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Dow hits 26000 for first time on earnings optimism

20 January 2018

S&P 500 and the Nasdaq closed at record high on Friday while investors assessed the possibility of a government shutdown.

Wall Street reached new record highs on Tuesday, with the Dow Jones Industrial Average racing past the 26,000 mark for the first time less than a fortnight after it first closed above the 25,000 level.

The Dow Jones Industrial Average closed above 26,000 for the first time ever Wednesday, extending early gains after the Federal Reserve's Beige Book painted a sunny picture of the USA economy. Closing values for three main stock indices January 16 According to money.cnn the Dow Jones (DJIA) closed down 0.04 percent, 10.33 points at 25,792.86.

The S&P 500 posted 84 new 52-week highs and 12 new lows; the Nasdaq Composite recorded 127 new highs and 25 new lows.

Earlier in the day, data from China showed its economic growth accelerated for the first time in seven years, putting world stocks on a firm footing. The Nasdaq shed 37.38 points, or 0.5 percent, to 7,223.69.

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GE stock fell to turn negative for the year.

Other negative catalysts on the horizon include the start of the Q4 2017 earnings report season and the Federal Reserve's looming policy meeting.

IBM and American Express are expected to report after market close. Most company stocks have very little volatility.

Investors have been encouraged by strong global growth and rising company earnings.

USA stocks rocketed to new records early on Tuesday, 16 January 2018 but ran out of gas soon thereafter as the new year rally showed signs of fatigue. SPDR Dow Jones Industrial Average ETF has a one year low of $196.69 and a one year high of $257.97.

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The S&P 500 is up 128.95 points, or 4.8 percent.

In another sign of optimism, Wall Street analysts are boosting their earnings forecasts for USA companies at the fastest pace in 10 years, according to Bespoke Investment Group.

The Brent oil futures rose by 0.12 Dollars to 69.27 USD per barrel, and United States light WTI crude appreciated by 0.19 USD to 63.93 USD per barrel. At midday, each of the major indexes was up better than 0.5% with the blue chip index up nearly 200 points. Only the 1991-92 winning stretch saw the stock market gain 1% in the month following the end of that winning run. Building materials group CRH fell 0.6 per cent to €30.19, while food company Kerry was down 0.4 per cent at €89.50.

The euro slipped to $1.2232 from $1.2181.

Exxon Mobil rose 1.2 per cent, and ConocoPhillips increased 1.7 per cent, while Royal Dutch Shell and Chevron each rose 0.3 per cent.

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The Stoxx Europe 600 climbed 0.1 percent.

Dow hits 26000 for first time on earnings optimism