Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Stocks - Dow, Nasdaq, Transports Move Higher

Stock Markets Nov 05, 2019 04:53PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.

Investing.com - On the surface, it was a quiet day for the stock market, but Boeing, Walgreens Boots Alliance (NASDAQ:WBA) and transportation stocks suggested the market could move higher.

The S&P 500 finished down slightly, mostly because higher interest rates cut into utilities and real estate stocks.

But the Dow Jones industrials added about 0.11%, hitting a new closing high, thanks basically to gains in Boeing (NYSE:BA) and pharmacy giant Walgreens (NASDAQ:WBA). The Nasdaq Composite was up only slightly, with chip and networking stocks providing the fuel. But that, too, was a new closing high -- but barely a closing high.

The Nasdaq 100 index, dominated by big technology stocks, fell back a half point after hitting closing highs on Friday and Monday.

Apple (NASDAQ:AAPL), which hit a new intraday high, and Microsoft (NASDAQ:MSFT) closed down very slightly, their losses costing the index a whopping two points in total. The index was down a half point.

Regeneron Pharmaceuticals (NASDAQ:REGN), up 6.9%, and Adobe Systems (NASDAQ:ADBE) were the index leaders.

Boeing (NYSE:BA) was up 2%, adding 48 points to the blue-chip index, because, in a CNBC interview, its new board chairman David Calhoun voiced confidence for CEO Dennis Muilenburg's performance in the 737 Max crisis, although the CEO will give up his 2019 bonus.

As cynical as it sounds, the stock is still up 11% on the year, a signal that many investors are willing to stick with Boeing and expected the aerospace giant to come out of the crisis caused when two 737 Max jets fell out of the sky in Indonesia and Ethiopia. Calhoun acknowledged engineering problems with the plane and said the company will be compensating customers forced to ground their 737 Max planes.

Walgreens jumped on a Reuters report it may be looking at going private in what might be one of the biggest leveraged buyouts ever. The gain was good for 11 points for the Dow, which ended the day up 30.5 points.

If a deal can be done, it would take a lesser-performer out of the Dow. The shares are off about 7% on the year, when the index itself is up 17.8%. (The big downside to a buyout would be how many people would lose jobs in cost cutting.)

Transportation stocks had a strong day, reflecting hopes that a trade deal between the United States and China will boost shipping and air travel.

The Dow Jones Transportation Average hit a new intraday high of 11,161.32. The average ended up 0.6% but fell short of a new closing high. Nonetheless, the average moved up on big gains for logistics giant Expeditors International of Washington (NASDAQ:EXPD) and strength in airline stocks. JetBlue Airways (NASDAQ:JBLU) hit a 52-week high.

A rising transportation average is an important coincident index. If the economy is growing, consumers are buying stuff. If they're buying more stuff, someone needs to ship it. Trucks are a key transportation mode, and PACCAR (NASDAQ:PCAR), the big maker of trucks, hit a new all-time high.

The index is up 20.5% for the year and 13.5% since slumping in May.

The gains for the transports were strong enough to overcome weakness from rising oil prices and higher interest rates as well. The 10-Year Treasury yield rose to 1.855% from Monday's 1.788%.

Supermarket giant Kroger (NYSE:KR), International Flavors & Fragrances (NYSE:IFF), Regeneron Pharmaceuticals (NASDAQ:REGN) and Under Armour Inc C (NYSE:UA) were among the top S&P 500 performers.

Pharmaceutical company Mylan (NASDAQ:MYL), medical-equipment maker Becton Dickinson (NYSE:BDX), oil company Occidental Petroleum (NYSE:OXY) and animal medicine company IDEXX Laboratories (NASDAQ:IDXX) were among the weakest S&P 500 performers.

Stocks - Dow, Nasdaq, Transports Move Higher
 

Related Articles

Former Deutsche Bank co-CEO Anshu Jain dies
Former Deutsche Bank co-CEO Anshu Jain dies By Reuters - Aug 13, 2022 2

(Reuters) -Anshu Jain, a top finance executive best known for helping German lender Deutsche Bank AG (NYSE:DB) take on the largest Wall Street firms, died overnight on Saturday...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (2)
Kerrie Stephensl
Kerrie Stephensl Nov 05, 2019 9:48PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
log required. as of right now chain blocking possible. moved one turn.
eddie glass
eddie glass Nov 05, 2019 5:26PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
APPL up nearly 100% since January. In what world do people think Trump should agree to any type of trade deal? Wallstreet boys just keep pumping APPL to keep market afloat but really there is no financial justification here. The bear market will wipe out many people and millennial. Millennials never had to deal with any adversity in the portfolio will get a reality check as years of gains wiped out in weeks.
Tan Yongjie
Tan Yongjie Nov 05, 2019 5:26PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Baboo boom bro
Tan Yongjie
Tan Yongjie Nov 05, 2019 5:26PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
bubble is coming
Steven Chen
Gamer_LG Nov 05, 2019 5:26PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
market can stay irrational a lot longer than your margin can last. meaning corrections only come after funds/banks has enough stake on the other side.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email