Dow closes at record high, capping best week in five years
Nov 12 2016 by Johnny Bowman
The Dow Jones industrial average is at a record high, led by big gains in a few of its 30 components including Goldman Sachs and IBM, beating the all-time high it set in August.
Broader market measures were mixed as several sectors struggled, including consumer goods companies, utilities and phone companies.
Investors pulled out of Treasuries this week, sending bond yields higher.
At midday, the Dow Jones industrial average, which hit a record Thursday, was down 9.1 points, about 0.05 percent, at almost 18,798. The S&P 500 index added 4.22 points, or 0.2 percent, to 2,167.48. The DJIA closed 1.17% higher, but the S&P 500 gained just 0.2% and the Nasdaq fell 0.8%. ASIA'S DAY: Hong Kong's Hang Seng index lost 1.4 percent to 22,531.09 and South Korea's Kospi fell 0.9 percent to 1,984.43.
The Nasdaq is up 162.42 points, or 3.2 percent.
In addition to posting a new record high, the Dow also wrapped its best week since December 2011 - a gain of more than 5 percent since the opening bell Monday.
Facebook glitch made it appear some users had died
The study also reinforced that people simply did not click on news that did not reinforce their previously held beliefs. Mark Zuckerberg says the notion that fake news influenced the US presidential election is "a pretty insane idea".
TRUMP HOPES: Investors are hopeful about some of the policy changes that may come when the Trump administration takes office in January, including tax cuts, infrastructure spending and deregulation.
As investors decipher what a Trump presidency would mean to the financial markets, St Louis Federal Reserve President James Bullard repeated his call that a single interest rate increase would be adequate for the foreseeable future. That began to turn around this week, as investors bid up shares in pharmaceutical companies.
Crude oil prices are declining.
Fiat Chrysler Automobiles, which gets most of its revenue from the Americas, rose 5.6 per cent. BMW and Volkswagen added at least 2.4 per cent.
Stocks are opening higher on Wall Street Thursday as the rebound in share prices around the world continued two days after the election of Donald Trump as the next US president. Semi. Idx. Fd.(ETF) (NASDAQ:SOXX) ETF, which represents the technology sector, or more specifically the semiconductors, broke sharply lower. Meanwhile, Brent crude, used to price global oils, lost 52 cents, or 1.1 percent, to close at $45.84 a barrel in London. Natural gas lost a penny to $2.62 per 1,000 cubic feet. Wholesale gasoline slid 2 cents to $1.34 a gallon.
Outside the tech sector, shares of Walt Disney Co.(DIS) rose 2.5% after Chief Executive Robert Iger late Thursday promised that ESPN will see better subscriber growth (http://www.marketwatch.com/story/disney-promises-better-days-for-espn-and-wall-street-listens-2016-11-10). One dollar bought 20.94 pesos on Friday, more than the 19.61 pesos it bought late Thursday. The Mexican peso continued to drop, as investors anxious about Trump's promises to scrap trade deals and build a wall along the border.