DOW BULL run continues as top U.S. index opens at record high

Ann Santiago
January 17, 2018

USA stocks closed lower on Tuesday, pulling back from record highs set earlier in the session, as investors weighed the possibility of a government shutdown CNBC reported.

"Armenpress" reports the value of Dow Jones stood at 25803.19 points, S&P 500 stood at 2786.24 points, Nasdaq stood at 7261.06 points.

At 9:41am ET (14:41 GMT), the Dow Jones Industrial Average was up 225.34 points, or 0.87 percent, at 26,028.53, helping it record its fastest 1,000-point rise.

The pan-European FTSEurofirst 300 index lost 0.09 percent and MSCI's gauge of stocks across the globe gained 0.19 percent.

Stocks are opening higher on Wall Street as investors return from a long holiday weekend, sending the Dow Jones industrial average above 26,000 for the first time. Ltd. now owns 1,494 shares of the exchange traded fund's stock worth $334,000 after purchasing an additional 566 shares in the last quarter. The blue-chip index eased from its peak as a pullback in oil prices weighed on energy stocks, however.

General Electric fell 2.9 percent after raising the prospect of breaking itself up and announcing more than $11 billion in charges from its long-term care insurance portfolio and new USA tax laws.

Earnings season is off to a strong start thus far. General Electric led the sector's decliners, sliding 3.6 percent after the company said it was taking a $6.2 billion charge related to its insurance portfolio. Industrials and materials were the other major laggards on the S&P, down 0.9 percent and 1.2 percent, respectively.

British inflation dipped slightly after six months of gains, data showed earlier, suggesting the effects on consumer prices of the pound's slide after the 2016 Brexit vote may be starting to fade.

General Electric fell about 4 per cent after raising the prospect of breaking itself up and announced more than $11 billion in charges from its long-term care insurance portfolio and new United States tax laws.

On Tuesday, a big chunk of the Dow's gains could be attributed to UnitedHealth Group (UNH) which was surging in the pre-market session after a big earnings and revenue beat.

General Motors rose 2 per cent after the company said it expected earnings in 2018 to be largely flat, but that profits should pick up pace in 2019. Its shares added 85 cents to $44.92. The yield on the 10-year Treasury held steady at 2.55 percent. London's FTSE 100 shed 0.2 percent.

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