US close: Markets remain in the green on 27th day of shutdown

US stocks managed to close in positive territory on Thursday, as investors digested fresh concerns over Sino-US relations, as well fresh allegations of improper conduct against president Donald Trump from one of his one time lawyers, Michael Cohen, offset by surprisingly positive economic data.

The Dow Jones Industrial Average ended the session ahead 0.67% at 24,370.10, the S&P 500 added 0.76% to 2,635.96, and the Nasdaq 100 grew 0.75% to 6,715.45.

"With the U.S government shutdown and the U.K’s Brexit standoff ongoing, coupled with the drawn-out Sino-U.S trade situation, there are enough reasons in play for investor market caution," said Dean Popplewell, Vice President of Market Analysis at Oanda.

According to Bloomberg, an indictment in the ongoing federal investigation linked to a 2014 lawsuit alleging the theft of T-Mobile technology by its Chinese rival, Huawei, could come soon.

"It goes right to the heart of the unresolved IP issues with China. China is unlikely to shrug this off which is creating a risk-off environment," said London Capital Group analyst Jasper Lawler, adding that signs of retaliation from China could see stocks sink further.

Earlier, the Wall Street Journal reported that past Trump associate, Michael Cohen, had accused the President of directing him to pay a technology outfit to try and fix early 2016 online presidential polls in his favour.

At the same time, the government shutdown completed its 27th day, with no end in sight as President Trump and the Democrats remained at odds over funding for his Mexico border wall.

Despite the ongoing shutdown, US jobless claims for the week ending on 12 January declined by 3,000 to 213,000, falling short of consensus expectations for 220,000 according to the US Department of Labor, surprising many economists.

The Federal Reserve bank of Philadelphia's regional manufacturing index hit a reading of 17.0 for January, which was up from December's print of 9.1, coming in below consensus expectations for a reading of 10.0.

Nonetheless, economists believed that activity in the country's manufacturing sector was set to slow over the course of 2019.

"The recent lower trend in sentiment indexes suggests that manufacturing activity still continues to grow, but at a markedly slower pace than the last couple of years,” said Mickey Levy at Berenberg Capital Markets.

“We expect real business fixed investment growth to slow to 3.9% in 2019, roughly half its estimated 6.8% rate in 2018, as a moderation in investment growth seems more likely than an outright contraction.”

On the corporate front, shares of Morgan Stanley were trading 4.45% lower after the investment bank reported that both its earnings and revenues fell short of analysts' estimates in the fourth quarter.

Dow Jones - Risers

Dowdupont Inc. (DWDP) $56.74 2.94%
Caterpillar Inc. (CAT) $133.48 2.19%
Boeing Co. (BA) $358.53 2.00%
Nike Inc. (NKE) $79.03 1.87%
United Technologies Corp. (UTX) $112.67 1.71%
Merck & Co. Inc. (MRK) $75.55 1.33%
3M Co. (MMM) $191.56 1.19%
Goldman Sachs Group Inc. (GS) $198.85 1.02%
McDonald's Corp. (MCD) $180.32 0.98%
Pfizer Inc. (PFE) $42.51 0.85%

Dow Jones - Fallers

Home Depot Inc. (HD) $174.43 -1.23%
Procter & Gamble Co. (PG) $90.53 -0.80%
Unitedhealth Group Inc. (UNH) $259.81 -0.65%
Verizon Communications Inc. (VZ) $56.56 -0.44%
Visa Inc. (V) $137.34 -0.04%
Walgreens Boots Alliance, Inc. (WBA) $72.02 -0.01%
American Express Co. (AXP) $99.81 0.09%
Walt Disney Co. (DIS) $110.64 0.10%
Coca-Cola Co. (KO) $47.03 0.30%
Walmart Inc. (WMT) $96.94 0.40%

S&P 500 - Risers

Fastenal Co. (FAST) $56.83 5.95%
M&T Bank Corp. (MTB) $162.39 5.69%
PPG Industries Inc. (PPG) $106.18 4.78%
Goodyear Tire & Rubber Co. (GT) $20.27 3.79%
Hanesbrands Inc. (HBI) $14.47 3.69%
W.W. Grainger Inc. (GWW) $298.17 3.63%
Intuitive Surgical Inc. (ISRG) $531.07 3.56%
Northrop Grumman Corp. (NOC) $263.66 3.26%
Regeneron Pharmaceuticals Inc. (REGN) $417.93 3.17%
J.B. Hunt Transport Services Inc. (JBHT) $99.92 3.06%

S&P 500 - Fallers

Signet Jewelers Ltd (SIG) $25.24 -24.67%
PG&E Corp. (PCG) $6.74 -9.53%
Morgan Stanley (MS) $42.89 -4.41%
CenturyLink Inc. (CTL) $15.27 -4.07%
Western Digital Corp. (WDC) $36.47 -3.60%
F5 Networks Inc. (FFIV) $157.23 -3.36%
Keycorp (KEY) $16.36 -2.51%
Seagate Technology Plc (STX) $38.70 -2.49%
Henry Schein Inc. (HSIC) $78.12 -2.13%
Lowe's Companies Inc. (LOW) $91.39 -2.03%

Nasdaq 100 - Risers

Fastenal Co. (FAST) $56.83 5.95%
Intuitive Surgical Inc. (ISRG) $531.07 3.56%
Regeneron Pharmaceuticals Inc. (REGN) $417.93 3.17%
J.B. Hunt Transport Services Inc. (JBHT) $99.92 3.06%
Align Technology Inc. (ALGN) $212.54 2.84%
Dish Network Corp. (DISH) $29.34 2.77%
Incyte Corp. (INCY) $78.67 2.76%
Applied Materials Inc. (AMAT) $34.54 2.68%
Fiserv Inc. (FISV) $74.50 2.66%
Booking Holdings Inc. (BKNG) $1,724.51 2.61%

Nasdaq 100 - Fallers

Western Digital Corp. (WDC) $36.47 -3.60%
Seagate Technology Plc (STX) $38.70 -2.49%
Henry Schein Inc. (HSIC) $78.12 -2.13%
Liberty Global plc Series A (LBTYA) $21.93 -1.39%
Baidu Inc. (BIDU) $167.79 -0.97%
Liberty Global plc Series C (LBTYK) $21.41 -0.93%
QUALCOMM Inc. (QCOM) $54.77 -0.90%
JD.com, Inc. (JD) $22.19 -0.85%
Celgene Corp. (CELG) $86.76 -0.81%
NetEase Inc. Ads (NTES) $252.71 -0.80%