Dow Jones con­tin­ues record run

The Star Early Edition - - BUSINESS REPORT -

THE DOW JONES In­dus­trial Aver­age con­tin­ued with its record run yes­ter­day, af­ter breach­ing the 20 000 mile­stone a day ear­lier. The S&P and Nas­daq also hit record lev­els im­me­di­ately af­ter open­ing, be­fore eas­ing off their highs. Earn­ings are ex­pected to show growth of 6.8 per­cent in the fourth quar­ter, their big­gest in­crease in two years. Of the 104 S&P 500 com­pa­nies that have re­ported re­sults so far, nearly 70 per­cent have topped ex­pec­ta­tions. “To­day is about earn­ings and part of the Dow reach­ing the 20 000 mile­stone is be­cause of strong earn­ings,” said Peter Cardillo, chief mar­ket econ­o­mist at First Stan­dard Fi­nan­cial in New York. “Sure, Trump’s ini­tia­tives have been an el­e­ment in the rise but the fun­da­men­tals of the mar­ket re­main strong.” The S&P 500 and the Nas­daq Com­pos­ite in­dexes also closed at record highs for the sec­ond con­sec­u­tive ses­sion on Wed­nes­day. – Reuters

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