Dow rallies to first all-time high since January
Stocks surged to record highs Thursday as markets shook off escalating trade tensions around the globe. The Dow Jones industrial average hit a fresh peak for the first time since January. The dollar slipped to its lowest level since August, and Treasury yields jumped.
Here’s the scoreboard:
Dow Jones industrial average: 26,657.25 +251.49 (0.95%)
S&P 500: 2,931.84 +23.89 (0.82%)
Nasdaq Composite: 8,028.23 +78.19 (0.98%)
- As threats to exclude Canada loom, NAFTA talks drag on. Meeting for a second day, US Trade Representative Robert Lighthizer and Canadian Foreign Minister Chrystia Freeland were expected to discuss sticking points like dairy-market access and how trade disputes should be settled. President Donald Trump recently said the US could move forward solely with Mexico if Canada doesn’t make concessions.
- Marking the first year-over-year increase since 2015, US housing supply rose nearly 3% in August. Meanwhile, existing-home sales flattened last month at a seasonally adjusted annual rate of 5.34 million units, the National Association of Realtors said, down more than 1% from a year earlier.
- Household wealth hit record levels in the US, remaining skewed to the most affluent. Rising more than 2% between April and June to a peak of $106.9 trillion, according to the Federal Reserve, the figure offers another signal of a humming economy and stock market. But it doesn’t reflect the experiences of most American households, the Associated Press reports.
- Trump took aim at the Organization of Petroleum Exporting Countries for energy costs, demanding on Twitter the cartel “get prices down now!” Oil prices have remained close to four-year highs as countries prepare for US sanctions against Tehran that will effectively cut off Iranian production for much of the world. Crude prices shed 1% following the tweet, which added Middle Eastern countries “would not be safe for very long” without the US.
And a look at the upcoming economic calendar:
- Canada releases data on consumer prices and retail sales.
- Factory activity numbers are out in Germany and France.
- OPEC and Russia meet to discuss coordinated oil production levels.
Read the full article from it’s original source: http://uk.businessinsider.com/stock-market-rallies-to-first-all-time-high-since-january-2018-9