Wednesday, 26 July, 2017

Dow Jones Closes at Record High, Notches All-Time Intraday High

Dow Jones Industrial Average Daily September E-mini Dow Jones Industrial Average
Vera Richards | 15 July, 2017, 00:15

Shares of J.P. Morgan fell 2.6% while Citigroup lost 1.6% and Wells shed 2.4%.

Delta Air Lines fell 1.8 percent after reporting a smaller profit than analysts expected. Target added it expects second-quarter earnings to come in above the high end of the forecast.

Bank of America was the biggest drag on the S&P and Goldman Sachs shaved off 21 points from the Dow.

Treasuries notched their first weekly gain in three, bolstered by Fed Chair Janet Yellen's gradualist tone on policy tightening as inflation languishes below the central bank's 2 percent target.

Earnings will be closely watched to see if high valuations are justified in the face of tepid inflation and a recent patch of mixed economic data. The Nasdaq Composite Index was up 13 points, or 0.2%, to 6,286. The S&P 500 Index gained 4.58 points, or 0.19%, to 2447.83.

"The evolution of the economy will warrant gradual increases in the federal funds rate over time to achieve and maintain maximum employment and stable prices", Yellen said.

Tiffany rose 1.9 percent as it named Alessandro Bogliolo, a veteran of the luxury industry, as its chief executive.

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