Wednesday, 12 December, 2018

Dow Jones breaks through 26000 but ends lower January 16

Image Courtesy Twitter @Nasdaq Image Courtesy Twitter @Nasdaq
Nellie Chapman | 20 January, 2018, 05:17

At 9:41 a.m. ET, the Dow Jones Industrial Average was up 225.34 points, or 0.87 percent, at 26,028.53, helping it record its fastest 1000-point rise.

In data news, USA industrial production more than doubled the consensus forecast for December, raising confidence in the domestic economy. That was the first time the blue-chip index finished above 26,000. "And that's the bedrock for stock prices", Stuart Varney said on "Fox & Friends".

USA stocks closed higher on Wednesday, with major indexes ending at records and the Dow closing above 26,000 for the first time as equities jumped in a broad advance.

The Nasdaq dipped 2.23 to a close of 7,296.05, while the S&P 500 ended the day at 2,798.03, 4.53 lower than its open.

Over the course of the day 110,347 shares traded hands, as compared to an average volume of 336,660 over the last 30 days for SPDR Dow Jones REIT ETF (NYSEARCA:RWR).

The Dow, which rallied 25.1% past year, has continued its surge at the start of 2018 amid rising optimism that tax cuts will lift corporate earnings and the economy.

General Motors rose 1.9 percent after the automaker said it expects strong sales in North America and China will sustain its profit through the rest of this year. Bitcoin futures on the Cboe Futures Exchange were down 2.3 percent at $10.800.

Industrial stocks rose after the Federal Reserve said US industrial production increased 0.9 percent in December.

Merck surged more than 7 percent after early results from a key study showed its blockbuster drug Keytruda and two chemotherapy medicines helped lung cancer patients live longer and stopped the disease from advancing.

The most common bull market killer - an economic recession - is not on the horizon for now, either, with U.S. GDP growth perhaps getting back to 3% this year. India's Sensex climbed 0.9 percent to 35,393.88. The Nasdaq Composite rallied on gains in technology names including heavyweight Apple ( AAPL ), which rose 1.7% as it announced it will pay $38 billion in US taxes on foreign cash repatriation and invest $30 billion over five years in the country.

Acuity Brands Inc (NYSE: AYI) has grabbed attention from the analysts when it experienced a change of -1.41% in the last trading session to close at $161.49.

In other news, Director Mark Edward Thompson sold 1,000,000 shares of the business's stock in a transaction that occurred on Tuesday, November 7th.

The euro slipped to $1.2232 from $1.2181.

USA crude is down 0.31% at the time of writing at US$63.77 a barrel. London's FTSE 100 shed 0.3 percent.