World

Dow ends above 26000 for first time as stocks rally broadly

Dow ends above 26000 for first time as stocks rally broadly

Wall Street closed in positive territory yesterday: The Dow Jones Industrial Average gained 1.3 per cent to close at 26,116, the S&P 500 added 0.9 per cent to close at 2,803 and the NASDAQ increased 1 per cent to close at 7,298.

The Dow made the latest 1,000 point milestone move in a record-setting seven sessions, breaking the previous record of moving 1,000 points in 23 sessions.

The Dow Jones Industrial Average (DJIA) and the Standard and Poor's 500 (S&P 500) are both widely followed American stock market indexes.

Before shedding all of the day's gains, the Dow briefly reached an all-time high of 26,086.12 on Tuesday.

JD Sports saw its shares jump more than 6 per cent after it raised its guidance following a strong Christmas trading performance. The Shanghai Composite index added 0.4 percent to 3,451.61 and shares in Southeast Asia were mostly lower.

Earnings season is officially underway, and last week some major financial nameplates released their quarterly results.

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On the currency front, the USA dollar is trading at 110.74 yen compared to the 110.54 yen it fetched at the close of NY trading on Friday.

Britain's FTSE 100 slipped 0.3 percent to 7,733.92 and the CAC 40 of France also fell 0.3 percent, to 5,500.18.

Bank of America's fourth-quarter profits fell by almost half from a year ago, as the bank had to book $2.9 billion in charges related to the tax law. The digital currency fell 1.6 percent to $11,172, according to the tracking site CoinDesk.

March Brent crude, the global benchmark, dropped $1.11, or 1.6%, to end at $69.15 a barrel on ICE Futures Europe, suffering the biggest single session dollar and percentage decline year to date.

Benchmark West Texas Intermediate crude fell more than a dollar in NY to settle at US$63.73 per barrel. When we compare its current volume with average for the same time of day, a Relative Volume (usually displayed as ratio) of 1.10 is obtained. Many finance pros believe bitcoin is in a speculative bubble that could burst any time.

- The Dow, a price-weighted index, is up 4.2 percent since the January 4 close, and up 5.6 percent since December 31. The Dow Jones Small-Cap Value TSM Index closed at 10,476.31 for a gain of 86.35 points or 0.83%.


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