Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  News  >  Economy & Forex  >  All News

News : Economy & Forex
Latest NewsCompaniesMarketsForexCryptocurrenciesCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies / ForexCryptocurrenciesEconomic EventsPress releases

S&P 500, Nasdaq gain on Nvidia, White House stock incentive report

share with twitter share with LinkedIn share with facebook
share via e-mail
02/14/2020 | 04:44pm EST
Traders work on the floor of the New York Stock Exchange shortly after the opening bell in New York

The S&P 500 ended modestly higher on Friday following strong earnings from Nvidia and a report late in the session that the White House was considering a tax incentive for Americans to buy stocks.

Uncertainties surrounding the coronavirus epidemic and downbeat economic data had put a damper on investor sentiment for much of the day.

But a CNBC report that the Trump administration could introduce a tax incentive for people earning less than $200,000 to invest up to $10,000 in U.S. stocks gave the markets a late boost.

"In an election year, especially when the president is getting backlash that the tax cut benefits only the rich, seeking a way to democratize the stock market to low income earners would be a popular maneuver," said Joseph Sroka, chief investment officer at NovaPoint in Atlanta.

While the S&P 500 and the Nasdaq closed modestly higher, the Dow lost ground.

The three major stock averages headed into the U.S. holiday weekend having posted their second consecutive weekly advances.

The coronavirus, now called Covid-19, has taken 1,380 lives and infected 63,851 people, according to Chinese authorities.

In a recent Reuters survey of 40 economists, the respondents see China's economy in the current quarter suffering its slowest growth since the financial crisis, but believe the downturn will be short-lived if the outbreak is contained.

"The true economic implications of the coronavirus are still unknown," Sroka said, adding "at the end of the day, earnings matter more for the sustainability of stocks than near-term headlines."

Indeed, of the 387 companies in the S&P 500 having reported fourth-quarter results, 77.4% have surprised Wall Street expectations to the upside, according to Refinitiv data.

Analysts now see fourth-quarter earnings rising at an annual pace of 2.6%, a striking reversal of the 0.3% decline seen on Jan 1.

In economic news, lackluster retail sales and industrial production data appeared to justify the U.S. Federal Reserve's wait-and-see stance regarding its accommodative monetary policy, reiterated by Fed Chair Jerome Powell earlier this week in Washington.

The Dow Jones Industrial Average fell 25.23 points, or 0.09%, to 29,398.08, the S&P 500 gained 6.22 points, or 0.18%, to 3,380.16 and the Nasdaq Composite added 19.21 points, or 0.2%, to 9,731.18.

Seven of the 11 major sectors in the S&P 500 closed in the black, with defensive real estate and utilities stocks seeing the biggest gains.

Energy shares were the biggest losers.

NVIDIA Corp jumped 7.0% after the chipmaker's beat-and-raise earnings report, even as it forecast a $100 million hit from the coronavirus.

Online travel services platform Expedia Inc surged 11.0% after the online travel services company forecast strong quarterly core earnings despite uncertainties surrounding the Covid-19 virus.

EBay Inc gained 2.6% after providing better-than-expected current-quarter profit guidance.

Advancing issues outnumbered declining ones on the NYSE by a 1.11-to-1 ratio; on Nasdaq, a 1.24-to-1 ratio favored decliners.

The S&P 500 posted 74 new 52-week highs and five new lows; the Nasdaq Composite recorded 130 new highs and 60 new lows.

Volume on U.S. exchanges was 6.60 billion shares, compared with the 7.62 billion average over the last 20 trading days.

By Stephen Culp

Stocks mentioned in the article
ChangeLast1st jan.
DJ INDUSTRIAL -3.79% 24851.06 Delayed Quote.-5.54%
EBAY INC. -3.04% 33.91 Delayed Quote.-2.96%
EXPEDIA GROUP, INC. -0.15% 98.97 Delayed Quote.-8.72%
NASDAQ 100 -2.71% 8223.456918 Delayed Quote.1.17%
NASDAQ COMP. -2.78% 8344.441333 Delayed Quote.-0.08%
NVIDIA CORPORATION 1.05% 256.1271 Delayed Quote.7.35%
S&P 500 -3.50% 2882.79 Delayed Quote.-3.54%
share with twitter share with LinkedIn share with facebook
share via e-mail
Latest news "Forex"
11:01aGOING VIRAL : Six charts and the $6 trillion loss
RE
10:52a"We do not accept time pressure" in UK talks, says French Europe minister
RE
10:52aLSE LONDON STOCK EXCHANGE : Buy-Back of Securities
PU
10:52aBULLARD : Market pricing will not dictate rate cut, Fed policymakers will monitor events up to March FOMC
RE
10:50aOil prices on track for biggest weekly fall in four years
RE
10:49aIndia's Economy Expanded 4.7% in Last Quarter -- Update
DJ
10:43aSlow return of China's migrant workers hobbles factory restarts
RE
10:42aAsia's garment industry sees lay-offs, factories closing due to coronavirus
RE
10:39aSales at northern Italy retailers jumped on Sunday on coronavirus fear
RE
10:39aTrafigura forms venture with Phillips 66 for deepwater Texas oil port
RE
Latest news "Forex"