Despite up session, Dow suffers 5th straight weekly loss

Business Traders work on the floor at the New York Stock Exchange (NYSE) in New York, US, May 16, 2019. (Photo: REUTERS/Brendan McDermid) 25 May 2019 05:50AM Share this content

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NEW YORK: Wall Street stocks finished another down week on a positive note on Friday (May 24), climbing ahead of a holiday weekend despite lingering anxiety over the US-China trade conflict.

The Dow Jones Industrial Average climbed 95.22 points (0.37 per cent) to 25,585.69. But this was not enough to prevent the index from falling for the fifth straight week, its longest such streak since 2011.

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The broad-based S&P 500 added (0.14 per cent) at 2,826.06, while the tech-rich Nasdaq Composite Index also edged up (0.11 per cent) to 7,637.01.

After a strong run for the stocks in the first four months of the year, fresh trade war anxiety has roiled markets throughout May as the United States and China have announced new tariff measures amid sharpening rhetoric between Beijing and Washington.

The two sides still have not scheduled another round of negotiations, although both sides have vowed to keep talking.

“The lack of a trade agreement is probably the biggest thing confronting the market going forward,” said Bill Lynch, director of investment at Hinsdale Associates. “Hopefully we’ll get something soon.”

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In other disappointing news, data showed sales of US-manufactured goods in April fell to their lowest level in nine months, as American companies sold fewer cars and planes and less factory equipment.

Among individual companies, Foot Locker plunged 16 per cent after it reported lower-than-expected first-quarter earnings and sales.

Analysts described Friday’s trading volume as light ahead of the Memorial Day weekend. US markets will be closed on Monday.

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TSX Recovers to End Short Week

May 24, 2019 (Baystreet.ca via COMTEX) —

Stocks recovered from two straight days of stiff losses with healthy gains Friday, powered mostly by strong gains exhibited by the major banks.

The S&P/TSX Composite Index moved ahead 65.43 points to end the day and a short week at 16,230.04

The index was still on track to end the week lower.

The Canadian dollar recovered 0.21 cents to 74.43 cents U.S.

Markets were closed last Monday for Victoria Day.

Financials prospered the most by day’s and week’s end, as Royal Bank of Canada hiked $1.27, or 1.2%, to $103.91, while CIBC advanced 92 cents to $104.79.

In the health-care sector, Aphria jumped 76 cents, or 8.8%, to $9.38, after Jefferies started coverage of the cannabis producer with a “buy” rating.

Aurora Cannabis forged up seven cents to $11.17.

Materials were also in the green, as Agnico Eagle Mines acquired nine cents to $55.16, while Frontier Lithium fought its way to a gain of one cent, or 2.9%, to 35 cents.

Among consumer staples, Loblaw Companies gave back five cents to $69.95, while Restaurant Brands International settled 41 cents to $92.05.

In communications, Rogers dished over a penny to $71.15, while Shaw backpedaled 19 cents to $27.29.

Eldorado Gold was down 15 cents, or 3.5%, to $4.17, while gold rival Barrick slumped 12 cents to $16.01

ON BAYSTREET

The TSX Venture Exchange surged 5.66 points to 607.68.

Eight of the 12 Toronto subgroups were positive by the close, as financials tallied 0.9%, health-care picked up 0.7%, and materials gained 0.4%.

The four laggards were weighed most by consumer staples, off 0.8%, while communications skidded 0.2%. gold each slid 0.1%.

ON WALLSTREET

Stocks rose on Friday, but notched weekly losses as investors worried the U.S.-China trade war is hurting economic growth.

The Dow Jones

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TSX rebounds on trade optimism; crude oil has worst week of the year

Damian J. Troise, The Associated Press
Published Friday, May 24, 2019 12:37AM EDT
Last Updated Friday, May 24, 2019 5:17PM EDT

TORONTO — Canada’s main stock index ended a two-day skid as a flash of optimism on trade lifted oil prices, but not enough to prevent the worst week for crude this year.

The July crude contract was up 72 cents at US$58.63 per barrel Friday but was still down 6.8 per cent for the week.

Despite the decrease, crude prices have risen 29 per cent so far this year.

The price of oil and stock markets overall rose Friday after U.S. President Donald Trump predicted a quick end to the trade dispute with China and suggested Huawei Technologies could be part of an agreement.

Markets have been fluctuating wildly with every presidential tweet or uttering, said Allan Small, senior investment adviser at HollisWealth.

“When you hear something from the president saying that maybe a deal can happen, that tends to bring on some positive feeling with investors and they started buying and have held on to those gains throughout the day,” he said in an interview.

Markets have moved with Trump’s comments ranging from threatening to blacklist Chinese tech firms, to raising tariffs on imports, and to offering a grace period on U.S. firms selling to Huawei.

“It’s quite unnerving sometimes,” Small added. “It’s almost like you think that the president can control markets just by making a comment or sending out a tweet. He can take the markets down or up, whichever way he feels.”

