Dow gains 124 points, Nasdaq, S&P slip
Deere & Co. raised its full-year profit forecast amid optimism on improving demand for farm machine and construction equipment
U.S. equity markets finished mixed, ending a volatile trading week.
The Dow Jones Industrial Average gained 124 points, or 0.37%, while the S&P 500 and the Nasdaq Composite slipped 0.08% and 0.48%, respectively. Another warning from China on Bitcoin took some of the wind out of technology stocks.
CHINA ROILS BITCOIN FOR SECOND TIME THIS WEEK
|I:DJI||DOW JONES AVERAGES||33665.02||+91.74||+0.27%|
|I:COMP||NASDAQ COMPOSITE INDEX||13104.894999||-171.52||-1.29%|
In stocks, Boeing shares jumped after a Reuters report said the company has laid out new 737 Max Jet production goals to 42 jets a month by the second half of 2022.
|BA||THE BOEING CO.||212.03||+4.74||+2.28%|
Deere & Co. reported strong earnings and revenue and hiked its full-year profit forecast amid optimism on improving demand for farm machines and construction equipment.
|DE||DEERE & CO.||381.82||+8.15||+2.18%|
Foot Locker Inc. swung to a profit from a loss in the year-ago period, and said it would convert approximately one-third of its Footaction stores into other existing banner concepts to focus growth on its iconic banners.
|FL||FOOT LOCKER INC.||26.67||+1.49||+5.90%|
Meanwhile, automakers were in focus after Commerce Secretary Gina Raimondo said the companies would not receive special treatment in combating the global chip shortage.
|F||FORD MOTOR CO.||13.59||+0.66||+5.11%|
|GM||GENERAL MOTORS CO.||36.23||+0.99||+2.81%|
In other auto industry news, California regulators said electric vehicles must account for 90% of miles traveled by ride-hailing companies like Uber Technologies Inc. and Lyft Inc. beginning in 2030.
|UBER||UBER TECHNOLOGIES INC.||38.99||-1.26||-3.13%|
Elsewhere, cruise operator Carnival Corp. announced plans to restart trips to Alaska in July, sending shares higher. The news also boosted rivals Norwegian Cruise Line Holdings Ltd. and Royal Caribbean Cruises Ltd.
|NCLH||NORWEGIAN CRUISE LINE HOLDINGS LTD.||17.01||+0.27||+1.61%|
In commodities, West Texas Intermediate crude oil rose $1.64 to $63.58 per barrel and gold fell $5.10 to $1,876.70 per ounce.
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Overseas markets traded mixed.
In Europe, Britain’s FTSE 100 slipped 0.02% while Germany’s DAX 30 and France’s CAC 40 climbing 0.44% and 0.68%, respectively.
Elsewhere, Japan’s Nikkei 225 jumped 0.78%, Hong Kong’s Hang Seng index ticked up 0.03% and China’s Shanghai Composite lost 0.58%.