Tuesday 19 September 2017

Dow Jones holds above 20,000 record

A screen above the floor of the New York Stock Exchange shows the closing number for the Dow Jones industrial average. Photo: AP
A screen above the floor of the New York Stock Exchange shows the closing number for the Dow Jones industrial average. Photo: AP

Sean Duffy/Reuters

The Dow Jones Industrial Average stayed firmly above 20,000 yesterday, after breaching the milestone a day earlier, while losses in tech stocks weighed on the S&P 500 and the Nasdaq Composite indices.

The S&P technology index's fall led the decliners, weighed down by Qualcomm and Alphabet.

Qualcomm fell 5.1pc to €50.53 ($54.04) after the snackmaker reported a lower-than-expected rise in quarterly revenue. The stock was the biggest drag on the two indices.

The post-election rally roared back to life this week following optimism over new US President Donald Trump's pro-growth initiatives and solid earnings, catapulting the Dow above the historic mark.

Trump's business-friendly decisions since taking office on Friday include signing executive orders to reduce regulatory burden on domestic manufacturers and clearing the way for the construction of two oil pipelines.

Dublin's Iseq overall index was down by 0.66pc on Thursday, a fall of 43.14 points, to close at 6,531.40.

Travel firm Hostelworld recouped the lost ground it suffered earlier in the week with gains of 7.3pc.

Insurance group FBD was up by 3.4pc, as was Permanent TSB. Shares in troubled food maker Aryzta ticked up slightly by 2.1pc after huge losses earlier in the week which wiped over €1bn off the company's share price.

Stocks in nationalised lender AIB fell by 2.8pc after the Government announced it would sell a 25pc stake in the lender this year. Smurfit Kappa stocks were down by 4.2pc.

On European markets, the Dax was up by 0.2pc, the CAC rose 0.3pc in Paris, while Spain's Ibex fell by 0.4pc.

Irish Independent

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