NASDAQ Tops 6K For First Time Ever
- Author: Ryan Wade Apr 26, 2017,
Apr 26, 2017, 8:45
The Dow Jones Industrial Average jumped 232.23 points (1.12 per cent) to end the day at 20,996.12, while the S&P 500 rose 14.46 points (0.61 per cent) to 2,388.61.
Of course the stock market in general has also been on a tear recently - the S&P 500 is up 20% over the last year, and the Russell 200 is up 30% over the past year.
Fund managers bumped up overweight positions in the tech sector to the second-highest level in Bank of America Merrill Lynch's data going back to 2008, the bank said in March.
OPEC says oil deal bearing fruit, but US pumping more
But the oversupply returned by the fourth quarter, when oil producers made 1. 1 million barrels a day more than global demand. As demand is expected to increase by 340,000bpd next year, the increase in production will swell USA inventory.
At the closing bell, the tech-rich Nasdaq Composite Index stood at 6,025.49, up 41.67 points (0.70 per cent).
Amazon, Google's Alphabet and Intel Corp. are scheduled to report Thursday.
Valuations have backed off the levels they reached in 2000.
Saints close to a deal with Adrian Peterson
Peterson, who has missed most of two of the past three seasons, is one of the all-time leading career rushers in the NFL. Peterson has totaled 2,418 carries, 11,747 yards and a 4.9 yards per carry average in his 10 seasons with Minnesota.
The gains came on the heels of a strong session in global equity markets Monday, when the Nasdaq finished at an all-time high and markets in Europe won large gains after centrist candidate Emmanuel Macron turned in a strong performance in the first round of the French presidential election, and appears favored to win the May 7 runoff.
Major Wall Street banks have so far been pessimistic that Trump will pass any tax reform bill this year amid his push to revive a replacement for Obamacare, The Post reported last week.
While the Nasdaq hit new records, other indexes surged even more, driven by unexpectedly high profits from blue-chip firms including McDonald's and Caterpillar.
United CEO Oscar Munoz will not chair board in 2018
United executives said this week it was too early to know if the widely publicized incident has affected ticket sales. United now faces charges from the injured man and will be dealing with what they call a "systematic failure".
"Tech is always going to be the group that pulls in investors chasing growth", said Boston Private Wealth's Mr. Pavlik.