Stocks made up for yesterday’s losses during today’s trading, with the Dow touching a fresh record high to mark its first close above 26,000.
Stocks suffered their worst one-day reversal since June 2016 on a points basis after the Dow Jones Industrial Average zoomed past the 26,000 threshold, bagging the quickest-ever 1,000 point gain from its last round number (hit just seven days ago).
Copper lost 1.37 percent to $7,111.50 a tonne, touching a 3-1/2 week low following strong gains late past year and as worries lingered over fading demand in China.
The Dow added nearly 280 points in early trading in NY, hitting a high of 26,081 before falling back below the 26,000 mark towards lunchtime.
Technology and health care companies were leading the gains in midday trading Wednesday.
The Standard & Poor’s 500 index rose 6 points, or 0.2 percent, to 2,783. The Russell 2000 index of smaller-company stocks gave up 1.2 percent to 1,572.97.
Oil prices eased from three-year highs as traders booked profits from the rally but healthy demand underpinned prices near $70, a level not seen since 2014’s market slump. The stock’s price to sales ratio for trailing twelve months is 40.47 and price to book ratio for the most recent quarter is 2.98, whereas price to cash per share for the most recent quarter are 2.19.
Telecom stocks continue to see significant strength on the day, with the NYSE Arca Telecom Index up by 1.3 percent.
Japan’s Nikkei 225 index lost 0.4 percent to 23,851.20 and Hong Kong’s Hang Seng slipped 0.2 percent to 31,853.70. The company’s stock ended an increase of 1.7%.
Paper and packaging group Smurfit Kappa was among the climbers, adding 0.8 per cent to €28.92, while Bank of Ireland added 1.1 per cent to €7.97.
“Given the deteriorating trend. we believe more investors might start to question the achievability of that target going forward”, Helvea analyst Andreas von Arx told Reuters. India’s Sensex added 0.8 percent to 35,035.49. On Wednesday, the Dow closed the session at 26,115.65, up more than one percent. Goldman Sachs fell 1.8% after reporting a steep quarterly drop in trading income.
CURRENCIES: The dollar rose to 110.64 yen from 110.49 yen on Tuesday.
Germany’s 10-year yield decreased three basis points to 0.562 percent.
West Texas Intermediate crude fell 0.6 percent to $63.94 a barrel, the first retreat in more than a week.