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Mon, 20th February 2017

Anirudh Sethi Report

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Overnight US Market :Dow closed +118 points ,Dow, S&P 500, Nasdaq blow past old records

Stocks were in rally mode Thursday as all three of the major indexes jumped to new all-time closing highs.

The Dow Jones industrial average jumped 118 points, or 0.6%, to 20,172.40.

Up by the same percentage were the S&P 500 and the Nasdaq composite — to their new highs of 2307.87 and 5715.18, respectively.

Investors weighed earnings from a batch of companies, including Twitter, Kellogg and Viacom. Energy stocks led the gainers as the price of crude oil headed higher. Utilities were down the most.

Benchmark U.S. crude gained 66 cents, or 1.3%, to $53.00 a barrel in electronic trading on the New York Mercantile Exchange, while Brent crude, the benchmark for international oil prices, added 40 cents to $55.52 a barrel.

In earnings news:

•  Traders welcomed Viacom’s (VIA) latest quarterly results and the media giant’s plans to turn its business around. The owner of BET, Comedy Central, MTV, Nickelodeon and the Paramount film studio gained 3.8%.

•  Kellogg (K) rose 4% after the company served up earnings that beat Wall Street’s expectations.

•  Twitter (TWTR) slumped 12.4% after the social media company’s latest quarterly earnings, which topped analyst expectations, were overshadowed by a weak profit forecast.

•   Coca-Cola (KO) fell 1.9% after its profit fell 55% in the most recent quarter.

•  Gannett (GCI) jumped 4.1% after the publisher of USA TODAY and other newspapers turned in better-than expected earnings.

In Europe, Germany’s DAX finished up 0.9%, while France’s CAC 40 climbed 1.3%. Britain’s FTSE 100 ended up 0.6%.