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Tuesday, 16 August 2016

Wall Street hits new record highs

Dow Jones industrial average rose 0.32 percent to 18,636.05, while the S&P 500 index closed 0.28 percent higher at 2,190.15. The Nasdaq composite rose 0.56 percent to 5,262.02. All three indexes set record highs.
Oil prices extended their rally on Monday, with global benchmark Brent advancing 2.9 percent to $48.35 a barrel. U.S. crude futures rose 2.8 percent to $45.74.
US stocks jumped to fresh records Monday behind stronger oil prices, while European markets were little changed.
All three major US indices pushed to fresh records for the second time in three sessions. Prior to last Thursday, that feat had not been accomplished in more than 16 years.

Wall Street stocks have been propelled to fresh records by the comparative strength of the US economy, coupled with expectations of accommodative monetary policy, including very-low interest rates set by the Federal Reserve.

Analysts said Monday's records were largely due to positive momentum, on a light day as far as major economic reports and earnings.

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