Morning Notes

14/12/2017 Argonaut Morning Note

U.S. stocks extended gains after the Federal Reserve raised short-term interest rates for the third time this year and said it remains on track to chart a similar course next year. The Dow Jones Industrial Average added 0.5% following a fourth straight day of gains. The S&P 500 rose 0.2% and the Nasdaq Composite climbed 0.3%. The Fed's rate increase was widely expected, with some investors and analysts watching for its economic growth and interest-rate projections for next year. The central bank stuck to its forecast for three more increases in 2018, and revised upward its economic growth projection, a positive for stocks.

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13/12/2017 Argonaut Morning Note

Shares of banks and other financial firms surged intraday, putting the Dow Jones Industrial Average and the S&P 500 on track to notch another set of record closes. Bank stocks have been rallying in recent weeks as Republicans in the House and Senate work to complete a sweeping tax overhaul this year. Rising government bond yields, which tend to boost bank profits, gave shares of financial firms an added lift ahead of the Federal Reserve's expected interest-rate increase on Wednesday. The Dow industrials rose 154 points, or 0.6%, to 24540 in recent trading, while the S&P 500 gained 0.3%.

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12/12/2017 Argonaut Morning Note

Rising technology and energy shares pushed the S&P 500 higher Monday ahead of a series of central bank meetings around the world this week. Stock gains were scattered, with six of the S&P 500's 11 sectors recently higher for the day. Shares of oil-and-gas companies led advances in the broad index, rallying as U.S. crude oil prices climbed, while consumer staples stocks fell 0.3% in the S&P 500, among the worst-performing sectors in the index. Meanwhile, rising technology shares lifted the Nasdaq past other major indexes, with Apple jumping 1.9%, Nvidia up 1% and Facebook adding 0.5%.

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11/12/2017 Argonaut Morning Note

A stronger-than-expected pickup in U.S. hiring helped lift major indexes to weekly gains on Friday, capping a choppy streak for the stock market. Stocks swung in the past week as investors parsed the Republican tax overhaul plan searching for potential winners and losers. Technology shares initially tumbled as many analysts viewed the sector as less likely to benefit from a corporate tax cut. At the same time, financial companies rose as they currently pay a relatively high average tax rate. Those moves stabilized as the week came to a close, and both sectors rose Friday after a November jobs report that suggested economic growth in the U.S. remains on the upswing, supporting stock prices.

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08/12/2017 Argonaut Morning Note

Rising shares of Boeing and other industrial companies pushed major indexes higher Thursday. The gains put major indexes on the rebound after recent declines. The S&P 500 logged declines in the previous four trading sessions, while the Dow Jones Industrial Average had fallen for two consecutive sessions. The Nasdaq Composite declined in three of the past four. The Dow Jones Industrial Average was up 0.3% about an hour before the close, while the S&P 500 rose 0.3%, and the Nasdaq Composite added 0.5%. Shares of industrial companies rose 1.1% in the S&P 500. Boeing was one of the biggest contributors to the Dow. Shares of Boeing have jumped about 83% this year on a series of upbeat profit reports, fuelling much of the blue-chip index's gain this year.

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