Dow surges 300 points, closes above 26000 for first time

Dow surges 300 points, closes above 26000 for first time

Dow surges 300 points, closes above 26000 for first time

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The Dow closed above 26,000 for the first time in its history, as bank earnings, Boeing (BA) and IBM (IBM) drove the blue-chip index higher Wednesday.

S&P 500 e-minis were up 12.75 points, or 0.46 percent, with 276,816 contracts traded.

First Hawaiian Bank reduced its stake in shares of SPDR Dow Jones Industrial Average ETF (NYSEARCA:DIA) by 15.2% during the 4th quarter, HoldingsChannel.com reports.

X The Nasdaq and the small-cap Russell 2000 followed, rising 0.3% and 0.4% respectively.

Equities initially rose on earnings enthusiasm.

In addition to the Christmas present of tax cuts, Trump's pro-business attitude has comforted investors. And UnitedHealth raised its adjusted profit projection due to the recent tax overhaul.

USA market indexes were higher on Wednesday. Yet it's our eternal optimism and desire to strive for more of what's good and what's truly meaningful in life that animates the free world. We shall see. Final stages of a bull market can last years!

Stock market graphic by MGN.
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Wednesday's report comes before the Fed's next policy meeting on January 30-31. Given the trillions in explicit and implicit short volatility strategies at the moment according to Artemis Capital, panicked short covering and broken markets could result (with, for example, very thin trading volumes in many ETF-based short VIX vehicles).

Along with the mixed performance among major banks before the open, the Federal Reserve reported a jump in United States factory output, which in 2017 saw its biggest annual increase in seven years.

Employment and unemployment figures for December will be released today.

The S&P 500 was up 18.09 points, or 0.65%, at 2,804.33 and the Nasdaq Composite was up 62.08 points, or 0.85%, at 7,323.14.

The Stoxx Europe 600 climbed 0.1 percent.

Typically, that could set the stage for stocks to respond accordingly, and market analysts said yesterday that it could help the markets repeat another run of record closes like it did Friday.

The US Dollar Index edged up 0.39% to 90.76. Copper was little changed at $3.22 a pound.

The British pound was essentially unchanged at percent to $1.3796. Analysts' mean recommendation for the stock is 2.80 (A rating of less than 2 means buy, "hold" within the 3 range, "sell" within the 4 range, and "strong sell" within the 5 range).

IN GEAR: General Motors rose 0.7 percent after the automaker said it expects strong sales in North America and China will sustain its profit through the rest of this year. First Heartland Consultants Inc. now owns 47,305 shares of the exchange traded fund's stock worth $10,588,000 after purchasing an additional 1,360 shares during the last quarter.

February West Texas Intermediate crude fell 57 cents, or 0.9%, to settle at $63.73 a barrel On the New York Mercantile Exchange.

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