Published: Wed, May 10, 2017
Markets | By Erika Turner

Nasdaq Takes New High As Dow, S&P 500 Fade Into Closing Bell

Nasdaq Takes New High As Dow, S&P 500 Fade Into Closing Bell

The S&P 500 and the Nasdaq Composite lost ground after touching record highs today as investors looked for fresh catalysts following centrist Emmanuel Macron's widely expected victory in the French presidential election.

After consolidating for four consecutive trading days, the S&P 500 regained strength and rose to record high levels on Friday. The Nasdaq Composite.IXIC had declined 0.02 percent to 6,099.24. Boston Fed President Eric Rosengren said balance sheet shrinking should be highly tapered and repeated that he favors starting the reductions relatively soon, while also saying the jobless rate of 4.4% is below full employment.

YIELDS: Bond yields edged higher.

Nasdaq 100 e-minis NQc1 were up 2.75 points, or 0.05 percent, on volume of 13,735 contracts.

The S&P 500 was up 2.57 points, or 0.11 per cent, at 2,401.95, slightly below its all-time high of 2,402.42.

Tyson Foods TSN.N was the biggest S&P loser, down almost 5 percent after the meat processor reported a slump in quarterly profit. Last week's solid jobs report gave reassurance that the US economy is improving despite a weak showing at the start of the year. According to data released by the U.S. Bureau of Labor Statistics at the end of last week, United States non-farm payrolls rose by 211,000 in April-higher than the expected gain of 185,000 jobs in April.

Sinclair to buy Tribune Media, expanding its local TV reach
Tribune Media Company (NYSE:TRCO) said that, Sinclair Broadcast Group will acquire Tribune Media in a deal valued at $3.9 billion. TV stations are voluntarily giving up airwaves in the sale for use by mobile providers, and are getting paid for doing so.

CHECKING IN: Marriott International jumped $6.10, or 6.3 percent, to $102.47 after reporting stronger-than-expected earnings for the latest quarter.

Vehicle rental company Hertz Global HTZ.N sank almost 19 percent at $12.20 following a bigger-than-expected quarterly loss. US equity markets were hobbled by a downturn in USA crude-oil prices, which fell by 1.2%, to settle at $45.88 a barrel, ending two days of gains for the commodity. It rose 0.42% on May 5 and closed the day at 6,100.76.

Japan's Nikkei 225 index fell 0.3%, while the Hang Seng in Hong Kong jumped 1.3%.

The euro fell to $1.0869 from $1.0930 late Monday. The dollar rose to 114.07 Japanese yen from 113.07 yen, and the British pound slipped to $1.2928 from $1.2943. Brent crude, the global standard, rose 24 cents to settle at $49.34 a barrel.

Natural gas fell 9 cents, or 2.7 percent, to $3.18 per 1,000 cubic feet, heating oil rose a penny to $1.44 per gallon, and wholesale gasoline rose 1 cent to $1.52 per gallon.

Gold fell $11 to $1,216.10 an ounce, silver fell 19 cents to $16.07 an ounce, and copper was close to flat at $2.50 a pound.

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