Dow reclaims 34K, UnitedHealth, CSX hit records

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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 33815.9 -321.41 -0.94%
SP500 S&P 500 4134.98 -38.44 -0.92%
I:COMP NASDAQ COMPOSITE INDEX 13818.412584 -131.81 -0.94%

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. 101.82 -0.87 -0.85%
UNP UNION PACIFIC CORP. 217.98 -5.45 -2.44%
UNH UNITEDHEALTH GROUP, INC. 396.54 -2.27 -0.57%

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. 508.78 -0.12 -0.02%

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 %
VZ VERIZON COMMUNICATIONS, INC. 57.28 -0.86 -1.48%

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. 19.19 +0.11 +0.58%
BKR BAKER HUGHES CO. 19.84 +0.27 +1.38%

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 OMX GROUP INC 159.72 +0.40 +0.25%
ICE INTERCONTINENTAL EXCHANGE, INC. 119.77 +0.14 +0.12%

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. 131.94 -1.56 -1.17%
GOOGL ALPHABET, INC. 2,252.52 -25.83 -1.13%

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. 

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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.