How the Dow Jones industrial average finished Wednesday


09 December, 2016

The Canadian seller of athletic apparel late Wednesday posted better-than-expected earnings ( and announced a new buyback plan. This is a big call, but this Trump trade has muscle and there are plenty of people looking towards a more profitable future for banking stocks in the U.S., less so in Europe.

The Stoxx Europe 600 gained 1.2% to close at its highest level since January after the European Central Bank said it would extend its bond-purchase program by nine months to the end of 2017, but reduce its monthly purchase volume to €60 billion from €80 billion ($86.2 billion) as of April.

The broad-based rally was driven by consumer and technology stocks, which tend to do well in a growing economy, as well as stocks that traditionally pay high dividends such as telephone and real estate companies.

Next week's Federal Reserve meeting, at which the U.S. central bank is widely expected to raise interest rates, is also coming into focus. Transportation stocks also reached all-time highs, which hasn't happened in two years.

"Obviously, he is a very unpredictable person so we don't really know what is going to be done", Da Sie said. "The missing piece has been the corporate side, the industrial side".

Bond prices fell, sending yields higher. Bond yields have risen sharply since the summer but have slipped in the last few days. That's helped stocks that are seen as similar to bonds, like real estate investment trusts.

AT&T also jumped as a Senate antitrust panel scrutinized its planned $85.4 billion purchase of Time Warner, the parent of HBO.

LEADERS: Companies that stand to benefit from faster economic growth also climbed.

The Canadian dollar added 0.27 of a cent at 75.55 cents U.S.

IBM led technology companies higher as it rose $4.44, or 2.8 percent, to $164.79. The figure released Thursday, Dec. 8, 2016, downgraded a preliminary estimate of 2.2 percent annual growth in the last quarter.

Eric Dickerson: Rams would be better off without Jeff Fisher
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Italy's FTSE MIB index rose to its highest point in more than 6 months. Companies that make medical device and equipment also slid.

OIL: Benchmark U.S. crude oil added 13 cents to $49.90 per barrel in NY. Pfizer and Merck each fell 2 percent. Sharp drops in big biotechnology companies like Celgene were holding back the Nasdaq's gains.

The JOLTS report, or Job Openings and Labor Turnover Survey, showed that job openings were unchanged at 5.5 million in October, according to Labor Department. "The market is now digesting the data and attention is shifting to the implementation of the agreement".

US stocks on Thursday touched fresh record levels in intraday trading after the European Central Bank held its key rates steady but said it would taper its asset-purchase plan in April, while leaving the door open for an extension of its economic stimulus program "if necessary". The stimulus is created to promote growth and inflation.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.36 percent.

All three major indexes finished more than 1 percent higher. The central bank is expected to extend the program beyond the current end date of March.

In currencies, the U.S. dollar snapped a three-day losing streak on Tuesday, rising half a percent against a basket of other major currencies.

Boeing rose 1.3 per cent as it pledged to control costs on the redesign of Air Force One after President-elect Donald Trump blasted the aerospace giant for what he said were ballooning expenses.

OTHER ENERGY TRADING: Wholesale gasoline lost 3 cents to $1.51 per gallon. Japan's Nikkei Stock Average rose 1.5% on Thursday, while Australian stocks added 1.2%. Silver jumped 47 cents to $17.28 an ounce.

Wendy's rose 4.2 per cent to $US13.50 after activist investor Nelson Peltz raised his stake in the burger chain to 23.45 per cent. Quarterly growth was 0.3 percent, down from the earlier reported 0.5 percent.

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