Dow comes within 1 point of 20,000; indexes at records
Fri Jan 06 2017
Rachel Long (500 articles)

Dow comes within 1 point of 20,000; indexes at records

The Dow came within a hair’s breadth of hitting 20,000 for the first time ever on Friday as Wall Street staged a swift recovery, helped by technology stocks. A rise in Apple pushed the three major indexes to record highs. Apple’s shares rose 1.1 percent to $ 117.86 after Canada’s Competition Bureau said it did not find sufficient evidence iPhone maker had engaged in anti-competitive conduct, closing a two-year investigation into the company.

The Nasdaq is on track to be the biggest gainer in Wall Street’s first trading week of the year, rising about 2.6 percent. The S&P was set to gain 1.8 percent and the Dow 1.1 percent. The first record high of the year for the S&P 500 follows a U.S. Labor Department report that showed the economy added fewer-than-expected jobs last month but wages increased, suggesting resilience in the labor market.

At 12:36 p.m. ET, the Dow Jones industrial average .DJI was up 97.41 points, or 0.49 percent, at 19,996.7. The index rose to as much as 19,999.63. The S&P 500 .SPX was up 12.55 points, or 0.55 percent, at 2,281.55. The Nasdaq Composite index .IXIC was up 44.27 points, or 0.81 percent, at 5,532.21, easing slightly from an all-time high of 5,526.38. Nine of the 11 major S&P 500 sectors were higher, led by the technology sector’s  1.06 percent gain.

Amgen rose 3.3 percent, after a U.S. district judge blocked Sanofi and Regeneron from selling their cholesterol drug, which Amgen said infringed its patents. Regeneron was off 7 percent and was the biggest percentage loser on the S&P.

Declining issues outnumbered advancers on the NYSE by 1,673 to 1,081. On the Nasdaq, 1,435 issues fell and 1,140 advanced. The S&P 500 index showed 11 new 52-week highs and no new lows, while the Nasdaq recorded 37 new highs and eight new lows.

Rachel Long

Rachel Long

Rachel Long is our Desk Correspondent covering Stock Markets across the globe. She is based in New York

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