Dow reclaims 34K, UnitedHealth, CSX hit records

Dow Transports nab 25th record close of the year

U.S. equity markets reversed early losses Wednesday to bounce back after two days of selling. 

Ticker Security Last Change Change %
I:DJI DOW JONES AVERAGES 37735.11 -248.13 -0.65%
SP500 S&P 500 5061.82 -61.59 -1.20%
I:COMP NASDAQ COMPOSITE INDEX 15885.018605 -290.08 -1.79%

The Dow Jones Industrial Average rose 316 points or 0.94%, while the S&P 500 and the Nasdaq Composite advanced 0.93% and 1.19%, respectively. The major averages on Tuesday suffered their biggest decline in a month as the number of COVID-19 cases rose worldwide.

Ticker Security Last Change Change %
CSX CSX CORP. 35.14 -0.20 -0.57%
UNP UNION PACIFIC CORP. 233.94 -0.46 -0.20%
UNH UNITEDHEALTH GROUP INC. 445.63 +6.43 +1.46%

Dow transports posted the 25th record close helped by rails CSX and Union Pacific, while UnitedHealth also hit a record high. 

Ticker Security Last Change Change %
NFLX NETFLIX INC. 607.15 -15.68 -2.52%

In stocks, Netflix Inc. added 3.98 million subscribers in the three months through March, well below the 6.2 million new users that were expected, and warned that it anticipated adding only 1 million subscribers in the current quarter. Both earnings and revenue exceeded expectations.

Ticker Security Last Change Change %

Verizon Communications Inc. lost a larger than expected 178,000 wireless customers last quarter amid increased competition from rivals AT&T Inc. and T-Mobile US Inc. 

Ticker Security Last Change Change %
HAL HALLIBURTON CO. 39.10 -0.57 -1.44%
BKR BAKER HUGHES CO. 32.45 -0.60 -1.82%

Elsewhere in earnings, oilfield services provider Halliburton Co. swung to a quarterly profit as oil prices bounced and drilling demand picked up from the COVID-19 induced slowdown. 

Rival Baker Hughes Co. said it was "cautiously optimistic" that the oil industry has moved past the worst of its COVID-19-induced slump. The company reported mixed quarterly results as revenue fell 12% year over year. 

Ticker Security Last Change Change %
NDAQ NASDAQ INC. 60.19 -1.33 -2.16%

Meanwhile, exchange operator Nasdaq Inc. beat on both the top and bottom lines as volatile markets and a surge of new listings helped drive a 21% year-over-year increase in net revenue. 

Traders will also be monitoring a Senate committee hearing on the treatment of app developers by Apple Inc. and Google. 

Ticker Security Last Change Change %
AAPL APPLE INC. 172.69 -3.86 -2.19%
GOOGL ALPHABET INC. 154.86 -2.87 -1.82%

Apple on Tuesday afternoon announced upgrades to its computers and tablets and a new device for helping find lost items like keys and wallets.

In commodities, West Texas Intermediate crude oil lost $1.32 to $61.35 per barrel and gold jumped $15 to $1,792.30 an ounce. 


Overseas markets were mixed. 

European markets were higher across the board with France’s CAC 40 up 0.74%, Britain’s FTSE 100 advancing 0.52% and Germany’s DAX 30 edging up 0.44%.

In Asia, Japan’s Nikkei 225 paced the decline, finishing down 2.03%, while Hong Kong’s Hang Seng index dipped 1.76% and China’s Shanghai Composite was unchanged.