DJIA Today: Dow Jones Futures Trade Near Record Levels

10 February, 2017, 02:17 | Author: Sam Montgomery
  • Dow and Nasdaq nail record highs after open, and the S&P 500 is just a whisper away

The Russell 2000 is down 19.10 points, or 1.4 percent.

USA equities have rallied since Trump's November election, spurred by hopes for fiscal stimulus, lower taxes and fewer regulations under the Republican-led federal government.

The Dow Jones Industrial Average rose 39.27 points, or 0.2 percent, to 20,091.69, the S&P 500 gained 0.4 points, or 0.02 percent, to 2,292.96 and the Nasdaq Composite added 7.06 points, or 0.12 percent, to 5,670.61.

The point being made here is that the risk going forward is that these high hopes end up being dashed, and if they are, then there is little chance that the Dow is still north of 20,000 and the S&P 500 is flirting near 2,300.

He thinks that Washington definitely takes precedence over the investors earnings these days because these are just the first few weeks of the new president who has been promising radical changes. If there are no 1 percent moves in Thursday's session, it will mark the 43rd straight session without a 1 percent move for all three indexes.

With more than half of the S&P 500 having reported results, fourth-quarter earnings are on track to have climbed 8.2 percent, which would be the best performance since the third quarter of 2014, according to Thomson Reuters I/B/E/S.

Oil prices were pressured by growing gasoline stockpiles in the United States as evidence of a burgeoning revival in USA shale production could complicate efforts to reduce a supply glut.

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Tech stocks helped prop up the S&P. Consumer staples were the best performing S&P group, rising 0.8 percent. JP Morgan fell 0.9 percent, Goldman Sachs observed a drop of 0.8 percent - this was one of Dow's biggest drags.

In corporate earnings news, Emerson Electric shares rose 4.5 percent after the manufacturer reported a higher-than-expected profit.

General Motors slipped 4.5 percent to $35.22 after the automaker said fourth-quarter net income fell partly because of $500 million in foreign exchange losses.

Shares of Michael Kors dropped as much as 15.4 percent to a more than one-year low of $34.92, after the handbag maker cut its full-year revenue forecast. Banks and other financial companies lagged the most.

In Asia, shares were trading mixed on Thursday in morning session following a mild close in United States markets and with gold prices at three-month highs.

Advancing issues outnumbered decliners on the NYSE by 1,576 to 1,170.

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