly 600-plus point rally in the Dow, that so-called shorting strategy did not work out, so those investors are buying the borrowed shares back now for fear stocks will climb even higher and cost them more losses.

Nick Sargen, senior investment advisor at Fort Washington Investment Advisors, says he’s scratching his head over all the attention to the Fed. The central bank, he says, “didn’t tell us anything we didn’t know before.”

Sargen theorizes that the stock investors might be rethinking their initial negative reaction to lower oil prices and may be refocusing on the fact that lower prices at the pump “is a huge positive” for the U.S. and world economy, except for Russia and OPEC.

“For a while the market was focused on the losers from lower oil prices rather than on the winners,” says Sargen. “It seems like the market had a few ‘bad hair’ days and suddenly discovered everything would be okay.”

Large-company U.S. stocks are also benefiting from what Hornbarger calls a “crowding in” effect. With the U.S. economy doing better than the rest of the developed world and the dollar strong and corporate America’s balance sheets “the best in the world,” many investors have “thrown in the towel” on foreign stocks in developed nations and emerging market stocks.

Charles Biderman, CEO of TrimTabs Asset Management, a firm that tracks the cash flows in and out of the stock market and mutual funds, says the main stock market driver is simply “supply and demand.”

In the first three days of this week, he says there have been “over $30 billion of new cash takeovers of public companies and stock buybacks.” In contrast, there has been “less than $2 billion of new stock offerings” brought to market.

Despite the two-day euphoria, Hornbarger is still warning clients that the suddenly hot market is still “due” for a 10% correction and that they should expect lower returns in the next few years after the big run the past five years.

Citing a stronger economy, the Fed announces a patient approach to rate hikes in 2015. Shartia Brantley reports Video provided by Reuters Newslook

Video Transcript

Automatically Generated Transcript (may not be 100% accurate)
00:01 The Fed gave investors an early Christmas get by emphasizing
00:05 up patient approach to raising rates at the economy continues to
00:09 improve. Fed chair Janet Yellen as. Progress in the changing maximum
00:14 employment and 2% inflation continues. At some point it will become
00:19 appropriate to begin reducing policy accommodation. But based on its current
00:25 outlook the committee churches that it can be patient in doing
00:30 so. Stocks rallied on the news of major market indices reversing
00:34 three days of losses. Worth columnist Jane fat. China just your
00:39 financial market straightforward race. On. Equity should lobbyists and even how
00:45 you’ll incredible benefit because the pace is not going to be
00:48 crashing those markets on purpose any times in. Emerging markets are
00:53 huge and at issue are really good news that. And any
00:56 rate rise will be dependent on incoming economic data. Oatmeal financials
01:01 John can Ollie. It really does depend on the data and
01:04 the Fed’s stress that again that that they said what they’re
01:06 going to do is dependent on the data how quickly the
01:10 labor market improves. For now investors expect a gradual increase in
01:14 interest rates starting in mid 2015. And today’s rally says the
01:19 market is just fine with back.

PHOTOS: Cuba’s treasure trove of 1950s U.S. cars http://t.co/QXI7AnwRZe Photo: AFP/Getty Images pic.twitter.com/DwWax7PCMY

— USA TODAY Money (@USATODAYmoney) December 18, 2014

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Dow up 300: Stocks soar on Fed boost – USA TODAY

Citing a stronger economy, the Fed announces a patient approach to rate hikes in 2015. Shartia Brantley reports Video provided by Reuters Newslook

Video Transcript

Automatically Generated Transcript (may not be 100% accurate)
00:01 The Fed gave investors an early Christmas get by emphasizing
00:05 up patient approach to raising rates at the economy continues to
00:09 improve. Fed chair Janet Yellen as. Progress in the changing maximum
00:14 employment and 2% inflation continues. At some point it will become
00:19 appropriate to begin reducing policy accommodation. But based on its current
00:25 outlook the committee churches that it can be patient in doing
00:30 so. Stocks rallied on the news of major market indices reversing
00:34 three days of losses. Worth columnist Jane fat. China just your
00:39 financial market straightforward race. On. Equity should lobbyists and even how
00:45 you’ll incredible benefit because the pace is not going to be
00:48 crashing those markets on purpose any times in. Emerging markets are
00:53 huge and at issue are really good news that. And any
00:56 rate rise will be dependent on incoming economic data. Oatmeal financials
01:01 John can Ollie. It really does depend on the data and
01:04 the Fed’s stress that again that that they said what they’re
01:06 going to do is dependent on the data how quickly the
01:10 labor market improves. For now investors expect a gradual increase in
01:14 interest rates starting in mid 2015. And today’s rally says the
01:19 market is just fine with back.

