MARKET SNAPSHOT: Stock Market Takes Aim At Fresh Records To Start The Week
September 18 2017 - 8:34AM
Dow Jones News
By Barbara Kollmeyer, MarketWatch
Gold prices, Japanese yen take a back seat to stocks
U.S. stocks were shaping up to resume a record run on Monday,
with stock futures pointing higher as investor appetite for riskier
assets continued to improve and concerns over North Korea
eased.
Dow Jones Industrial Average futures rose 59 points, or 0.2%, to
22,276, while S&P 500 futures gained 5.8 points, or 0.2%, to
2,503. Nasdaq-100 futures added 10.75 points, or 0.2%, to
6,011.75.
Wall Street stocks posted sharp gains last week. On Friday, the
Dow industrials logged a fourth-straight record close
(http://www.marketwatch.com/story/dow-futures-steady-paring-losses-that-came-after-latest-north-korean-missile-2017-09-15)
and a sixth-straight gain. At the same time, The S&P 500 index
logged a fresh record finish, its 34th of 2017. Weekly gains for
those indexes--up 2.16% and 1.58%, respectively--were the best for
the Dow and S&P 500 since late 2016 and early 2017.
Need to know:When the stock market finally implodes, don't say
these 3 charts didn't warn you
(http://www.marketwatch.com/story/when-the-stock-market-finally-implodes-dont-say-these-3-charts-didnt-warn-you-2017-09-18)
On Monday, worries about tensions between North Korea and the
U.S. seemed to be abating, with investors turning back to equities
and other assets seen as more risky.
"Given it wasn't too long ago that it was fretting about North
Korea, as well as Donald Trump's (in) ability to deliver on his tax
and infrastructure promises -- issues that are still very much on
the table -- it's remarkable that the Dow has risen so aggressively
in the past week or so," said Connor Campbell, financial analyst at
Spreadex, in a note to clients.
In a possible contributing factor, U.S. Secretary of State Rex
Tillerson said the U.S. seeks a "peaceful solution" and wants to
"bring North Korea to the table for constructive, productive
dialogue," speaking in an interview on CBS's "Face the Nation."
(http://www.marketwatch.com/story/us-is-looking-for-a-peaceful-solution-to-the-north-korea-crisis-says-rex-tillerson-2017-09-18)
But in a separate interview, White House national security
adviser H.R. McMaster said Sunday that "all options remain on the
table," with regards to pushing Pyongyang to denuclearize
(http://www.marketwatch.com/story/us-again-says-north-korea-must-give-up-nukes-hints-at-military-strike-2017-09-17).
It was largely a sea of green across global stock markets as
investors picked up on Friday's investing mood on Monday. In Asia
(http://www.marketwatch.com/story/asia-pacific-markets-start-the-week-with-gains-2017-09-17),
South Korea's Kospi logged its biggest gain since May, while Hong
Kong's Hang Seng Index rose 1.3%. That's as the Japanese yen and
gold prices, both considered havens in times of geopolitical
unease, each pulled back.
Fed in the spotlight: A highlight for this week will be the
Federal Open Market Committee's two-day meeting, which wraps up
Wednesday.
Investors aren't expecting any changes to interest rates from
Federal Reserve Chairwoman Janet Yellen, but the central bank is
expected to lay the groundwork to start unwinding its $4.5 trillion
balance sheet. Yellen is due to a hold a press conference after the
meeting.
Read:Fed to take historic leap into the unknown
(http://www.marketwatch.com/story/fed-to-take-historic-leap-into-the-unknown-2017-09-14)
(http://www.marketwatch.com/story/fed-to-take-historic-leap-into-the-unknown-2017-09-14)And:How
much longer this stock-market bull run lasts may depend on the
Fed's next move
(http://www.marketwatch.com/story/how-much-longer-this-stock-market-bull-run-lasts-may-depend-on-the-feds-next-move-2017-09-17)
The only major release on Monday is the National Association of
Home Builders' index for September, due at 10 a.m. Eastern
Time.
Stocks to watch: Shares of Orbital ATK Inc.(OA) jumped 20% in
premarket after Northrop Grumman Corp.(NOC) announced a deal to buy
its rival defense contractor
(http://www.marketwatch.com/story/northrop-to-buy-orbital-atk-for-78-billion-in-cash-2017-09-18)
for $7.8 billion in cash. Shares of Northrop Grumman were
unchanged.
Other markets: European stocks
(http://www.marketwatch.com/story/european-stocks-get-a-lift-as-north-korea-tensions-cool-2017-09-18)
posted gains across the board. Crude oil prices struggled
(http://www.marketwatch.com/story/oil-prices-struggle-to-hold-onto-gains-2017-09-18).
Read:German election: Who's Merkel up against and what are their
chances?
(http://www.marketwatch.com/story/german-election-whos-merkel-up-against-and-how-could-they-shape-the-new-government-2017-08-31)
Gold slipped $6.80, or 0.5%, to $1,318.40 an ounce, while the
dollar shot up to an eight week-high of Yen111.32
(http://www.marketwatch.com/story/dollar-jumps-to-8-week-high-week-against-yen-as-north-korea-fears-fade-2017-09-18)
against the Japanese yen.
(END) Dow Jones Newswires
September 18, 2017 08:19 ET (12:19 GMT)
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