Chronicle Journal: Finance

Higher open as rate increase concerns fade

The markets opened higher with the Dow gaining 44 points to 21,936 as weak consumer spending prompted optimism that interest rates will be held steady rather than increased at the next Federal Reserve policy meeting. Nasdaq rose 17 points to 6,385.


On the upside


Baker Hughes (NYSE: BHI) won a contract to provide rotating equipment for the power and gas refrigeration process of the Coral South floating liquified natural gas project offshore Mozambique.


The Food and Drug Administration approved Teva Pharmaceutical's (NYSE: TEVA) AUSTEDO to treat tardive dyskinesia in adults.


AMD (Nasdaq: AMD) announced broad adoption of enterprise solutions featuring AMD Ryzen PRO desktop processors.

On the downside


Ciena (NYSE: CIEN) reported higher third quarter earnings and revenue but forecast current quarter revenue that fell short of expectations.


Ctrip.com International (Nasdaq: CTRP) swung to a profit for the second quarter but the stock price fell.

Second quarter net income slipped for Dollar General (NYSE: DG) while its effective income tax rate rose.


In the broad market, advancing issues outpaced decliners by a margin of more than 3 to 1 on the NYSE and by nearly 3 to 1 on Nasdaq. The broader S&P 500 rose 5 points to 2,462. Bitcoin leaped $143 to $4,712.


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