Stocks are jumping Thursday as good feelings about the Fed’s Wednesday announcement that rate hikes aren’t on the immediate horizon carry over into a second day.

As of 12:54 p.m. ET, the Dow Jones industrial average, S&P 500 and Nasdaq composite are each up about 1.7% each. The blue-chip Dow’s gain is about 300 points.

“Fed-induced optimism sent the Dow to its best day of the year yesterday, and the blue-chip barometer is set to pick up right where it left off,” Karee Venema of Schaeffer’s Investment Research noted early in the day.

Investment Roundtable takeaway: More volatility in 2015 http://t.co/mFSqxaz4yo#marketoutlook15pic.twitter.com/2FvMDjUJBR

— USA TODAY Money (@USATODAYmoney) December 18, 2014

European stock investors also were reassured by the Fed’s comments. An easy Fed also benefits Eurozone companies as it suggests that the U.S. economy — which has been growing at a roughly 4% clip the past two quarters — will remain healthy, providing a demand boost to Eurozone firms that sell goods and services to the Americans.

Investors in Europe, especially in Germany and France, are also relieved that the Russian ruble is showing signs of stabilization.

Europe benchmarks vaulted even higher that their U.S. counterparts, with the CAC 40 of France up a whopping 3.4%. The DAX of Germany added 2.8% while the FTSE of Britain gained 2%.

The good market news comes in the wake of volatility churned in recent days by a plunging Russian ruble and cratering oil prices. The ruble has stabilized, now trading for about 60 to one U.S. dollar. Oil is dropping more: A barrel of West Texas intermediate crude is down shy of 2%, at a few dimes above $56.

Remarks by Russian President Vladimir Putin in a long, three-hour news conference led the ruble to a 0.6% drop — modest compared to a huge, 23% plunge on Tuesday.

The surprising thaw in U.S.-Cuba relations announced by President Obama on Wednesday is having a two-day impact on the Herzfeld Caribbean Basin Fund, which invests in business related to the Caribbean island. The fund — ticker, CUBA — is up about about 3% after having soared 28.9% the previous session.

Wednesday and Thursday’s market action shows that after a brief bout of turbulence, a risk-on mentality has returned to financial markets largely due to the Fed.

Obama: I had blunt discussion with Raul Castro; @djusatoday reports http://t.co/kAbl1Oxp2m

— USA TODAY Money (@USATODAYmoney) December 18, 2014

Investors’ positive vibes spring from the Fed’s Wednesday afternoon statement that it could raise near-zero short-term interest rates, but in a matter of months and amid an accelerating economy. In its final policy statement of the year, the Fed said that it “can be patient in beginning to normalize the stance of monetary policy.”

Stocks took a giant leap on the resulting perception that the Fed won’t rush into rate hikes. The Dow had its best day of 2014, closing the day up 288 points, or 1.7%, to 17,356.87.

In Asia, Japan’s Nikkei 225 index gained 2% and Hong Kong’s Hang Seng index gained 1%. The Shanghai composite fell 0.1%.

Following the fallout of the slide in the Russian ruble, which has lost more than half of its value in recent months, Switzerland sought Thursday to prevent the Swiss franc from breaching upper limits imposed on the currency by introducing negative interest rates on commercial bank deposits.

Contributing: Ed Brackett, Jane Onyanga-Omara, Associated Press.

PHOTOS: Cuba’s treasure trove of 1950s U.S. cars http://t.co/QXI7AnwRZe Photo: AFP/Getty Images pic.twitter.com/DwWax7PCMY

— USA TODAY Money (@USATODAYmoney) December 18, 2014

Read or Share this story: http://usat.ly/16vFsqD

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Stocks soar as Fed boost lingers – USA TODAY

Citing a stronger economy, the Fed announces a patient approach to rate hikes in 2015. Shartia Brantley reports Video provided by Reuters Newslook

Video Transcript

Automatically Generated Transcript (may not be 100% accurate)
00:01 The Fed gave investors an early Christmas get by emphasizing
00:05 up patient approach to raising rates at the economy continues to
00:09 improve. Fed chair Janet Yellen as. Progress in the changing maximum
00:14 employment and 2% inflation continues. At some point it will become
00:19 appropriate to begin reducing policy accommodation. But based on its current
00:25 outlook the committee churches that it can be patient in doing
00:30 so. Stocks rallied on the news of major market indices reversing
00:34 three days of losses. Worth columnist Jane fat. China just your
00:39 financial market straightforward race. On. Equity should lobbyists and even how
00:45 you’ll incredible benefit because the pace is not going to be
00:48 crashing those markets on purpose any times in. Emerging markets are
00:53 huge and at issue are really good news that. And any
00:56 rate rise will be dependent on incoming economic data. Oatmeal financials
01:01 John can Ollie. It really does depend on the data and
01:04 the Fed’s stress that again that that they said what they’re
01:06 going to do is dependent on the data how quickly the
01:10 labor market improves. For now investors expect a gradual increase in
01:14 interest rates starting in mid 2015. And today’s rally says the
01:19 market is just fine with back.

