Saturday, 06 June, 2020

Stocks close lower after Dow touches 29,000 for first time

Wall Street struggles to build on Thursday's gains after uninspiring NFP data The Dow Jones hits 29,000 for the 1st time in history
Ginger Lawrence | 13 January, 2020, 22:10

The Dow Jones Industrial Average is one of several indices created by Wall Street Journal editor and Dow Jones & Company co-founder Charles Dow.

That all helped to further quell stock-market volatility.

NASDAQ measures a number of indices reflecting the reaction of USA's high tech markets and business environments on the country's political and economic developments which have an impact on high tech markets. But stocks rallied after comments from President Trump and Iran made markets believe a military escalation isn't imminent.

The Dow Jones Industrial Average rose more than 200 points Thursday, notching a fresh record and finishing just below 29000, as signs of geopolitical calm pulled investors back into highflying stocks.

Elsewhere, Trump said he might wait until after the 2020 presidential election to finalise the second part of the US' trade deal with China. The S&P 500 returned a stellar 31.5 percent a year ago even though earnings likely fell for big companies, and Sonders said investors will need to see profit growth in 2020 to help justify the records that stock prices are setting.

Secretary of State Mike Pompeo and Treasury Secretary Steven Mnuchin unveiled new sanctions on Iran's metal exports and on eight senior Iranian officials in retaliation for Iran firing missiles at USA targets in Iraq.

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Although White House press briefings are historically daily events, it has been nearly a year since the last formal one was held. Grisham's press secretary predecessor, Sarah Huckabee Sanders, had conducted the last briefing in March 2019.

Stocks have been on a tear since the US and China recently said they would sign a preliminary trade pact - an obstacle that hung over the stock market for about two years.

US stocks fell from their record heights on Friday after a report showed hiring was a touch weaker than expected last month. Economists had forecast a gain of 3.1%.

Frank Cappelleri, the executive director at Instinet, said this week's moves voided a "potential bearish pattern" in the S&P 500, noting his upside target of 3,530 remains in play. That's the weakest growth since July 2018. Bed Bath & Beyond plunged 19.2% after it posted quarterly results that fell well short of analysts' expectations.

Oil prices were unchanged at $59.61 US a barrel. Brent crude, the global standard, fell 7 cents to end at $65.37 a barrel.

Gold rose $5.80 to $1,557.50 an ounce, silver rose 17 cents to $18.03 per ounce, and copper rose 1 cent to $2.82 per pound. Wholesale gasoline was little changed at $1.65 a gallon. Natural gas rose 3 cents to $2.17 per 1,000 cubic feet.