Dow closes above 26000 for first time in history

Dow closes above 26000 for first time in history

The Dow Jones Industrial Average closed above 26,000 for the first time ever Wednesday, extending early gains after the Federal Reserve's Beige Book painted a sunny picture of the United States economy. The Nasdaq Composite Index closed up by 75 points, or 1%, to 7,298.

A 2.4 percent drop in Boeing's high-flying stock kept the Dow in the red, a day after the index closed above the 26,000 mark for the first time. It's been just eight trading days since the Dow had its first close above 25,000 on January 4.

"This might just be a little bit of a pullback, especially after yesterday's significant gain, until we get further into the earnings season", said Lindsey Bell, investment strategist at CFRA Research in NY.

Investors have been encouraged by strong global growth, rising company earnings and the prospects for further corporate profits thanks to the tax overhaul signed into law last month, which cut the top tax rate for corporations from 35 percent to 21 percent.

Indeed, the Dow Jones industrial average's more than 1,000-point rise from 25,000 to "26K" in the past seven trading days has some investment pros warning that the almost nine-year-old bull market may be entering its "euphoria phase" - which typically marks the final stage of a long, upward climb for stocks.

Meanwhile, individual investors, who are cautiously dipping their toes back into American stock markets after suffering so heavily in the financial meltdown of 2008, seem largely unconcerned by Trump's penchant for controversy. According to the Bank of America Merill Lynch this is a record and a "blockbuster".

Dow closes above 26000 for first time in history
Dow closes above 26000 for first time in history

The Dow Jones industrial average rose 173 points, or 0.7 percent, to 25,966. Brent crude, used to price global oils, lost 24 cents to $68.91.

Gold rose $2.10 to $1,339.20 an ounce. Copper fell 3 cents to $3.19 a pound.

CURRENCIES: The dollar rose to 110.76 yen from 110.49 yen on Tuesday. On the Nasdaq, 1,770 issues fell and 1,084 advanced.

The price of bitcoin extended its slide Wednesday, though by late afternoon it had pared most of its losses from earlier in the day. Many finance pros believe bitcoin is in a speculative bubble that could burst any time. Wholesale gasoline added 2 cents to $1.86 a gallon. However, the fact that the market closed lower could indicate that it is ready to turn down. Britain's FTSE 100 declined 0.4 percent.

In Greater China, the Hang Seng Index was up 0.42%, while Shanghai Composite Index on the mainland added 0.41%.

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