About This Source - CNBC Television
CNBC is an American pay television business news channel, which primarily carries business day coverage of U.S. and international financial markets. Following the end of the business day and on non-trading days, CNBC primarily carries financial and business-themed documentaries and reality shows.
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CNBC Television published this video item, entitled “Dow, S&P and Nasdaq recover all losses from sell-off” – below is their description.
Ritholtz Wealth Management CEO Josh Brown joins Closing Bell to discuss which stocks he found to be unfairly taking a beating during the sell-off. “I didn’t expect to be rewarded [for that] so quickly,” he says. For access to live and exclusive video from CNBC subscribe to CNBC PRO: https://cnb.cx/2NGeIvi
U.S. stocks climbed higher on Wednesday as equities continued their rebound from a one-day rout to start the week.
Better-than-expected earnings reports from Dow members Coca-Cola and Johnson & Johnson added to the bullish sentiment.
The Dow Jones Industrial Average rose 286.01 points, or 0.83%, to 34,798. It’s sitting less than 1% away from a record. The S&P 500 gained 0.82% to 4,358.65. The Nasdaq Composite climbed 0.92% to 14,631.95.
The 30-stock index rallied nearly 550 points on Tuesday, after tumbling 725 points on Monday for its worst session in eight months. The back-to-back rallies have now completely wiped the losses from the start of the week for all three indexes.
“Tuesday was a textbook oversold bounce following Monday’s collapse,” Thomas Essaye of Sevens Report Research said in a report Wednesday. “Beyond short-term gyrations, however, for value and cyclicals to reassert leadership, we will need to see yields bottom and economic growth beat estimates (two things we think will happen).”
The bond market, specifically the 10-year Treasury yield, is driving the equity markets. On Wednesday, the 10-year yield rose 8 basis points to 1.295% (1 basis point equals 0.01%). The yield dropped to a new 5-month low on Monday, before stabilizing on Tuesday. The drop in rates unnerved equity investors by signaling a possible slowing of the economy due to spreading Covid variants or a possible Federal Reserve mistake.
Even with bonds moving higher, the trend is still down, compared to five months ago when the 10-year was above 1.7.
“The catalyst for why investors have become comfortable with risk assets over the past two days is admittedly elusive,” Goldman Sachs’ Chris Hussey said Wednesday. “Perhaps investors have just come to embrace the notion that the reaction function to a new wave of the virus is unlikely to be the same as the reaction function employed in the spring of 2020.”
Stocks that would benefit most from a continued swift economic reopening climbed on Wednesday after rebounding from the Monday sell-off in the prior session. Shares of Carnival were up more than 9%. Las Vegas Sands was up 3%.
Energy stocks led the continued rally as oil continued to rebound after falling below $70 a barrel on Monday. The Energy Select SPDR rose 3.5%.
Dow member Coca-Cola gave an early boost to market sentiment after reporting quarterly revenue that topped pre-pandemic 2019 levels and raising its full-year forecast. Coca-Cola shares gained more than 1%.
Fellow Dow member Johnson & Johnson’s stock traded nearly flat even after the drugmaker reported better than expected second-quarter earnings and revenue and also raised its 2021 guidance.
Moderna joined the S&P 500, giving the stock a 20% boost from when the addition was announced a week ago. Its shares gained 4.5%.
Verizon shares are up slightly after reporting better-than-expected revenue and subscriber growth and raising its full-year outlook.
Shares of Chipotle rose more than 11.5% as the Mexican fast-food chain reported quarterly revenue that surpassed pre-pandemic levels as dine-in customers returned to its restaurants.
Netflix reported disappointing third quarter subscriber guidance after the bell on Tuesday. The streaming giant said it expects 3.5 million net subscribers in the third quarter, nearly 2 million below analysts’ estimates. The company also reported earnings that missed expectations.
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In This Story: Coca-Cola
The Coca-Cola Company is an American multinational beverage corporation incorporated under Delaware’s General Corporation Law and headquartered in Atlanta, Georgia. The Coca-Cola Company has interests in the manufacturing, retailing, and marketing of nonalcoholic beverage concentrates and syrups.
The company produces Coca-Cola, invented in 1886 by pharmacist John Stith Pemberton. In 1889, the formula and brand were sold for $2,300 (roughly $67,000 today) to Asa Griggs Candler, who incorporated The Coca-Cola Company in Atlanta in 1892.
The company has operated a franchised distribution system since 1889. The company largely produces syrup concentrate, which is then sold to various bottlers throughout the world who hold exclusive territories. The company owns its anchor bottler in North America, Coca-Cola Refreshments.
The company’s stock is listed on the NYSE and is part of DJIA and the S&P 500 and S&P 100 indexes. Revenue US$37.27 billion (2019).
3 Recent Items: Coca-Cola
In This Story: COVID-19
Covid-19 is the official WHO name given to the novel coronavirus which broke out in late 2019 and began to spread in the early months of 2020.
Symptoms of coronavirus
The main symptoms of coronavirus are:
- a persistent new cough (non productive, dry)
- a high temperature (e.g. head feels warm to the touch)
- shortness of breath (if this is abnormal for the individual, or increased)
Latest News about Covid-19
Below are stories from around the globe related to the 2020 outbreak of novel Coronavirus – since the WHO gave the Covid-19 naming. Most recent items are posted nearest the top.