Monday, 28 May, 2018

Dow Jones hits 26000 milestone as earnings optimism feeds rally

E-mini NASDAQ-100 Index Daily March E-mini NASDAQ-100 Index
Preston Stone | 17 January, 2018, 01:46

The Standard & Poor's 500 index climbed 6 points, or 0.2 percent, to 2,793. Real estate, technology and consumer-discretionary shares led the gains.

Analysts now expect first-quarter profit growth of 15.3% for companies in the S&P 500 stock index, up from 12.2% on January 1.

All main indexes hit intraday all-time highs shortly after the opening bell.

UnitedHealth rose 2.5 percent after the largest US health insurer reported results that beat estimates and raised its 2018 earnings outlook.

"There is really nothing in (the market's) way at this point", said Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago.

The danger is if stock prices rise too much in such a short period of time, the market gets too far in front of the improving business conditions, experts say.

On the Federal Reserve front, no officials are slated to give speeches on Tuesday.

In other news, Director Mark Edward Thompson sold 1,000,000 shares of the firm's stock in a transaction that occurred on Tuesday, November 7th.

"But there are reasons for optimism as we have great economic background, growing earnings and still low inflation", Schutte said. The S&P 500 index has closed lower only one other day this year.

With a $6B charge comes new thoughts about GE's future
Flannery late previous year outlined steps to turn the biggest US industrial conglomerate into a smaller, more focused company. It is negative, as 112 investors sold GE shares while 818 reduced holdings. 32 funds opened positions while 82 raised stakes.

"We are looking for a pullback in the 4%-5% range into February".

Which stocks are in focus? Earnings growth of close to 15% is now also expected for the final three quarters of 2018. Shares were trading 1.9% higher.

Merck jumped 7 percent and chipmaker Qualcomm gained 3.3 percent.

General Electric fell about 4 per cent after raising the prospect of breaking itself up and announced more than $11 billion in charges from its long-term care insurance portfolio and new USA tax laws.

Shares in Ford Motor Co. Marathon Patent, Riot BlockChain, Xunlei and Overstock.com fell between 7.7 percent and 11 percent.

The investment bank revealed (as it had already flagged) that its fourth quarter earnings have been wiped out by a US$22bn charge related to the new U.S. tax law. As earnings season picks up steam, corporate results are set to be the big focus in Europe ahead of central bank meetings in the U.S., Japan and Europe before the end of the month. (CBSA) was reengaging the two media companies in talks to merge.

Bitcoin's spot price (http://www.marketwatch.com/story/bitcoin-tumbles-to-6-week-low-as-top-cryptocurrencies-all-sell-off-2018-01-16) was down sharply to a six-week low, as the top cryptocurrencies all sold off.

"You'd typically see and expect the markets to interpret that in a positive manner, but a lot of indices have moved back".

Gold slid 0.1 percent to $1,338.72 an ounce, the first decline in a week.

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