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US: Nasdaq edges up to record; GM falls

Wednesday, February 8, 2017 - 06:38

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[NEW YORK] Wall Street stocks scored modest gains on Tuesday, with the Nasdaq inching up to a fresh record, even while petroleum-linked shares and General Motors tumbled.

Analysts said earnings were broadly beating expectations, a sign of the improving economy.

But at the same time, FTN Financial chief economist Chris Low said there is a "sense that momentum behind Trump's biggest proposals is fading." The Dow Jones Industrial Average rose 0.2 per cent to end the day at 20,090.29.

The broad-based S&P 500 rose a hair to 2,293.08, while the tech-rich Nasdaq Composite Index gained 0.2 per cent to 5,674.22, narrowly besting Friday's record.

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Gainers included Apple, IBM and Boeing, all of which gained about one per cent or more. Oil-linked companies were broadly down, with Chevron falling 1.4 per cent and Devon Energy 2.5 per cent.

General Motors slumped 4.7 per cent on worries about elevated costs on autonomous and mobility investments, despite projecting earnings-per-share of between US$6.00 and US$6.50 in 2017 after it notched US$6.00 a share for 2016.

Teva Pharmaceutical Industries dropped 6.3 per cent as it announced chief executive officer Erez Vigodman was stepping down.

Michael Kors Holdings plunged 10.8 per cent after it reported that third-quarter revenues fell 3.2 per cent to US$1.4 billion.

Kors said it was disappointed with sales in North America and Europe and sees more pressure ahead due to poor trends in shopping malls and "uncertainty surrounding certain political changes in European countries."

AFP

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