Friday’s economic data also spurred the biggest increase since March for the Bloomberg U.S. Dollar Spot Index, which finished the week at the highest level in data going back to 2005. A stronger dollar creates a drag on the economy and corporate profits as exports become less competitive and imports more attractive to consumers.
Multinational companies took a hit, as Coca-Cola Co., which gets more than half of its sales from overseas, lost 0.9 percent during the five days. Procter & Gamble Co., which gets a similar percentage of revenue from outside the U.S., slid 1.1 percent over the period.
“The reality of a Fed rate hike will be digested over the next couple weeks,” said Leo Grohowski, who helps manage more than $184 billion in client assets as chief investment officer of BNY Mellon Wealth Management in New York. “It’s going to take a while for equity market participants and strategists to feel confident enough to increase their earnings expectations. But I think the equity market grinds higher between now and the end of the year.”
The S&P 500 rose 1 percent in the five days, climbing on Tuesday within 20 points of its all-time high before slipping at the end of the week. The gains kept the index in a range established in the first half of 2015, before August’s correction. Financial shares paced advances as a spike in 10-year Treasury yields boosted earnings prospects. A strengthening dollar weighed on multinational companies.
Whirlpool Corporation (NYSE:WHR) stock edged lower by -1.39% to close Friday’s session at USD 156.45. The company’s shares hovered between USD 152.45 and USD 158.60during the session. The stock traded with the volume of 1.24 million shares, which was below its 3 month average volume of 1.23 million shares and above its 1 month average volume of 1.09 million shares. Over the last 5 days, Whirlpool Corporation‘s shares have declined by -2.18% and in the past one month it has moved up 1.56%. Furthermore, over the last three months, the stock has lost -8.13% and in the past six months, the shares have fell -12.41%. The stock is trading at a price to book ratio of 2.54 for the most recent quarter. Whirlpool Corporation (NYSE:WHR) declared third-quarter GAAP net earnings of $235 million, or $2.95 per diluted share, contrast to $230 million, or $2.88 per diluted share, stated for the same preceding-year period. Ongoing business earnings per diluted share(1) totaled a record $3.45 contrast to $3.04 in the same preceding-year period, primarily driven by the benefits of cost and capacity-reduction initiatives, ongoing cost productivity, favorable price/mix and benefits from acquisition integration activities.
Net sales in the quarter were a third-quarter record $5.3 billion contrast to $4.8 billion during the same preceding-year period, an enhance of over 9 percent. Not Taking Into Account the impact of currency, sales raised nearly 25 percent.
Union Pacific Corporation (NYSE:UNP) lost -1.41% to close Friday’s session at USD 85.98. The shares of the company fluctuated in the range of USD 85.46 and USD 87.21during the session. A trading volume of 6.83 million shares was recorded, which was less than its 1 month daily average volume of 5.17 million shares and below its 3 month average volume of 5.48 million shares. Over the three months, Union Pacific Corporation‘s shares have declined by -3.84% and in the past one year, it has lost -26.17%. Additionally, the stock’s year to date performance has declined -27.85%. Further, the company is trading at a price to earnings ratio of 14.85 and the stock is at a price to book ratio of 3.60. The company has 854.12 million shares outstanding with 0.10% insider ownership. Union Pacific Corporation (NYSE:UNP) achieved a 0.92 reportable injury rate through the third quarter, improving 12 percent over the same period in 2014. A railroad’s reportable injury rate is the total number of injuries stated to the Federal Railroad Administration per 200,000 employee hours, which is equivalent to 100 employees working a full year.
“While we continue to make noteworthy improvement, we won’t be satisfied until we reach our aim of zero incidents, ensuring every employee goes home safely at the end of each day,” said Cameron Scott, executive vice president-Operations.
Spirit AeroSystems Holdings, Inc. (NYSE:SPR)‘s stock decreased by -1.44% to close Friday’s session at USD 54.87. The Company’s shares oscillated in the range of USD 54.76 and USD 56.20. A total of 1.24 million shares exchanged hands, which surpassed its 1 month daily average volume of 1.34 million shares and was below its 3 month average volume of 1.09 million shares. Over the last five days Spirit AeroSystems Holdings, Inc‘s shares have surged by 4.04% and in the past six months it has moved up 4.49%. Furthermore, the stock is trading 57.99% below its 52 week high and 40.13% above its 52 week low. The stock has weekly volatility of 2.72% and monthly volatility of 2.70% with ATR of 1.29 and beta of 1.37. Spirit AeroSystems Holdings, Inc. (NYSE:SPR) declared it has accomplished the first fuselage to Bell Helicopter for the Joint Multi-Role Technology Demonstrator (JMR-TD) program. The unit was designed and assembled in Spirit’s rapid prototyping facility in Wichita, Kan., in just 22 months. The composite fuselage is being prepped to ship to Bell’s Amarillo, Texas , facility for final assembly.