Dow Jones Spikes 1.3% on Strong Earnings


The Dow Jones Industrial Average has topped the 26,000 mark for the first time, a new landmark in the Wall Street stock market boom that has gathered pace since the new year.

The Dow had traded above that level on Tuesday but wound up closing lower that day.

United States stocks closed higher with the Dow closing above 26,000 for the first time, following the release of stronger-than-expected quarterly earnings reports. On Wednesday, the Dow closed the session at 26,115.65, up more than one percent.

U.S. benchmarks were mixed at mid-session, with the Dow Jones off 58 points to stand at 25,959. Boeing rose $18.85, or 4.7 percent, to $351.01.

Elsewhere, the Stoxx Europe 600 gained 0.1%, while shares in Asia mostly rose.

The new record comes in the early days of earnings season for the last quarter of 2017. The Nasdaq Composite Index was up 74.59 points, or 1.03 per cent, to 7,298.28.

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Underscoring the impact of global conditions on the USA economy, he noted that the 55 percent of American companies on the S&P 500 that are export-dependent have become even more competitive due to the weakening of the USA dollar, which fell almost 10 percent previous year.

The Dow Jones industrial average rose 120 points, or 0.5 percent, to 25,910.

The Standard & Poor's 500 index rose 6 points, or 0.2 percent, to 2,783. US homebuilding fell more than expected in December, recording its biggest drop in just over a year, while weekly jobless claims dropped to a 45-year low last week. US crude was up 0.08 percent at $64.02 per barrel.

Traders work on the floor of the New York Stock Exchange shortly after the opening bell in New York, U.S., January 12, 2018. The sector has been a major contributor to the latest leg of the rally, as oil prices reached three-year highs in recent sessions and analysts expect those companies to report significant earnings growth.

That kind of behavior is typical at the end of bull markets, according to Dan Suzuki, U.S. equity strategist at Bank of America Merrill Lynch.

Merck, another Dow component, added 3.41, or 5.8%, to 62.07 after the drugmaker said a combination of its Keytruda treatment with chemotherapy extended survival of patients with lung cancer. On the Nasdaq, 1,601 issues fell and 889 advanced.