Dow misses 20,000 milestone

The Dow came within one point of 20,000 for the first time on Friday and the Nasdaq and S&P 500 reached record highs, boosted by Apple, extending a two-month rally fueled by optimism about US President-elect Donald Trump.
Apple climbed 1.1 percent after Canada’s Competition Bureau did not find sufficient evidence the iPhone maker had engaged in anti-competitive conduct, closing a two-year investigation into the company.
Wall Street has been on a tear since Trump won the election, with the Dow up 9 percent as investors bet he will stimulate the economy with lower taxes and infrastructure spending. While Friday’s gains suggested the rally was not yet over, some investors have grown cautious.
“The market’s advance is understandable because of the economic stimulus optimism associated with a new Trump presidency,” said CFRA chief investment strategist Sam Stovall. “But parabolic market advances traditionally experience digestion of these gains, and I do not think this time will be any different.”
The record trading session followed a US Labor Department report that showed the economy added fewer-than-expected jobs last month but wages increased, suggesting resilience in the labor market.
Stocks did not react significantly to a report that five people were dead in a shooting at Florida’s Fort Lauderdale airport.
The Dow Jones Industrial Average rose 64.51 points, or 0.32 percent, to end at 19,963.8 points. The index rose as high as 19,999.63 but lost ground. Goldman Sachs rose 1.48 percent, helping the Dow more than any other stock.
The S&P 500 gained 7.98 points, or 0.35 percent, to 2,276.98, its highest close ever. The Nasdaq Composite added 33.12 points, or 0.6 percent, to 5,521.06, also a record.
Nine of the 11 major S&P 500 sectors rose, led by the technology sector’s 0.96 percent gain.
For the week, the Dow rose 1 percent while the S&P gained 1.7 percent and the Nasdaq jumped 2.6 percent.

Source: Arab News