Stocks jumped to start the week, adding to gains from Friday’s session that was powered by a better-than-expected jobs report. The Dow Jones Industrial Average surged 320.11 points, or 1.3%, to 24,776.59. The S&P 500 gained 24.35 points, about 0.9%, to 2,784.17. The Nasdaq Composite rose 67.81 points, or 0.88%, to 7,756.20. Chinese shares bounced despite heightened trade tensions between Washington and Beijing after each imposed major tariffs on the other’s goods last week. The Shanghai Composite ended the session 2.5%, its biggest one-day rise in 2-years. Hong Kong’s Hang Seng Index was higher by 1.5% Japan’s Nikkei ended the day up 1.21% In Europe, London’s FTSE traded 0.35% higher, Germany’s DAX gained 0.12% and France’s CAC was higher by 0.40% Stocks also rose Friday after a strong jobs report overshadowed U.S.-China tariffs. The Dow Jones Industrial Average climbed 99.74 points, or 0.41%, to 24,456.48. The S&P 500 climbed 23.21 points, or 0.84%, to 2,759.82. The Nasdaq Composite rallied 101.96 points, or 1.34%, to 7,688.39. The U.S. economy added 213,000 jobs in June with the unemployment rate rising to 4%. Wage growth remained steady at 2.7% even though hourly wages inched higher by 0.2%. Economists surveyed by Thomson Reuters expected the U.S. economy would have added 195,000 jobs in June with the unemployment rate holding steady at May’s 3.8%, which was the lowest since April 2000. Investors are looking ahead to Friday when the earnings season for banks gets underway. Citigroup, JPMorgan Chase and Wells Fargo will all report results on that day. Commodities were mostly higher.
The Dow recorded its biggest one-day point gain since 2008 on Monday, as reports of trade talks between the U.S. and China reduced fears of a possible trade war. The Dow Jones Industrial Average climbed 669.40 points, or 2.84%, to 24,202.60 at the close. The Nasdaq Composite rose 227.88, or 3.26%, to 7,220.54, while the S&P 500 Index gained 70.29, or 2.72%, to 2,658.55.
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Wall Street moved higher Wednesday, capping a strong run in January and clinching the Dow’s best winning streak since 1959. The Dow Jones Industrial Average jumped 72 points to 26,149. The S&P 500 advanced 1.4 points to 2,823. The Nasdaq Composite was up 9 points at 7,411. Despite a pullback to start the week, the Dow and S&P 500 completed their best January performances since 2016. The indexes also posted their 10th consecutive monthly gains—the strongest run in nearly 60 years. The Nasdaq has seven straight monthly gains to its credit. “Equities continue to drift upward, achieving returns in the first four weeks of the year that are often typical for an entire year,” U.S. Bank Wealth Management chief equity strategist Terry Sandven wrote in a note to clients this week. “While year-to-date performance is superb, the data still seems supportive of higher stock prices.” Stocks pulled back slightly later in Wednesday’s session after the Federal Reserve signaled a possible interest rate hike in March. The central bank also raised its inflation forecast, encouraged by low unemployment and stronger household spending. Wednesday marked the end of the final two-day policy meeting Opens a New Window. under Chair Janet Yellen, who will be replaced by Jerome Powell in February. The yield on the benchmark 10-year Treasury bond dipped slightly to 2.722% from 2.725%. Yields fall as bond prices rise. West Texas Intermediate crude oil rose 23 cents, or 0.4%, to $64.73 a barrel. AT&T (T) shares jumped in after-hours trading, as the telecommunications giant beat Wall Street’s estimates for fourth-quarter earnings. Microsoft (MSFT) and Facebook (FB) also reported better earnings than expected.
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The Dow Jones industrial average closed at a record on Thursday on the back of stronger-than-expected quarterly results from Caterpillar and 3M. The 30-stock index gained 140.67 points to close at 26,392.79. The Dow rose as much as 206 points but came off its highs after President Donald Trump told CNBC the dollar will get “stronger and stronger” under his leadership. The dollar index reversed losses and traded higher by 0.1 percent. The S&P 500 pared most of its gains and closed 0.1 percent higher at 2,839.25, a record. The Nasdaq composite gave up its gains and closed 0.1 percent lower at 7,411.16. Earlier, the S&P 500 and Nasdaq followed the Dow higher as a strong earnings season rolled on. “The numbers companies are releasing, along with the upbeat views from executives, is helping analysts lift their estimates and that’s helping stocks advance,” said Mark Luschini, chief investment strategist at Janney. “You [also] have strong U.S. and overseas economic growth, and that is supportive for stocks.” Shares of Caterpillar rose as much as 2.8 percent before finishing 0.6 percent higher, while 3M gained 1.9 percent. Celgene and McCormick also reported better-than-forecast quarterly earnings and sales. “This is going to be earnings-driven for the next couple of weeks,” said Tim Dreiling, regional investment director at U.S. Bank Wealth Management. “Thus far, it’s been terrific news.”
