Dow climbs above 19,000 for first time

Kuwait Times - - BUSINESS -

The Dow jumped above 19,000 early yes­ter­day for the first time as US stocks con­tin­ued to rally af­ter Repub­li­cans swept the Novem­ber 8 pres­i­den­tial and con­gres­sional elec­tions.

The Dow got as high as 19,013.12 be­fore pulling back a bit. All three ma­jor US stock in­dices closed at records Mon­day in an­tic­i­pa­tion of pro-growth poli­cies un­der Pres­i­dent-elect Don­ald Trump and con­gres­sional Repub­li­cans. “The mar­ket rise rep­re­sents op­ti­mism that the types of poli­cies im­ple­mented will even­tu­ally trans­late to faster eco­nomic growth and stronger earn­ings growth,” said Brief­ing.com an­a­lyst Pa­trick O’Hare. “This morn­ing, that same broad nar­ra­tive re­mains in place.”

About 25 min­utes into trade, the Dow was at 18,994.18, up 0.2 per­cent. The broad-based S&P 500 rose 0.2 per­cent to 2,202.47, while the tech-rich Nas­daq Com­pos­ite In­dex climbed 0.4 per­cent to 5,387.92. Re­tail­ers were strong ahead of the hol­i­day shop­ping sea­son, which kicks off with the an­nual “Black Fri­day” sales this week the day af­ter Thurs­day’s Thanks­giv­ing hol­i­day. Ama­zon, Wal-Mart Stores and Tar­get were all up more than one per­cent. Cy­ber­se­cu­rity com­pany Palo Alto Net­works tum­bled 12.9 per­cent as it pro­jected sec­ond-quar­ter rev­enues of $426 to $432 mil­lion, be­low the $438.9 mil­lion ex­pected by Wall Street an­a­lysts. Medtronic, a med­i­cal de­vice com­pany, sank 8.5 per­cent as it re­ported low­erthan-ex­pected sales ahead of new prod­uct in­tro­duc­tions for treat­ing di­a­betes and car­diac and vas­cu­lar ail­ments. Dol­lar Tree surged 10.1 per­cent as the dis­count store chain re­ported that thirdquar­ter net in­come more than dou­bled to $171.6 mil­lion.

— AFP

NEW YORK: Traders work on the floor of the New York Stock Ex­change (NYSE) yes­ter­day in New York City. US stocks con­tin­ued their ad­vance into record highs yes­ter­day with the Dow Jones In­dus­trial av­er­age hit­ting 19,000 for the first time.

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