US close: Stocks inch higher after ex-FBI boss testifies in Russia hearing
US stock markets hit an all-time intraday high during a senate testimony where former FBI director James Comey gave evidence against President Donald Trump over alleged Russian interference in last year's election, though finished only modestly higher.
The lack of shocking new revelations during the public section of the testimony buoyed the markets, with the Dow Jones index finishing a almost nine points higher at 21,182.53, while the Nasdaq composite gained more than 24 points at 21,182.53 and the S&P 500 put on just over half a point to close at 2,433.79.
Testifying in front of a Senate intelligence committee hearing, Comey stated his belief that he was fired due to the ongoing investigation into the Trump campaign links with Russia.
In a series of damning criticisms of the current President and his administration, Comey said that comments made about him and the FBI in the aftermath of his removal were “lies, plain and simple”.
Comey told Senators he had felt directed to end his probe into national security adviser Michael Flynn, who was later forced to resign just weeks after his appointment.
Trump's personal attorney later issued a statement highlighting Comey's confirmation that the president was not personally the subject of the Russia probe, while disputing other parts of the testimony, including Comey's assertion that the president had indicated he wanted the FBI to ease off from investigating Flynn or that he had told Comey he expected loyalty.
At one point during his testimony Comey indicated it was not for him to say whether his conversation with the US president constituted an attempt to obstruct justice. He also indicated that he kept notes of the meetings because he was concerned Trump might lie.
Although stocks fell into the red three quarters of the way though the session, by the close traders seemed satisfied enough with how the hearing had gone.
Commenting on Comey's testimony, Chris Beauchamp, chief market analyst at IG, said: "And thank goodness also for James Comey; his testimony has not proved to be a 'hole below the waterline' moment for Mr Trump, but it has done little to dispel the image of a president firing on a whim, rather than allowing a professional civil servant to do his job.
"US markets are not particularly fazed by the developments, perhaps because they are already aware of the peculiar nature of this presidency. And indeed, it looks like there is little overspill into the US economy, at least for now. Instead, they will concentrate on the possibility of a rate hike next week from the Fed."
Initial weekly jobless claims dropped by 10,000 last week to 245,000 (consensus: 240,000). The previous week's figures was revised higher by 7,0000.
In corporate news, stock in Yahoo was sharply higher after it emerged late on Wednesday that as many as 2,100 jobs could be lost due to the expected combination of Yahoo and AOL.
Nordstrom rocketed after the department store operator said it was studying 'going private' as a result of a possible offer from a group of investors which included several members of the founding family.
After the close, the US House of Representatives passes a bill to replace the Dodd-Frank Wall Street reform law, sending the bill through to the Senate.
Dow Jones - Risers
Caterpillar Inc. (CAT) $104.98 1.45%
Goldman Sachs Group Inc. (GS) $218.84 1.38%
JP Morgan Chase & Co. (JPM) $84.95 1.24%
Boeing Co. (BA) $189.93 0.97%
International Business Machines Corp. (IBM) $152.10 0.74%
Intel Corp. (INTC) $36.48 0.61%
3M Co. (MMM) $205.94 0.45%
E.I. du Pont de Nemours and Co. (DD) $81.67 0.39%
Travelers Company Inc. (TRV) $123.80 0.23%
Chevron Corp. (CVX) $104.00 0.22%
Dow Jones - Fallers
Walt Disney Co. (DIS) $104.32 -1.51%
Merck & Co. Inc. (MRK) $63.24 -1.34%
Procter & Gamble Co. (PG) $87.85 -1.04%
Home Depot Inc. (HD) $153.50 -0.94%
Coca-Cola Co. (KO) $45.13 -0.83%
Unitedhealth Group Inc. (UNH) $181.69 -0.83%
Pfizer Inc. (PFE) $31.75 -0.78%
Verizon Communications Inc. (VZ) $46.19 -0.67%
Microsoft Corp. (MSFT) $71.95 -0.61%
Exxon Mobil Corp. (XOM) $80.62 -0.36%
S&P 500 - Risers
Endo International Plc (ENDP) $13.78 11.13%
Nordstrom Inc. (JWN) $44.63 10.25%
Yahoo! Inc. (YHOO) $55.71 10.21%
Nvidia Corp. (NVDA) $159.94 7.26%
United States Steel Corp. (X) $21.85 4.70%
Emerson Electric Co. (EMR) $59.65 3.52%
Nucor Corp. (NUE) $59.14 3.37%
Regions Financial Corp. (RF) $14.03 3.24%
Citizens Financial Group, Inc. (CFG) $35.62 3.19%
Under Armour Inc. Class A (UAA) $21.18 3.02%
S&P 500 - Fallers
Urban Outfitters Inc. (URBN) $16.35 -10.31%
Advance Auto Parts (AAP) $125.92 -3.60%
GameStop Corp. (GME) $21.35 -3.04%
Borg Warner Inc. (BWA) $42.43 -2.95%
Hess Corp. (HES) $43.49 -2.92%
Molson Coors Brewing Co. Class B (TAP) $87.17 -2.92%
Brown Forman Corp. Class B (BF.B) $49.28 -2.86%
Carmax Inc. (KMX) $60.75 -2.74%
Occidental Petroleum Corp. (OXY) $58.61 -2.53%
Snap On Inc. (SNA) $156.91 -2.49%
Nasdaq 100 - Risers
Yahoo! Inc. (YHOO) $55.71 10.21%
Nvidia Corp. (NVDA) $159.94 7.26%
Tesla Inc (TSLA) $370.00 2.88%
Alexion Pharmaceuticals Inc. (ALXN) $102.92 2.78%
Analog Devices Inc. (ADI) $82.44 1.99%
Seagate Technology Plc (STX) $42.77 1.98%
Norwegian Cruise Line Holdings Ltd. - Ordinary Shares (NCLH) $51.79 1.97%
Expedia Inc. (EXPE) $149.22 1.95%
Wynn Resorts Ltd. (WYNN) $134.73 1.83%
JD.com, Inc. (JD) $41.92 1.80%
Nasdaq 100 - Fallers
Charter Communications Inc. (CHTR) $337.45 -2.44%
Comcast Corp. (CMCSA) $40.94 -2.27%
Starbucks Corp. (SBUX) $62.24 -1.98%
Shire Plc Ads (SHPG) $167.83 -1.86%
O'Reilly Automotive Inc. (ORLY) $230.62 -1.82%
Dish Network Corp. (DISH) $63.97 -1.42%
Discovery Communications Inc. Class C (DISCK) $25.28 -1.37%
Liberty Global Plc Lilac Class C (LILAK) $20.60 -1.34%
Discovery Communications Inc. Class A (DISCA) $26.07 -1.29%
Kraft Heinz Co. (KHC) $92.57 -1.28%