Thursday, 15 November, 2018

Varney on Dow Hitting 26000: 'Inexplicable' That Mainstream Media Ignores Rally

Amazon rose more than 2% extending gains from last week when data showed US holiday spending surged to 12-year high prompting price target hikes Varney on Dow Hitting 26000: 'Inexplicable' That Mainstream Media Ignores Rally
Russell Knight | 18 January, 2018, 13:10

The slide erased some of the gains from a broad rally earlier in the day that had sent the Dow Jones industrial average past the 26,000-point threshold for the first time. At midday, each of the major indexes was up better than 0.5% with the blue chip index up nearly 200 points.

In related news, Director Mark Edward Thompson sold 1,000,000 shares of SPDR Dow Jones Industrial Average ETF stock in a transaction that occurred on Tuesday, November 7th.

The S&P 500 gained 0.9 percent, with staples and tech rising more than 1 percent.

The Dow rose 332 points, or 1.3 percent, to 26,115.

Maris Ogg of Tower Bridge Associates told AFP the sustained NY rally was boosted by a "confluence of good news", including strong company earnings, slashed corporate tax rates, higher worker compensation and new investment.

After the tax package was enacted in December, some companies wasted no time in announcing pay raises and rosy earnings - including automaker Fiat Chrysler, commercial banking giant Wells Fargo and global retailer Wal-Mart. "The very strong underlying trend for the market remains in place".

Fashion house Hugo Boss was among the biggest gainers in Europe, up 3.7 percent, after it reported a rebound in growth at its own stores, a jump in online sales and a recovery in the US. The insurer added $7.40, or 3.1 percent, to $249.15. The price of one bitcoin fell 5 percent to $10,784.02 as of 0930 GMT Wednesday according to the tracking site CoinDesk.

Agents to conduct massive undocumented immigrant sweep in Northern California
ICE officials declined to comment on plans for the operation. "SB 54 does not prevent ICE from doing its work", he said. Immigrant rights advocates had not stepped up their activism in response to the report, but said anxiety remained high.

Bigger storm developing as warning goes up for the OBX
When it comes to snowstorms, the National Weather Service is responsible for issuing all watches, warnings and advisories. Alabama Governor Kay Ivey said: "All Alabamians should take time to be prepared for the potential of winter weather".

52 people die in bus fire in Kazakhstan
Five people managed to escape the inferno with injuries and are now undergoing medical treatment. These buses are still widely used in ex-Soviet nations, even though they are often decades old.

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

Bank of America's fourth-quarter profits fell by almost half from a year ago, as the bank had to book $2.9 billion in charges related to the tax law.

The Nasdaq composite rose 22 points, or 0.3 percent, to 7,281. And hedge funds, which have also been cautious on stocks, recently increased their stock market exposure to the highest level since 2006, BofA data show.

USA crude added 24 cents to $63.97 per barrel on the New York Mercantile Exchange. The stock picked up $4.26 to $232.90.

In company share price movement on Tuesday, BP shed 2.7 percent after the British energy giant said it will take an additional charge of $1.7 billion (1.4 billion euros) for previous year linked to the Gulf of Mexico oil spill disaster in 2010.

CURRENCIES: The dollar rose to 110.76 yen from 110.49 yen on Tuesday. The euro strengthened to $1.2271 from $1.2181. However, the fact that the market closed lower could indicate that it is ready to turn down. The S&P 500 banks subsector fell in earlier intraday trading but ended Wednesday up 0.6 percent.

Japan's benchmark Nikkei 225 jumped 0.7 percent to 24,050.53 as the yen weakened against the US dollar.

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