Equity Markets Higher After Data Shows Increase in US Housing Starts

MT Newswires Live
05-17

US benchmark equity indexes are on track to close higher on Friday, after investors parsed the latest data showing growth in US housing starts and a decline in May consumer sentiment.

The Dow Jones Industrial Average gained 0.8% to 42,650.15, while the Nasdaq Composite increased 0.5% to 19,199.21. The S&P 500 was up 0.6% to 5,954.64. All sectors except energy were in the black, with healthcare and utilities leading the gainers.

UnitedHealth Group (UNH) shares surged 6.5%, the top gainer on the S&P 500. The company said two directors, Kristen Gil and Timothy Patrick Flynn, purchased shares worth $1 million and $491,786, respectively.

Fiserv (FI) shares were up 4.8%. Goldman Sachs and Wolfe Research reduced their price targets on the company's stock to $194 from $233 and to $210 from $220, respectively.

Applied Materials (AMAT) was the worst performer on the S&P 500, down 5.4%. The semiconductor equipment maker reported fiscal second-quarter revenue late Thursday that trailed Wall Street's estimates.

The 10-year US Treasury yield was flat at 4.4%, while the two-year rate was up 0.5 basis points to 4%.

June West Texas Intermediate crude oil was up 1.3% to $62.42 a barrel.

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