Stocks are jumping Thursday as global markets advance and as investors’ good feelings about the Fed’s Wednesday announcement regarding interest rates are carrying over into a second day.

As of 12:04 p.m. ET, the Dow Jones industrial average, S&P 500 and Nasdaq composite are up about 1.5% each. The blue-chip Dow’s gain is about 250 points.

“Fed-induced optimism sent the Dow to its best day of the year yesterday, and the blue-chip barometer is set to pick up right where it left off,” Karee Venema of Schaeffer’s Investment Research noted early in the day.

Investment Roundtable takeaway: More volatility in 2015 http://t.co/mFSqxaz4yo#marketoutlook15pic.twitter.com/2FvMDjUJBR

— USA TODAY Money (@USATODAYmoney) December 18, 2014

Europe benchmarks are vaulting even higher, with the CAC 40 of France up a whopping 3.4%.

The good market news comes in the wake of volatility churned in recent days by a plunging Russian ruble and cratering oil prices. The ruble has stabilized somewhat, now trading for about 60 to one U.S. dollar. Oil has found a floor, at least for now: A barrel of West Texas intermediate crude is up slightly at a few cents above $58.

Remarks by Russian President Vladimir Putin in a long, three-hour news conference led the ruble to a 2.3% drop — modest compared to a huge, 23% plunge on Tuesday.

The surprising thaw in U.S.-Cuba relations announced by President Obama on Wednesday is having a two-day impact on the Herzfeld Caribbean Basin Fund, which invests in business related to the Caribbean island. The fund — ticker, CUBA — is up about 5% after having soared 28.9% the previous session.

Wednesday and Thursday’s market action shows that after a brief bout of turbulence, a risk-on mentality has returned to financial markets largely due to the Fed.

Obama: I had blunt discussion with Raul Castro; @djusatoday reports http://t.co/kAbl1Oxp2m

— USA TODAY Money (@USATODAYmoney) December 18, 2014

In an afternoon statement Wednesday, the Federal Reserve signaled that it could raise near-zero short-term interest rates within months amid an accelerating economy despite low inflation that has been subdued by falling oil prices. In its final policy statement of the year, the Fed said that it “can be patient in beginning to normalize the stance of monetary policy.”

Stocks took a giant leap on the resulting perception that the Fed won’t rush into rate hikes. The Dow had its best day of 2014, closing the day up 288 points, or 1.7%, to 17,356.87.

In Asia, Japan’s Nikkei 225 index gained 2% and Hong Kong’s Hang Seng index gained 1%. The Shanghai composite fell 0.1%.

Following the fallout of the slide in the Russian ruble, which has lost more than half of its value in recent months, Switzerland sought Thursday to prevent the Swiss franc from breaching upper limits imposed on the currency by introducing negative interest rates on commercial bank deposits.

Contributing: Paul Davidson, Jane Onyanga-Omara, Associated Press.

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Dow Jones Industrial Average Skyrockets More Than 260 Points As Oil Prices … – International Business Times

U.S. stocks soared Thursday, continuing the previous session’s gains, as the Dow Jones Industrial Average rallied by as much as 267 points in early trading after crude oil prices gained. Earlier, financial markets in Asia and Europe rallied Thursday following the Federal Reserve’s pledge on Wednesday to stay “patient” on hiking interest rates, hinting the U.S. central bank could begin raising rates sometime next year.

In morning trading, the Dow soared 251.09 points, or 1.45 percent, at 17,607.96; the S&P 500 Index gained 33.34 points, or 1.66 percent, at 2,046.25. The Nasdaq Composite added 80.05 points, or 1.72 percent, to 4,723.91.

Global oil prices rebounded from previous five-year lows earlier this week after more energy firms slashed investments in new production. Marathon Oil Corporation announced Thursday that it anticipates its 2015 capital, investment and exploration budget will be $4.3 billion to $4.5 billion, or nearly 20 percent lower than 2014 levels. 

U.S. oil benchmark West Texas Intermediate crude edged up 0.66 percent Thursday to $56.84 per barrel, for Jan. 15 delivery, on the New York Mercantile Exchange. Meanwhile, global benchmark Brent crude rose 1.11 percent Thursday to $61.86 a barrel on the London ICE Futures Exchange.

