Citywire for Financial Professionals
Stay connected:

View the article online at http://citywire.co.uk/money/article/a1081195

Overnight Markets: Dow tops 25,000 mark ahead of jobs report

Strong manufacturing and services sector data from the world’s largest economies provided a bullish tone.

 
Overnight Markets: Dow tops 25,000 mark ahead of jobs report

The Dow Jones surged past 25,000 mark for the first time on Thursday and other major indexes hit closing record highs again as global growth and solid US employment figures underpinned equities.

The Dow Jones Industrial Average added 152 points, or 0.61%, to 25,075, the S&P 500 gained 11 points, or 0.40%, to 2,724 and the Nasdaq Composite added 12 points, or 0.18%, to 7,078.

The 30-member blue-chip index crossed five 1,000-point marks in 2017 on solid corporate earnings and hopes for a pro-growth agenda by US President Donald Trump.

Strong manufacturing and services sector data from the world’s largest economies provided a bullish tone on Thursday, while other data showed US private employers stepped up hiring in December. Friday will bring the key US non-farm payrolls report.

Financials led gains on the S&P 500 on Thursday, with Wells Fargo (WFC.N) up 1.3%, JP Morgan Chase (JPM.N) up 1.4% and Goldman Sachs (GS.N) also up 1.4%.

Credit Suisse raised its price targets on six banks, while Goldman Sachs also had a bullish note on US bank stocks.

On the downside, Victoria’s Secret owner L Brands (LB.N) slid 12.3% after a disappointing quarterly earnings forecast.

Macy’s (M.N) fell 3.3% after it reported only modest growth in holiday sales and saying it would close stores and slash thousands of jobs this year. Other department store operators also fell.

Intel Corp (INTC.O) was down 1.8%, adding to Wednesday’s losses, as investors worried about the potential financial liability from recently disclosed security flaws in its microprocessors. Rival Advanced Micro Devices (AMD.O) rose 4.9%.

In Asia, share markets gained on Friday in morning session tracking Wall Street after the Dow Jones hit the 25,000 milestone.

Japan's benchmark Nikkei 225 index tacked on 0.17%, extending gains of more than 3% seen in the previous session. Across the Korean Strait, the Kospi rose 0.54%. In Australia, the S&P/ASX 200 edged up 0.6%.

Greater China markets were mostly higher in the morning. The Hang Seng Index edged up 0.21%. The Shanghai Composite edged up 0.07% and the Shenzhen Composite was flat.

leave a comment

Please sign in here or register here to comment. It is free to register and only takes a minute or two.

News sponsored by:

The Citywire Guide to Investment Trusts


In this guide to investment trusts, produced in association with Aberdeen Asset Management, we spoke to many of the leading experts in the field to find out more.

Watch Now

More about this:

Archive

Today's articles

Tools from Citywire Money

From the Forums

+ Start a new discussion

Weekly email from The Lolly

Get simple, easy ways to make more from your money. Just enter your email address below

An error occured while subscribing your email. Please try again later.

Thank you for registering for your weekly newsletter from The Lolly.

Keep an eye out for us in your inbox, and please add noreply@emails.citywire.co.uk to your safe senders list so we don't get junked.

Sorry, this link is not
quite ready yet