Dow sur­passes 19,000 as record-set­ting drive con­tin­ues

Daily Freeman (Kingston, NY) - - STATE NEWS -

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, though, 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 bud­get­con­scious 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 per­cent, to close at 19,023.87. The Stan­dard & Poor’s 500 in­dex added 4.76 points, or 0.2 per­cent, to 2,202.94. The Nas­daq com­pos­ite gained 17.49 points, or 0.3 per­cent, to 5,386.35.

The Rus­sell 2000 in­dex, which tracks smaller com­pa­nies, con­tin­ued to set records as it traded higher for the 13th day in a row. It jumped 0.9 per­cent.

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. U.S. trad­ing will be closed Thurs­day for Thanks­giv­ing and mar­kets will close early Fri­day.

Oil prices wob­bled and en­ergy com­pa­nies fell. Bench­mark U.S. crude lost 21 cents, to $48.03 a bar­rel, in New York. Brent crude, the in­ter­na­tional stan­dard, rose 22 cents, to $49.12 a bar­rel, in Lon­don. The price of oil rose about 4 per­cent Mon­day.

In other en­ergy trad­ing, whole­sale gaso­line picked up 1 cent to $1.41 a gal­lon. Heat­ing oil re­mained at $1.53 a gal­lon. Nat­u­ral gas rose 3 cents to $2.98 per 1,000 cu­bic feet.

Gold rose $1.40 to $1,211.20 an ounce. Sil­ver gained 11 cents to $16.63 an ounce. Cop­per added 3 cents, or 1.2 per­cent, to $2.54 a pound.

Newspapers in English

Newspapers from USA

© PressReader. All rights reserved.