US close: Stocks mixed as traders continue to digest Trump presidency
US stocks were mixed at the closing bell on Thursday as traders continued to digest Donald Trump’s election victory and what it means for markets.
The Dow Jones Industrial Average rose 1.17% to 18,807.88 points, the S&P 500 increased 0.20% to 2,167.48 points while the Nasdaq declined 0.81% to 5,208.80 points.
Oil prices fell after the monthly report from the International Energy Agency on Thursday revealed production rose by 230,000 barrels a day to a record high of 33.83 million barrels a day in October.
West Texas Intermediate dropped 2.1% to $44.32 per barrel and Brent crude dipped 1.6% to $45.60 per barrel at 2140 GMT.
Investors continued to weigh the implications of a Trump presidency after his win initially sent global stocks falling. Equities have recovered since Tuesday's election outcome on hopes that the new leader’s plans to lift infrastructure spending and cut taxes will boost US economic growth and fuel inflation.
“With the US election now behind us, attention returns firmly to the Federal Reserve meeting in December,” said Oanda’s Craig Erlam.
“Shortly after it became clear that Trump was going to become President elect and markets were in turmoil and deep risk aversion territory, the probability of (an interest rate) hike in the markets plummeted to around 50% from around 80% previously but, as with everything else, this quickly rebounded and now stands at around 71%.”
San Francisco Federal Reserve Bank President John Williams said he still thinks a gradual rise in interest rates is warranted despite the uncertainty surrounding Trump’s election.
"I don’t see any change in how I approach monetary policy. It’s really driven by the data," Williams said on Wednesday in San Francisco
St. Louis Fed President James Bullard on Thursday said it would take time to assess Trump’s victory. However, he said Trump and congressional Republicans breaks the political stalemate that has been a “key complaint”.
On the data front, the Labor Department said the number of Americans filing for unemployment benefits fell more than expected last week.
Initial jobless claims dropped by 11,000 from the previous week’s unrevised level to 254,000, surpassing expectations of a smaller drop to 260,000. This was the 88th consecutive week of initial claims below 300,000 – the longest streak since 1970.
In corporate news, shares in Macy’s gained despite the department store owner’s third-quarter sales and earnings falling short of expectations. It also said it planned to redevelop 50 stores in a joint venture with Brookfield Asset Management.
Ralph Lauren advanced as the high-end fashion house's second-quarter profit and sales beat expectations.
Pharmaceutical stocks rallied on the prospect that Trump will make regulation less strict than Clinton had planned. Pfizer Inc. and Merck & Co. were among the risers.
Dow Jones - Risers
JP Morgan Chase & Co. (JPM) $76.65 4.64%
Goldman Sachs Group Inc. (GS) $200.87 4.28%
Pfizer Inc. (PFE) $33.48 4.27%
International Business Machines Corp. (IBM) $160.22 3.49%
United Technologies Corp. (UTX) $108.34 3.43%
Unitedhealth Group Inc. (UNH) $146.18 2.98%
General Electric Co. (GE) $30.40 2.63%
Travelers Company Inc. (TRV) $109.67 2.51%
Caterpillar Inc. (CAT) $93.45 2.47%
Home Depot Inc. (HD) $129.03 2.39%
Dow Jones - Fallers
Procter & Gamble Co. (PG) $82.96 -3.46%
Coca-Cola Co. (KO) $40.94 -3.15%
Apple Inc. (AAPL) $107.79 -2.79%
Verizon Communications Inc. (VZ) $46.69 -2.44%
Microsoft Corp. (MSFT) $58.70 -2.44%
Visa Inc. (V) $81.87 -1.65%
Nike Inc. (NKE) $50.37 -1.43%
Cisco Systems Inc. (CSCO) $31.00 -1.15%
Intel Corp. (INTC) $34.50 -0.72%
Johnson & Johnson (JNJ) $119.54 -0.64%
S&P 500 - Risers
Kohls Corp. (KSS) $50.97 11.53%
Csra Inc. (CSRA) $29.94 9.35%
Ameriprise Financial Inc. (AMP) $109.89 7.74%
Wells Fargo & Co. (WFC) $51.63 7.58%
Endo International Plc (ENDP) $17.48 7.37%
Nordstrom Inc. (JWN) $56.03 7.15%
Navient Corporation (NAVI) $16.84 6.79%
Perrigo Company plc (PRGO) $89.01 6.71%
Huntington Bancshares Inc. (HBAN) $11.60 6.32%
Bed Bath & Beyond Inc. (BBBY) $43.71 6.20%
S&P 500 - Fallers
Monster Beverage Corp (MNST) $42.33 -68.07%
ConAgra Brands Inc (CAG) $34.30 -28.30%
Coca-Cola European Partners Limited (CCE) $34.94 -8.75%
NRG Energy Inc. (NRG) $11.07 -7.98%
Newmont Mining Corp. (NEM) $34.70 -6.37%
Exelon Corp. (EXC) $30.19 -5.86%
Hormel Foods Corp. (HRL) $34.78 -5.69%
Netflix Inc. (NFLX) $115.42 -5.54%
Equifax Inc. (EFX) $116.26 -5.14%
Equinix, Inc. (EQIX) $330.80 -4.92%
Nasdaq 100 - Risers
Norwegian Cruise Line Holdings Ltd. - Ordinary Shares (NCLH) $37.97 6.87%
Bed Bath & Beyond Inc. (BBBY) $43.71 6.20%
PACCAR Inc. (PCAR) $60.33 4.09%
Seagate Technology Plc (STX) $36.17 4.06%
Illumina Inc. (ILMN) $138.37 3.94%
Amgen Inc. (AMGN) $151.57 3.52%
Fastenal Co. (FAST) $44.92 3.05%
Vertex Pharmaceuticals Inc. (VRTX) $95.36 2.67%
Comcast Corp. (CMCSA) $65.10 2.60%
Tractor Supply Company (TSCO) $68.67 2.51%
Nasdaq 100 - Fallers
Monster Beverage Corp (MNST) $42.33 -68.07%
NetEase Inc. Ads (NTES) $228.62 -9.23%
Liberty Global plc Series A (LBTYA) $30.89 -6.82%
Liberty Global plc Series C (LBTYK) $30.29 -5.70%
Netflix Inc. (NFLX) $115.42 -5.54%
Mondelez International Inc. (MDLZ) $41.92 -4.75%
Kraft Heinz Co. (KHC) $81.42 -4.14%
Amazon.Com Inc. (AMZN) $742.38 -3.82%
Activision Blizzard Inc. (ATVI) $38.70 -3.61%
Adobe Systems Inc. (ADBE) $104.08 -3.50%