Wall Street Edges Higher; Boeing Weighs
Investing.com
Published Jan 08, 2020 10:15AM ET
Investing.com - Wall Street edged higher at the open Wednesday, rebounding from heavy losses in futures overnight as investors have taken a more sanguine view surrounding the news that Iran launched missile strikes at bases housing U.S. forces in Iraq.
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The S&P 500 index rose 0.35%, the Nasdaq Compositeclimbed 0.39% while the Dow Jones Industrial Average underperformed, rising just 0.22%.
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While the initial reaction to the Iranian launches was one of panic that this would result in an escalation in the regional conflict, the tone quickly became calmer as President Donald Trump tweeted that “all is well” and that he would be making a statement later in the day. The Iranian foreign minister also indicated that his country did not seek an escalation of the conflict and that their response had been ”proportionate”.
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With this in mind, investors turned back towards fundamentals, with the release of the ADP employment data showing companies adding 202,000 positions to private payrolls. The total was well above the 160,000 consensus estimate and now puts the focus on the official nonfarm payrolls count that will be released Friday. Economists expect the Labor Department’s tally to show a gain of 160,000.
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Although the main stock indexes are all higher, some of the major individual stock movers have been lower.
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Boeing (NYSE:BA) weighed on the DJIA after one of its airplanes crashed shortly after taking off shortly after takeoff from Tehran on Wednesday, killing all 176 people aboard in a crash that an initial report blamed on engine failure. A spokesman for the manufacturer said it was gathering more information.
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Shares in Walgreens Boots Alliance (NASDAQ:WBA) dropped sharply after the pharmacy chain missed first-quarter earnings expectations. Walgreens had net earnings of $845 million compared with $1.1 billion a year ago.
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Written By: Investing.com
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