Wall St rises, Dow hits new high

Galtero Lara
Setiembre 21, 2018

At 9:53 a.m. ET the Dow Jones Industrial Average was up 193.18 points, or 0.73 percent, at 26,598.94, the S&P 500was up 13.32 points, or 0.46 percent, at 2,921.27 and the Nasdaq Composite was up 53.10 points, or 0.67 percent, at 8,003.13.

Microsoft Corp and Apple Inc were up 1.5 percent and 0.8 percent, respectively. The Nasdaq climbed 77 points, or 1 percent, to 8,027.

The rally reflected a market that seems to have taken the ongoing trade dispute in stride, after both countries announced impending tariffs on bilaterally-traded goods earlier in the week.

Trade sentiment was further boosted as the dollar index fell to its lowest in more than ten weeks.

Volume on USA exchanges was 6.52 billion shares, compared to the 6.23 billion average over the last 20 trading days.

"Corporate cash flow is at a record high, unemployment is low, regulatory reform and tax reform have certainly provided winds to the sails of the market", Keator added.

Data from the Labor Department showed US weekly jobless claims unexpectedly fell last week, hitting a near 49-year-low in a sign the job market remains strong. The 10 year reached 3.094% and trades with a yield of 3.0794%. Higher rates typically benefit the financial sector, which was up 1.0 percent.

Shares of Caterpillar rose 2.3 percent and provided the biggest boost to the blue-chip index.

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Of the 11 major sectors of the S&P 500, eight were in positive territory.

Among the other components of the FAANG group of stocks, Netflix (NFLX.O) was also down slightly.

Amazon.com (AMZN.O) slid 0.8 percent as European Union regulators looked into whether the largest online retailer was using merchant data to stifle competition.

Nike Inc rose 1.2 percent after an analysis of the company's online sales data by Thomson Reuters Proprietary Research revealed it had sold out of 61 percent more merchandise since the appearance the ad campaign featuring National Football League player Colin Kaepernick.

Defense stocks, including Northrop Grumman Corp, Lockheed Martin Corp and Raytheon Co were down after the United States said it was ready to resume talks with North Korea after Pyongyang pledged to denuclearize by 2021.

However, General Electric (GE.N) dropped 3 percent after the company flagged issues with its new H-class gas turbine.

Advancing issues outnumbered decliners by a 1.76-to-1 ratio on the NYSE.

The S&P index recorded 30 new 52-week highs and no new lows, while the Nasdaq recorded 26 new highs and 15 new lows.

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