Wall Street extends record streak; Dow ends above 19,000 | Reuters
By Caroline Valetkevitch | NEW YORK NEW YORK U.S. stocks extended their post-U.S
By Caroline Valetkevitch
| NEW YORK
NEW YORK U.S. stocks extended their post-U.S. election rally on Tuesday with moderate gains that pushed the Dow above 19,000 and the three major indexes to record closing levels for a second straight day.The S&P 500 ended above 2,200, led by gains in telecommunications .SPLRCL, up 2.1 percent, and consumer discretionaries .SPLRCD, up 1.2 percent. The small-cap Russell 2000 index also set another record high close.Stocks have mostly rallied since the Nov. 8 election. Investors see President-elect Donald Trump's promises of tax cuts, higher spending on infrastructure and less regulation as beneficial to certain industries, including banking, industrials and healthcare.Robert Pavlik, chief market strategist at Boston Private Wealth in New York, said the rally that started in financials and industrials just after the election is spreading to other sectors. "You're seeing some strength across the board. That's a healthy sign and indicates to me that we're in a bull market," he said. "The market started to give up some gains last week, but that didn't increase selling pressure. It actually drew people back in."
The Dow Jones industrial average .DJI ended up 67.18 points, or 0.35 percent, to 19,023.87, the S&P 500 .SPX gained 4.76 points, or 0.22 percent, to 2,202.94 and the Nasdaq Composite .IXIC added 17.49 points, or 0.33 percent, to 5,386.35.All three indexes also hit record intraday highs. The Dow took 121 trading days to reach 18,000 points from 17,000, but has since crawled along, taking another 483 days to breach 19,000.The Dow is now up 9.2 percent for the year so far, while the S&P 500 is up 7.8 percent.
But some market participants question if the rally is sustainable, with the S&P 500 trading near 17.3 times forward 12-month earnings, above the 10-year median of 14.7 times, according to StarMine data. Dollar Tree (DLTR.O), up 8.2 percent at $88.68, was the biggest percentage gainer among discretionaries. The dollar-store chain reported a better-then-expected quarterly profit.The healthcare index .SPXHC, which saw a sharp run higher following the election, was off 1.4 percent, leading the decliners.
Medtronic (MDT.N) tumbled 8.7 percent to $73.60 after the medical device maker reported quarterly revenue that missed expectations and cut its full-year adjusted earnings forecast.About 7.3 billion shares changed hands on U.S. exchanges, compared with the 8.1 billion daily average for the past 20 trading days, according to Thomson Reuters data.Advancing issues outnumbered declining ones on the NYSE by a 2.36-to-1 ratio; on Nasdaq, a 1.64-to-1 ratio favored advancers.The S&P 500 posted 52 new 52-week highs and 6 new lows; the Nasdaq Composite recorded 319 new highs and 22 new lows. (Editing by Nick Zieminski)
This story has not been edited by Firstpost staff and is generated by auto-feed.
By Steve Holland and Amanda Becker | LAS VEGAS LAS VEGAS Republican presidential nominee Donald Trump and Democrat Hillary Clinton go head to head on Wednesday night in a third and final debate as Trump tries to reverse momentum in an election that polls show is tilting away from him.Trump has been damaged recently by several accusations of groping women - which he denies - and concerns about his claims that the election will be rigged against him.The debate at the University of Las Vegas Nevada gives the New York businessman perhaps his best remaining chance to sway the dwindling number of Americans who are still undecided about which way to vote in the Nov. 8 election
TOKYO Crude oil prices fell for a fourth day on Wednesday, with jittery investors awaiting official U.S. stockpile figures later in the day after less comprehensive industry data showed a surprise build in inventories.The American Petroleum Institute (API) said crude stockpiles increased by 9.3 million barrels in the week to Oct. 28, more than nine times the amount expected by analysts polled by Reuters
THE HAGUE Islamic State is likely to launch more attacks in Europe, the EU police agency Europol warned on Friday, with several dozen militants already in place and more possibly arriving as IS faces setbacks in Syria and Iraq.In a report on the threat the Islamist group poses to the 28-nation bloc, Europol said the most probable forms of attack would be those used in recent years, from the mass shootings and suicide bombings seen in Paris and Brussels to stabbings and other assaults by radicals acting alone.Car bombs and kidnappings, common in Syria, could emerge as tactics in Europe, it said, while protected sites such as power grids and nuclear power stations were not seen as top targets.Essentially the entire European Union is under threat as almost all its governments back the U.S.-led coalition in Syria, the agency said, warning that IS was likely to infiltrate Syrian refugee communities in Europe in an effort to inflame hostility to immigrants that has shaken many EU governments. "If IS is defeated or severely weakened in Syria/Iraq by the coalition forces, there may be an increased rate in the return of foreign fighters and their families from the region to the EU or to other conflict areas," Europol said in a statement.It said Islamic State was also likely to start planning attacks and sending militants to Europe from Libya and that other groups, including al Qaeda and its affiliates, also continue to pose a threat to the continent. Europol Director Rob Wainwright said EU states had stepped up their security cooperation in the wake of IS attacks in the last couple of years, allowing more plots to be thwarted.