Dow nears 20,000, Nas­daq hits record

Kuwait Times - - BUSINESS -

Wall Street opened slightly higher yesterday, with the Dow Jones In­dus­trial Av­er­age re­sum­ing its march to­wards 20,000 and the Nas­daq hit­ting a record, helped by gains in tech­nol­ogy shares. En­ergy stocks also rose, sup­ported by oil prices. US crude was up 0.94 per­cent at $53.52, while Brent crude inched to­wards $56 as a deal to limit sup­ply comes into ef­fect on Sun­day. The Dow Jones in­dus­trial av­er­age marked its sev­enth straight week of gains on Fri­day, feed­ing on op­ti­mism that Pres­i­dent-elect Don­ald Trump's plans for dereg­u­la­tion and in­fra­struc­ture spend­ing would bol­ster the econ­omy. "The first day of trad­ing in the fi­nal week of 2016 is not likely to re­verse form last week's trad­ing ses­sions," Peter Cardillo, chief mar­ket econ­o­mist at First Stan­dard Fi­nan­cial wrote in a note.

Global mar­kets made small gains on data that showed Chi­nese in­dus­try racked up its strong­est profit growth in three months in Novem­ber, sug­gest­ing the world's sec­ond-largest econ­omy was im­prov­ing. Ten of the 11 ma­jor S&P 500 sec­tors were higher, with tech­nol­ogy and en­ergy stocks giv­ing the broader in­dex its big­gest boost.

At 9:36 a.m. ET (1436 GMT), the Dow Jones was up 29.42 points, or 0.15 per­cent, at 19,963.23. The in­dex was just 13 points away from the psy­cho­log­i­cal mile­stone of 20,000 last Tues­day.—Reuters

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