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Tiger Woods arrested in connection with DUI charge in Florida: reports

Mon, 29 May 2017 15:54:40 GMT

Pro golfer Tiger Woods has been arrested on charges of driving while under the influence in Jupiter, Fla., according to multiple reports. The PGA's former No. 1 golfer in the world was arrested at around 3 a.m. Monday on Military Trail South of Indian Creek Parkway, according to an NBC report. The golfer lives in Jupiter and has been sidelined for months as he attempts to recover from recent back surgery. The 41-year-old golfer boasts 14 majors on the PGA tour, second only to Jack Nicklaus, who holds an individual-record 18 PGA majors victories. However, Woods hasn't been the same since undergoing a trio of back surgeries, starting in April 2014. In February, he withdrew from the Dubai Desert Classic, citing back spasms, and on April 20, announced that he had undergone successful spinal-fusion surgery.

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Japan's Takuma Sato wins Indianapolis 500

Mon, 29 May 2017 00:51:23 GMT

Takuma Sato became the first Japanese driver to win the Indianapolis 500, pulling away in the final laps at the 101st running of the race Sunday. Sato passed three-time Indy 500 winner Helio Castroneves with five laps remaining and held on for the victory. Castroneves finished second. It was just the second career IndyCar win for Sato, a former Formula One driver. Fernando Alonso, a two-time Formula One champion, was impressive in his Indy 500 debut, but was forced from the race with 21 laps remaining due to engine problems. Cars made by Honda Motor Co. dominated the race, claiming six of the top 10 spots, including Sato's winning car.

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North Korea launches 9th missile test this year

Sun, 28 May 2017 22:26:21 GMT

North Korea test-fired another ballistic missile early Monday, upping the ante amid rising tensions with the U.S. The missile was fired from a base on North Korea's east coast and flew for about six minutes before falling into the Sea of Japan, according to South Korea's Yonhap News. South Korea's military confirmed the report, saying "North Korea launched an unidentified projectile from a site in the vicinity of Wonsan in Gangwon Province at dawn today." The launch was the ninth this year by North Korea, which is believed to be steadily advancing toward a missile that can reach the continental United States. The White House said Sunday that the president had been briefed on the launch. The test comes a day after Voice of American reported a third U.S. carrier strike force was being deployed to the region.

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Snap acquires drone startup: Report

Fri, 26 May 2017 23:24:38 GMT

Snap Inc. paid less than $1 million dollars for a failing drone startup, according to a Friday afternoon report. Buzzfeed News reported that Snap acquired Ctrl Me Robotics Inc. as the startup, based in the same Southern California city as the Snapchat parent company, was winding down operations. Ctrl Me was founded to develop a system for capturing movie-quality aerial video, according to the report, and the founder and some technology is included in the small acquisition. Snap has released one hardware product, sunglasses called Spectacles that capture video for the company's mobile app. The consumer-drone industry has suffered of late amid dominance from Chinese drone manufacturer DJI. Snap had a large IPO in March, but has struggled since, including a huge drop after its first earnings report as a public company showed a $2.2 billion quarterly loss. Snap shares closed with a 3.2% decline at $21.22 Friday.

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Nasdaq, S&P 500 edge higher to close at records

Fri, 26 May 2017 20:08:45 GMT

The tech-heavy Nasdaq and the S&P 500 closed at records Friday as stocks finished higher for the week ahead of the Memorial Day holiday. The S&P 500 index finished up 0.75 points at a record 2,415.82, led by gains in the consumer-staples and consumer-discretionary sectors. The Nasdaq Composite Index closed up 4.94 points, or less than 0.1%, at a record 6,210.19. Both benchmarks finished for a seventh day of gains. The Dow Jones Industrial Average declined 2.67 points to close at 21,080.28, less than 40 points shy of its March 1 closing record. For the week, the Dow finished up 1.3% and the S&P 500 gained 1.4%, both snapping a two-week streak of finishing lower, while the Nasdaq advanced 2.1%.

