A foreign currency dealer speaks on a telephone in a dealing room of Hana Bank in Seoul, South Korea, on Friday, Feb. 28, 2020. Photographer: SeongJoon Cho/Bloomberg “The sustainability of the equity bull market is improving,” says David Donabedian at CIBC Private Wealth US. “Just look at the fundamentals. Third-quarter earnings are solid. Economic data continues to point towards growth. This week retail sales were above expectation, telling us consumers are still spending. And positive market performance is broadening out.”
The S&P 500 rose 0.2%. The Nasdaq 100 climbed 0.7%. The Dow Jones Industrial Average fell 0.3%.
Treasury 10-year yields declined two basis points to 4.07%. The Bloomberg Dollar Spot Index fell 0.3%. Oil fell as the US revived a push to end the conflict in the Middle East and China’s crude demand slipped.
Corporate Highlights:
- American Express Co. fell after the firm trimmed its full-year revenue forecast as it awaits signs of economic improvement that will fuel further consumer spending.
- Procter & Gamble Co. posted a second straight quarter of sluggish sales growth, dragged down by minimal price increases and weakness in key areas such as skin and baby care.
- SLB warned oil explorers’ spending growth has waned in recent months as they take a cautious approach amid lower crude prices.
- Procter & Gamble Co. posted a second straight quarter of sluggish sales growth, dragged down by minimal price increases and weakness in key areas such as skin and baby care.
- Ally Financial Inc. dropped after the auto lender gave a more pessimistic outlook for loan charge-offs and lowered its net interest margin forecast as consumers struggle with expensive debts.
- Verizon Communications Inc. will buy some of US Cellular Corp.’s spectrum licenses for $1 billion as the tower operator sheds parts of its portfolio.
- CVS Health Corp. named David Joyner as its new chief executive officer, ending a tumultuous tenure for Karen Lynch at the pharmacy giant.
Some of the main moves in markets:
Stocks
- The S&P 500 rose 0.2% as of 10:29 a.m. New York time
- The Nasdaq 100 rose 0.7%
- The Dow Jones Industrial Average fell 0.3%
- The Stoxx Europe 600 was little changed
- The MSCI World Index rose 0.2%
- Bloomberg Magnificent 7 Total Return Index rose 0.5%
- The Russell 2000 Index was little changed
Currencies
- The Bloomberg Dollar Spot Index fell 0.3%
- The euro rose 0.3% to $1.0861
- The British pound rose 0.3% to $1.3045
- The Japanese yen rose 0.3% to 149.73 per dollar
Cryptocurrencies
- Bitcoin rose 1.9% to $68,197.1
- Ether rose 1.2% to $2,628.77
Bonds
- The yield on 10-year Treasuries declined two basis points to 4.07%
- Germany’s 10-year yield declined two basis points to 2.19%
- Britain’s 10-year yield declined two basis points to 4.07%
Commodities
- West Texas Intermediate crude fell 2.4% to $68.97 a barrel
- Spot gold rose 0.9% to $2,717.27 an ounce