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Stocks end higher; Dow closes over 26000 for the first time

20 Janvier 2018

"When you see this, the market looks for a reason to consolidate".

And while these data sets are somewhat in conflict with each other, the message is consistent - one wild day of trading doesn't signal that the top is in for markets, and over time, stocks usually go up.

Wall Street roared upwards, with investor enthusiasm sending all three major stock indices to record finishes, and the Dow to its first close above 26,000 points.

ASIA'S DAY: Japan's Nikkei 225 index lost 0.4 percent to 23,868.34 and the Kospi in South Korea shed 0.3 percent to 2,515.43.

The tech index Nasdaq Composite also ended with an increase of 1%.

An early rally Tuesday morning pushed the Dow past 26,000, clinching the fastest 1,000-point climb for the Dow. The Dow rose 53.91 points or 0.2% to 26,071.72, the Nasdaq advanced 40.33 points or 0.6% to 7,336.38 and the S&P 500 climbed 12.27 points or 0.4% to 2,810.30. The Nasdaq also recorded its third positive week in a row, as well as its fifth of the past six.

Earnings season is off to a strong start thus far.

What is driving the markets? That's the deadline Congress has to implement new spending measures to keep the federal government from closing its doors. Eastern Time on Friday. "The government shutdown played right into that", he said. "The very strong underlying trend for the market remains in place".

Which stocks were in focus? Nike, Philip Morris and Home Depot rose between 1.4 percent and 4.7 percent on upbeat analyst expectations.

American Express Co.(AXP) fell 1.8%. The PEG ratio is used to determine a stock's value while taking the company's earnings growth into account, and is considered to provide a more complete picture than the P/E ratio.

Both IBM and AmEx are Dow components, and the weakness in the two limited the gain in the blue-chip average.

However, General Electric slipped 4.7%, extending losses from Tuesday, when it announced more than $11 billion in charges.

Presently, 1.20% shares of SAExploration Holdings, Inc. Juno Therapeutics soared 51.9% after the Wall Street Journal reported that biotech drugmaker Celgene might buy it.

Shares of Square Inc.

What's on the economic calendar? The Empire Manufacturing Survey for January declined to 17.7 (consensus 19.0) from the prior month's revised reading of 19.6 (from 18.0).

Lindt's most actively traded shares closed 3.3 percent weaker in Zurich.

Losses by industrial and technology companies helped pull USA stocks lower Tuesday, with the market retreating from its latest record highs. Sceptics have dubbed the latest phase of the bull market a "melt-up", with U.S. shares continuing to rise despite looking overpriced by traditional yardsticks, and warn it could be a last hurrah before a downward correction or crash.

Stocks end higher; Dow closes over 26000 for the first time