Stocks Climb As Apple, Amazon Rise; Bitcoin Stocks Slip | Stock News & Stock Market Analysis

Stocks carried premarket gains through into early trade Thursday, showed Bitcoin and related stocks under early pressure and chip-sector leaders sketching out modest gains.

X The Dow Jones industrial average and the Nasdaq Composite each opened 0.2% higher, while the S&P 500 struggled to hold a 0.1% gain.

Apple (AAPL) swung up 0.6% to an early lead among Dow industrial stocks. maintained its early 0.2% gain. The advance left shares down a bit less than 2% so far for the week and rising from a test of support at the stock’s 10-week moving average. The stock remains in a flat base, below a potential buy point at 176.34, despite being rocked by a series of negative reports this week. (AMZN) and Netflix (NFLX) each climbed 0.5% to lead the FANG stocks. Amazon is working on the fifth week of a possible flat base, which would be a late-stage structure.

Chip-sector stocks were generally positive. Taiwan Semiconductor (TSM) jumped 1.3% at the starting bell, as the stock seeks to regain support at its 10-week moving average. Cirrus LogicCRUS rose 0.9%.

Eros International (EROS), a producer and distributor of Indian language films, surged 6% in early action. The company announced Thursday its Eros Now service was available to Amazon Prime members via Amazon channels in the U.S. and the U.K.  Eros shares have been struggling to climb out of a deep, 28-month correction.

Bitcoin Futures Drop, Related Stocks Under Pressure

Bitcoin traded just above $14,600, down 13% vs. early Wednesday, but still up about 2% since Tuesday’s start of trade. Futures were down sharply, more than 5% lower on both the CME and the Cboe exchanges. Related stocks were in motion as well:

  • Riot Blockchain (RIOT): -5.3%
  • Bitcoin Investment Trust (GBTC): -9.7%
  • Marathon Patent Group (MARA): -6.1%
  • (OSTK): -2.6%
  • Long Blockchain (LTEA): +1%
  • Parateum (TEUM): -19.6%
  • India Globalization Capital (IGC): -10.2%

Unemployment Claims Steady, Oil Inventories Coming Up

Federal sources provide their final economic news releases of the year Thursday, with the Labor Department reporting first-time unemployment claims were unchanged at 245,000 in the week ended Dec. 23.  Economist had projected a dip to 240,000 claims.

The trade deficit widened, to $69.7 billion, in November, the Commerce Department reported, vs. a $69.1 billion gap in October and forecasts for a November decrease to $67.7 billion.

The Energy Information Administration provides its final weekly inventories estimates for 2017 at 11 a.m. ET.


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Originally posted 2017-12-31 18:48:09.


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