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The Dow closed above 26,000 for the first time in its history, as bank earnings, Boeing (BA) and IBM (IBM) drove the blue-chip index higher Wednesday. The Dow Jones Industrial Average surged 322 points to 26,115. The S&P 500 and Nasdaq Composite also hit all-time highs. The S&P 500 advanced 26 points to 2,802. The Nasdaq gained 74 points to 7,298. An early rally Tuesday morning pushed the Dow past 26,000, clinching the fastest 1,000-point climb for the Dow. Although Wall Street pared its gains later in the session, the rally picked back up a day later. Brad McMillan, chief investment officer for Commonwealth Financial Network, said the brief pullback after the Dow first cracked 26,000 on Tuesday was a healthy sign for the market. “With the economy growing at a healthy rate, with corporate earnings rising, and with the Fed still stimulating, there is simply no trigger for a pullback,” McMillan wrote in a note to clients. “Even if we did get a pullback, as we did in early 2016, it would be unlikely to last, and for the same reasons.” On Wednesday, Boeing jumped more than 4% on news that the aircraft maker will partner with automotive supplier Adient (ADNT) to create an exclusive supplier of high-end aircraft seats. Shares of IBM, another Dow component, rose about 3% after analysts at Barclays (BCS) upgraded the stock to overweight from underweight. UnitedHealth (UNH) also continued to march higher, with shares up 2.4%. The health insurer on Tuesday beat Wall Street’s expectations for fourth-quarter earnings and raised its outlook for 2018, citing federal tax reform.
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The Dow Jones Industrial Average jumped past 25000 for the first time Thursday, on pace to notch the fastest run to a fresh 1,000-point milestone in history. The blue-chip index, which heavily weights industrial giants such as Boeing Co. and Caterpillar Inc., was recently up 138 points, or 0.6%, at 25061. If the Dow industrials close above 25000, the jump from 24000 would have taken 23 trading days, ahead of the 24-day spans that took the index to 11000 in 1999 and 21000 in March. The S&P 500 climbed 0.4% and the Nasdaq Composite added 0.1%. Thursday’s moves marked the latest feat for a rally that has repeatedly wrong-footed skeptics and sent stock indexes around the world to multiyear highs. The Dow industrials hit five thousand-point milestones last year, the most such records in its 120 years. Faster economic growth around the globe and improving sentiment from consumers and businesses—both of which were elusive for many years since the financial crisis a decade ago—have helped power this rally in recent weeks. Economic data in the first days of the new year continued to suggest steady expansion in the U.S., China and Europe. “The turn of the calendar year doesn’t change the dynamics of economic growth and earnings growth,” said Kate Warne, investment strategist at retail brokerage Edward Jones. “We shouldn’t be surprised that markets continue to move higher because fundamentals continue to be positive and investor optimism is actually improving rather than investors becoming more cautious.” A year ago, Ms. Warne said many investors were asking her what could go wrong for stocks in the U.S., with the overwhelming belief that stocks would fall. This year, there has been a shift. Now the question she hears the most is how long can this rally continue and what could possibly end it, with investors overwhelmingly expecting stocks to rise. On Thursday, shares of financial firms led markets higher as a strong private jobs report increased investors’ expectations of further interest-rate hikes. Businesses across the country added 250,000 workers in December, according to payroll processor Automatic Data Processing Inc. and forecasting firm Moody’s Analytics, topping economists’ expectations. The U.S. Bureau of Labor Statistics will release its monthly jobs report on Friday. Goldman Sachs Group gained 1.2%, making it one of the biggest contributors to the Dow’s point gain. American Express Co. added 1.9%, while JPMorgan Chase & Co. rose 1.7%.
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U.S. stocks traded higher on Monday as investor sentiment was boosted by the Senate narrowly passing a major tax bill over the weekend. Shares of companies that stand to benefit the most from lower tax rates, like banks, led the gains. The Dow Jones industrial average rose 142 points, with Boeing and Walt Disney leading advancers on the 30-stock index. The Dow also hit a record high and briefly traded more than 300 points higher. The S&P 500 gained 0.3 percent, with financials and telecommunications as the best-performing sectors, rallying 2.1 percent and 1.8 percent, respectively. The index also reached an all-time high. The Nasdaq composite lagged, trading 0.6 percent lower as Facebook, Alphabet and Netflix all traded lower. “You’re seeing tech lagging and financials leading. This is some rotation on the back of the Senate vote,” said Lindsey Bell, investment strategist at CFRA. In the early hours of Saturday morning, Senate Republicans managed to narrowly pass a bill to revamp the country’s tax system. The final vote came out as 51-49 in favor, after Republicans had to rework the bill late on Thursday. “Everyone who owns stock is happy with the tax bill vote,” said Trip Miller, managing partner at Gullane Capital Partners. “Net-net, this is good news for Corporate America.”