Friday, 22 September, 2017

Dow Closes Above 22000 For First Time As Apple Soars On Earnings

Dow Industrials breaches landmark record thanks to strong Apple results Dow Jones industrial average trades above 22000 points for the first time
Mae Harvey | 03 August, 2017, 01:09

"The Dow is a flawed index where price matters and nothing else", says Mark Arbeter, president of Arbeter Investments, a Holland, Pa., firm that analyzes the health of the market by stock chart patterns, trading volume and trendlines.

Apple shares traded at US$157.14 after hitting a record high of US$159.75 in the wake of its earnings, helping lift the Dow above the 22,000 mark. Nasdaq 100 futures pointed to a 0.68 percent gain at Wednesday's open.

The 131-year-old index received a 50-point boost from Apple, whose shares saw a 6 percent hike after Tuesday's strong earnings report.

Investors should also never get overly confident, no matter how strong the stock market is acting, warns U.S. Trust's Quinlan. The aerospace giant has contributed almost 400 points since the blue-chip index hit 21000 in March through Tuesday's close, with much of its gains coming in the past week after the company's quarterly earnings.

President Donald Trump bragged about the record high on Twitter and at an event for small businesses Tuesday.

A swathe of manufacturing surveys (PMIs) out on Tuesday had underlined how the improvement in activity had broadened out from the United States to Asia and Europe. "This phase of the risk rally is based on growth data, but even more on subdued inflation measures". It expects to report a loss when final results come out next week.

"Investors realize the real question is not whether there's turmoil in Washington, but what will it do to earnings from American companies?"

CURRENCIES: The dollar rose to 110.52 yen from 110.36 yen.

Arab nations willing to fix ties with Qatar under certain terms
Arab nations will allow Qatari planes to use air corridors in case of emergencies. They announced no new economic sanctions on the Gulf state .

Trump to back proposal to curb legal immigration
If nothing's getting passed this year, the next best thing is to remind your supporters who the enemy is to keep them motivated. It helps select immigrants who have the tools to succeed in the US while returning immigration to more traditional levels.

Microsoft Surface Plus Financing Program Lets You Upgrade Very 18 Months
A big selling point for this plan is that fact that customers can upgrade to the latest Surface model after an 18-month period. Surface Plus members also get what Microsoft calls "best in class" service and support from Microsoft Stores.

Yet the euro also benefited from buying against the yen, reaching its highest since February previous year. (NASDAQ: AAPL) were steady ahead of a second-quarter earnings call. Many technical chart analysts believe that an ADX value over 25 would suggest a strong trend.

'The market takes the good and immediately discounts the bad, ' said Jake Dollarhide, chief executive officer of Longbow Asset Management.

AutoNation fell 6.19 percent after the largest USA auto retail chain, reported a fall in quarterly profit.

Yesterday, it closed up 60.81 points at 21,891.12 - a new record high.

The S&P 500 .SPX will start excluding companies that issue multiple classes of shares, managers of the index said on Monday, a move that effectively bars Snap Inc after its decision to offer stock with no voting rights.

The Bank of England will announce its latest interest rate decision on Thursday. But the biggest highlight will be the U.S.jobs report due Friday.

The U.S. Energy Information Administration will release weekly data on crude inventories at 10:30 a.m.

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