Morning Notes

25/10/2017 Argonaut Morning Note

The Dow Jones Industrial Average surged Tuesday, putting the blue-chip index on track for its best day since September. Better-than-expected earnings results from Caterpillar and 3M, among others, helped support major indexes after stocks had fallen a day earlier. Strong results from U.S. companies, as well as solid economic growth around the world, have underpinned stock markets and helped push them to record highs over the past year. About 24% of the companies in the S&P 500 have reported results for the third quarter so far, with this week slated to be one the busiest, according to FactSet. By the end of Friday, more than half of the major index's companies will have reported results for the most recent quarter.

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24/10/2017 Argonaut Morning Note

U.S. stocks slipped Monday after major indexes finished last week with a trifecta of records. A flurry of earnings reports released before the opening bell sparked swings in individual stocks. With nearly 200 S&P 500 companies on this week's earnings calendar, according to FactSet, analysts and investors expect corporate news to continue to drive much of the action in the coming days. While some sectors like the insurance industry are expected to report weaker than expected results than in previous years, partially because of damage from hurricanes earlier this year, many are looking through the one-time hits and still expecting robust growth into 2018.

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23/10/2017 Argonaut Morning Note

Stocks extended their remarkable streak of gains Friday. The Dow Jones Industrial Average closed above 23000 for the first time Wednesday, and its fresh high Friday marked the most records in a calendar year for the index since 1995. Earlier this month, the Dow's advance that started in March 2009 became the third-longest bull market in the index's history. The Dow Jones Industrial Average rose 165.59 points, or 0.7%, to 23328.63 on Friday, notching its 53rd record close of 2017. The index's weekly gain of 2% was its biggest since mid-September. The S&P 500 gained 13.11 points, or 0.5%, to 2575.21 on Friday, while the Nasdaq Composite added 23.99 points, or 0.4%, to 6629.05.

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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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