Rothsay Farmers Coop
   
 
Home
Calendar
Contact Us
Locations
Cashbids
Ag Links
About Us
USDA
Members Only
- - - - - - - -
Futures
Weather
Market News
Headline News
DTN Ag Headlines
AgBizDir.com
Portfolio
 
 
Printable Page Headline News   Return to Menu - Page 1 2 3 5 6 7 8 13
 
 
Health Care, Banks Drive Stocks Down   12/14 16:14

   Health care companies and banks drove U.S. stocks lower Thursday, pulling 
major indexes below their recent highs.

   (AP) -- Health care companies and banks drove U.S. stocks lower Thursday, 
pulling major indexes below their recent highs.

   The afternoon slide, which erased gains from earlier in the day, came on 
news that some Republican senators' support for the GOP's proposed tax overhaul 
bill was faltering.

   Small-company stocks, which would be among the biggest beneficiaries of the 
bill's reduction of corporate income tax rates, declined more than the rest of 
the market.

   "The market is focused almost completely on the corporate tax reduction," 
said Quincy Krosby, chief market strategist at Prudential Financial. "And there 
are still concerns that some of the key Republican senators are wavering."

   The losses outweighed gains among retailers, which got a boost from a 
government report showing that retail sales jumped in November.

   The Standard & Poor's 500 index fell 10.84 points, or 0.4 percent, to 
2,652.01. The Dow Jones industrial average lost 76.77 points, or 0.3 percent, 
to 24,508.66. The Nasdaq shed 19.27 points, or 0.3 percent, to 6,856.53. The 
Russell 2000 index of smaller-company stocks gave up 17.50 points, or 1.2 
percent, to 1,506.95.

   Despite the declines, the indexes are all on track to finish the week with a 
gain.

   Republican Sen. Marco Rubio said Thursday he will vote against the proposed 
tax bill unless negotiators expand its child tax credit. The bill would 
increase the child tax credit to $2,000 from $1,000, but the Florida lawmaker 
wants more. Meanwhile, a spokesman for Republican Mike Lee said the senator is 
undecided on the bill.

   House and Senate leaders agreed on the bill in principle on Wednesday, but 
were still finalizing the legislation, which they plan to unveil Friday and 
then move it through the Senate next week.

   "With all eyes being on tax reform and getting really, really close to 
having it passed, now it comes down to the votes," said Tom Martin senior 
portfolio manager at GLOBALT Investments.

   The stock indexes had been moving higher earlier in the day after the 
Commerce Department said that sales at retailers and restaurants jumped 0.8 
percent last month. Sales in a category that mostly includes online shopping 
leapt 2.5 percent, while sales at electronics stores rose 2.1 percent. 
Furniture store sales increased 1.2 percent.

   The report helped lift several retailers. Tiffany & Co. gained $3.24, or 3.4 
percent, to $99.34, while Mattel added 65 cents, or 4.2 percent, to $16.24.

   Health care stocks accounted for much of the market's losses. Medical care 
services company DaVita shed $2.27, or 3.2 percent, to $69.03.

   Shares in several banks and other financial companies also declined. Navient 
fell 32 cents, or 2.5 percent, to $12.62.

   Pier 1 Imports' latest outlook put investors in a selling mood. The home 
decor company slumped 29.5 percent after it cut its forecasts and said its 
business has struggled in December. The stock slid $1.72 to $4.12.

   Traders welcomed news that Disney agreed to buy a large part of the Murdoch 
family's 21st Century Fox for about $52.4 billion in stock.

   The deal includes film and television studios and cable and international TV 
businesses. The transaction also includes approximately $13.7 billion in debt. 
Robert Iger will continue as Disney's chairman and CEO through the end of 2021. 
Disney added $2.96, or 2.8 percent, to $110.57. Fox was the biggest gainer in 
the S&P 500, climbing $2.13, or 6.5 percent, to $34.88.

   Teva Pharmaceuticals was another big gainer. The Israeli drugmaker jumped 
10.2 percent after it said that it would lay off 14,000 workers, or more than a 
quarter of its staff. The move is part of a global restructuring meant to 
salvage its ailing business. Teva's shares picked up $1.60 to $17.30.

   Bond prices were little changed. The yield on the 10-year Treasury held at 
2.35 percent.

   Oil prices rose, reversing an early slide. Benchmark U.S. crude added 44 
cents to close at $57.04 a barrel on the New York Mercantile Exchange. Brent 
crude, used to price international oils, rose 86 cents, or 1.4 percent, to 
$63.30 per barrel in London.

   The dollar fell to 112.18 yen from 112.52 yen on Wednesday. The euro 
weakened to $1.1792 from $1.1820.

   Bitcoin futures declined on their fourth day of trading, dropping $255, or 
1.5 percent, to $16,800 on the Cboe Futures Exchange. The futures allow 
investors to make bets on the future price of bitcoin. The average price of an 
actual bitcoin was $16,496 in trading on private exchanges, according to 
Coindesk. The price of the digital currency has soared this year, having begun 
2017 under $1,000.

   In other energy futures trading, wholesale gasoline added 2 cents, or 1.5 
percent, to $1.67 a gallon. Heating oil rose a penny to $1.91 a gallon. Natural 
gas slipped 3 cents, or 1.1 percent, to $2.68 per 1,000 cubic feet.

   Gold rose $8.50 to $1,257.10 an ounce. Silver gained 7 cents to $15.93 an 
ounce. Copper added 2 cents to $3.07 a pound.

   Major stock indexes in Europe finished lower after the European Central Bank 
and the Bank of England opted to keep interest rates unchanged, as expected. 
Germany's DAX fell 0.4 percent, while France's CAC 40 lost 0.8 percent. 
Britain's FTSE 100 shed 0.6 percent.

   Earlier in Asia, Japan's benchmark Nikkei 225 index fell 0.3 percent. South 
Korea's Kospi gave up 0.5 percent, while Hong Kong's Hang Seng slipped 0.2 
percent. Australia's S&P/ASX 200 lost 0.2 percent. 


(BE)

 
 
Copyright DTN. All rights reserved. Disclaimer.
Powered By DTN