The recent fall in oil prices may boost other commodity prices, such as industrial and precious metals. “Crucially, the slump in oil prices is largely due to supply-side developments specific to the oil industry, rather than indicative of generalized weakness in demand,” Capital Economics said in a research note Wednesday.

Separately, data Thursday showed fewer Americans filed for jobless benefits last week. Initial jobless claims for state benefits fell by 6,000 to 289,000, the lowest since early November, the Labor Department said. 

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Dow Jones Industrial Average Surges 300 Points After Fed Is 'Patient' On … – International Business Times

U.S. stocks soared Wednesday, with the Dow Jones Industrial Average surging more than 300 points, after the U.S. Federal Reserve replaced the phrase “considerable time” in its policy statement with “patient,” signaling the central bank could raise interest rates sometime next year.

Following the Fed’s announcement, The Dow Jones Industrial Average, which measures the share prices of 30 large industrial companies, soared over 300 points, or over 1 percent, at 17,371.98; the S&P 500 Index, which tracks the share prices of the nation’s 500 largest publicly traded companies, gained 26.55 points, or 1.34 percent, at 1,999.29. The Nasdaq Composite added 66.40 points, or 1.47 percent, to 4,614.67.

The Fed wrapped up its final two-day policy meeting of the year in the midst of a currency crisis in Russia. Most economists had expected the Federal Open Market Committee, the Federal Reserve’s board that determines the direction of monetary policy, to change its forward guidance somewhat and remove “considerable time” from its statement. But the central bank also introduced another key word “patient,” as it readies next year to raise interest rates, which are at historic lows. “Based on its current assessment, the Committee judges that it can be patient in beginning to normalize the stance of monetary policy,” the Federal Reserve said in its monetary policy statement Wednesday.

The Fed had to start laying the groundwork for eventual interest rate hikes, according to Greg McBride, chief financial analyst Bankrate.com. “Now is definitely time to do it because the U.S. economic fundamentals are solid,” McBride said. “If the Fed leaves the ‘considerable time’ phrase in and doesn’t start laying the ground works for rate hikes now and then have to ramp up the rhetoric later, that’s even more unsettling to the financial markets.”

Following the FOMC’s statement, Federal Reserve Chair Janet Yellen held a news conference at 2:30 p.m. EST., saying the Fed is unlikely to start the process for raising interest rates for “at least the next couple of meetings.” 

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How the Dow Jones Industrial Average Did Tuesday – ABC News

Associated Press

Sudden twists in the price of oil and currency trading turned the stock market into a roller-coaster ride. Indexes ended slightly lower after an early rally fizzled. The price of crude oil stabilized after a prolonged rout, bringing relief to energy stocks and the Russian ruble, both of which have been battered by a slump in oil. The price of oil has fallen by half since June.

On Tuesday:

The Dow Jones industrial average fell 111.97 points, or 0.7 percent, to 17,068.87

The Standard & Poor’s 500 index fell 16.89 points, or 0.9 percent, to 1,972.74.

The Nasdaq composite lost 57.32 points, or 1.2 percent, to 4,547.83.

For the week:

The Dow is down 211.96 points, or 1.2 percent.

The S&P 500 index is down 29.59 points, or 1.5 percent.

The Nasdaq is down 105.76 points, or 2.3 percent.

For the year:

The Dow is up 492.21 points, or 3 percent.

The S&P 500 index is up 124.38 points, or 6.7 percent.

The Nasdaq is up 371.24 points, or 8.9 percent.

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Dow Jones Industrial Average Soars More Than 200 Points Despite Russia's … – International Business Times

U.S. stocks rebounded Tuesday, despite Russia’s mounting currency crisis and surprise interest rate hike, as the Dow Jones Industrial Average bounced back after wavering in early trading. Gains from Boeing Co., which jumped over 2 percent to $125.43, led the Dow higher after the company raised its quarterly dividend 25 percent, hiking its share repurchase plan to $12 billion.

In midday trading, the Dow Jones Industrial Average soared 211.19 points, or 1.23 percent, at 17,392.03; the S&P 500 Index gained 22.49 points, or 1.13 percent, at 2,012.12. The Nasdaq Composite added 29.99 points, or 0.65 percent, to 4,635.18.

Weighing on the markets earlier was the Russian central bank’s announcement that it raised its key interest rate to 17 percent from 10.5 percent, effective immediately. The move sent the ruble plummeting as much as 19 percent to a record low of 80.10 per dollar. The interest rate hike was the largest single increase since 1998, which led to the government defaulting on its debt.

