CLOSE
US stocks were barely highly at the end of the day's session, with the Dow Jones ending up 0.31% at 23.430.33.
The broader-based S&P 500 was also higher, albeit slightly at 2,582.14, up 0.13%.
Meanwhile, the tech heavy Nasdaq was up 0.12% at 6,790.71.
US crude eased 1.04% at US$55.96 a barrel.
Federal Reserve chair Janet Yellen has announced Monday that she will step down from the US central bank, once President Donald Trump's nominee Jerome Powell is confirmed and sworn in to replace her. Yellen chose to quit although she could have continued on the Fed's Board of Governors.
Janet Yellen will step down as a Member of the Board of Governors of the Federal Reserve System, effective upon the swearing in of her successor: https://t.co/aKWgAVIONE
— Federal Reserve (@federalreserve) November 20, 2017
She noted that the “financial system is much stronger than a decade ago, better able to withstand future bouts of instability and continue supporting the economic aspirations of American families and businesses.”
Yellen said that by most metrics, the US economy is close to achieving the central bank’s dual objectives of maximum employment and price stability.
President Donald Trump has nominated Jerome Powell to replace Yellen as the head of the Federal Reserve.
The market shrugged off earlier concerns over the political situation in Germany. Late today, German President Frank-Walter Steinmeier urged the political parties to return to the negotiating table to work out a deal but Angela Merkel said she prefers holding new elections to leading a minority government.
General Electric closed off lows, down 1.42% at US$17.99 on heavy volume, after Moody's dismissed the new chief executive John Flannery’s revival plans, saying that the conglomerate's "mounting end-market challenges" would outweigh any boost to cash flow from cutting dividends.
Cavium Inc (NASDAQ:CAVM) shares rose 10.80% to US$84.02 on news that Marvell Technology Group Ltd (NASDAQ:MRVL) which also gained 6.41% to US$21.59, has agreed to buy its smaller rival for US$6bn.
Alibaba (NYSE:BABA) rose 0.16% to US$188.10 after it announced plans to buy Sun Art Retail Group Ltd for US$2.9bn.
MID SESSION
US stocks were higher at mid-session, with the Dow Jones up 0.38% at 23.449.37.
The broader-based S&P 500 was also higher, albeit slightly at 2,582.57, up 0.17%.
Meanwhile, the tech heavy Nasdaq was up 0.09% at 6,786.23.
US crude added 2.36% at US$56.44 a barrel.
Under President Trump unemployment rate will drop below 4%. Analysts predict economic boom for 2018! @foxandfriends and @Varneyco
— Donald J. Trump (@realDonaldTrump) 20 November 2017
US President Donald Trump's latest tweet that unemployment under his administraiton will drop below 4% and that analysts are predicting an "economic boom for 2018" for the US, certainly did no harm to the markets.
Earlier concerns over the political situation in Germany was shrugged off very early on, as the market looked forward to positive moves on the proposed US reform bill and with the leading economic index rising 1.2% in October, suggesting that the US economy is still motoring on.
General Electric lost 1.64% at US$17.91 on heavy volume, after the market had the weekend to absorb new chief executive John Flannery’s revival plans.
Cavium Inc (NASDAQ:CAVM) shares rose 9.89% to US$83.48 on news that Marvell Technology Group Ltd (NASDAQ:MRVL) which also gained 5.03% to US$21.40, has agreed to buy its smaller rival for US$6bn.
Alibaba (NYSE:BABA) rose 1.57% to US$187.63 after it announced plans to buy Sun Art Retail Group Ltd for US$2.9bn.
OPEN
US stocks started higher on Monday as investors opted to focus on corporate earnings and the much-awaited proposed tax reforms, as it shrugged off earlier concerns over the political developments in Germany.
The Dow Jones Industrial Average added 41 points to 23,399.
The S&P 500 gained 2 points at 2,580.
The tech-heavy Nasdaq was also in positive territory, gaining 10 points to 6,793.
In the oil market, US crude (West Texas Intermediate) shed 0.65% to stand at US$56.06 a barrel.
Bitcoin has traded above US$8,000 for the first time ever, buoyed by apparent institutional interest. Analysts said retail demand has been stoked by a new app that allows users to buy Bitcoin, which has appreciated 700% in the year to date. After ending last week ahead 17%, the cryptocurrency opened Monday up a further 1.5% up at US$8.167.49.
In stocks, Cavium Inc (NASDAQ:CAVM) was up 7.06% at US$81.23 after it was revealed that Marvell Technolgoy Group Ltd (NASDAQ:MRVL) is planning to buy the smaller rival for about US$6bn.
Alibaba Group Holding Ltd (NYSE:BABA) saw its share tick higher after the e-commerce platform said it wants to buy a 36% stake in Chinese big-box retailer, Sun Art Retail Group Ltd for US$2.9bn.
General Electric (NYSE:GE) shares eased 1.70% to US$17.97 after traders had the weekend to absorb new chief executive John Flannery’s revival plans.
PRE-OPEN
Bitcoin has traded above US$8,000 for the first time ever, buoyed by apparent institutional interest. Analysts said retail demand has been stoked by a new app that allows users to buy Bitcoin, which has appreciated 700% in the year to date. After ending last week ahead 17%, the cryptocurrency opened Monday up a further 1.5% up at US$8.167.49.
WATCH: Coinsilium on new opportunity
General Electric (NYSE:GE) shares nudged slightly higher pre-market after traders had the weekend to absorb new chief executive John Flannery’s revival plans.
Amazon Inc’s (NASDAQ:AMZN) stock price has been raised to a top-of-the range US$1,360 a share by Instinet, according to MarketWatch. The website also revealed that Raymond James has increased its valuation of Wal-Mart Stores Inc NYSE:WMT) to US$110 a share from US$90, while National Vision (NASDAQ:EYE) has been initiated with an ‘outperform’ rating and US$34 target by Wells Fargo.
Alibaba Group Holding Ltd (NYSE:BABA) is spending US$2.8bn to take a 36% stake in Chinese shop chain Sun Art Retail Group.