Losses by industrial and technology companies helped pull US stocks lower Tuesday, pulling the market back from its latest record highs.
The Nasdaq jumped more than one percent as well, finishing the day at 7,298.28, while the S&P 500 posted its own gain of 26.14 to a close of 2,802.56. Closing values for three main stock indices January 16 According to money.cnn the Dow Jones (DJIA) closed down 0.04 percent, 10.33 points at 25,792.86. "If you look at year-to-date performance, you have the broad popular indices up roughly 3 to nearly 5 percent in two weeks' trading". Investors were sizing up the latest company earnings and deal news after returning from a long holiday weekend.
Some Wall Street pros warn that the Dow may be rising too far, too fast.
A board above the floor of the New York Stock Exchange shows the Dow Jones industrial average at the start of trading, Tuesday, Jan. 16, 2018. Given the trillions in explicit and implicit short volatility strategies at the moment according to Artemis Capital, panicked short covering and broken markets could result (with, for example, very thin trading volumes in many ETF-based short VIX vehicles).
Gravity could come back to haunt the Dow, Deppe adds. Analysts say tax reform is adding a boost to earnings.
Shares of the largest USA health insurer rose 3 percent in premarket trading after the company reported fourth-quarter results that beat analysts' estimates and raised its full-year profit forecast. The benchmark KOSPI shed 6-points, or a quarter-of-a-percent to close at 2,515.4-3.
UnitedHealth rose 2.5 percent after the largest USA health insurer reported results that beat estimates and raised its 2018 earnings outlook.
Crossing the 26,000 milestone only requires a 4 percent gain from the 25000 milestone, Weiner said.
The S & P 500 was up 18.09 points, or 0.65 percent, at 2,804.33 and the Nasdaq Composite was up 62.08 points, or 0.85 percent, at 7,323.14.
Technology stocks, one of the biggest gainers this year, continued to notch gains. In the S & P 500 stock index, analysts expect first quarter profits of firms to grow by 15.3 percent, up from just 12.2 percent at the beginning of the year. The price of bitcoin soared last year after starting 2017 under $1,000, but has languished this year amid signs of increased scrutiny from governments. However, the UK's FTSE 100 index fell 0.2 percent.