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US close: Markets mixed as Fed Beige Book shows pick-up in growth

By Josh White

Date: Thursday 15 Apr 2021

US close: Markets mixed as Fed Beige Book shows pick-up in growth

(Sharecast News) - Wall Street stocks finished in a mixed state on Wednesday, as market participants rifled through some strong earnings from several of the nation's largest banks.
At the close, the Dow Jones Industrial Average was up 0.16% at 33,730.89, while the S&P 500 lost 0.41% to 4,124.66 and the Nasdaq Composite was off 0.99% at 13,857.84.

The Dow closed 53.62 points higher on Wednesday, reversing losses recorded in the previous session after the Food and Drug Administration and the Centers for Disease Control recommended the use of Johnson & Johnson's single-dose Covid-19 vaccine be temporarily halted.

That was after reports that six people out of the seven million who had received the jab developed blood clots.

The Federal Reserve released its 'Beige Book' survey late in the session, which showed an acceleration in economic growth in the early spring, as well as an increase in hiring.

Inflation, however, also picked up, with firms reporting higher costs for food, fuel, metal and timber.

"National economic activity accelerated to a moderate pace from late February to early April," the report said.

On the macro front, import prices increased more than predicted last month, according to the Labor Department, which said import prices rose 1.2% on the prior month in March, while export prices rose 2.1% month-on-month.

Prices were lifted by heightened costs for petroleum products and tight supply chains.

Coinbase was also drawing a lot of investor attention, with the company's stock market debut viewed as a major milestone for the cryptocurrency industry, as its stock finished the day up 31.31%.

Pfizer managed to reverse earlier losses to close up 0.03%, after the drugmaker said it could deliver 10% more vaccine doses to the US by the end of May than previously expected.

Corporate earnings were firmly in focus on Wednesday, with JPMorgan down 1.87% even after it reported an $11.4bn jump in first-quarter profit to $14.3bn.

The bank attributed the rise partly to an "improving economy" and the fact it was able to release billions of dollars from its loan-loss reserves.

Goldman Sachs rose 2.34% after it posted a huge jump in first-quarter profits from $1.12bn to $6.84bn, with the group taking advantage of record levels of dealmaking activity throughout the period.

Wells Fargo leapt 5.53% after it said that both revenues and net income had grown in the three months ended 31 March.

Dow Jones - Risers

Goldman Sachs Group Inc. (GS) $335.24 2.34%
Travelers Company Inc. (TRV) $155.43 2.12%
Chevron Corp. (CVX) $104.27 1.99%
Dow Chemical Co. (DOW) $64.28 1.47%
Caterpillar Inc. (CAT) $232.67 1.41%
International Business Machines Corporation (CDI) (IBM) $132.63 1.11%
Walt Disney Co. (DIS) $187.46 1.06%
American Express Co. (AXP) $147.42 0.98%
Visa Inc. (V) $221.98 0.43%
Procter & Gamble Co. (PG) $135.60 0.36%

Dow Jones - Fallers

JP Morgan Chase & Co. (JPM) $151.21 -1.87%
Apple Inc. (AAPL) $132.03 -1.79%
Salesforce.Com Inc. (CRM) $228.02 -1.72%
Intel Corp. (INTC) $64.19 -1.58%
Microsoft Corp. (MSFT) $255.59 -1.12%
Nike Inc. (NKE) $132.26 -0.96%
Cisco Systems Inc. (CSCO) $51.37 -0.56%
McDonald's Corp. (MCD) $230.31 -0.44%
Boeing Co. (BA) $252.43 -0.33%
Walgreens Boots Alliance, Inc. (WBA) $54.47 -0.24%

S&P 500 - Risers

Freeport-McMoRan Inc (FCX) $36.31 7.65%
Diamondback Energy Inc. (FANG) $80.34 6.05%
National Oilwell Varco Inc. (NOV) $13.80 5.91%
Wells Fargo & Co. (WFC) $41.99 5.53%
Eog Resources Inc. (EOG) $74.15 5.28%
Occidental Petroleum Corp. (OXY) $25.55 5.19%
Pioneer Natural Resources Co. (PXD) $153.10 5.09%
Apache Corp. (APA) $18.14 4.98%
Cimarex Energy Co (XEC) $64.90 4.91%
Schlumberger Ltd. (SLB) $27.31 4.88%

S&P 500 - Fallers

Discovery Inc. Class A (DISCA) $38.38 -4.95%
Discovery Inc. Class C (DISCK) $33.08 -4.89%
Twitter Inc (TWTR) $69.74 -3.74%
Waters Corp. (WAT) $296.67 -3.65%
Paypal Holdings Inc (PYPL) $267.21 -2.98%
Sl Green Realty Corp. (SLG) $69.52 -2.58%
Nvidia Corp. (NVDA) $611.08 -2.57%
Netflix Inc. (NFLX) $540.02 -2.48%
Dollar Tree Inc (DLTR) $114.90 -2.34%
Danaher Corp. (DHR) $237.30 -2.28%

Nasdaq 100 - Risers

DENTSPLY Sirona Inc. (XRAY) $65.22 2.15%
Booking Holdings Inc. (BKNG) $2,454.22 2.08%
Incyte Corp. (INCY) $82.21 1.93%
Qurate Retail Inc. (QRTEA) $12.34 1.73%
Trip.com Group Limited (TCOM) $35.67 1.51%
Sirius XM Holdings Inc (SIRI) $6.28 1.29%
Hasbro Inc (HAS) $99.99 1.16%
Alexion Pharmaceuticals Inc. (ALXN) $155.29 1.01%
Regeneron Pharmaceuticals Inc. (REGN) $481.16 0.86%
NetEase Inc. Ads (NTES) $106.90 0.65%

Nasdaq 100 - Fallers

Tesla Inc (TSLA) $732.23 -3.95%
Mercadolibre Inc. (MELI) $1,546.56 -3.23%
Paypal Holdings Inc (PYPL) $267.21 -2.98%
Nvidia Corp. (NVDA) $611.08 -2.57%
Netflix Inc. (NFLX) $540.02 -2.48%
Dollar Tree Inc (DLTR) $114.90 -2.34%
Workday, Inc. (WDAY) $259.85 -2.29%
Facebook Inc. (FB) $302.82 -2.24%
KLA-Tencor Corp. (KLAC) $336.50 -2.22%
Xilinx Inc. (XLNX) $123.61 -2.06%


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