Markets Right Now: A mixed finish for United States stock indexes

Wednesday, 14 Mar, 2018

Shares of Micron Technology jumped almost 10 percent after analysts at Nomura raised their target for the stock to $100 - $41 above current rates.

"The big multinational, industrial companies of the world are all taking a hit on the concern that they will be the targets of reprisal sanctions", said Robert Phipps, a director at Per Stirling Capital Management in Austin. Boeing gave up 2.9 percent and heavy equipment maker Caterpillar lost 2.4 percent.

Several other institutional investors and hedge funds have also made changes to their positions in the company.

About 25 minutes into trading, the Dow Jones Industrial Average was at 25,406.97, up 0.3 per cent.

Centaurus Financial Inc. purchased a new stake in shares of SPDR Dow Jones Industrial Average ETF (NYSEARCA:DIA) during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. London's FTSE 100 fell 0.1 percent to 7,208.

In the bond market, U.S. Treasury prices edged higher, pushing yields lower; the benchmark 10-year yield slipped 2 bps to 2.87% as a $21B 10-year note auction drew a high yield of 2.889% on a bid-to-cover of 2.50, slightly above the average of the prior 12 auctions.

SPDR Dj Wilshire Reit ETF (the Fund), formerly SPDR Dow Jones REIT ETF, seeks to match the returns and characteristics of the Dow Jones U.S. Select REIT Index. Bank of New York Mellon gave back 1.3 percent and Nvidia, a chipmaker, rose 2.5 percent. The S&P 600 closed at 974.13 for a gain of 3.87 points or 0.40%. The 30-stock index climbed 197.79 points at its session high. The Nasdaq composite gained 25 points, or 0.3 percent, to 7,586.

The early gains were led by technology stocks and retailers, but by lunchtime both those sectors were lower. Earlier in the session, tech rose as much as 0.9 percent.

Johnson Controls was up 1.6 percent after saying it would consider selling a business that makes batteries for vehicles.

Oclaro jumped 27.5 per cent after laser and optical fibre specialist Lumentum Holdings said it would buy the optical components producer for $US1.7 billion.

The advances followed a near 2 percent gain for the main indexes on Friday after data showed sluggish wage growth in February, easing concerns about the Federal Reserve moving too fast on interest rate hikes.