wnol.info July 20 2018

Wall Street on Cloud Nine since Trump's election

July 20 2018, 06:48 | Alonzo Simpson

Image Courtesy Twitter @Nasdaq

Image Courtesy Twitter @Nasdaq

The Dow Jones Industrial Average (DJIA) and the Standard and Poor's 500 (S&P 500) are both widely followed American stock market indexes.

In data news, USA industrial production more than doubled the consensus forecast for December, raising confidence in the domestic economy.

"The global economy and global markets are in sync for the first time in a meaningful way since the Great Recession".

All three benchmark indexes rallied to end at record highs on Wednesday, with the Dow leading the way. ASML Holding ( ASML ) rallied 6.9% after reporting strong earnings for the three months ended December 31 and naming a new chief financial officer.

Volume on US exchanges was 6.82 billion shares, compared to the 6.32 billion average over the last 20 trading days. "From a longer-term perspective, corporate earnings are still strong, and we're about to engage in the benefits of tax reform".

Presently, though Trump is still behind Barrick Obama - in the first year, of his first term, the Dow Jones gained 33.4% whereas in the period since Trump's inauguration (January 20 2017) the index has gained 31.7%. Of the S&P 500 companies that had reported as of last week, 69 percent have surpassed earnings-per-share estimates while 85 percent have beaten expectations.

Viacom fell 7.0 percent after sources told Reuters CBS Corp and the company were not in active merger discussions.

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"Not only is the US coming off a strong quarter, but the new tax reform measures are continuing to provide a boost, with investors keen to hear more about what impact this will have on futureearnings", said Craig Erlam, senior market analyst at online foreign exchange broker Oanda.

Germany's DAX gained 0.1 percent and France's CAC 40 fell 0.1 percent.

The Nasdaq added 35 points, or 0.5 percent, to 7,296.

In related news, Director Mark Edward Thompson sold 1,000,000 shares of the firm's stock in a transaction dated Tuesday, November 7th. The dollar was flat against the euro, having hit a three-year low near $1.22 against the single currency on Monday as traders shifted their attention from the Federal Reserve to the European Central Bank.

West Texas Intermediate crude fell 0.6 percent to $63.94 a barrel, the first retreat in more than a week.

However, Bitcoin slid as much as 18% on Tuesday to a four-week low, leaving it just above $11,000 amid fresh fears of a regulatory crackdown.

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