Dow ends above 26000, just eight trading days after hitting 25000

19 January, 2018, 02:06 | Author: Gladys Mathis

Losses among Boeing, General Electric and other big industrial companies weighed on US stocks Thursday, pulling the market below the record highs it set the day before. Of the S&P 500 companies that have submitted their reports so far, 78% surpassed earnings per share and 89% revenue expectations.

The S&P 500 closed at 2,802, up nine-tenths of a percentage point, and the Nasdaq composite closed up 1 percent, at 7,298.

The reversal took place as concerns of a government shutdown loomed over investors' minds. At the start of trading, the Dow broke 26,000 for the first time, the S&P 500 topped 2,800, and the major averages brought their year-to-date gains up to 5%.

The sharp gains also delivered record highs for the Standard & Poor's 500 index and the Nasdaq composite, wiping out the market's modest losses from a day earlier.

Bond prices fell. The yield on the 10-year Treasury climbed to 2.63 percent from 2.59 percent late Wednesday.

Stocks are closing higher on Wall Street, sending the DJIA to its first close above 26,000 points.

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In small-caps, the Russell 2000 Index closed at 1,586.36 for a gain of 13.39 points or 0.85%.

The gold prices stayed around their highest 4-month levels, although a stronger dollar in the day made the precious metal more expensive for other currency holders. "It's been hockey-stick growth up since the tax bill passed".

Alcoa tumbled 7 percent after the company reported a wider loss in the fourth quarter.

Wall Street's main indexes seesawed in choppy trade on Thursday, as gains in tech stocks offset losses in interest-rate sensitive sectors. Microsoft rose 1.7 percent and UnitedHealth gained 1 percent.

That was the shortest time between 1,000-point milestones in the Dow's history spanning more than 100 years. Consumer staples rose 1.2% and healthcare added 1%.

IBM rose 3.0 percent after Barclays analysts double upgraded the stock to "overweight" and hiked its price target by Dollars 59 to $192.

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