US close: Stocks end mostly higher as investors digest earnings, Yellen comments
US equity markets ended mostly higher on Wednesday, while the dollar gained ground following comments from Federal Reserve chair Janet Yellen, although banking heavyweights Goldman Sachs and Citigroup ended in the red.
The Dow Jones Industrial Average ended down 0.1%, but the S&P 500 and the Nadaq rose 0.2% and 0.3%, respectively.
Meanwhile, oil prices dropped on the strength of the dollar, with West Texas Intermediate down 2.2% to $51.34 per barrel and Brent crude down 2.3% to $54.22.
The greenback recovered from losses in the previous session when President-elect Donald Trump told the Wall Street Journal he was concerned about the dollar’s strength against the yuan. Comments from Janet Yellen also provided a boost, after she said in a speech that she expects rate hikes a few times a year until the end of 2019.
On the corporate front, both Goldman Sachs and Citigroup ended on the back foot. Goldman’s quarterly earnings were better than expected, but Citi’s revenues fell short of expectations.
Elsewhere, uranium miner Cameco Corp plunged after saying late on Tuesday that it will cut 10% of its workforce and warned on earnings.
Chip maker Qualcomm advanced as it emerged the Federal trade Commission filed a monopoly complaint against the company.
JP Morgan edged up as it denied any wrongdoing in the settlement of a case brought by the government that claimed the bank discriminated against black and Hispanic mortgage seekers.
On the data front, the US consumer price index rose 0.3% in December, after a 0.2% gain in November. In the 12 months through to December, the index increased 2.1%, the largest year-on-year gain since June 2014.
Meanwhile, the NAHB housing market index fell to 67 in December from a reading of 69 the previous month, which was revised down from 70. Analysts had expected a drop to 69.
Michael Hewson, chief market analyst at CMC Markets, said: “The latest inflation numbers for December showed that despite the higher dollar inflationary pressure has continued to build within the US economy, while investors will be looking keenly towards tonight’s speech by Federal Reserve chief Janet Yellen, for any further clues as to how the Fed’s thinking on what is likely to happen with the US economy over the next few months.”
S&P 500 - Risers
United States Steel Corp. (X) $34.93 +8.34%
Alcoa Corporation (AA) $34.81 +6.65%
Fastenal Co. (FAST) $51.06 +5.81%
Mead Johnson Nutrition Co. (MJN) $75.25 +5.33%
Nucor Corp. (NUE) $62.38 +3.72%
United Rentals Inc. (URI) $111.02 +3.53%
Qorvo, Inc. (QRVO) $59.17 +3.34%
Broadcom Limited (AVGO) $185.02 +3.30%
Skyworks Solutions Inc. (SWKS) $79.27 +3.10%
Vulcan Materials Co. (VMC) $127.30 +2.94%
S&P 500 - Fallers
Mallinckrodt Plc Ordinary Shares (MNK) $45.46 -8.01%
Target Corp. (TGT) $66.85 -5.77%
Northern Trust Corp. (NTRS) $83.99 -4.72%
Hanesbrands Inc. (HBI) $22.01 -3.72%
CSX Corp. (CSX) $36.88 -3.18%
Tenet Healthcare Corp. (THC) $18.44 -2.90%
Dentsply International Inc. (XRAY) $56.55 -2.78%
Dollar Tree Inc (DLTR) $77.31 -2.77%
Under Armour Inc. Class A (UAA) $29.35 -2.62%
Dollar General Corp (DG) $72.44 -2.54%
Dow Jones I.A - Risers
American Express Co. (AXP) $77.49 +1.16%
Travelers Company Inc. (TRV) $118.54 +0.92%
3M Co. (MMM) $178.49 +0.69%
E.I. du Pont de Nemours and Co. (DD) $73.45 +0.66%
JP Morgan Chase & Co. (JPM) $83.94 +0.47%
Boeing Co. (BA) $158.32 +0.41%
United Technologies Corp. (UTX) $110.42 +0.41%
Visa Inc. (V) $81.59 +0.41%
Walt Disney Co. (DIS) $108.16 +0.18%
Coca-Cola Co. (KO) $41.29 +0.17%
Dow Jones I.A - Fallers
Unitedhealth Group Inc. (UNH) $157.74 -1.82%
Exxon Mobil Corp. (XOM) $86.28 -1.24%
Verizon Communications Inc. (VZ) $52.25 -0.93%
Nike Inc. (NKE) $53.27 -0.71%
International Business Machines Corp. (IBM) $166.80 -0.65%
Goldman Sachs Group Inc. (GS) $234.29 -0.62%
Merck & Co. Inc. (MRK) $61.17 -0.50%
Wal-Mart Stores Inc. (WMT) $68.11 -0.45%
Procter & Gamble Co. (PG) $84.93 -0.33%
Chevron Corp. (CVX) $115.94 -0.29%
Nasdaq 100 - Risers
Fastenal Co. (FAST) $51.06 +5.81%
Broadcom Limited (AVGO) $185.02 +3.30%
Skyworks Solutions Inc. (SWKS) $79.27 +3.10%
Citrix Systems Inc. (CTXS) $93.56 +2.93%
T-Mobile Us, Inc. (TMUS) $58.66 +2.82%
Viacom Inc. Class B (VIAB) $39.76 +2.77%
Micron Technology Inc. (MU) $22.32 +2.67%
Microchip Technology Inc. (MCHP) $66.50 +2.39%
Biomarin Pharmaceutical Inc. (BMRN) $87.16 +2.29%
Western Digital Corp. (WDC) $73.24 +2.26%
Nasdaq 100 - Fallers
CSX Corp. (CSX) $36.88 -3.18%
NetEase Inc. Ads (NTES) $235.78 -3.00%
Dentsply International Inc. (XRAY) $56.55 -2.78%
Dollar Tree Inc (DLTR) $77.31 -2.77%
Liberty Global Plc Lilac Class A (LILA) $22.51 -1.83%
Mattel Inc. (MAT) $30.47 -1.42%
Dish Network Corp. (DISH) $61.35 -1.30%
Liberty Global Plc Lilac Class C (LILAK) $21.90 -1.26%
Tractor Supply Company (TSCO) $76.41 -1.23%
Monster Beverage Corp (MNST) $43.46 -1.09%