Toronto stock market sets new record high on rally led by materials and financials

TORONTO — Canada’s main stock index set a new record high on a broad-based rally led by materials and financials.

The S&P/TSX composite index closed up 59.48 points at 16,859.77, after going as high as 16,913.49 earlier in the trading session.

In New York, the Dow Jones industrial average was down 52.29 points at 27,094.79. The S&P 500 index was flat at 3,006.79, while the Nasdaq composite was up 5.49 points at 8,182.88.

The Canadian dollar traded for an average of 75.42 cents US compared with an average of 75.35 cents US on Wednesday.

The November crude contract was up 15 cents at US$58.19 per barrel and the October natural gas contract was down 9.9 cents at US$2.54 per mmBTU.

The December gold contract was down US$9.60 at US$1,506.20 an ounce and the December copper contract was down 0.45 of a cent at US$2.61 a pound.

This report by The Canadian Press was first published Sept. 19, 2019.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD=X)

The Canadian Press

Read More Here...

Liberty Tax, Inc. Changes Name to Franchise Group, Inc.

Liberty Tax, Inc. Changes Name to Franchise Group, Inc. – NASDAQ News Today – EIN News

Trusted News Since 1995

A service for global professionals · Thursday, September 19, 2019 · 496,859,422 Articles · 3+ Million Readers News Monitoring and Press Release Distribution Tools News Topics Newsletters Press Releases Events & Conferences RSS Feeds Other Services Questions?

Read More Here...

Wall Street ends mixed as Microsoft, Apple offset

© Reuters. FILE PHOTO: A Microsoft logo is seen in Los Angeles

(Reuters) – Wall Street ended mixed on Thursday, with a dip in Apple Inc (O:) shares offsetting a gain in Microsoft Corp (O:) shares a day after the Federal Reserve cut interest rates as expected and left the door open for further monetary easing.

The Dow Jones Industrial Average () fell 52.9 points, or 0.19%, to 27,094.18, the S&P 500 () gained 0.03 points, or 0.00%, to 3,006.76 and the Nasdaq Composite () added 5.49 points, or 0.07%, to 8,182.88.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Read More Here...

Employers Mutual Casualty Company Completes Acquisition of All Remaining Shares of EMC Insurance Group Inc. After Receiving Overwhelming Shareholder Approval

Employers Mutual Casualty Company Completes Acquisition of All Remaining Shares of EMC Insurance Group Inc. After Receiving Overwhelming Shareholder Approval – NASDAQ News Today – EIN News

Trusted News Since 1995

A service for global professionals · Thursday, September 19, 2019 · 496,859,422 Articles · 3+ Million Readers News Monitoring and Press Release Distribution Tools News Topics Newsletters Press Releases Events & Conferences RSS Feeds Other Services Questions?

Read More Here...

Stocks – Wall Street Gives up Early Gains on Trade Fight Worries

© Reuters.

Investing.com – A strong opening stock rally Thursday faded in the afternoon in part because of worries about the upcoming U.S.-China trade talks.

The concern was prompted when Michael Pillsbury, a prominent adviser to President Donald Trump, told the South China Morning Post that Trump on Chinese imports unless a trade agreement can be quickly negotiated.

Formal talks between the United States and China are supposed to resume in October.

The finished flat on the day. It had been up as much as 0.5%. The were down 0.2% after rising as many as 125 points. The ended up 0.7%; the index had been up as much as 0.7%.

Apple (NASDAQ:), Boeing (NYSE:) and Walt Disney (NYSE:) all pulled the Dow lower. Apple and Costco Wholesale (NASDAQ:) were among the big reasons for the swoon in the Nasdaq, as well as the .

Boeing’s decline may have been prompted by Ryanair Holdings (NASDAQ:) CEO Michael O’Leary’s projection the airline won’t resume flying the 737 Max until late February or early March.

Microsoft (NASDAQ:) hit a 52-week high before falling back. The software giant announced late Wednesday it was boosting its dividend by 11% and planning to buy back up to $40 billion of its shares. Microsoft’s market capitalization stood at $1.085 trillion, ahead of Apple’s $1 trillion market cap.

Also weighing on stocks was uncertainty over whether the Federal Reserve will cut rates again in 2019. The Fed cut its key federal funds rate to 1.75% to 2% on Wednesday to protect the 10-year-old economic expansion from trade stresses and economic slowing in Europe, China and elsewhere.

Investing.com’s suggests a 55% chance the Fed will do nothing in October but will likely cut rates again at its December meeting.

{Perhaps as a result, interest rates were little changed

Read More Here...

Enterprise IT tailwinds: Datadog, Ping Identity surge in trading after IPOs

Enterprise technology providers Datadog Inc. and Ping Identity Holding Corp. debuted on the stock market today after raising a combined $836 million in their initial public offerings Wednesday evening.

Datadog, which sells a cloud service that helps companies monitor the health of their applications, raked in $648 million. The total haul could rise to as much as $745 million if the banks that underwrote the IPO fully exercise their rights to buy additional stock. 

