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Fri, 20th January 2017

Anirudh Sethi Report

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Archives of “Dow Jones & Company” Tag

Overnight US Market :Dow closed -43 points.

Stocks ended mixed Thursday as retailers dominated the news with Macy’s and Kohl’s both plunging following weak holiday-season reports that led the chains to cut their profit forecasts.

Still, the Nasdaq composite’s modest gain of 11 points, or 0.2%, was enough to notch a new all-time high. Settling at at 5487.94, it topped the old record by half a point.

The Dow Jones industrial average finished down 43 points, a 0.2% decline to 19,899.29. Losing 0.1% was the S&P 500, which settled at 2269 even.

nvestors were also focusing on upcoming U.S. jobs data following the publication of the minutes to the Federal Reserve’s last board meeting.

Private U.S. companies added 153,000 jobs in December, according to payroll processor ADP. That total was a bit lower than analysts expected and slightly slower than the pace of hiring for the rest of 2016. The government will issue its own hiring report on Friday.

Overnight US Market :Dow closed + 60 points.Now 58 points away to kiss 20k

Stocks climbed Wednesday as Wall Street posted a second straight day of gains in the new year and the Dow once again approached the 20,000 milestone.

The Dow Jones industrial average ended up 60 points, or 0.3%, to 19,942.16. The blue-chip index rose has come close to topping 20,000 several times in recent weeks but each time it gets near has pulled back. The Standard & Poor’s 500 index rose 0.6% and the Nasdaq composite index gained 0.9%. Both the S&P 500 and Nasdaq are near their record closing highs.

Stocks maintained their gains following the release of the minutes from the latest Federal Reserve meeting that provided clues to why policymakers raised interest rates in December for only the second time since 2006 and forecast three rate hikes in 2017 instead of the two moves previously anticipated.

Fed officials said they might have to raise interest rates faster than anticipated to prevent rapidly falling unemployment and President-elect Donald Trump’s proposed fiscal stimulus from fueling excessive inflation, according to minutes of the Fed’s December 13-14 meeting.

Benchmark U.S. crude was up 1.8% to $53.24 a barrel in New York. It lost $1.39 on Tuesday.

Overnight US Market :Dow closed -57 points.Now 237 points short of 20k

Stocks sank on the last trading day of 2016, with the Dow now 237 points short of the 20,000 milestone that it came closest to hitting on Dec. 20.

It was merely a weak end to a very strong year, however, with the S&P 500 gaining 9.5% and the small-company Russell 2000 jumping 19.5% for 2016.

For the day, the Dow Jones industrial average lost 0.3%, off 57 points to 19,762.60. But for 2016, the blue chips gained 13.4%.

The S&P 500 ended 0.5% lower for the day, while the Nasdaq composite fell 0.9%

Global stocks mostly rose on the year’s last day of trading, with Britain’s index rallying to hit another all-time high. The FTSE 100, which was trading for only a half day, rose 0.3%. That leaves the index 14.4% higher over 2016. Elsewhere in Europe, Germany’s DAX rose 0.3%, while France’s CAC 40 gained 0.5%.

Global Equities Encountering Resistance At Year-End

The Global Dow Index is running into its long-term Down trendline stemming from the 2007 all-time peak.

Here in the U.S., equity investors have been a bit spoiled as they’ve watched index after index break into all-time high ground this year. Around the globe, investors have not been so lucky. Yes, most international indices have rallied solidly this year. However, with few exceptions, the rallies have still left these international markets shy of their all-time highs. One illustration of this situation can be seen in a chart of the Global Dow Index (GDOW).

We’ve posted many times on the GDOW due to its reliable conformity to technical charting tools, despite the fact that very little money is traded off of it. Additionally, we have found it to be an accurate barometer of the state of the global equity market. Specifically, the GDOW is an equally-weighted index of 150 of the world’s largest stocks. While this includes U.S.-based companies, its heavy dose of international exposure has led to its aforementioned position below its all-time high.

Furthermore, it is currently running into potential resistance in the form of its post-2007 Down trendline connecting the 2007, 2014 and 2015 tops.

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44 Years Ago, The Dow Crossed 1,000 For The First Time – Here’s What Happened Next

With all eyes desperately urging The Dow to cross 20,000 and prove that everything in the world of Trumplandia is awesome, we thought some reflection on another major milestone in the omnipresent Stock Index would be worthwhile…

As The New York Times reported 44 years ago… The Dow Jones industrial average closed above the 1,000 mark yesterday for the first time in history.

 It finished at 1,003.16 for a gain of 6.09 points in what many Wall Streeters consider the equivalent of the initial breaking of the four-minute mile.

“This thing has an obvious psychological effect,” declared one brokerage-house partner. “It’s a hell of a news item. As for the perminence of it — well, I just don’t know.”

The Dow finally put it all together, the peace rally, the re-election of President Nixon, the surging economy, booming corporate profits and lessening fears about inflation and taxes and controls and other uncertainties of 1973.

With such kingpin issues leading the forward surge, the market fed on its own momentum. The Dow forged past 1,000 at 1:30 P.M. and it kept gaining almost consistently until the final bell.

At 3:29 P.M., red light bars flashed on above and below each of the time clocks surrounding the trading floor of the New York Stock Exchange. This was the traditional visual signal to show that one minute of training time remained. At the same moment, a bell began clanging on the speaker’s rostrum – the auditory warning.

Traders, brokers and clerks on the floor – aware that history was in the making – broke into cheers that lasted about 20 seconds. Some paper was tossed in the air and drifted down like confetti.

