Tuesday 12 December 2017

Wall Street's big three indexes close at record highs as Iseq dips

Traders work on the floor of the New York Stock Exchange (NYSE)
Traders work on the floor of the New York Stock Exchange (NYSE)
Michael Cogley

Michael Cogley

Wall Street's three main stock indexes closed at record highs yesterday, helped by gains in consumer staples and technology stocks as investors hunted for bargains in a post-election rally.

The Dow Jones industrial average rose 68.96 points, or 0.36pc, to 19,152.14, the S&P 500 gained 8.61 points, or 0.39pc, to 2,213.33 and the Nasdaq Composite added 18.24 points, or 0.34pc, to 5,398.92.

In Dublin the Iseq index closed down -0.21 at 6,279.69. Petroneft (-7.41pc) and Donegal (-7.08pc) were the big decliners. Generally though resources were stronger in Dublin, Providence Resources (+13.64pc), Ovoca (+11.11), and Kenmare Resources (+5.65pc) saw the strongest gains.

Elsewhere in Europe, shares rose slightly on Friday, nearing their highest level in over two weeks, as the market was supported by a rally in drugmakers on hopes of tie-up activity in the sector.

Actelion surged 16.8pc to a record high after the Swiss biotechnology firm confirmed a report of a takeover approach from Johnson & Johnson, which also said discussions were under way.

Actelion, which has been seen as a potential takeover target for years, said there was no certainty a deal would be reached.

The pan-European STOXX 600 index ended up 0.2pc. It gained 1pc this week after rising in the previous two weeks. The index is up 2.3pc since Donald Trump's surprise victory in the US presidential election.

Gains in the broader market were capped by weaker commodities stocks.

The European oil and gas index fell 0.6pc, as oil prices were dragged down by uncertainty over whether the Organization of the Petroleum Exporting Countries will reach an output deal.

(Additional reporting Reuters)

Irish Independent

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