Thursday's Market Recap - Stocks Closed Moderately Higher On Morgan Stanley Merger, And IBM Spinoff.
What is The Premarket Telling Us?
7:00 AM.
US stock futures are moderately positive at this hour. Dow futures up 136 points, Nasdaq futures up 64 points, and S&P futures up 15 points. Asian markets mixed in their session.
On The Bond Desk:
The US 10 Year Bond Yield up at 0.78%, up 0.08%.
Currency Desk:
Euro dollar: 1.17
UK Pound: 1.29
Crude Oil:
WTI crude oil futures at $40.60/barrel, up 1.63%.
On the Earnings Calendar:
None.
In M&A News:
Morgan Stanley is buying Eaton Vance Mutual Funds.
What About The Asian And European Markets?
Major Asian markets closed mixed. Japan (Nikkei 225) up 0.96%, Shanghai closed for holiday, Hong Kong (Hang Seng) fell 0.20%.
Major European markets ended modestly higher. German (DAX) up 0.88%, France CAC 40 up 0.61%, London FTSE 100 up 0.53%.
Market And Sector Dynamics
Stocks opened moderately higher. The Dow gained 118 points, Nasdaq gained 80 points, and S&P gained 4 points. WTI crude oil was off to a nice positive start at $41.01/barrel, up 2.63%, and US 10 Year Bond at 0.770%.
Trading was moderately choppy, but managed to hold on mostly around the opening level for pretty much the entire session. International Business Machines (IBM) announced a plan today to spinoff and restructure its legacy business, into a separate public entity. Shares of the company traded 6% higher in the session.
All eleven S&P sectors closed with gains today, led by Energy, Utilities, Real Estate, Financials, Basic Materials, Communication Services, Industrials, Consumer Staples, Healthcare, Technology, and Consumer Discretionary.
Factors Influencing Today's Market
House Speaker Nancy Pelosi suggested today there will be no stand-alone deal for airlines, without a comprehensive deal.
This week's Jobless Claims report shows 840,000 new claims for unemployment benefits.
US 10 Year Bond Yield closed at 0.779%, down 0.64%
WTI crude oil closed today at $41.23/barrel, up 3.20%.
European markets ended the day modestly higher.
IBM plans to spinoff its legacy business.
Market Close Volume Traded And Advance Decline Ratio
Markets closed moderately higher today, with the Dow closed 122.05 points, Nasdaq gained 56.38 points, and the S&P gained 27.38 points. Total NYSE volume traded, a modest 3.89 billion shares. Advancing shares outpaced Declining shares by 3.20:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance. Wall Street Journal - Market Diary.
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