Morning Notes

20/10/2017 Argonaut Morning Note

U.S. stock indexes retreated from records Thursday, weighed down by a stream of downbeat earnings. The day's moves marked a pause for stock indexes after they rose to fresh highs Wednesday. The Dow Jones Industrial Average was off less than 0.1% in the last half-hour of trading, dragging down by index heavyweights like Apple, Boeing and Goldman Sachs Group. Apple fell 2.6% following reports that a new cellular feature on the Apple Watch was disabled in China. The S&P 500 fell 0.1% and the Nasdaq Composite lost 0.4%, pressured by declines in technology stocks.

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19/10/2017 Argonaut Morning Note

The Dow Jones Industrial Average rallied Wednesday and was back on course to close above 23000 for the first time. A close above that level would be the blue-chip index's fourth thousand-point milestone in this year's largely uninterrupted stock-market rally. No other year has seen more than two such round-number marks. Despite concerns that stocks are too pricey and U.S. economic growth remains tepid, the blue-chip index is up 17% this year and on track for its 51st closing record. Robust earnings growth around the world has continued to underpin a bull market now in its ninth year. With the world's major economies growing in sync for the first time in a decade, many analysts and investors say conditions are favourable for stocks to continue to rise.

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18/10/2017 Argonaut Morning Note

The Dow Jones Industrial Average briefly crept above 23000 for the first time Tuesday, buoyed by gains in shares of health-care companies. The blue-chip index crossed the milestone in intraday trading before paring gains. The index was 0.1% higher in the last half-hour of trading, just below the 23000 mark, while the S&P 500 edged up less than 0.1% and Nasdaq Composite slipped less than 0.1%. Corporate earnings have helped boost major stock indexes to fresh highs in 2017, and the third quarter is on track to provide more fuel to the market's rise, analysts say. At the end of last month, analysts expected earnings at S&P 500 companies to rise 4.2%, according to FactSet.

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17/10/2017 Argonaut Morning Note

Rising financial shares pushed U.S. stock indexes higher Monday. The Dow Jones Industrial Average rose 0.2%. The S&P 500 added less than 0.1%, and the Nasdaq Composite advanced 0.2%. Recent gains have lifted stocks in the U.S., the U.K., Japan and New Zealand to records. Data have suggested a pickup in global growth is under way, analysts said, helping stocks chug higher even as some investors have expressed concerns about the length of the rally.

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16/10/2017 Argonaut Morning Note

U.S. stocks notched weekly gains and the Nasdaq Composite closed at a record, even as shares of big banks declined. A backdrop of improving global economic growth and the expectation that it will be another strong quarter for corporate earnings has supported stocks, traders say. The march higher comes even as there have been some hiccups in data, from weaker-than-anticipated inflation to job losses in September, and as some investors worry shares look pricey. A measure of U.S. consumer sentiment rose to its highest level since 2004 in the first half of October, according to the University of Michigan on Friday. Rising sentiment suggests increased household spending could follow.

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