Tuesday, 24 October, 2017

Dow Jones trades above 22000 points for the first time

E-mini NASDAQ-100 Index Daily September E-mini NASDAQ-100 Index
Juana Turner | 03 August, 2017, 00:57

A close at or above 22,000 would represent the eight fastest move to a 1,000-point milestone for the Dow at 109 trading sessions, should it close at or above that level on Wednesday.

Apple jumped 6.02% to a record high, after the world's largest publicly listed company reported strong results and iPhone sales, and signaled its upcoming 10th-anniversary phone is on schedule. The stock is up about 30 percent this year.

In commodities, oil prices declined sharply on Tuesday.

U.S. markets have been buoyed for much of this year by hopes that President Trump would unveil tax reforms and infrastructure plans to boost the country's economy.

The Dow hit the 20,000 mark in late January and crossed the 21,000 mark in just over a month on March 1, helped by a rise in banks Goldman Sachs and JPMorgan.

"We anticipate a stronger upgrade cycle in (2018) with the 10-year anniversary iPhone 8, as our surveys indicate strong consumer interest in and anticipation for new iPhones anticipated to launch in September", said Canaccord Genuity analyst Michael Walkley. First Heartland Consultants Inc. now owns 45,945 shares of the company's stock valued at $9,797,000 after buying an additional 40,144 shares during the period. Gamble Jones Investment Counsel now owns 7,546 shares of the company's stock valued at $1,609,000 after buying an additional 462 shares in the last quarter.

The results may reassure investors anxious about high valuations.

The Dow Jones Industrial, S&P 500, and Nasdaq were all having great performance yesterday and managed to close at higher prices yesterday; the first day trading of August provided the stocks with great opportunities and even a hitting new milestone as for the Dow Jones.

The broad-based S&P 500 lost a hair at 2,475.87, while the tech-rich Nasdaq Composite Index advanced 0.2 percent to 6,375.13.

The month of July started off on a weak footing as lackluster economic data weighed on sentiment. Analysts polled by Reuters expected earnings per share of $1.57 on revenue of $44.89 billion. On Friday the official non-farm payroll numbers are forecast to show a 180,000 increase, down from June's figure of 187,000.

US profits for the second quarter have been strong, with earnings growth now at 11.4 percent, according to Thomson Reuters data.

Movie theater operators and studios declined after AMC said US box office receipts dropped 4.4 percent in the second quarter, and it expects the third quarter to be hard as well.

Advancing issues outnumbered decliners on the NYSE by 1,599 to 1,113. US West Texas Intermediate (WTI) futures fell $1.35, or 2.7%, to $48.82 a barrel.

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