Stocks Edge Higher in Early Trading
(AP) -- U.S. stocks edged higher in early trading Wednesday, recouping some of the market's losses from a day earlier. Banks and energy companies were driving the gains. Airlines, cruise ship operators and travel booking companies were down amid concerns that Hurricane Irma could strike the United States later this week.
KEEPING SCORE: The Standard & Poor's 500 index rose 7 points, or 0.3 percent, to 2,465 as of 10:14 a.m. Eastern time. The Dow Jones industrial average added 77 points, or 0.4 percent, to 21,831. The Nasdaq composite gained 11 points, or 0.2 percent, to 6,386. The Russell 2000 index of smaller-company stocks picked up 4 points, or 0.3 percent, to 1,403.
IRMA THREATENS: Investors were monitoring Hurricane Irma, which made its first landfall in the islands of the northeast Caribbean early Wednesday. The Category 5 storm, the most powerful Atlantic Ocean hurricane ever recorded, is forecast to churn along a path pointing to Puerto Rico, the Dominican Republic, Haiti and Cuba before possibly heading for Florida this weekend.
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HURRICANE TRADES: Airlines, cruise ship operators and travel booking companies were trading lower. Royal Caribbean Cruises slid $1.38, or 1.2 percent, to $117.66. JetBlue Airways declined 48 cents, or 2.5 percent, to $18.68. TripAdvisor shed 53 cents, or 1.2 percent, to $44.02. Expedia fell $4.26, or 2.9 percent, to $143.35. Newell Brands slumped 4.4 percent after the consumer products maker cut its profit forecast because of Hurricane Harvey. The company noted that almost all of its resin suppliers with facilities in Texas and Louisiana shut down after that storm hit. Newell's shares gave up $2.14 to $46.58.
FINANCIALS FAVORED: Investors bid up shares in banks and other financial companies, a day after the sector posted hefty losses. Goldman Sachs rose $2.20, or 1 percent, to $219.98.
HIGH ENERGY: Several energy companies moved higher as the price of crude oil rose. Noble Energy added 87 cents, or 2.6 percent, to $25.23.
BONDS: Bond prices edged lower. The yield on the 10-year Treasury note rose to 2.07 percent from 2.06 percent late Tuesday.
OIL: Benchmark U.S. crude was up 45 cents, or 0.9 percent, at $49.11 a barrel on the New York Mercantile Exchange. Brent crude, used to price international oils, gained 58 cents, or 1.1 percent, to $53.96 a barrel in London.
CURRENCIES: The dollar rose to 108.98 yen from 108.66 yen Tuesday. The euro strengthened to $1.1926 from $1.1918.
MARKETS OVERSEAS: Global stock markets were mixed. In Europe, Germany's DAX was up 0.9 percent, while France's CAC 40 was up 0.3 percent. The FTSE 100 index of leading British shares was down 0.3 percent. Earlier in Asia, Japan's Nikkei 225 slipped 0.1 percent and South Korea's Kospi lost 0.3 percent. Hong Kong's Hang Seng index fell 0.5 percent.
(BE)