US stocks: Dow hits record close

Dhaka,  Sat,  03 December 2016
Published : 02 Dec 2016, 11:43:10

US stocks: Dow hits record close

US stocks: Dow hits record close
Dow managed to notch a record closing high with a lift from bank and energy shares on Thursday.

But a sharp decline in technology stocks pulled both the Nasdaq and the S&P 500 indexes into the red.

Declines in Facebook, off 2.8 per cent at $115.14, and Microsoft, down 1.8 per cent to $59.18, sent the Nasdaq to its lowest close since Nov. 14.

While the S&P 500 technology index dropped 2.3 per cent, its worst daily performance since June 24.

The S&P 500 has gained more than 2.0 per cent since the November election, technology stocks have failed to participate, dropping nearly 3.0 per cent.

The Dow advanced as gains in high-priced names in the financial and energy sectors climbed. 

Goldman Sachs, up 3.3 per cent, accounted for more than 50 points to the plus side for the price-weighted index. The stock is up more than 24 per cent since the election.

The Dow Jones industrial average rose 68.35 points, or 0.36 per cent, to 19,191.93, the S&P 500 lost 7.73 points, or 0.35 per cent, to 2,191.08.

The Nasdaq Composite dropped 72.57 points, or 1.36 per cent, to 5,251.11.

A continued rally in oil helped energy names such as Chevron advance. Brent futures LCOc1 settled up more than 4.0 per cent after a nearly 9.0 per cent jump on Wednesday.

The S&P 500 energy index rose 0.3 per cent, while the S&P financial index climbed 1.7 per cent, its best day in three weeks.

Declining issues outnumbered advancing ones on the NYSE by a 1.66-to-1 ratio; on Nasdaq, a 1.61-to-1 ratio favoured decliners.

The S&P 500 posted 79 new 52-week highs and seven new lows; the Nasdaq Composite recorded 178 new highs and 63 new lows.

About 9.13 billion shares changed hands in U.S. exchanges, above the 7.96 billion daily average over the last 20 sessions, according to a news agency report.

-SRS-
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