The blue-chip index raced to a new record breaking 25,000 gaining 1,000 points in 23 trading days a record in its 132-year history; defying naysayers who expect this bull run to flag soon. Both large cap and small cap stocks added gains as continued global economic growth fans investor enthusiasm. ADP Research released data on Thursday showing private sector emploment added 250,000 in December last year.
The Dow opened with a burst and by close added 152 points or +0.61% at 25,075.13 led by advances in General Electric up +2.09% and DowDuPont up +1.92%. The S&P 500 closed up +0.40% to 2,723.99 with only two sectors - utilities and real estate making losses. NASDAQ was up +0.16% after breaking 7,000 for the first time yesterday.
Financials were the market's strongest performers American Express rose +1.66% and JPMorgan Chase +1.43%. Discipline helped oil prices to rise to a three-year high as US crude stockpiles declined 7..4 million more than the consensus analysts' figure of 4.7 million barrels. The cold snap along the US' East Coast have seen electricity prices soar and a record increased demand for natural gas Inclement weather and intense cold could hang around for longer which could disrupt refinery operations.
4:22 PM EST
- Dow 25,075.13 +0.61%
- S&P 500 2,723.99 +0.40%
- NASDAQ 7,077.91 +0.18%
- Russell 2000 1,555.72 +0.20%
- NYSE Composite 13,028.47 +0.55%
- Gold 1,324.1 +0.42%
- Oil WTI $61.91 +0.47% (4:15PM EST)
- 10-Year Treasury 2.452 -0.01%
Middle East tensions with anti-government demonstrations over the last week in Iran are also ramping up worries that supply from oil exporters may be interrupted. West Texas Intermediate oil for February delivery went up 0.47% to $61 per barrel. Gold also rose 0.42% to $1,324 an ounce.
News on Wednesday of a design flaw present in computer chips that exposed most of our computer devices (from smartphones through to personal computers) to hackers accessing and stealing personal data impacted Intel's share price.