Dow sur­passes 19,000 in new record

Jamaica Gleaner - - MARKET REPORTS -

THE DOW Jones in­dus­trial av­er­age sur­passed 19,000 for the first time Tues­day as a post­elec­tion rally drove in­dexes fur­ther into record ter­ri­tory.

Stocks opened solidly higher af­ter set­ting records on Mon­day. They gave up some of their gains around mid­day but reached new highs late in the af­ter­noon. Health-care stocks slumped af­ter weak re­sults from med­i­cal de­vice com­pany Medtronic. Retailers soared af­ter strong earn­ings from Dol­lar Tree and Burling­ton Stores.

“The con­sumer in gen­eral is far more bud­get-con­scious than they were in pre­vi­ous gen­er­a­tions,” Ken Perkins, pres­i­dent of re­search firm Re­tail Met­rics, said of dis­count chains.

The Dow picked up 67.18 points, or 0.4 per cent, to 19,023.87. The Stan­dard & Poor’s 500 in­dex added 4.76 points, or 0.2 per cent, to 2,202.94. The Nas­daq com­pos­ite gained 17.49 points, or 0.3 per cent, to 5,386.35.

The Dow has closed at a record high six times in the two weeks since the pres­i­den­tial elec­tion, but trad­ing vol­ume has fallen in re­cent days.

In the en­ergy market, oil prices wob­bled. Bench­mark US crude lost 21 cents to US$48.03 a bar­rel in New York. Brent crude, the in­ter­na­tional stan­dard, rose 22 cents to US$49.12 a bar­rel in London. The price of oil rose about 4 per cent Mon­day.

Nat­u­ral gas rose three cents to US$2.98 per 1,000 cu­bic feet. Heat­ing oil re­mained at US$1.53 a gal­lon.

In­vestors con­tin­ued to sell short-term bonds, which sent their prices lower. The yield on the two-year Trea­sury note rose to 1.09 per cent, its high­est in six years. The yield on the 10year Trea­sury note re­mained at 2.31 per cent.

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