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Wall Street indexes extend streak of record highs with Cisco's help

Trump's vow of phenomenal tax measures, strong eco data, chances of rate hike has also been a boost

Reuters 

Dow, Nasdaq hit record highs as techs, energy rise

US eked out enough gains on Thursday for the three main indexes to notch a record intraday high for the sixth straight session, helped by gains in

The rally was sparked a week back by President Donald Trump's vow of a 'phenomenal' tax announcement. Robust economic data has also been a boost, while bank have risen on prospects of an upcoming interest rate hike.

tweeted on Thursday: "Stock market hits new high with longest winning streak in decades. Great level of confidence and optimism — even before tax plan rollout!"

"The market is likely to take a breather after recklessly rising to continued record highs without a pause," Perter Cardillo, chief market economist at First Standard Financial wrote in a note.

This type of action is due to the market expecting a perfect fiscal reform and that maybe placed on hold, he said.

The technology index rose 0.29 per cent and gave the broader index its biggest boost. Cisco, which jumped 2.8 per cent to $33.76 was the top stock on the three main indexes.

Adding to strong data points of late, a report Thursday that showed the number of Americans filing for unemployment benefits rose less than expected last week.

At 9:38 am ET (14:38 GMT), the Industrial Average was up 14.36 points, or 0.07 per cent, at 20,626.22, while the Composite was up 10.13 points, or 0.17 per cent, at 5,829.57.

The was up 0.96 points, or 0.04 per cent, at 2,350.21. The index ended higher for the seventh session in a row on Wednesday, its first such streak since September 2013.

Six of the 11 major S&P sectors were higher, with utilities and real estate gaining the most, after two straight days of losses.

jumped nearly 10 per cent to $287.19 following the Chinese online game developer's revenue beat.

tumbled 16 per cent to $50.35 after the health insurer reported a fourth-quarter loss and forecast 2017 profit far below estimates.

Alexion Pharma rose 2.9 per cent to $135.84 after the company gave a 2017 revenue forecast that a Leerink analyst said would likely quell investor concerns.

Advancing issues outnumbered decliners on the by 1,425 to 1,132. On the Nasdaq, 1,231 issues rose and 972 fell.

The index showed 39 new 52-week highs and no new lows, while the recorded 75 new highs and eight new lows.

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Wall Street indexes extend streak of record highs with Cisco's help

Trump's vow of phenomenal tax measures, strong eco data, chances of rate hike has also been a boost

Trump's vow of phenomenal tax measures, strong economic data, prospects of rate hike has been a boost
US eked out enough gains on Thursday for the three main indexes to notch a record intraday high for the sixth straight session, helped by gains in

The rally was sparked a week back by President Donald Trump's vow of a 'phenomenal' tax announcement. Robust economic data has also been a boost, while bank have risen on prospects of an upcoming interest rate hike.

tweeted on Thursday: "Stock market hits new high with longest winning streak in decades. Great level of confidence and optimism — even before tax plan rollout!"

"The market is likely to take a breather after recklessly rising to continued record highs without a pause," Perter Cardillo, chief market economist at First Standard Financial wrote in a note.

This type of action is due to the market expecting a perfect fiscal reform and that maybe placed on hold, he said.

The technology index rose 0.29 per cent and gave the broader index its biggest boost. Cisco, which jumped 2.8 per cent to $33.76 was the top stock on the three main indexes.

Adding to strong data points of late, a report Thursday that showed the number of Americans filing for unemployment benefits rose less than expected last week.

At 9:38 am ET (14:38 GMT), the Industrial Average was up 14.36 points, or 0.07 per cent, at 20,626.22, while the Composite was up 10.13 points, or 0.17 per cent, at 5,829.57.

The was up 0.96 points, or 0.04 per cent, at 2,350.21. The index ended higher for the seventh session in a row on Wednesday, its first such streak since September 2013.

Six of the 11 major S&P sectors were higher, with utilities and real estate gaining the most, after two straight days of losses.

jumped nearly 10 per cent to $287.19 following the Chinese online game developer's revenue beat.

tumbled 16 per cent to $50.35 after the health insurer reported a fourth-quarter loss and forecast 2017 profit far below estimates.

Alexion Pharma rose 2.9 per cent to $135.84 after the company gave a 2017 revenue forecast that a Leerink analyst said would likely quell investor concerns.

Advancing issues outnumbered decliners on the by 1,425 to 1,132. On the Nasdaq, 1,231 issues rose and 972 fell.

The index showed 39 new 52-week highs and no new lows, while the recorded 75 new highs and eight new lows.
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Business Standard
177 22

Wall Street indexes extend streak of record highs with Cisco's help

Trump's vow of phenomenal tax measures, strong eco data, chances of rate hike has also been a boost

US eked out enough gains on Thursday for the three main indexes to notch a record intraday high for the sixth straight session, helped by gains in

The rally was sparked a week back by President Donald Trump's vow of a 'phenomenal' tax announcement. Robust economic data has also been a boost, while bank have risen on prospects of an upcoming interest rate hike.

tweeted on Thursday: "Stock market hits new high with longest winning streak in decades. Great level of confidence and optimism — even before tax plan rollout!"

"The market is likely to take a breather after recklessly rising to continued record highs without a pause," Perter Cardillo, chief market economist at First Standard Financial wrote in a note.

This type of action is due to the market expecting a perfect fiscal reform and that maybe placed on hold, he said.

The technology index rose 0.29 per cent and gave the broader index its biggest boost. Cisco, which jumped 2.8 per cent to $33.76 was the top stock on the three main indexes.

Adding to strong data points of late, a report Thursday that showed the number of Americans filing for unemployment benefits rose less than expected last week.

At 9:38 am ET (14:38 GMT), the Industrial Average was up 14.36 points, or 0.07 per cent, at 20,626.22, while the Composite was up 10.13 points, or 0.17 per cent, at 5,829.57.

The was up 0.96 points, or 0.04 per cent, at 2,350.21. The index ended higher for the seventh session in a row on Wednesday, its first such streak since September 2013.

Six of the 11 major S&P sectors were higher, with utilities and real estate gaining the most, after two straight days of losses.

jumped nearly 10 per cent to $287.19 following the Chinese online game developer's revenue beat.

tumbled 16 per cent to $50.35 after the health insurer reported a fourth-quarter loss and forecast 2017 profit far below estimates.

Alexion Pharma rose 2.9 per cent to $135.84 after the company gave a 2017 revenue forecast that a Leerink analyst said would likely quell investor concerns.

Advancing issues outnumbered decliners on the by 1,425 to 1,132. On the Nasdaq, 1,231 issues rose and 972 fell.

The index showed 39 new 52-week highs and no new lows, while the recorded 75 new highs and eight new lows.

image
Business Standard
177 22