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Oil gains for the day, pares loss for the week

Fri, 26 May 2017 18:56:46 GMT

Oil futures settled higher Friday, paring their loss for the week down to about 1.7%. Prices rebounded following a nearly 5% drop a day earlier, which was fueled by traders' disappointment that OPEC didn't take more aggressive measures to lower crude production. July WTI crude rose 90 cents, or 1.8%, to settle $49.80 a barrel on the New York Mercantile Exchange.

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Gold prices settle higher, gain over 1% for the week

Fri, 26 May 2017 17:53:47 GMT

Gold prices rose Friday to settle at their highest level in a month, tacking on about 1.2% for the week as geopolitical jitters raised the metal's investment appeal. June gold rose $11.70, or 0.9%, to settle at $1,268.10 an ounce for the session. Prices have now climbed for three weeks in a row.

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U.S. oil-rig count rises for a 19th straight week, but rise is modest

Fri, 26 May 2017 17:14:05 GMT

Baker Hughes on Friday reported that the number of active U.S. rigs drilling for oil climbed by 2 to 722 rigs this week. That marked a 19th weekly rise in a row, but the increase was the smallest weekly rise of the year. The total active U.S. rig count, which includes oil and natural-gas rigs, climbed by 7 to 908, according to Baker Hughes. Oil prices appeared unfazed in the wake of the data. July West Texas Intermediate crude was up 62 cents, or 1.3%, to $40.52 a barrel on the New York Mercantile Exchange, unchanged from where it traded before the data.

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Cohn says U.S. not 'lowering' sanctions on Russia and may consider toughening them

Fri, 26 May 2017 17:07:01 GMT

A top aide to President Donald Trump said Friday that the administration is not considering "lowering" sanctions on Russia and suggested they could be toughened. Speaking to reporters at the G7 meeting in Italy, National Economic Council Director Gary Cohn said "we're not lowering our sanctions on Russia. If anything we'd probably look to get tougher on Russia." A senior administration official said Thursday that Trump was leaning toward maintaining sanctions against Moscow that were adopted by the Obama administration. Trump has in the past left open the possibility of lifting Russia sanctions.

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Atlanta Fed GDPNow 2nd-quarter forecast cut to 3.7% from 4.1%

Fri, 26 May 2017 15:57:30 GMT

WASHINGTON (MarketWatch) - The Atlanta Federal Reserve's tool for predicting the speed of the U.S. economy was cut to 3.7% for the second quarter from 4.1%, reflecting somewhat less spending on new and used homes in April. Still, the second quarter looks to be on track to easily exceed the below-par 1.2% rate of growth in the first three months of 2017.

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Dolby Labs to sign cinema deal with France's largest theater chain

Fri, 26 May 2017 15:12:42 GMT

Cinema technology company Dolby Laboratories Inc. on Friday said it plans to sign a deal with France's largest theater chain, Les Cinemas Gaumont Pathe, to open 10 Dolby Cinema locations in France and the Netherlands. Recently Hollywood, including film exhibitors, have made more of an effort to extend their reach to international markets. "Les Cinemas Gaumont Pathe's presence throughout France and the Netherlands will introduce Dolby Cinema to more consumers in Europe who seek out the best in entertainment," said Doug Darrow, the vice president of Dolby's cinema business group. Dolby's cinema technology includes state-of-the-art laser projection and sound systems. Dolby cinema will open seven of its 10 new locations in France, and the other three in the Netherlands. Shares of Dolby have gained nearly 12% in the year to date, while the S&P 500 index is up 8%.

