Markets Right Now: Dow has first close above 26000 points

The Dow Jones Industrial Average fell 97.84 points or 0.37 per cent to 26,017.81 the S&P 500 lost 4.53 points or 0.16 per cent to 2,798.03 and the Nasdaq Composite dropped 2.23 points or 0.03 per cent to 7,296.05

As trading progressed Tuesday, investors engaged in some profit taking, and the Dow slipped back below 26,000 to close at 25,792.86.

Shares were broadly higher in Asia on Thursday after a rally on Wall Street that took the Dow Jones industrial average to its first close above 26,000.

Fashion house Hugo Boss was among the biggest gainers in Europe, up 3.7 percent, after it reported a rebound in growth at its own stores, a jump in online sales and a recovery in the US. U.S. crude fell 0.53% to $63.96 per barrel and Brent was last at $69.43, down 1.18% on the day.

"I have not seen such enthusiasm on Wall Street since Ronald Reagan", said Peter Cardillo of First Standard Financial, who has seen nine USA presidents come and go since 1971, when he started working at the heart of global finance. Australia's S&P/ASX 200 added 0.1 percent to 6,024.40 and South Korea's Kospi rose 0.4 percent to 2,524.62.

The Iseq index edged down about 0.4 per cent as its leading stocks struggled for momentum. Marathon Patent, Riot BlockChain, Xunlei and fell between 4 percent and 13 percent. Dow Jones ended at 26115.6 up 1.25%, Nasdaq closed at 7298.2 up 1.03% and S&P 500 was at 2802.5 up 0.94% when the market ended. The Nasdaq Composite declined 37.38 points, or 0.5%, to 7,223.69.

Investors also love the GOP corporate tax cut, which will save companies billions of dollars and give them even more money to return to shareholders and to buy and merge with other companies.

"If the Dow Jones Industrials rises by a further 1.3% to 26,450 by the close on Friday the headline USA index will have generated its best return ever in the first year of any post-war President, something which Donald Trump may well be keen to crow about on Twitter", Mould said, in a note.

Fourth quarterly reports have fuelled a bull market as indexed companies experience strong earnings that are supported by U.S. tax reform and sustained global economic growth.

"On average, most consumers benefit from the introduction of price discrimination and that consumer surplus gains more than offset the loss in profits suffered by firms", Bloomberg quoted authors Patrick Kehoe, Brad Larsen, and Elena Pastorino writing.

Overall, the result was the Dow's biggest point gain since Election Day 2016; just one day after the worst peak-to-trough reversal since the summer of 2016.

The Standard & Poor's 500 index rose 6 points, or 0.2 percent, to 2,783.

Meanwhile, mining shares were modestly higher after better-than-expected growth and industrial output figures from China, a major buyer of industrial and precious metals. Brent crude, used to price worldwide oils, fell 2 cents to $69.36 a barrel.

Citigroup rose 1.05 percent ahead of its earnings.

Merck & Co and UnitedHelath Group were leading gainers, up 5.8% and 1.9% respectively. The shares were sold at an average price of $0.06, for a total value of $60,000.00.



Other news