Dow closes above 26000 for first time in history

Image Courtesy Twitter @Nasdaq

The tech index Nasdaq Composite also ended with an increase of 1%.

Technology and health care companies were leading the gains in midday trading Wednesday. "But the market remains overbought, and an overbought market is susceptible to a pullback". Leading the pack, the Dow rallied more than 330 points to close at 26,115.65, the first finish ever above 26,000.

Presently, though Trump is still behind Barrick Obama - in the first year, of his first term, the Dow Jones gained 33.4% whereas in the period since Trump's inauguration (January 20 2017) the index has gained 31.7%.

The S&P energy index fell 0.16 per cent as oil slipped towards $US69 a barrel on a reported rise in USA fuel stocks.

The recent rally came off Wall Street on the day as traders struggled to find direction, though the Dow did stay above 26,000.

The Dow Jones industrial average hit above 26,000 point milestone with technology stocks being some of the biggest winners.

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The stock market is off to a stellar start in 2018. Many multinational corporations have announced onetime charges for bringing home money held overseas, but investors expect them to benefit in the long run from the decision to cut the standard tax rate from 35 percent to 21 percent and are bidding up their share prices. The technological stocks received Apple's support, which wiped out its initial losses after announcing plans to return billions of dollars back to the US. Lam Research led the S&P 500 with a gain of $14.69, or 7.7 percent, to $205.08. USA crude rose 0.06 percent to $64.01 per barrel and Brent was last at $69.36, down 0.03 percent. Boeing rose $18.85, or 4.7 percent, to $351.01. Republican leaders are scheduled to bring forward a short-term spending bill to keep the government running through mid-February, The Wall Street Journal reported (https://www.wsj.com/articles/immigration-talks-continue-as-government-shutdown-looms-1516211283). Celgene fell $2.80, or 2.7 percent, to $102.02.

Ford Motor slumped 7 percent after the automaker gave a disappointing profit forecast for the year because of weaker sales in the USA, higher commodity costs and its investments in new electric and hybrid cars. It was the second-biggest decliner on the S&P.

"This might just be a little bit of a pullback, especially after yesterday's significant gain, until we get further into the earnings season", said Lindsey Bell, investment strategist at CFRA Research in NY. Goldman's trading desks had a weak quarter.

In foreign exchange markets, the dollar index, which traces its value against six other currencies, declined by 0.06% to 90.35, but then rose again.

US crude added 24 cents to $63.97 per barrel on the New York Mercantile Exchange.

USA crude is down 0.31% at the time of writing at US$63.77 a barrel. On the Nasdaq, 1,770 issues fell and 1,084 advanced.

The price of bitcoin extended its slide Wednesday, though by late afternoon it had pared most of its losses from earlier in the day.

Yields on 10-year U.S. Treasury notes reached a 10-month high after China reported fourth-quarter growth that accelerated for the first time in seven years. Many finance pros believe bitcoin is in a speculative bubble that could burst any time.

Oil futures were trading lower. Wholesale gasoline added 2 cents to $1.86 a gallon.

Factors contributing to the positive rise in the market include low inflation, low interest rates and low bond yields. Germany's DAX lost 0.5 percent, while the CAC 40 in France slipped 0.4 percent. Nasdaq 100 futures declined 11 points.

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