ZCZC
BCN-17
US-STOCKS-MARKETS
Nasdaq ends at record on tech, media strength; Dow dips
NEW YORK, June 21, 2018 (BSS/AFP) – The Nasdaq jumped to a fresh record on
Wednesday, boosted by tech and media shares, while the Dow continued to be
weighed down by trade war anxiety.
The tech-rich Nasdaq Composite Index gained 0.7 percent to 7,781.52.
The Dow Jones Industrial Average shed 0.2 percent to 24,657.80, while the
broad-based S&P 500 added 0.2 percent at 2,767.32.
Wednesday’s trading marked the latest occasion that the Nasdaq has
outperformed the other two indices amid sharpening trade rhetoric between the
US and China.
The Nasdaq, along with the Russell 2000, an index of smaller companies
that has also done well, “are less likely to be severely impacted by any
potential trade wars,” said Gorilla Trades strategist Ken Berman.
“However, investors are still concerned about the broader ramifications of
a potential trade war,” Berman said.
“Many think that the path President Trump is taking is likely a
negotiation tactic and the people who still think the trade war will develop
believe it would be China that makes concessions. Stay tuned!”
Twenty-First Century Fox shot up 7.3 percent as Disney raised its bid for
core entertainment assets in response to a challenge from Comcast. Disney
rose 1.1 percent and Comcast climbed 1.8 percent.
Large technology names were also strong, with Facebook winning 2.3
percent, Microsoft one percent and Amazon 0.9 percent.
Starbucks slumped 9.1 percent after announcing it expected just one
percent growth in comparable store sales in the third quarter. The coffee
giant also announced it was hiking its dividend 20 percent and closing about
150 stores in the US in 2019.
Software giant Oracle was another big loser, diving 7.4 percent after
projecting earnings of 68 cents per share for the next quarter, four cents
below analyst expectations.
BSS/AFP/HR/1010