Cisco helps Wall Street extend streak of record highs | Reuters
By Yashaswini Swamynathan U.S.
By Yashaswini Swamynathan
U.S. stocks eked out enough gains on Thursday for the three main indexes to notch a record intraday high for the sixth straight session, helped by gains in Cisco.The rally was sparked a week back by President Donald Trump's vow of a 'phenomenal' tax announcement. Robust economic data has also been a boost, while bank stocks have risen on prospects of an upcoming interest rate hike.Trump tweeted on Thursday: "Stock market hits new high with longest winning streak in decades. Great level of confidence and optimism - even before tax plan rollout!""The market is likely to take a breather after recklessly rising to continued record highs without a pause," Perter Cardillo, chief market economist at First Standard Financial wrote in a note.This type of action is due to the market expecting a perfect fiscal reform and that maybe placed on hold, he said.The S&P 500 technology index rose 0.29 percent and gave the broader index its biggest boost. Cisco, which jumped 2.8 percent to $33.76 was the top stock on the three main indexes.
Adding to strong data points of late, a Labor Department report Thursday that showed the number of Americans filing for unemployment benefits rose less than expected last week.At 9:38 a.m. ET (1438 GMT), the Dow Jones Industrial Average was up 14.36 points, or 0.07 percent, at 20,626.22, while the Nasdaq Composite was up 10.13 points, or 0.17 percent, at 5,829.57.The S&P 500 was up 0.96 points, or 0.04 percent, at percent, at 2,350.21. The index ended higher for the seventh session in a row on Wednesday, its first such streak since September 2013.
Six of the 11 major S&P sectors were higher, with utilities and real estate gaining the most, after two straight days of losses.NetEase jumped nearly 10 percent to $287.19 following the Chinese online game developer's revenue beat.Molina Healthcare tumbled 16 percent to $50.35 after the health insurer reported a fourth-quarter loss and forecast 2017 profit far below estimates.
Alexion Pharma rose 2.9 percent to $135.84 after the company gave a 2017 revenue forecast that a Leerink analyst said would likely quell investor concerns. Advancing issues outnumbered decliners on the NYSE by 1,425 to 1,132. On the Nasdaq, 1,231 issues rose and 972 fell.The S&P 500 index showed 39 new 52-week highs and no new lows, while the Nasdaq recorded 75 new highs and eight new lows. (Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Savio D'Souza)
This story has not been edited by Firstpost staff and is generated by auto-feed.
By Robin Emmott and John Irish | BRUSSELS/PARIS BRUSSELS/PARIS France and Germany will agree to a U.S. plan for NATO to take a bigger role in the fight against Islamic militants at a meeting with President Donald Trump on Thursday, but insist the move is purely symbolic, four senior European diplomats said.The decision to allow the North Atlantic Treaty Organization to join the coalition against Islamic State in Syria and Iraq follows weeks of pressure on the two allies, who are wary of NATO confronting Russia in Syria and of alienating Arab countries who see NATO as pushing a pro-Western agenda."NATO as an institution will join the coalition," said one senior diplomat involved in the discussions. "The question is whether this just a symbolic gesture to the United States
BEIJING Chinese President Xi Jinping on Wednesday called for greater efforts to make the country's navy a world class one, strong in operations on, below and above the surface, as it steps up its ability to project power far from its shores.China's navy has taken an increasingly prominent role in recent months, with a rising star admiral taking command, its first aircraft carrier sailing around self-ruled Taiwan and a new aircraft carrier launched last month.With President Donald Trump promising a US shipbuilding spree and unnerving Beijing with his unpredictable approach on hot button issues including Taiwan and the South and East China Seas, China is pushing to narrow the gap with the U.S. Navy.Inspecting navy headquarters, Xi said the navy should "aim for the top ranks in the world", the Defence Ministry said in a statement about his visit."Building a strong and modern navy is an important mark of a top ranking global military," the ministry paraphrased Xi as saying.