Here Are 3 Hot Things to Know About Stocks Right Now
- The Dow Jones Industrial Average finished up for the seventh straight day Thursday despite conflicting signals on an interim deal with China that would delay tariffs, and as the European Central Bank cut its main deposit rate.
- CVS (CVS - Get Report) shares climbed after analysts at Deutsche Bank called the company its "top pick" in the managed care, drug supply and beneficiary technology space. CVS is Real Money's Stock of the Day.
Wall Street Overview
Stocks finished up Thursday, but pared earlier gains going into the close, amid mixed signals about a possible interim trade deal with China and the European Central Bank's rate cut and resumption of quantitative easing.The Dow finished in positive territory for the seventh straight day, the longest winning streak since May 2018, closing up 45 points, or 0.17%, to 27,182. The index ended less than 1% below its all-time high set July 16.
It is expected that China will be buying large amounts of our agricultural products!— Donald J. Trump (@realDonaldTrump) September 12, 2019
CVS (CVS - Get Report) shares dipped slightly to $63.90 after analysts at Deutsche Bank called the company its "top pick" in the managed care, drug supply and beneficiary technology space, citing the potential for better-than-expected results from its pharmacy services business. CVS is Real Money's Stock of the Day.
Oracle (ORCL - Get Report) shares fell 4.3% to $53.89 after the business software company posted weaker-than-expected first quarter sales and said CEO Mark Hurd would be taking a medical leave of absence.T - Get Report) slipped nearly 1% to $38.38 as CFO John Stephens reiterated the company's near-term earnings forecasts, while highlighting its plans to extract more value from TimeWarner, following Elliott Management's criticism earlier this week.
In economic news, the Consumer Price Index for all items rose by 0.1% last month, with gasoline prices down about 3.5%, the Labor Department's Bureau of Labor Statistics said.
"The U.S. economy continues to be in decent shape," said David Madden, a market analyst at CMC Markets UK. "The jobless claims reading dipped to 204,000, from 217,000 and economists were expecting 215,000. When you factor in the very low unemployment rate, it is clear the jobs market is robust. Headline CPI cooled to 1.7%, but the core reading ticked up to 2.4% from 2.2%, and this highlights a clear increase in underlying demand, which begs the question, why would the Fed cut rates next week."
In energy news, the U.S. Energy Information Administration said in its "Short-Term Energy Outlook" that it expects oil demand to grow by only 0.9 million barrels per day this year.
Brent crude contracts were down 51 cents to $60.30 a barrel, while West Texas Intermediate contracts, which are more tightly linked to U.S. gas prices, were 76 cents lower at $54.99 a barrel.