New Nasdaq record on mixed day for US stocks as oil rebounds

AP News
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Posted: Feb 08, 2017 10:00 PM
New Nasdaq record on mixed day for US stocks as oil rebounds

TOKYO (AP) — Asian shares mostly advanced Thursday after further gains on Wall Street that pushed the Nasdaq composite to a new record for the second day in a row. Japan's benchmark recovered lost ground after reports of strong machinery orders in December.

KEEPING SCORE: Japan's Nikkei 225 stock index lost 0.2 percent to 18,971.46 but most other indices were higher. Hong Kong's Hang Seng index gained 0.3 percent to 23,563.02 and the Kospi in South Korea also advanced 0.3 percent, to 2,070.93. The Shanghai Composite index climbed 0.4 percent to 3,180.87. Australia's S&P ASX/200 edged 0.1 percent lower to 5,646.70, while shares in Southeast Asia rose.

JAPAN MACHINERY ORDERS UP: Orders of "core machinery" that exclude ships and utilities rose 6.7 percent in December from the month before, suggesting relative strength in business investment, though economists cautioned against reading too much into such statistics. The news did help counter distress over the yen's gains against the U.S. dollar, which are hurting export profits and share prices.

WALL STREET GAINS: The Standard & Poor's 500 index rose 1.59 points, or 0.1 percent, to 2,294.67. The Dow Jones industrial average fell 35.95 points, or 0.2 percent, to 20,054.34. The Nasdaq added 8.24 points, or 0.2 percent, to 5,682.45. The index also closed at a record high on Tuesday and last Friday. The Russell 2000 index of small-company stocks fell 2.32 points, or 0.2 percent, to 1,358.74. Corporate earnings are sustaining gains: More than half of the companies in the S&P 500 index have reported quarterly results so far, and roughly 60 percent have posted earnings that beat financial analysts' estimates. Coca-Cola, Twitter and Viacom are among the big companies due to report results Thursday.

ANALYST'S VIEWPOINT: Despite eking out gains Wednesday, U.S. markets are "very low-spirited," Stephen Innes of OANDA said in a commentary. "The Trump trade is the primary focus for equity markets and without any further guidance on U.S. tax policies, investors stay on the sidelines, annoyed and concerned about the unknown."

ENERGY: Benchmark U.S. crude gained 21 cents to $52.55 a barrel in electronic trading on the New York Mercantile Exchange. It rose 17 cents, or 0.3 percent, to close at $52.34 a barrel in New York. Brent crude, the benchmark for international oil prices, added 26 cents to $55.38 a barrel. It climbed 7 cents, or 0.1 percent, to close at $55.12 a barrel in London.

CURRENCIES: The dollar rose to 112.21 yen from 111.98 yen on Wednesday. The euro weakened to $1.0684 from $1.0688.