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UPDATE: UPS to 'vigorously appeal' ruling to pay reported $247 million for illegal shipping of cigarettes

Fri, 26 May 2017 14:12:44 GMT

United Parcel Service Inc. was ordered Thursday to pay a reported $247 million in damages to New York State and New York City for the illegal shipment of cigarettes. The U.S. District Court for the Southern District of New York had ruled in March that the package-delivery company had failed to establish proper procedures to flag the shipment of millions of cigarettes from Native American reservations. "UPS is extremely disappointed in the court's ruling and imposed penalties and we will vigorously appeal the decision," UPS said in a statement emailed to MarketWatch. "The court's monetary award is excessive and far out of the bounds of constitutional limits, particularly given that the shipments at issue generated around $1 million in revenue." New York Attorney General Eric Schneiderman had a different take: "We're very pleased that the Court agreed with us on all claims, finding that UPS has repeatedly violated numerous state and federal contraband cigarette trafficking laws--as well as its own agreement with the State--by shipping hundreds of thousands of cartons of cigarettes to consumers in New York." UPS's stock eased 0.2% in morning trade, while the Dow Jones Transportation Average eased 0.1%. The stock has lost 7.8% year to date, while the Dow transports have gained 1.2% and the S&P 500 has advanced 7.9%.

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Viacom's new advertising and content deal jives with CEO's rehabilitation plan for company

Fri, 26 May 2017 13:52:38 GMT

Viacom Inc.'s new advertising and content distribution deal with cable and broadband operator Altice USA shows momentum in new Chief Executive Bob Bakish's plan to rehabilitate relationships with distributors, said Wunderlich analyst Matthew Harrigan. On Thursday the two companies announced a new multi-year partnership that will deliver local and national advertising across TV, mobile and desktop. The partnership also renewed carriage rights for Optimum and expanded rights for the multi-platform distribution such as virtual reality. Viacom's major networks, and its movie studio Paramount Pictures, have struggled as of late. When Bakish took the helm last November, his focus was to turn performance around. "The agreement seems to jive with CEO Bob Bakish's emphasis on the Big 6 networks," Harrigan wrote in a note to clients. "We do not look for any effect on near-term 2017 estimates given the lateness in the fiscal year, but we are very encouraged on the incremental afforded stability and potential template for agreements with other distributors -- even if not all Viacom networks are included." Viacom shares are down less than 1% in the year to date, but down nearly 18% in the trailing 12-month period. By comparison the S&P 500 index is up 8% in the year and nearly 16% in the last 12 months.

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U.S. stocks open little-changed, still set to end week higher

Fri, 26 May 2017 13:33:25 GMT

U.S. stocks opened marginally lower on Friday, and were set to snap a six-day win streak, as investors appeared reluctant to make big bets ahead of a long holiday weekend. U.S. markets will be closed on Monday in observance of Memorial Day. The main indexes were on track to book solid weekly gains. The S&P 500 opened 2 points, or 0.1%, lower at 2,412. The Nasdaq Composite was down 5 2 points, or 0.1%, to 6,200 at the open. The Dow Jones Industrial Average began the session down 11 points, or less than 0.1%, at 21,072. Among the early gainers on Wall Street, Ulta Beauty Inc. rose nearly 4% after reporting earnings results late Thursday.

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Newell Brands sells winter sports business to private equity firm Kohlberg & Company

Fri, 26 May 2017 12:38:05 GMT

Newell Brands Inc. said Friday that it has sold its winter sports business to Kohlberg & Company, a private equity firm. The winter sports brands include K2, Atlas, Madshus and Dalbello. Sales from the winter sports portfolio were about $330 million in 2016. The transaction is expected to close late in the second quarter or early in the third quarter. The sale is part of an effort to streamline Newell's portfolio. Gross proceeds from the divestiture are expected to be $240 million. In a separate transaction, Newell has sold the Zoot and Squadra clothing brands. Newell shares are down 0.3% in premarket trading, but up 18.8% for the year so far. The S&P 500 index has gained nearly 8% for 2017 to date.