Several hundred persons on the floor then turned to face newsreel cameras grinding away on the member’s gallery, some brokers waving like fans at a football game.

An office broker, watching the stock tape from his desk downtown, murmured in wonderment: “There’s a sort of renewed confidence in the whole economic outlook.”

Overnight US Market :Dow closed -32 points

Stocks ended slightly lower Wednesday but the major indexes remain near record levels and the Dow is still within striking distance of the big 20,000 milestone.

The Dow Jones industrial average ended down about 32 points, or 0.2% after rising as high as 19,986.56 in the opening minutes of trade. The Dow jumped 91.56 points Tuesday to close at a record 19,974.62.

It’s now at 19,941.96 — about 58 points shy of 20,000.

The Standard & Poor’s 500 index ended down 0.3% and the Nasdaq composite lost 0.2% as it retreated from its record close of 5483.94.

Investors were once again watching the Dow in its ongoing quest for the psychologically-important 20,000 mark as the blue-chip index has made several attempts to break through but each time has fallen just short. The index has rallied strongly since the election of Donald Trump as the next U.S. president amid hopes that the incoming administration will be kind to business and back more spending on such things as infrastructure.

Oil prices were lower as benchmark U.S. crude fell 1.5% to $52.49 per barrel in electronic trading on the New York Mercantile Exchange.

Bond prices rose slightly. The yield on the 10-year Treasury note fell to 2.54% from 2.56% late Tuesday.

Global stock markets were trading in narrow ranges Wednesday.

European markets were mixed as Britain’s FTSE 100 fell less than 0.1% and Germany’s DAX gained less than 0.1%. France’s CAC-40 fell 0.3%.

Overnight US Market :Dow closed +92 points.Every Day New High !!

After coming within 13 points of 20,000, the Dow Jones industrial average fell shy of the milestone but still notched a fresh all-time high.

The Dow closed up 91.56 points, or 0.5%, and closed at its 17th record closing high since Election Day at 19,974.62, or less than 25 points shy of 20,000. During the session it notched an intraday record high of 19,987.63 in morning trading. The Standard & Poor’s 500 index gained 0.4% and closed at 2270.76, just shy of its record closing high. The Nasdaq composite index hit a record close of 5483.94, after rising 26.50 points, or 0.5%, to 5483.94.

The blue-chip index has made several attempts to break through the 20,000 mark but each time it’s fallen just short. The index has rallied strongly since the election of Donald Trump as the next U.S. president amid hopes that the incoming administration will be kind to business and back more spending on such things as infrastructure.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.57% from 2.54%. Bond yields have jumped to longtime highs over the last few months but they fell sharply yesterday. Higher yields allow banks to charge more money for loans, so financial firms traded higher. Goldman Sachs (GS) added 1.7% and Bank of America (BAC) gained 1%.

Benchmark U.S. crude gained 11 cents to $52.23 per barrel in New York.

Overnight US Market :Dow closed -9 points ( 157 points to kiss 20000 )

Stocks lost steam Friday as the Dow failed in another attempt at topping the 20,000 mark for the first time ever.

The Dow Jones industrial average lost less than 0.1%, down 8 points to finish at 19,843.41. The S&P 500 fell 0.2%, while the Nasdaq composite shed 0.4%.

After an initial jolt from the Fed’s interest rate hike decision this week, markets adjusted to the prospect of more increases that policymakers signaled were in store as they move to “normalize” interest rates. The Fed raised rates for only the second time in a decade and hinted three more hikes are on the way in 2017, rattling markets used to ultralow borrowing costs that have fueled a multiyear stock boom. The Fed’s move now shifts the focus from central bank policy to economic growth as the driver of stock market performance.

Bond yields gave up some of their big gains from the last few days.The yield on the 10-year Treasury fell to 2.58% from 2.60% late Thursday, putting at least a temporary halt to its strong rally since last month’s presidential election.

Overnight US Market :Dow sinks by 119 points after Rate Hike

The waiting game for Dow 20,000 continues — even after the Fed’s Wednesday announcement of a rate hike — as the blue chip stock gauge failed to hit the market milestone after flirting with history in the previous trading session.

Stocks treaded water till the Fed’s announcement of a quarter-point hike, which came two hours before the 4 p.m. ET market close. The major indexes seesawed, climbing and then losing steam.

The Dow slid 0.6% — down 119 points. It’s about 207 shy of that never-reached 20,000 milestone.

Down by a larger amount was the S&P 500, which shed 0.8%. The Nasdaq composite lost 0.5%.

The Dow, arguably the world’s best-known stock market barometer that’s been around since 1896 and which is made up of 30 of America’s best-known blue chip companies, climbed as high as 19,953.75 Tuesday before paring some gains and closing up 114.78 points to 19,911.21.

Overnight US Market :DOW Closed + 114 points.S&P 500 Up 15 points

The trek to Dow 20,000 continues.

It’s taken nearly 120 years to get close to this point as the Dow Jones industrial average came within 47 points Tuesday of its biggest milestone yet.

The race to 20,000 for the blue chip stock index, which began way back in 1896, picked up speed after Election Day on hopes that president-elect Donald Trump’s policies will stoke growth.

At its afternoon intraday record peak, the Dow was up more than 155 points, or 0.8%, to a high of 19,953.75, before pulling back slightly to close up 114.78 points, or 0.6%, to close at 19,911.21.

Since Election Day the Dow has surged about 9%, from around 18,300 . The Dow made history back during the Internet stock boom in 1999 when it first crossed the 10,000 mark.

Since then, the Dow has suffered through two brutal bear markets, the first in 2000-2002 following the dot-com stock crash and then 2007-2009 during the Great Recession.