Stock market's wild flip flop comes as warning signs build

19 January, 2018, 02:05 | Author: Barbara Daniel

US stocks closed higher on Wednesday with the Dow closing above 26,000 for the first time, following the release of stronger-than-expected quarterly earnings reports. Its decline weighed on the Dow as well as the industrials sector, which fell 0.5 percent.

The broader S&P 500 added 0.9 percent to close at 2,802.56, while the tech-heavy Nasdaq gained a full percentage point to settle at 7,298.28.

A slew of positive corporate earnings reports helped the Dow Jones industrial average close above 26,000 for the first time, having risen The Nasdaq composite and S&P 500 also finished in positive territory.

The rally also delivered record highs for the Standard & Poor's 500 index and the Nasdaq composite, wiping out the market's modest losses from a day earlier.

Hong Kong's Hang Seng Index rose to a fresh closing peak on Wednesday, aided by continued strength in index heavyweight Hong Kong Exchanges and Clearing (HKEx) which jumped more than 2 per cent to 2-1/2-year highs.

Stocks are closing higher on Wall Street, sending the DJIA to its first close above 26,000 points. The Russell 2000 index of smaller-company stocks gave up 9.93 points, or 0.6 percent, to 1,576.73.

Alcoa tumbled 7 percent after the company reported a wider loss in the fourth quarter.

Laszlo Birinyi, longtime strategist and founder of Birinyi Associates, said earlier Tuesday that he sees clear signs the market is going into a period of consolidation, and he is now not setting a target for the S&P 500, after it crossed his last one at 2,760. Morgan Stanley rose after its latest earnings beat Wall Street's expectations.

Technology stocks were again some of the biggest winners.

Banks seesawed as Goldman Sachs and Bank of America reported disappointing results. Wyndham gained $5.60, or 4.8 percent, to $122.73. Baker Hughes slid $1.55, or 4.3 percent, to $34.74.

Gold rose $2.10 to $1,339.20 an ounce.

Industrial stocks rose after the Federal Reserve said U.S. industrial production increased 0.9% in December.

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