Stock Market News For Feb 16, 2018
Zacks Investment Research | Feb 15, 2018 09:50PM ET
Benchmarks ended in positive territory on for the fifth straight trading day on Thursday, with both the Dow and S&P 500 posting their best such feat since December 2011. Both the two indexes are now up over 4% for the year and are on the way to post their biggest weekly increases since November 2016. Additionally, the Nasdaq has increased more than 5% for the year. The tech-heavy index is also on the verge of registering its best weekly performance since 2011.
How the Benchmarks Fared?
The Dow Jones Industrial Average (DJI) increased 1.2%, or 307.36 points, to close at 25,200.37. The S&P 500 rose 1.2% to close at 2,731.20. The tech-laden Nasdaq Composite Index closed at 7,256.43, gaining 1.6%. The fear-gauge CBOE Volatility Index (VIX) decreased 3.2% to close at 18.65. A total of 7.12 billion shares were traded on Thursday, lower than the last 20-session average of 8.46 billion shares. Advancers outnumbered decliners on the NYSE by a 2.27-to-1 ratio. On Nasdaq, a 2.25-to-1 ratio favored advancing issues.
Markets Recover for Fifth Straight Day
All the key U.S. indexes rebounded and increased for the fifth consecutive trading day after entering correction territory last week. Although, the movement lacked specific catalysts, part of the day’s gains were fueled by strong earnings and a resilient U.S. economy. For the S&P 500, 10 of the 11 key sectors increased on Thursday, with utilities and technology stocks leading the way.
On the earnings front, shares of Cisco Systems, Inc. (NASDAQ:CSCO) advanced 4.7% after reporting fiscal second quarter earnings per share and revenues that beat their respective Zacks Consensus Estimate. Additionally, the company’s top line registered its first year-over-year rise in around two years. (Original post
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