Earlier on Tuesday stocks rallied briefly touching record highs before giving up those gains in mixed trading. What piqued the peak on S&P 500 was a pull back led by industrials and energy falling -1.16% and -1.23% respectively. Real estate and healthcare retained earlier gains.
The Dow zipped across the 26,000 mark for the first time in early trading before paring those gains in afternoon trading. The Big Board finished muted dipping -0.03% to 25,796.58. Merck and UnitedHealth led the gainers. UnitedHealth's share price rose +1.86% after reporting earnings doubled in the fourth quarter helped by tax cuts. The healthcare company hiked its full-year profit cast forecast well beyond Wall St expectations. Merck's share price climbed +5.81% after it announced positive late stage trial results for lung cancer treatment.
The S&P 500 was up earlier +0.41%, at 2,797.96 before sliding down 6 points or -0.35% to 2,776.57. Qualcomm was up +4.39% and MGM Resorts International rose +2.85%. Under Armour Cl C and Class A shares took a drubbing down respectively -11.74% and -8.66% after Macquarie downgraded it and cut its price target by 20%. The Nasdaq Composite fell from earlier heights into negative territory down -0.52%, to 7,223.69.
- Dow 25,796.58 -0.03%
- S&P 500 2,776.57 -0.35%
- NASDAQ 7,223.69 -0.52%
- Russell 2000 1,577.01 -0.94%
- NYSE Composite 13,260.83 -0.26%
- Gold $1,339.1 +0.34%
- Oil WTI $63.75 -0.84%
- 10-Year Treasury 2.54 +0.05bps
Metals swings from high to lows
The base metals rally came to a halt on Tuesday retreating from highs in signs investors were taking profits according to analysts and in response to a weaker dollar.
Copper, aluminum, zinc, lead and nickel all fell along with demand and evidence of rising stockpiles.
Copper fell 1.8% on Tuesday to $7,078. Prices Bloomberg says are down 2.3% so far in 2018.