Dow industrial average closes above 21000 for the first time

03 March, 2017, 00:11 | Author: Lorena Waters
  • Traders on the floor of the New York Stock Exchange

The main indexes were still hovering near record levels set on Monday.

Dow Jones Industrial Average (DJIA) futures are trading below fair value, a day after the index recorded its 12th straight record-high close - tying the longest streak ever.

The benchmark United States index was up more than 1 per cent on the day in afternoon trading in London, at around 21,051 points.

Across the Atlantic, the Dow Jones Industrial Average was also soaring, as the US President's warmly-received speech to Congress inspired the index rise above the 21,000 points mark for the first time in its history.

Trump reiterated broad proposals for boosting spending and cutting taxes without providing specifics that could be seen as impeding Congress's path to enact the policies.

Encouraged by Trump's pledges, investors focused on buying stocks of major USA investment banks on Wednesday. But Hong Kong's Hang Seng added 0.4 percent to 23,824.17, while the Shanghai Composite rose 0.5 percent to 3,257.53. The Standard & Poor's 500 index gained 32 points, or 1.4 percent, to 2,396.

Retail stocks also came under pressure on the day, with Target (TGT) leading the way lower after reporting weaker than expected fourth quarter results and providing disappointing guidance.

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Trump and his aides have taken credit for the stock boom, a rare step for administrations wary of tying themselves to a potential market crash.

Priceline climbed 5.6 percent on strong quarterly earnings.

Comments from New York Federal Reserve President William Dudley said during an interview with CNN that the case for raising interest rates has become "a lot more compelling", saw the greenback reverse earlier softness. South Korea's Kospi rose 0.3 percent.

Decline in oil prices led the Energy Select Sector SPDR (XLE) to increase 0.9% and emerge as the best performing sector in the S&P 500.

Australian shares snapped a five-day losing streak as mining and banking stocks surged on optimism about the USA economy. Australia's S&P/ASX 200 slipped 0.6 percent at 5,676.90. Still, the blue chip stock gauge rose almost 950 points, or 4.8%, in February. The benchmark Kospi finished up 11.01 points or 0.53 percent at 2,102.65, the highest level since February 23. Brent crude, which is used to price worldwide oils, fell 34 cents, or 0.6 percent, to close at $55.59 a barrel in London.

CURRENCIES: The dollar rose to 113.83 yen from Tuesday's 112.57 yen.



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