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U.S. Stocks Continue Record Run

Posted by hkarner - 15. Februar 2017

   Date: 14-02-2017
Source: The Wall Street Journal

Broad gains send the Dow, S&P 500, Nasdaq Composite to new highs

The Dow Jones Industrial Average surged more than 140 points to a fresh high Monday, as heavyweights such as Caterpillar, Goldman Sachs Group and Apple rallied.

Broad gains in U.S. stocks sent the blue-chip index, the S&P 500, the Nasdaq Composite and the Russell 2000 index of small-capitalization companies to records together for a second straight session.

Investors have been piling back into U.S. shares and shedding U.S. government bonds—reviving some popular postelection bets—on the prospect of tax cuts, loosened regulations and improving corporate profits.

dow-02_17Shares of financial and industrial companies, which have been among the biggest winners since November, led Monday’s gains.

Apple closed at a record and has benefited from the upswing in U.S. stocks as well as investor optimism around the iPhone. Apple shares rose $1.17, or 0.9%, to $133.29, surpassing their previous closing high of $133 set in February 2015.

Fellow Dow components Caterpillar, Goldman Sachs, J.P. Morgan Chase and Boeing together contributed roughly 60 points to the index.

The Dow industrials rose 142.79 points, or 0.7%, to 20412.16. The S&P 500 added 12.15, or 0.5%, to 2328.25, and the Nasdaq Composite gained 29.83, or 0.5%, to 5763.96.

Financial shares led gains in the S&P 500, jumping 1.1%, and industrials were close behind with a 1% rise.

Government bonds pulled back. The yield on the benchmark 10-year U.S. Treasury note rose to 2.434%, from 2.409% Friday. Yields rise as bond prices fall.

“Every time discussion of lower corporate taxes comes up, it’s reflected in the market,” said Mark Spellman, a portfolio manager at Alpine Funds.

Investors also were looking ahead to comments from Federal Reserve Chairwoman Janet Yellen, who is scheduled to appear before the U.S. Senate on Tuesday and the House on Wednesday to give testimony about monetary policy.

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