Markets rebounded despite data showing that U.S. durable goods orders fell more than expected in April, a day after U.S. manufacturing output fell to a nine-year low in May and the IHS Markit survey of service-oriented companies slipped to a 39-month low.

“So trade right

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Stock Market News: Clear Skies for Amazon; Canopy Makes Its Case to Cannabis Investors

Friday morning brought some respite to the stock market, as the White House made more conciliatory comments that gave investors some hope that the full brunt of an all-out trade war with China might not be inevitable. Just before 10:45 a.m. EDT, the Dow Jones Industrial Average (DJINDICES:^DJI) was up 68 points to 25,558. The S&P 500 (SNPINDEX:^GSPC) gained 8 points to 2,830, and the Nasdaq Composite (NASDAQINDEX:^IXIC) picked up 36 points to 7,664.

Amazon.com (NASDAQ:AMZN) has grown over the past 20 years to become one of the largest companies on the planet, but even as its market capitalization once again approaches the $1 trillion mark, some investors believe that the e-commerce giant has plenty of upside left. Meanwhile, among top marijuana stocks, Canadian pot producer Canopy Growth (NYSE:CGC) went to investors to make its case for its proposed transaction with Acreage Holdings (NASDAQOTH:ACRGF), which it hopes will eventually create the undisputed leader of the budding cannabis industry.

Amazing Amazon

Shares of Amazon.com rose more than 1% Friday morning in the wake of positive comments from stock analysts following the e-commerce and cloud computing company. Analysts at Piper Jaffray said that they believe that Amazon’s share price could hit $3,000 within the next two to three years, marking a gain of more than 60% from current levels.

Image source: Amazon.com.

The bullish case for Amazon is fairly straightforward for those who are familiar with the company. Analysts argue that the stock’s valuation is being unfairly discounted because of its perceived exposure to the retail industry, as Amazon’s current share price seems to imply that investors value its core marketplace more in line with brick-and-mortar retail chains than with other e-commerce specialists. One source of share-price gains should come when the investing community recognizes that hidden value.

Piper Jaffray believes that

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United States : US: Wall St opens higher as trade worries ease

United States : US: Wall St opens higher as trade worries ease

May 24, 2019 (Euclid Infotech Ltd via COMTEX) —

US stocks rose at the open on Friday, a day after a sharp sell off, as sentiment was buoyed by comments from President Donald Trump predicting a swift end to the protracted trade dispute with China.

The Dow Jones Industrial Average rose 60.60 points, or 0.24 per cent, at the open to 25,551.07. The S&P 500 opened higher by 10.17 points, or 0.36 per cent, at 2,832.41. The Nasdaq Composite gained 47.28 points, or 0.62 per cent, to 7,675.57 at the opening bell.

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Hope gives way to worry as stock-market investors reassess U.S.-China trade fight

There goes the “hope” premium.

Stock-market investors spent the first four months of 2019 penciling in an easy resolution to a U.S.-China trade tiff. Things have changed.

“While we, like most investors, are hopeful that a trade deal gets done sooner rather than later, we don’t think hoping for the best is the ideal way to invest,” wrote Lindsey Bell, investment strategist at CFRA, in a Thursday note. “The nature of the issues at hand are much more structural and complex than simply addressing a trade deficit.”

Read: Why the tariff fight prompted a major wealth manager to change its U.S. portfolios

That reality was brought home earlier this month as a round of tit-for-tat tariff escalations was accompanied by hotter rhetoric from both Washington and Beijing. The Trump administration’s subsequent decision to effectively blacklist U.S. companies from doing business with Chinese tech giant Huawei — and the specter of Chinese retaliation — ensured investors began to question their expectations for a relatively painless resolution of the U.S.-China trade spat. Instead, they now worry that the battle could signal the start of something deeper — and more threatening to global growth and, ultimately, corporate earnings.

Need to Know: Trade tensions could last well into the 2020 campaign, says Nomura

That said, the market is hardly in a panic. While the S&P 500 SPX, +0.14%  has retreated 4.1% in May and the Dow Jones Industrial Average DJIA, +0.37%  has given up 3.8%, they remain up 12.7% and 9.7%, respectively, for the year to date. The S&P sits around 4% off its all-time high set in late April.

The Nasdaq Composite COMP, +0.11% weighted toward tech shares seen among the most vulnerable to an escalating confrontation, is down 5.7% so far in May but is hanging on to a 15.1% year-to-date advance.

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US Indexes Close Higher Friday, but Report Consecutive Weekly Losses

The Dow Jones Industrial Average closed at 25,585.69 on Friday with a gain of 95.22 points or 0.37%. The S&P 500 closed at 2,826.06 for a gain of 3.82 points or 0.14%. The Nasdaq Composite closed at 7,637.01 for a gain of 8.72 points or 0.11%. The VIX Volatility Index was lower at 15.85 for a loss of 1.07 points or -6.32%.

