By Victor Reklaitis and Anora M. Gaudiano, MarketWatch
Earnings arrive from Lowe's, Dollar Tree, Medtronic, Campbell
Soup and more
U.S. stock-market indexes traded above previous closing records
on Tuesday, with the Nasdaq notching an all-time high, as
technology shares led the way high.
Investors focused on a raft of corporate earnings and departing
Federal Reserve Chairwoman Janet Yellen's announcement
(http://www.marketwatch.com/story/janet-yellen-announces-shes-leaving-the-fed-2017-11-20)
that she will leave the central bank altogether, rather than stay
on as a Fed governor.
What are the main benchmarks doing?
The S&P 500 rose 13 points, or 0.5%, to 2,595, trading above
the record close set earlier this month. All the main index were
trading higher, with the technology and materials stocks leading
the gains.
The Nasdaq Composite advanced 52 points, or 0.8%, to 6,843,
setting an intraday record.
The Dow Jones Industrial Average rose 140 points, or 0.6%, to
23,570, with 27 of its 30 components trading higher. Cisco Systems,
Inc(CSCO) and Apple Inc.(AAPL) were leading the gains, up 1%.
The three equity benchmarks are up between 16% and 27% for the
year as of Tuesday's levels, helped by factors such as an expanding
U.S. economy, growth in corporate profits and bets that the Trump
administration will deliver tax cuts and other business-friendly
policies.
What are strategists saying?
The Monday announcement from Yellen, who could have stayed on as
a Fed governor until 2024, gives President Donald Trump even more
room
(http://www.marketwatch.com/story/yellens-departure-gives-trump-even-more-space-to-rebuild-the-fed-2017-11-20)
to change the way the U.S. central bank operates.
"How these changes will potentially affect Fed policy next year
is going to be particularly tricky and should not be
underestimated," said Michael Hewson, chief market analyst at CMC
Markets UK, in a note. "The permanent Fed governors get a vote at
every meeting. Their views on monetary policy are going to be
important and carry a lot of weight."
What could help drive markets?
Chicago Fed national activity index rose to 0.65 in October from
0.36 in September.
An October figure for existing-home sales is due at 10 a.m.
Eastern. Economists polled by MarketWatch are expecting 5.45
million homes were sold.
Check out:MarketWatch's Economic Calendar
(http://www.marketwatch.com/economy-politics/calendars/economic)
At 6 p.m. Eastern, Yellen is scheduled to take part in an event
with former Bank of England Gov. Mervyn King at New York
University's business school.
Which stocks look like key movers?
Specialty retailer
(http://www.marketwatch.com/story/signet-jewelers-shares-sink-after-earnings-miss-and-profit-warning-2017-11-21)Signet
Jewelers Ltd.(SIG) tumbled 18%, after posting weaker-than-expected
earnings before the open.
Home-improvement chain
(http://www.marketwatch.com/story/lowes-beats-profit-expectations-coo-to-retire-2017-11-21)Lowe's
Cos.(LOW) shares fell 0.5% after disappointing results.
Discount retailer Dollar Tree Inc.(DLTR) gained 1% after its
stronger-than-anticipated results
(http://www.marketwatch.com/story/dollar-tree-earnings-and-sales-beat-expectations-2017-11-21).
Packaged-foods heavyweights Hormel Foods Corp.(HRL) and Campbell
Soup Co.(CPB) also released results. Campbell shed 3%
(http://www.marketwatch.com/story/campbell-soup-shares-fall-after-earnings-miss-and-profit-warning-2017-11-21),
while Hormel jumped 6%
(http://www.marketwatch.com/story/hormel-revenue-drops-as-turkey-troubles-remain-2017-11-21).
(http://www.marketwatch.com/story/campbell-soup-shares-fall-after-earnings-miss-and-profit-warning-2017-11-21)
Medical-device maker Medtronic PLC(MDT) posted earnings before
the open as well, beating forecasts
(http://www.marketwatch.com/story/medtronic-beats-second-quarter-profit-and-sales-estimates-2017-11-21).
The stock rallied 5.8%.
Shares in Intuit Inc.(INTU) traded 2.4% lower. The maker of
TurboTax and other accounting software posted better-than-expected
quarterly results
(http://www.marketwatch.com/story/intuit-beats-on-first-quarter-earnings-but-stock-falls-2017-11-20)
late Monday, but some analysts said the company's guidance was
disappointing.
Agilent Technologies Inc.(A) fell 2% premarket after the maker
of scientific equipment late Monday posted better-than-anticipated
quarterly earnings
(http://www.marketwatch.com/story/agilent-falls-from-record-highs-after-forecast-comes-up-short-2017-11-20)
but gave a profit forecast that fell short of expectations.
Earnings preview:Analyst surveys point to a strong quarter for
Salesforce
(http://www.marketwatch.com/story/salesforce-earnings-analyst-surveys-pointing-to-a-strong-quarter-2017-11-20)
Shares in AmerisourceBergen Corp.(ABC) rose 1.1% after the drug
distributor late Monday agreed to buy independent wholesaler H.D.
Smith for $815 million
(http://www.marketwatch.com/story/amerisourcebergen-to-acquire-hd-smith-for-815-million-2017-11-20).
What are other assets doing?
European stocks traded higher, while Asian markets mostly closed
with gains
(http://www.marketwatch.com/story/tech-stocks-lead-broad-gains-by-asian-markets-2017-11-20).
Gold futures and oil futures
(http://www.marketwatch.com/story/oil-regains-some-ground-lost-at-the-start-of-the-week-2017-11-21)
rose modestly, while the ICE U.S. Dollar Index was slightly weaker
at 94.004.
(END) Dow Jones Newswires
November 21, 2017 10:10 ET (15:10 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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