(For a live blog on the U.S. stock market, click
LIVE/or type LIVE/ in a news window.) * White House considering tax incentive to buy stocks - CNBC * Retail sales, industrial output data underwhelm * Nvidia climbs after upbeat revenue forecast * Indexes: Dow off 0.09%, S&P up 0.18%, Nasdaq up 0.20% (Updates to market close) By Stephen Culp NEW YORK, Feb 14 (Reuters) - The S&P 500 ended modestly higher on Friday following strong earnings from Nvidia and a report late in the session that the White House was considering a tax incentive for Americans to buy stocks. Uncertainties surrounding the coronavirus epidemic and downbeat economic data had put a damper on investor sentiment for much of the day. But a CNBC report that the Trump administration could introduce a tax incentive for people earning less than $200,000 to invest up to $10,000 in U.S. stocks gave the markets a late boost. "In an election year, especially when the president is getting backlash that the tax cut benefits only the rich, seeking a way to democratize the stock market to low income earners would be a popular maneuver," said Joseph Sroka, chief investment officer at NovaPoint in Atlanta. While the S&P 500 and the Nasdaq closed modestly higher, the Dow lost ground. The three major stock averages headed into the U.S. holiday weekend having posted their second consecutive weekly advances. The coronavirus, now called Covid-19, has taken 1,380 lives and infected 63,851 people, according to Chinese authorities. urn:newsml:reuters.com:*:nL4N2AE0RTIn a recent Reuters survey of 40 economists, the respondents see China's economy in the current quarter suffering its slowest growth since the financial crisis, but believe the downturn will be short-lived if the outbreak is contained. urn:newsml:reuters.com:*:nL4N2AB2IE"The true economic implications of the coronavirus are still unknown," Sroka said, adding "at the end of the day, earnings matter more for the sustainability of stocks than near-term headlines." Indeed, of the 387 companies in the S&P 500 having reported fourth-quarter results, 77.4% have surprised Wall Street expectations to the upside, according to Refinitiv data. Analysts now see fourth-quarter earnings rising at an annual pace of 2.6%, a striking reversal of the 0.3% decline seen on Jan 1. In economic news, lackluster retail sales and industrial production data appeared to justify the U.S. Federal Reserve's wait-and-see stance regarding its accommodative monetary policy, reiterated by Fed Chair Jerome Powell earlier this week in Washington. urn:newsml:reuters.com:*:nL1N2AD0MIThe Dow Jones Industrial Average .DJIfell 25.23 points, or 0.09%, to 29,398.08, the S&P 500 .SPXgained 6.22 points, or 0.18%, to 3,380.16 and the Nasdaq Composite .IXICadded 19.21 points, or 0.2%, to 9,731.18. Seven of the 11 major sectors in the S&P 500 closed in the black, with defensive real estate .SPLRCRand utilities .SPLRCUstocks seeing the biggest gains. Energy shares .SPNYwere the biggest losers. NVIDIA Corp NVDA.Ojumped 7.0% after the chipmaker's beat-and-raise earnings report, even as it forecast a $100 million hit from the coronavirus. urn:newsml:reuters.com:*:nL1N2AD26QOnline travel services platform Expedia Inc EXPE.Osurged 11.0% after the online travel services company forecast strong quarterly core earnings despite uncertainties surrounding the Covid-19 virus. urn:newsml:reuters.com:*:nL8N2ADB2DEBay Inc EBAY.Ogained 2.6% after providing better-than-expected current-quarter profit guidance. urn:newsml:reuters.com:*:nL4N2AD4VNAdvancing issues outnumbered declining ones on the NYSE by a 1.11-to-1 ratio; on Nasdaq, a 1.24-to-1 ratio favored decliners. The S&P 500 posted 74 new 52-week highs and five new lows; the Nasdaq Composite recorded 130 new highs and 60 new lows. Volume on U.S. exchanges was 6.60 billion shares, compared with the 7.62 billion average over the last 20 trading days. (Reporting by Stephen Culp; Editing by Tom Brown) ((firstname.lastname@example.org; 646-223-6076;))
This stream of information is provided by a third party company, Reuters, which is independent of Davy. Davy does not control the flow of articles in the stream and accepts no responsibility for errors or omissions, or for the information or opinions contained therein. The information is never a recommendation and does not constitute investment advice.
Warning: This content may be provided by regulated and unregulated entities and is not created, reviewed or endorsed by Davy. It is provided for general information purposes only and does not constitute a recommendation or solicitation to purchase or sell any security or make any other type of investment or investment decision. Importantly, it does not constitute investment advice, as it does not contemplate the personal circumstances of any particular person or group of persons. Neither Davy nor the providers of the Third Party Content will be liable for any investment decision made based on the reliance on or use of such data, or any liability that may arise due to delays or interruptions in the delivery of the Third Party Content for any reason.