Datadog sold 24 million shares on Wednesday for $27 each, higher than the target of $24 to $26 it had set in the run-up to the IPO. That price range, in turn, was itself an increase from the $19 to $22 that Datadog was originally aimed for. The company’s stock jumped another 49% when the first trade was logged this morning and is hovering around $37.7 at the time of writing, which is still 40% above the IPO price.

It apparently wasn’t certain that Datadog would go through with the listing. According to Bloomberg, Cisco Systems Inc. offered to buy the company for “significantly higher” than its $7 billion IPO valuation, but was rebuffed. The reason is said to be that Datadog’s leadership believes the company can achieve a higher valuation as a publicly-traded firm. 

A lot of that confidence likely stems from the company’s finances. Datadog is currently in the red, but it’s growing  fast and isn’t too far off from profitability. It generated a $13.4 million loss in the first half of 2019 compared with $500,000 a year earlier, while revenue jumped 79% in the same period, to $85.4 million. 

Ping Identity, the other enterprise technology provider that went public today, also received a warm welcome. The company is up more than 26% in trading after raising about $188 million during its IPO.

Ping Identity provides a suite of security

Read More Here...

S&P 500 loses steam after flirting with record territory as stocks end near unchanged

The S&P 500 flirted with record territory but lost steam ahead of the closing bell on Thursday, with major indexes ending on either side of unchanged. The S&P 500 SPX, +0.00% ended less than a point lower near 3,006, according to preliminary figures, after seeing a session high of 3,021.99, shy of its all-time closing high of 3,025.86 set on July 26. The Dow DJIA, -0.19% fell around 53 points to close near 27,093, while the Nasdaq Composite COMP, +0.07% held on to a gain of around 5 points, or 0.1%, to finish near 8,183.

Read More Here...

How the stock market tends to perform after back-to-back Fed rate cuts

U.S. equity benchmarks on Thursday were nearing all-time highs, a day after the Federal Reserve trimmed interest rates for the second meeting in a row.

Policy makers led by Chairman Jerome Powell cut their benchmark rate by a quarter-of-a-percentage point to a range of 1.75% to 2% Wednesday afternoon, as expected. The S&P 500 index SPX, +0.00%  and the Dow Jones Industrial Average have traded within shouting distance of a records, even if the ascent thus far appears to be tentative.

Read: A ‘Fed put’ on the stock market could expire worthless due to these ‘recession errors’

Easy-money policies tend to be a boon for corporations and individuals because it translates to lower borrowing costs and greater risk taking by investors but that doesn’t always mean that the stock market is going to soar in the aftermath of rate cuts, particularly ones that the Fed boss has implied are so-called mid-cycle adjustments and that illustrate a divided central bank. The rate-setting Federal Open Market Committee voted 7-3 in favor of the cut, with two members dissenting in favor of holding pat and one member calling for a larger, half-point cut.

Here’s how S&P 500 index SPX, +0.00% has usually performed during the past periods in which the Fed has implemented a pair of rate cuts.

On average, the S&P 500 has climbed 2.88% from the first rate cut to the last, during a two-cut period, Dow Jones Market Data show. When the cuts are successive — in other words, coming in back-to-back meetings — the average return is 1.28%.

One month later after, a pair of rate cuts, the S&P 500 tends to be up 1.56% higher on average and 1.74% during successive cuts. The market has climbed in three of the past five periods in which the Fed cut

Read More Here...

Why one of the world’s top investors says now may be the time to raise cash

‘In these factious times, investors are hard put to find their footing. They face rising uncertainty but falling returns. By some measures, uncertainty about economic prospects is currently highest on record. Further, policy makers seem to have limited ammunition to reflate economies.’

That’s the bleak assessment of the global landscape offered up by Lim Chow Kiat, who oversees the sixth-biggest sovereign wealth fund in the world.

“When faced with uncertainties, it is advisable to have optionality,” the CEO of Singapore’s GIC Pte was quoted as saying by Bloomberg on Thursday. “Tactically, that may be raising some cash as dry powder.”

Lim, charged with calling the shots for about $440 billion in assets at the fund, was speaking at GIC Insights, the group’s annual thought leadership event.

This isn’t the first time he’s raised a yellow flag on the global economy. According to Bloomberg, he raised similar concerns back in March and before that warned returns would be lower in coming years amid escalating trade tensions.

Meanwhile, U.S. stocks were heading toward a quiet close on Thursday, with the Dow Jones Industrial Average DJIA, -0.19%, Nasdaq Composite COMP, +0.07% and S&P 500 SPX, +0.00% all hovering near breakeven.

Read More Here...

Microsoft nudges S&P 500 toward record high

© Reuters. FILE PHOTO: A Microsoft logo is seen in Los Angeles

(Reuters) – Wall Street ended mixed on Thursday, with a dip in Apple Inc (O:) shares offsetting a gain in Microsoft Corp (O:) shares a day after the Federal Reserve cut interest rates as expected and left the door open for further monetary easing.

The Dow Jones Industrial Average () fell 52.9 points, or 0.19%, to 27,094.18, the S&P 500 () gained 0.03 points, or 0.00%, to 3,006.76 and the Nasdaq Composite () added 5.49 points, or 0.07%, to 8,182.88.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Read More Here...