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BlackBerry awarded final $940 million in arbitration with Qualcomm over royalties

Fri, 26 May 2017 12:10:54 GMT

Shares of BlackBerry Ltd. jumped 1.2% in premarket trade Friday, after the company said the final award in its arbitration with Qualcomm Inc. is $940 million, up from the $815 million announced in an interim ruling made in April. The sum is viewed as a material win for the mobile device maker, which is working to transform itself into a software company, after its once successful smartphone franchise was hammered when consumers moved to Android and Apple Inc. phones. The arbitration award settles a dispute between the two companies over Qualcomm's agreement to cap certain royalties applied to payments made by BlackBerry under a license agreement between the two. A hearing was held in San Diego, Calif., from Feb. 27 to March 3. BlackBerry agreed in 2010 to make fixed royalty payments per device sold to Qualcomm, at a time when its smartphone sales were very strong and were expected to continue for the long term. When those sales failed to materialize in the face of competition from the iPhone and Android devices, the company argued that the royalty payments were excessive. "Qualcomm will pay the full amount of the final award on or before May 31, 2017," BlackBerry said in a statement. BlackBerry shares have gained 63% in 2017, while the S&P 500 has gained 8%.

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Big Lots' stock gets a big boost after profit beat, raised outlook

Fri, 26 May 2017 11:37:31 GMT

Shares of Big Lots Inc. soared 7.5% toward a 2 1/2-month high in premarket trade Friday, after the discount retailer beat fiscal first-quarter profit expectations and provided an upbeat outlook. Net income rose to $51.5 million, or $1.15 a share, from $38.7 million, or 79 cents a share, in the same period a year ago, compared with the FactSet consensus for earnings per share of 99 cents. Revenue slipped to $1.30 billion from $1.31 billion, just missing the FactSet consensus of $1.31 billion, as the same-store sales decline of 0.9% missed expectations of a 0.9% increase. The company expects second-quarter EPS of 58 cents to 63 cents, above the FactSet consensus of 57 cents, with same-store sales growth in the low single-digit percentage range, compared with expectations of 1.8% growth. The company increased its 2017 EPS outlook to $4.05 to $4.20 from $3.95 to $4.10. The stock, which changed hands premarket at the highest level seen during regular session hours since March 8, has slipped 3.7% year to date through Thursday, while the SPDR S&P Retail ETF has declined 7.4% and the S&P 500 has gained 7.9%.

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PPG to sell rest of it fiberglass operations for expected proceeds of $545 million

Fri, 26 May 2017 11:17:38 GMT

PPG Industries Inc. announced Friday a deal to sell its remaining fiberglass operations to Nippon Electric Glass Ltd. , and expects proceeds of $545 million. The paints, coatings and materials company said the deal is expected to close in the second half of 2017. The operations being sold include manufacturing facilities in Chester, South Carolina, and Lexington and Shelby, North Carolina, and administrative operations in Shelby, which employ more than 1,000 people with sales of $350 million last year. PPG had sold its European fiberglass operations in 2016, and divested from two Asian fiberglass joint ventures. PPG is locked in a battle to buy rival Dutch paint maker Akzo Nobel NV , which has rejected PPG's $27 billion takeover bid. PPG's stock, which is still inactive in premarket trade, has rallied 13% year to date, while the S&P 500 has gained 7.9%. (This replaces an earlier item that incorrectly reported the amount of sales last year from operations being sold.)

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Jared Kushner named as focus in Russia probe: reports

Thu, 25 May 2017 22:56:15 GMT

Jared Kushner, President Donald Trump's son-in-law and White House adviser, is a focus of investigators looking into Russian meddling in the 2016 election, according to reports late Thursday. Multiple unnamed sources told NBC News and The Washington Post that Kushner has fallen under scrutiny in a Federal Bureau of Investigation probe, believing he may hold relevant information. Last week, reports surfaced that an unnamed senior official at the White House was a person of interest in the investigation.

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Attorney General Sessions to appeal Trump travel-ban case to Supreme Court

Thu, 25 May 2017 22:07:46 GMT

U.S. Attorney General Jeff Sessions said late Thursday he will take a federal appeals court block of President Donald Trump's travel ban to the Supreme Court. Earlier in the day, the Fourth U.S. Circuit Court of Appeals in Richmond rejected a request to reinstate Trump's travel ban stating that it "drips with religious intolerance, animus and discrimination." In a statement Thursday, Sessions said "This Department of Justice will continue to vigorously defend the power and duty of the Executive Branch to protect the people of this country from danger, and will seek review of this case in the United States Supreme Court."

