Enthusiasm for earnings lifts Wall Street

19 January, 2018, 02:09 | Author: Sheri Evans
  • Traders and financial professional work ahead of the closing bell on the floor of the New York Stock Exchange Jan. 12 2018 in New York City

Wall Street roared upwards, with investor enthusiasm sending all three major stock indices to record finishes, and the Dow to its first close above 26,000 points. The Dow surged 1.3 percent to 26,115.65. The Dow, after briefly hitting the 26,000 milestone on Tuesday, its fastest 1000-point rise, is on track to close above that mark for the first time.

The new record comes in the early days of earnings season for the last quarter of 2017.

Laszlo Birinyi, longtime strategist and founder of Birinyi Associates, said earlier Tuesday that he sees clear signs the market is going into a period of consolidation, and he is now not setting a target for the S&P 500, after it crossed his last one at 2,760. Other companies have said they'll use savings from tax reform to buy back stocks.

Wild Oats XI awaits Syd-Hob protest ruling
If the protest is upheld his crew will be hit with a time penalty of at least five minutes. "Everyone is a genius in hindsight". But if Wild Oats finishes ahead of Comanche , a formal protest could play a crucial role in determining the victor .

Also Wednesday, the S&P 500 gained 0.9 percent, closing at 2,802.56.

Benchmark crude slipped 2 cents to settle at $63.95 a barrel on the New York Mercantile Exchange. Brent crude, used to price worldwide oils, rose 23 cents to $69.38 a barrel. Copper rose 1 cent to $3.20 a pound.

The dollar rose to 111.13 yen from 110.30 yen on Wednesday. Natural gas fell 4 cents, or 1.3 percent, to $3.19 per 1,000 cubic feet.

Ernesto Valverde Makes A Bold Claim About Barcelona
The second leg is scheduled to be played next Friday. Valverde said: "I liked my team a lot". We have to accept the result ".

The price of bitcoin extended its slide Wednesday, though by late afternoon it had pared most of its losses from earlier in the day. The digital currency gained 2.9 percent to $11,462, according to the tracking site CoinDesk. Many finance pros believe bitcoin is in a speculative bubble that could burst any time. Wholesale gasoline added 2 cents to $1.86 a gallon. Heating oil dropped a penny to $2.06 a gallon.

Their losses, along with weakness in the heavyweight financial and healthcare sectors, dragged the pan-European STOXX 600 while Germany's DAX closed 0.47 per cent lower at 13,183.96.

The Hang Seng index closed up 0.25 per cent at 31,983.41.

Citi takes very large $22bn Trump tax hit but beats underlying earnings expectations
CEO Michael Corbat said the financial impact of the tax overhaul on Citigroup's regulatory capital was "much less significant". Global consumer banking revenue grew 6% to $8.4 billion.

Japan's Nikkei 225 index lost 0.4 percent, while the Kospi in South Korea shed 0.3 percent.

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