News Worms
News Worms


Dow Jones passes 22000 for a new record high

Dow Jones passes 22000 for a new record high

The company, controlled by Chinese billionaire Wang Jianlin, said the US film industry had a "weaker than anticipated second quarter and [expects] a very challenging third quarter".

"More than half of the S&P 500 has now reported quarterly numbers".

Apple's figures, which were to unveil its quarterly accounts after the close, were particularly expected.

The Canadian dollar remained above the 80-cent United States mark, trading at an average price of 80.10 cents USA, though that was down 0.24 of a cent.

The aeronautics manufacturer dropped 1.25% Tuesday but is up 53.8% since the beginning of the year. Was 18,000 only 6 months ago on Election Day. This year it is up around 11%, while the S&P 500 and Nasdaq Composite are also near record highs. The Commerce Department said personal spending edged up 0.1% from May.

Overnight, the Oil price meantime fell 2 per cent, while the Copper and silver prices have also seen some weakness, which is not welcome news for the resources companies. The yield on the 10-year U.S. Treasury note was at 2.257%, according to Tradeweb, compared with 2.253% Tuesday.

"The market takes the good and immediately discounts the bad", said Jake Dollarhide, chief executive officer of Longbow Asset Management.

Moreover, "there is no alternative": investors do not wish to engage in real estate and, according to Alan Greenspan, a respected man in the markets, there is a bubble on the market.

Although bond markets were largely quiet, the premiums investors demand to hold south European government debt over the German equivalent were close to their lowest levels in weeks. Its stock was down 0.24%. General Motors said its sales fell 15 percent in July, while Ford's sales were down 7.5 percent.

Apple reported better-than-expected iPhone sales, revenue and earnings per share and signaled its upcoming 10th-anniversary phone is on schedule.

The pan-European FTSEurofirst 300 index .FTEU3 lost 0.46 percent and MSCI's gauge of stocks across the globe .MIWD00000PUS shed 0.13 percent. The information technology and industry sectors posted some of the strongest growth.

"We're probably seeing peak earnings", said Ed Keon, managing director and portfolio manager at QMA, a multi-asset manager in Newark, New Jersey. It expects to report a loss when final results come out next week.

The DJIA is a "price-weighted" index, which means that it is calculated by adding up the 30 companies' stock prices and then dividing them by a magic number called the Dow Divisor.

Rail, in particular, has suffered from lowered guidance.

Meanwhile the dollar has weakened, partly on Trump concerns and partly on the growing belief that the US Federal Reserve will not raise interest rates again in the immediate future with the economy showing signs of running out of steam.

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