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Zoe's shares fall 10% after company cuts outlook

Thu, 25 May 2017 21:15:21 GMT

Zoe's Kitchen Inc. shares dropped in the extended session Thursday after the casual dining chain cut its revenue outlook for the year. Zoe's shares fell 10% to $14.50 after hours. For the year, Zoe's estimated revenue of $314 million to $322 million, down from a previous forecast of $325 million to $327 million. Analysts surveyed by FactSet had estimated $324 million. The company reported adjusted first-quarter earnings of a penny a share on revenue of $90.6 million. Analysts had estimated a penny a share on revenue of $92.6 million.

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Trump reportedly suggested limiting German car sales

Thu, 25 May 2017 21:01:09 GMT

A report from the German publication Der Spiegel said President Donald Trump complained about Germany's exports at a meeting with European officials in Brussels. Trump reportedly said the Germans sell "millions" of cars in the U.S., and "we'll stop that." The Trump administration has complained about the German trade surplus on many occasions.

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GameStop shares slump following first-quarter earnings

Thu, 25 May 2017 20:45:31 GMT

Shares of GameStop Inc. skidded in Thursday's extended session after the videogame retailer released its quarterly results. GameStop reported first-quarter earnings of $59 million, or 58 cents a share, compared with $65.8 million, or 63 cents a share, a year earlier. On an adjusted basis, the Grapevine, Texas-based company would have earned 63 cents a share. Revenue rose to $2.05 billion from $1.97 billion while same-store sales grew 2.3% on the back of the Nintendo Switch launch. Analysts surveyed by FactSet had forecast earnings of 53 cents a share on revenue of $1.97 billion. The company also reiterated its earnings per share outlook of $3.10 to $3.40 and same-store sales target of minus 5% to flat. Wall Street is projecting EPS of $3.32 on the average and comparable sales to fall 2.1%. GameStop shares sank 5.8% after hours.

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Deckers Outdoor shares surge on surprise profit, outlook

Thu, 25 May 2017 20:34:43 GMT

Deckers Outdoor Corp. shares surged in the extended session Thursday after the maker of Ugg boots posted an unexpected profit for the quarter. Deckers shares jumped 12% to $63.50 after hours. The company reported adjusted fiscal fourth-quarter earnings of 11 cents a share on revenue of $369.5 million. Analysts surveyed by FactSet had estimated a loss of 6 cents a share on revenue of $357.6 million. Decker expects an adjusted first-quarter loss of $1.65 to $1.70 a share, and an adjusted profit of $3.95 to $4.15 a share for the year. Analysts estimate a first quarter loss of $1.75 and full-year earnings of $3.79 a share. The results and outlook come after some analysts have criticized Deckers's shopping of strategic alternatives citing weakness in the Ugg brand.

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Costco shares up 2% after fiscal Q3 earnings beat

Thu, 25 May 2017 20:26:13 GMT

Shares of Costco Wholesale Corp. rose 2% late Thursday after the company reported fiscal third quarter earnings above expectations and sales slightly below forecast. Costco said it earned $700 million, or $1.59 a share, in the quarter, compared with $545 million, or $1.24 a share, in the year-ago period. Revenue rose to 8% to $28.22 billion, from $26.15 billion last year. Analysts polled by FactSet had expected Costco to report adjusted earnings of $1.30 a share on sales of $28.6 billion. The company said its comparable-store sales rose 5% in the quarter. The analysts surveyed by FactSet had expected a rise of 4%. Shares ended the regular session Thursday up 1%.

