US stocks close higher for fifth day

Jon Howard
February 17, 2018

On Wall Street, the Dow Jones Industrial Average .DJI closed up 19.01 points, or 0.08 percent, to 25,219.38.

U.S. Treasury yields slipped on Thursday after sizable gains in recent sessions, as investors took a breather from selling bonds.

MSCI's index of stock markets across the globe gained 0.54 percent, while the pan-European FTSEurofirst 300 index of leading regional shares rose 1.11 percent to a preliminary close of 1,491.90.

The Nasdaq Composite Index was up 67.69 points, or 0.97 per cent, to 7,081.20, reports Xinhua. "And people feel that because they held up during the downturn, you can come back to them and not get hammered if things turn down again", said Thomas Martin, senior portfolio manager at Globalt Investments in Atlanta, Georgia. Applied Materials ( AMAT ) and Baidu ( BIDU ) also rose above that key support, and in strong volume. "The year-over-year rate on the core is still below 2 percent". So yes Virginia, inflation in the US is gathering steam.

Avon Products Inc surged 12% despite its quarterly revenue missing expectations but earnings beat consensus.

Short-dated bond yields in Germany, the euro zone's benchmark bond issuer, have risen by about 7 basis points this week and are set for their biggest weekly rise in eight weeks. "I think there is less to the numbers than meets the eye, however", Steven Englander, head of research and strategy at Rafiki Capital in New York, said.

Fourth-quarter earnings for European companies in the STOXX 600 index are expected to increase 14.6 percent from a year ago, while the blended earnings growth estimate for the S&P 500 is 15 percent, Thomson Reuters I/B/E/S data show. As such, the S&P and Nasdaq also extended their winning streaks to five days - a feat not accomplished since early January.

U.S. stock futures are lower after the government reported the highest increase in consumer prices in a year.

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Perhaps it was the fact that both the headline and core CPI measures remained steady when measured in year over year terms - 2.1% and 1.8%, respectively.

"Shareholders are in a buy-the-dip mindset", Stovall said, referring to bargain hunters taking advantage of the recent decline in lofty share prices.

Stocks were poised for their best week in six years until news of the special counsel indictment pared some gains. Niccol has been the chief of Yum Brands' Taco Bell.

Shares in TripAdvisor Inc. climbed 4.1% after the online travel company posted better-than-expected earnings late Wednesday.

The Labor Department data was more eagerly anticipated than usual following last week's stock market turmoil when worries about the potential for more aggressive Federal Reserve interest rate hikes sparked a massive selloff.

Teva Pharmaceutical Industries Ltd (NYSE:TEVA) jumped 8% after hours after Berkshire Hathaway reported a US$358mln stake in the pharma company.

Wall Street stocks enjoyed more solid gains on Thursday, climbing for a fifth straight session and shrugging off fresh data showing higher inflation.

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