Stock Market Today: Dow Up On U.S.-China Trade Hopes
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U.S. stocks closed higher Friday, with the S&P 500 notching a new all-time high after investors got a fresh reading on inflation that was slightly softer than Wall Street expected. The Dow Jones Industrial Average rose 1%,
Futures tied to the Dow Jones industrial average rose 312 points, or 0.66%. S&P 500 futures were up 0.75%, and Nasdaq futures added 0.91%. That would add to Friday’s rally that saw fresh record highs. The yield on the 10-year Treasury was flat at 4.003%. The U.S. dollar was down 0.03% against the euro and up 0.16% against the yen.
Thursday morning, Dow reported an adjusted per-share loss of 19 cents from sales of $10 billion. Wall Street was looking for a 31-cent loss from sales of $10.2 billion.
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The company posted a net loss of $0.19 a share on an adjusted basis, narrower than analysts’ projected loss of $0.30 a share, according to consensus estimates. Revenue totaled $9.97 billion, falling short of the expected $10.23 billion and down 8% from the year-ago period amid lower prices and softer demand across all operating segments.
Dow Inc. has restarted two polyethylene resin lines at its Freeport, Texas, site following an Oct. 6 fire, while a third line remains under evaluation. The site represents nearly half of the company's domestic polyethylene output.
Stock futures were little changed Tuesday, a day after major indexes set fresh intraday and closing records for a second straight session, as a highly anticipated Federal Reserve meeting was set to begin.