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Ulta Beauty shares rally after results top Street view

Thu, 25 May 2017 20:19:40 GMT

Ulta Beauty Inc. shares rallied in the extended session Thursday after the beauty-products retailer's quarterly results topped Wall Street estimates. Ulta shares surged 4.4% to $305.89 after hours. The company reported adjusted first-quarter earnings of $1.91 a share on revenue of $1.31 billion. Analysts surveyed by FactSet had estimated earnings of $1.80 a share on revenue of $1.27 billion. For the second quarter, Ulta estimated earnings of $1.72 to $1.77 a share on revenue of $1.26 billion to $1.28 billion. Analysts estimate earnings of $1.77 a share on revenue of $1.27 billion.

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Nutanix stock jumps after earnings beat

Thu, 25 May 2017 20:14:54 GMT

Nutanix Inc. shares gained in late trading Thursday after the tech company reported better-than-expected financial results. Nutanix, which specializes in an approach called hyperconvergence that helps manage hybrid-cloud environments, reported a third-quarter loss of $112 million, or 78 cents a share, on sales of $191.8 million. After adjustments for stock-based compensation and other effects, Nutanix claimed a loss of 42 cents a share. Analysts on average had expected Nutanix to report an adjusted loss of 45 cents a share on sales of $186.6 million, according to FactSet, and Nutanix had forecast an adjusted loss of 45 cents to 48 cents a share. The company also guided for larger revenue than expected in the current quarter, forecasting revenue of $215 million to $220 million, while analysts expected $204.7 million on average, according to FactSet. Nutanix went public late in 2016 and experienced large initial gains, but has fallen closer to the IPO price of $16 a share of late. Nutanix stock initially jumped nearly 10% in late trading after the results were released, but gains settled down to closer to 6% later in the after-hours session.

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Stocks close higher for 6th straight day as Nasdaq, S&P 500 notch records

Thu, 25 May 2017 20:06:29 GMT

U.S. stocks closed higher Thursday for a sixth straight day of gains with the S&P 500 and the Nasdaq notching closing records. The Dow Jones Industrial Average rose 70.53 points, or 0.3%, to close at 21,082.95, less than 40 points shy of its March 1 closing record, led by more than 1% gains in shares of UnitedHealth Group Inc. , Microsoft Corp. , and Travelers Cos. . The S&P 500 index finished up 10.68 points, or 0.4%, at a record 2,415.07, led by gains in tech and consumer-discretionary stocks with a 21% gain in shares of Best Buy Co. a big standout. The Nasdaq Composite Index closed up 42.23 points, or 0.7%, at a record 6,205.26.

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Broad stock-market advance takes three S&P 500 sectors to closing records

Thu, 25 May 2017 20:03:58 GMT

Three of the 11 primary S&P 500 sectors ended at records on Thursday, in a positive sign for the breadth of the market's advance as major indexes hit all-time highs of their own. Industrials , utilities , and consumer staples all ended at their highest levels ever, while other sectors weren't far behind. The industrial sector rose 0.8% on Thursday, bringing its year-to-date advance to 6.9%, while utilities rose 0.7%, extending its 2017 move to a rise of 9.3%. Consumer staples rose 0.7% on Thursday, and are up 8.8% for the year. Only two of the 11 sectors - materials and energy - ended lower on the day. Beyond the three to hit records, both technology and consumer-discretionary stocks were within all-time highs of their own. Tech has been the strongest performer this year, up nearly 20%.

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Airline stocks get a boost as crude oil prices sink

Thu, 25 May 2017 19:35:09 GMT

The tumble in crude oil prices helped spark a rally in airline stocks, amid optimism over lower fuel costs. The NYSE Arca Airline Index jumped 2.1%, to trade within 0.5% of the near 16-year closing high reached on May 16. Among the index's more-active components, shares of Delta Air Lines Inc. rallied 2.6%, Southwest Airlines Co. climbed 2.2%, American Airlines Group Inc. rose 2.4%, United Continental Holdings Inc. advanced 2.8% and Spirit Airlines Inc. gained 4.1%. July crude oil futures tumbled 5.5% to $48.54 a barrel, after OPEC disappointed traders by extending current production cuts rather than increasing them. The airline index has now gained 3.8% year to date, while the S&P 500 has climbed 7.9%.

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