For the week, the Dow Jones was down 0.7%, the S&P 500 fell 1.2% and the Nasdaq had a loss of 2.3%. Year to date, the Nasdaq has a gain of 15.1%, the S&P 500 has a gain of 12.7% and the Dow Jones has a return of 9.7%.

Friday’s market movers

U.S. market indexes closed higher Friday, but reported weekly losses. The Dow was lower for a fifth consecutive week while the S&P 500 and Nasdaq reported their third week of losses. U.S. stocks were helped by reports that the Trump administration may ease up on restrictions for Huawei through a broader China trade deal. Across the market, financials led gains with the S&P 500 financial sector up 0.79%, led by Capital One (NYSE:COF), Bank of America (NYSE:BAC) and Wells Fargo (NYSE:WFC). Target (NYSE:TGT) also continued gains following its strong earnings report, up 2.72% on Friday.

In the U.K., Theresa May announced her resignation as British prime minister, opening the role for a new successor. Political speculators believe the job will be taken by someone seeking to negotiate a more substantial breakaway from the European Union.

Economic reports affecting market trading included the following:

Durable goods orders were down 2.1% in April. Separately, durable goods orders excluding defense were down 2.5% and durable goods orders excluding transportation were unchanged. The Baker Hughes North American oil rig count increased to 1,061 from 1,050.

In the Dow Jones

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U.S. Energy Corp. Receives Nasdaq Notice Regarding Non-Compliance with Continued Listing Standards

U.S. Energy Corp. Receives Nasdaq Notice Regarding Non-Compliance with Continued Listing Standards – NASDAQ News Today – EIN News

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A service for global professionals · Saturday, May 25, 2019 · 486,252,009 Articles · 3+ Million Readers News Monitoring and Press Release Distribution Tools News Topics Newsletters Press Releases Events & Conferences RSS Feeds Other Services Questions?

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TSX rebounds on trade optimism, crude oil has worst week of the year

TORONTO — Canada’s main stock index ended a two-day skid as a flash of optimism on trade lifted oil prices, but not enough to prevent the worst week for crude this year.

The July crude contract was up 72 cents at US$58.63 per barrel Friday but was still down 6.8 per cent for the week.

Despite the decrease, crude prices have risen 29 per cent so far this year.

The price of oil and stock markets overall rose Friday after U.S. President Donald Trump predicted a quick end to the trade dispute with China and suggested Huawei Technologies could be part of an agreement.

Markets have been fluctuating wildly with every presidential tweet or uttering, said Allan Small, senior investment adviser at HollisWealth.

“When you hear something from the president saying that maybe a deal can happen, that tends to bring on some positive feeling with investors and they started buying and have held on to those gains throughout the day,” he said in an interview.

Markets have moved with Trump’s comments ranging from threatening to blacklist Chinese tech firms, to raising tariffs on imports, and to offering a grace period on U.S. firms selling to Huawei.

“It’s quite unnerving sometimes,” Small added. “It’s almost like you think that the president can control markets just by making a comment or sending out a tweet. He can take the markets down or up, whichever way he feels.”

Markets rebounded despite data showing that U.S. durable goods orders fell more than expected in April, a day after U.S. manufacturing output fell to a nine-year low in May and the IHS Markit survey of service-oriented companies slipped to a 39-month low.

“So trade right now trumps everything. Today the news on trade was a little bit positive. We’ll take it, markets are higher.”

The S&P/TSX composite index closed up 65.43 points to 16,230.04, but still

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Wall St. edges higher after Trump sparks U.S.-China trade hopes

© Reuters. Traders work on the floor at the NYSE in New York

By April Joyner

NEW YORK (Reuters) – Wall Street’s major stock indexes edged higher on Friday after falling in the previous session, as hopeful comments from U.S. President Donald Trump regarding trade relations with China assuaged concerns among some investors.

Trump said late on Thursday that he saw a resolution to the trade war with China “happening fast.” He added that Chinese telecom equipment company Huawei Technologies Co Ltd, which the White House has blacklisted, could also be included in a trade deal.

Still, he called Huawei “very dangerous.”

No high-level talks between the United States and China have been scheduled since the last round of negotiations in Washington two weeks ago.

Yet Trump’s comments were enough to give a slight lift to U.S. stocks in muted activity ahead of a long weekend. Friday marked the lowest volume of the year for a full trading session. U.S. markets will be closed on Monday for the Memorial Day holiday.

“There are some small positive stories here and there,” said John Carey, managing director and portfolio manager at Amundi Pioneer Asset Management in Boston. “With light trading volume, it doesn’t take too much to get things moving.”

Stocks rose broadly, with nine of the S&P 500’s major sectors moving higher, though declines in shares of Apple Inc (NASDAQ:) and Alphabet (NASDAQ:) Inc capped gains on the major indexes.

Even so, the ended the week more than 1% lower to notch the third straight week of losses for the benchmark index, which has been weighed down by fears that the U.S.-China trade war would result in a global economic slowdown.

Adding to concerns about a slowing broader economy, data showed that new orders for U.S.-made capital goods fell more than

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