Dow closes above 26000 for the 1st time, up more than 300pts

Dow closes above 26000 for the 1st time, up more than 300pts

Dow closes above 26000 for the 1st time, up more than 300pts

Morgan Stanley wrapped up earnings season for the big US banks with a better-than-expected quarterly profit, driving modest gains in its shares. The S&P 500, however, has already added 4 percent since January 1.

The S&P 500 has been rising so quickly, it has already topped or matched some of the Wall Street analyst's year-end 2018 targets, The median target is now 2,975 for year-end, about a 6 percent gain from current levels.

A slew of positive corporate earnings reports helped the Dow Jones industrial average close above 26,000 for the first time, having risen The Nasdaq composite and S&P 500 also finished in positive territory.

The major indexes, which hit record highs Wednesday, wavered between small gains and losses for much of the day as investors continued to size up company earnings and economic data. Hong Kong's Hang Seng gained 0.2 percent to 32,049.94, while the Shanghai Composite added 0.3 percent to 3,453.28. The drop was a reversal from robust gains for October and November. "It's been hockey-stick growth up since the tax bill passed".

Boeing, a high-flying stock of late, fell 2.8 percent.

Alcoa tumbled 7 percent after the company reported a wider loss in the fourth quarter. Many multinational corporations have announced onetime charges for bringing home money held overseas, but investors expect them to benefit in the long run from the decision to cut the standard tax rate from 35 percent to 21 percent and are bidding up their share prices. This trend is expected to continue in the coming weeks as Wall Street's earnings recovery continues.

That was the shortest time between 1,000-point milestones in the Dow's history spanning more than 100 years.

Wall Street's main indexes seesawed in choppy trade on Thursday, as gains in tech stocks offset losses in interest-rate sensitive sectors.

The Dow is up 1,396.43 points, or 5.7 percent.

The Nasdaq is up 37.22 points, or 0.5 percent. Copper rose 1 cent to $3.20 a pound.

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