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Dow books modest loss; Nasdaq slides 1%External Link

U.S. stocks recorded losses on Monday, pulling major equity benchmarks away from records as investors lacked clear and immediate reasons to push markets higher. The Dow Jones Industrial Average fell 0.4%, or 118 points, to 34,078, based on preliminary numbers. The S&P 500 slid 0.5% to end near 4,163. The Nasdaq Composite tumbled 1% to around 13,915. Investors also eyed talks around President Joe Biden's infrastructure plan after he held a meeting with a bipartisan group of lawmakers over the size of the bill. Shares of Dow component Coca-Cola Co. rose 1% after the beverage company reported earnings and revenues Monday that topped Wall Street forecasts.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Mon, 19 Apr 2021 20:08:35 GMT
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Oil futures end higher; Libya reportedly halts output at some major oil fieldsExternal Link

Oil futures settled modestly higher on Monday, finding some support from reports that Libya has halted output at some of its oil fields. State-owned National Oil Corp. subsidiary Arabian Gulf Oil Co. stopped pumping at its oil fields citing the government's failure to send federal funds for operations since September, S&P Global Platts reported Monday. A Reuters report on the Financial Post, meanwhile, said National Oil Corp. declared force majeure on exports from the port of Hariga - meaning it can't fulfill its contractual obligations. Tyler Richey, co-editor at Sevens Report Research, however, said the issue shouldn't have a lasting impact on oil, unless it turns into a drawn out event. May West Texas Intermediate crude rose 25 cents, or 0.4%, to settle at $63.38 a barrel on the New York Mercantile Exchange.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Mon, 19 Apr 2021 18:44:17 GMT
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Southern Co. boosts dividend to keep yield well above its peersExternal Link

Southern Co. said Monday it was raising its quarterly dividend by 3.1%, to 66 cents a share from 64 cents a share, with the utility company's dividend yield staying well above its peer group and the broader stock market. The stock slipped 0.3% in afternoon trading. The new dividend will be payable June 7 to shareholders or record on May 17. Based on current stock prices, the new annual dividend rate of $2.64 a share implies a dividend yield of 4.07%, compared with the yield for the SPDR Utilities Select Sector ETF of 2.93% and the implied yield for the S&P 500 of 1.40%, according to FactSet. Southern said said the company has now increased its dividend for 20 consecutive years.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Mon, 19 Apr 2021 18:40:52 GMT
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Amazon chart produces 'death cross' pattern despite rising short- and long-term trend trackersExternal Link

Amazon.com Inc.'s stock chart has produced a "death cross" pattern, the first in 18 months, but it has done so even both the shorter-term and longer-term trend trackers were rising. A "death cross," in which the 50-day moving average crosses (50-DMA) below the 200-day moving average (200-DMA), is typically seen as a bearish technical pattern, with many chart watchers seeing them as marking the spot a shorter-term selloff transitions to a longer-term downtrend. They aren't always good market-timing patterns, as they are well telegraphed, but they can help provide perspective on a recent move. On Monday, Amazon's stock fell 0.7% in afternoon trading, while the 50-DMA rose to $3,180.95 from $3,180.03 and the 200-DMA rose to $3,181.95 from $3,179.46. This would mark the 13th "death cross" since Amazon's stock went public in May 1997, but would be the only one to appear when both the 50-DMA and 200-DMA were rising. The 50-DMA may be rising recently, but it is currently around the same level as it was in mid-September 2020, while the 200-DMA is roughly 33% above where it was at the same time. Amazon's 50-DMA has been above the 200-DMA since Feb. 5, 2020, as the ecommerce giant was seen as a beneficiary of COVID-19-related restrictions, and the last "death cross" appeared on Oct. 10, 2019. The stock has edged up 3.7% year to date, while the S&P 500 has gained 10.8%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Mon, 19 Apr 2021 18:31:04 GMT
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Gold futures settle lower in pullback from recent gainsExternal Link

Gold futures settled with a loss on Monday, with prices giving back a portion of the roughly 2% it gained last week. "Gold prices have strongly benefited from the drop in Treasury yields, but it looks like that rally has hit a brick wall," said Edward Moya, senior market analyst at Oanda. "The recent bullion rally could struggle to break beyond the key resistance level of $1,800 unless Treasury yields match last week's drop." June gold fell $9.60, or 0.5%, to settle at $1,770.60 an ounce.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Mon, 19 Apr 2021 17:37:19 GMT
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