NEW YORK: The Dow
pushed to fresh highs on Wednesday one day after notching an all-time
record, even as the Federal Reserve said economic growth continued at a
dull pace. The Dow Jones Industrial Average rose 42.47 points (0.30 per cent) to 14,296.24, a new all-time high. The
broad-based S&P 500 edged up 1.67 points (0.11 per cent) to
1,541.46, while the tech-rich Nasdaq Composite Index declined 1.77
points (0.05 per cent) to 3,222.37.
The market gains came despite a mixed report on US economic conditions from the Federal Reserve.
the Fed's Beige Book showed "modest to moderate" economic expansion, it
noted concerns about the impact of new tax hikes on consumer spending.
James, managing director of equity trading at Wedbush Morgan
Securities, said many investors continued to have doubts given the
uncertainty in Europe and high unemployment in the US but momentum was
pushing stocks higher.
"The market resilience and the index going
higher are pulling people into the market that don't want to be
buying," James said. "People are forced to be buying chasing the
Among Dow components, the biggest gainers included
Bank of America (up 3.2 per cent), Alcoa (up 2.6 per cent) and Cisco
Systems (up 2.3 per cent).
Hewlett-Packard, also a Dow component,
rose 2.8 per cent on reports of fresh shareholder pressure to revamp
the computer maker's board and possibly top management.
Dow member, Exxon Mobil, dropped 0.1 per cent after signalling 2013
production would drop one per cent from the 2012 level.
increased its quarterly dividend, but sank 7.2 per cent after reporting
quarterly revenues and full-year 2013 earnings guidance that missed
American Eagle Outfitters plummeted 10.1 per cent
after signalling that first-quarter earnings would be lower than last
year's levels. The company cited "macroeconomic headwinds and
unfavourable weather" as drags on consumer spending.
fell. The yield on the 10-year Treasury rose to 1.94 per cent from 1.89
per cent late Tuesday, while the yield on the 30-year roe to 3.15 per
cent from 3.10 per cent. Bond prices and yields move inversely. - AFP/fa
Last updated : 14 Sep 2019
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