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Best Buy stock drops after report of CEO inquiryExternal Link

Best Buy Co. Inc. shares declined after a report late in Friday's session that the company is investigating its chief executive after an anonymous letter accused him of an inappropriate romantic relationship. The Wall Street Journal reported just before the close that the board was investigating a letter received Dec. 7 that accused CEO Corie Barry of having a yearslong relationship with Karl Sanft, a former senior vice president at the electronics retailer, before she was named to the top job last June. Sanft is now chief operating officer for 24 Hour Fitness Worldwide Inc. Best Buy stock dropped from an intraday high of $90.32 to $89.90 in the last 20 minutes of Friday's session, then declined another 1% in after-hours action immediately following the end of trading.

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.


Fri, 17 Jan 2020 21:11:27 GMT
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S&P 500, Dow close at new records, notch best weekly gains since AugustExternal Link

U.S. stocks closed at all-time highs Friday, marking the third-straight record close for the Dow and S&P 500, as investors cheered bullish economic data and continued to ride a wave of trade optimism. The Dow Jones Industrial Average rose 50 points, or 0.2%, to about 29,348, the S&P 500 index gained roughly 13 points, or 0.4% to close at 3,330 and the Nasdaq Composite index advanced 32 points, or 0.2% to end the session at roughly 9,389. All three benchmarks set new intraday and closing highs. Market sentiment was boosted by stellar figures on U.S. home construction, with the Commerce Department reporting that home builders broke new ground on new homes at an annual rate of 1.61 million in Decmeber, 17% higher than the month before, and well above consensus expectations. Meanwhile data out of China showed December GDP growth at the fastest pace since last March. Though some analysts expressed concern about rising stock-market valuations, with the price-to-earnings ratio reaching 18.8, according to data from Refinitiv, others noted that low bond yields justify higher prices. In company news, Qualcomm Inc. shares gained 4.6% after Citi upgraded the stock to buy from neutral to lead S&P 500 stocks higher.

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.


Fri, 17 Jan 2020 21:10:30 GMT
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Natural-gas futures log lowest finish since 2016; oil prices post a second weekly declineExternal Link

Natural-gas futures fell Friday as ample U.S. supplies and forecasts for milder-than-normal weather in much of the nation pushed prices to their lowest finish since May 2016. Oil futures, meanwhile, ended slightly higher Friday, but marked a weekly decline for a second week. February natural gas lost 7.4 cents, or 3.6%, to settle at $2.003 per million British thermal units, with prices down about 9% for the week, according to FactSet data. February West Texas Intermediate oil added 2 cents, or 0.03%, to settle at $58.54 a barrel on the New York Mercantile Exchange, with front-month contract prices down nearly 0.9% from the week-ago finish.

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.


Fri, 17 Jan 2020 19:40:50 GMT
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CDC to start screening travelers from Wuhan to 3 major U.S. airports for signs of CoronavirusExternal Link

The U.S. Centers for Disease Control and Prevention said Friday it will start screening people traveling to the U.S. from Wuhan City in the Hubei Province of central China through three major airports for signs of a new virus that has sickened 40 people and killed two. The Coronavirus has been compared to pneumonia, as well as to SARS and MERS, two former respiratory illnesses that broke out in Asia. Symptoms include fever, coughing and difficulty breathing. The initial screenings will take place at the airports that receive the most travelers from Wuhan, namely San Francisco's SFO, New York's JFK and Los Angeles LAX. Cases of the illness have now been confirmed in Thailand and Japan, according to a CDC advisory from Thursday. Most of the patients in Wuhan had some link to a large seafood and animal market, suggesting animal-to-person spread, although others had no exposure to animals, suggesting the disease can also be transmitted from person-to-person.

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.


Fri, 17 Jan 2020 19:19:08 GMT
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Gold futures end higher for the session, barely changed for the weekExternal Link

Gold futures settled higher on Friday, but barely budged for the week. "Gold has struggled to shine this week as positive economic data from the United States and China cooled concerns over the global economy," said Lukman Otunuga, senior research analyst at FXTM. "Appetite towards the metal was also bruised by the 'phase one' [U.S.-China] deal, which offered some light at the end of the long trade war tunnel. With stock markets hitting record highs and the dollar stabilizing, gold is positioned to weaken in the short term," he said. February gold rose $9.80, or 0.6%, to settle at $1,560.30 an ounce. Prices ended 20 cents higher than the week-ago settlement.

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.


Fri, 17 Jan 2020 18:48:18 GMT
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