Mixed Up: Dow Gains 45 Points, Hits New High as Nasdaq Drops
Sep 17 2017 by Desiree Burns
Winfield Associates Inc. lifted its stake in SPDR Dow Jones Industrial Average ETF by 0.3% during the second quarter. Health-care and tech stocks have led the S&P 500 in its latest 100-point trip up, jumping at least 6 percent. Preliminary data showed volume rose sharply on both the Nasdaq and the NYSE exchanges. Markets also rallied as on North Korea's decision not to conduct and anticipated missile test.
"The market reaction to the latest launch would suggest investors are getting a little worn out with North Korean threats, but this could easily change if there is any escalation", suggested Jasper Lawler at spread betting firm LCG. Those gains held over the next four days, when the S&P 500 churned in a tight range that wasn't broken even when a projectile did fly from Pyongyang on Friday.
The consumer priceindex's 0.4% gain last month was its biggest in seven months and is the last major economic data to be released ahead of the Federal Reserve's 19-20 September policy meeting.
The strength in chip makers offset weakness in Oracle Corp.(ORCL), which fell 7.7% after the software giant's outlook late Thursday came in below Wall Street's expectations. Core CPI rose 1.7% from a year ago, while the headline number increased by 1.9%.
The Dow's third consecutive all-time high was driven in part by Boeing BA.N, which rose 1.36 percent after Deutsche Bank raised its price target on the aerospace and defense stock. The last two or three times this kind of thing occurred we went down a little, only to turn back higher.
Additionally, a report from the University of MI showed concerns about the impact of Hurricanes Harvey and Irma have weighed on consumer sentiment in September.
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"The net impact of hurricanes on broader retail sales is not obvious".
In the background, there was some "market chatter" regarding stocks" then high valuations, what with United States stocks trading at a cyclically-adjusted price-to-earnings ratio of about 30 - a level only seen just before the Great Depression and again prior to the "Dot com' bubble.
From a sector standpoint, on Friday the best performance was seen in the following industrial groups: Semiconductors (1.90%), Fixed line telecommunications (1.78%), Telecommunications (1.68%) and Railroads (1.49%).
The US$226mln-valued company'sstock rose 3.5% on the news.