“We’re in a vicious cycle here for Russia with a situation that could get much worse next year. We’re expecting extraction of about 3.5 percent, but that could be worse if things continue to deteriorate and the Russian central bank maintains higher interest rates,” Gregory Daco, lead U.S. economist at Oxford Economics, said.

Data Tuesday showed the U.S. manufacturing sector continuing to expand in December; however, the rate of growth hit an 11-year low. The Markit preliminary “flash” Purchasing Managers Index fell to 53.7 in December, down from 54.8 in November. “Softer output and employment numbers merely represent a cooling in the pace of expansion from unusually strong rates earlier in the year, but also send a warning light to policymakers that the fourth quarter is likely to see a weakening in the pace of economic growth, which is starting to hit hiring,” Chris Williamson, chief economist at Markit, said in the report.

The disappointing data Tuesday comes the same day that China reported weaker-than-anticipated manufacturing growth for the first time in seven months, signaling the economic outlook for the world’s second-largest economy could be worse than previously forecast. China’s HSBC and Markit “flash” Manufacturing Purchasing Managers Index (PMI) dropped to 49.5 from a final reading of 50 in November, contracting for the first time in seven months. A reading below the 50-point level indicates contraction in the manufacturing sector.

“Today’s flash manufacturing PMIs suggest that the pace of global growth has cooled a little further in recent weeks. Nonetheless, the slowdown since the summer has been milder than the tone of media reports would suggest and is certainly not sharp enough to explain the slump in oil prices,” London-based research consultancy firm Capital Economics said in a research note Tuesday.

Separate data Tuesday showed new home construction in the U.S. topped a million on an annualized rate in November, while housing starts fell 1.6 percent and building permits declined 5.2 percent last month. Groundbreaking on new homes in the U.S. fell 1.6 percent to a seasonally adjusted annual 1.028 million-unit pace in November, the Commerce Department said in its New Residential Construction Report Tuesday. November’s housing starts, which are considered to be a critical indicator of U.S. economic strength, were revised up to a 1.045 million-unit rate. Meanwhile, housing permits fell 5.2 percent last month to a 1.035 million-unit pace. 

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How the Dow Jones Industrial Average Did Monday – ABC News

Associated Press

Falling oil prices pushed U.S. stocks down broadly on Monday, extending losses into a second week. All 10 industry sectors in the Standard and Poor’s 500 dropped. The losses followed a 3.5 percent decline in the index last week, its biggest loss since May 2012.

On Monday:

The Dow Jones industrial average fell 99.99 points, or 0.6 percent, to 17,180.84

The Standard & Poor’s 500 fell 12.70 points, or 0.6 percent, to 1,989.63.

The Nasdaq composite lost 48.44 points, or 1 percent, to 4,605.16.

For the year:

The Dow is up 604.18 points, or 3.6 percent.

The S&P 500 index is up 141.27 points, or 7.6 percent.

The Nasdaq is up 428.57 points, or 10.3 percent.

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Dow Jones (DJIA) Today: Visa (V) Lags – TheStreet.com

Editor’s Note: Any reference to TheStreet Ratings and its underlying recommendation does not reflect the opinion of TheStreet, Inc. or any of its contributors including Jim Cramer or Stephanie Link.

The Dow Jones Industrial Average ( ^DJI) closed down 100.0 points (-0.6%) at 17,180. During the day, 411.2 million shares of the 30 Dow components have changed hands vs. an average daily trading volume of 346.2 million. The NYSE advances/declines ratio closed at 750 issues advancing vs. 2,367 declining with 117 unchanged.

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Holding the Dow back today was Visa (NYSE: V), which lagged the broader Dow index with a $6.34 decline (-2.4%) bringing the stock to $256.78. This single loss lowered the Dow Jones Industrial Average by 47.98 points or roughly accounting for 48% of the Dow’s overall loss. Volume for Visa ended the day at 3.8 million shares traded vs. an average daily trading volume of 2.9 million shares.

Visa has a market cap of $129.08 billion and is part of the financial sector and financial services industry. Shares are up 18.2% year-to-date as of Thursday’s close. The stock’s dividend yield sits at 0.7%.

Visa Inc., a payments technology company, operates as a retail electronic payments network worldwide. The company facilitates commerce through the transfer of value and information among financial institutions, merchants, consumers, businesses, and government entities.

TheStreet Ratings rates Visa as a buy. The company’s strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, expanding profit margins, notable return on equity and solid stock price performance. We feel these strengths outweigh the fact that the company shows weak operating cash flow.

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