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Dow Jones and benchmarks head higher into close

Despite the fanfare, Apple's launch event did not seem to go down that well in the market
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US shares came off record highs
  • US stocks higher into close

  • US crude up 2.36%

  • TSX up almost 11pts

 

Wall Street shares are higher into the close and oil is gaining rapidly.

The Dow Jones is up 32 at 22,151, the Nasdaq gained 3.80 at 6,458 and the S&P 500 added 1.28 to stand at 2,497.

In Toronto, the TSX is up 10.97 at 15,154 and the US crude price added 2.36% to stand at US$49.37 a barrel.

Inventure Foods Inc (NASDAQ: SNAK) shares jumped almost 26% to $4.21 as the firm sold its frozen division for $50 million.

Elsewhere, Akari Therapeutics PLC (ADR) (NASDAQ: AKTX) added 8.67% at $6.36 as the shares saw more volume too on the day.

Ballard Power Systems Inc (NASDAQ: BLDP) shares gained 26% to $4.67 as it reported a collaboration with Nisshinbo Holdings to develop what's called a 'non precious metal catalyst' (NPMC) for use in the world's first commercialized NPMC-based proton exchange membrane (PEM) fuel cell product.

MID-SESSION

US stocks were mixed at mid-session, but the crude price was on the up.

US benchmark crude - West Texas Intermediate, was up 2.16% at the time of writing - to stand at US$49.26 a barrel.

The S&P500 index is down 0.69 at 2,495, while the Nasdaq is down 1.33 points to stand at 6,453.

The benchmark Dow Jones was up over 20 points at 22,140.

Tech giant Apple (NASDAQ:AAPL) was still lower, with shares off 1.12% to $159.05.

OPEN

US benchmarks started lower on Wednesday, to slip from record highs, as traders digested the fallout from the Apple (NASDAQ:AAPL) launch.

The Dow Jones is down over ten at 22,108 at  the time of writing, while the S&P 500 shed 1.35 at 2,495.

The Nasdaq lost 8.64 to go to 6,445.

The TSX on the Toronto exchange shed 5.65 at 15,149. In London, FTSE 100 is down 18 points.

Apple shares are down 1.07% at $159.19  after the iPhone X launch last night.

The latest grand unveiling may have wowed gadget-heads, but, investors were seemingly not so thrilled.

The chief complaint is that the high-end new handsets won’t actually hit the market until November.

Many of the post-reveal headlines have centred on the new flagship iPhone X, with its market shifting new tech including the somewhat controversial FaceID biometric security.

The whopping US$999 price tag for the iPhone X was another point of scrutiny, meanwhile, the two other new iPhones (the 8 and 8 Plus) are set to retail for US$699 and US$799 respectively.

US crude added 0.87% bolstering oil stocks. Chesapeake Energy Corp (NYSE:CHK) gained over 7% to $4.01 and was top riser on S&P500.

Nordstrom (NYSE:JWN) was also higher - up 5.93% to $47.72 as news emerged  further that the company is moving towards going private.

Late Tuesday, it was reported that Nordstrom family members were close to selecting private-equity firm Leonard Green & Partners to help fund around US$1bn for a buyout.

On the losing front, beleaguered credit score firm Equifax (NYSE:EFX) was down 3.37% to $112.05. It comes in the wake of the huge data breach which it reported last week.

Wall Street also got some hope that tax reform could still happen this year. Treasury Secretary Steven Mnuchin told CNBC yesterday that the Trump administration would pass tax reform before 2018.

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