Dow Misses 20,000 Milestone by a Hair
Dow Misses 20,000 Milestone by a Hair

Dow Misses 20,000 Milestone by a Hair

Dow Misses 20,000 Milestone by a Hair

How close was the Dow Jones Industrial Average on Friday to hitting an eagerly awaited milestone? Less than six pennies. That is essentially the difference between oh-so-close and maybe-next-session for the blue-chip gauge’s frustrating march to 20,000.
The Dow on Friday reached a high of 19,999.63, or about .37 point from achieving history—at least in psychological terms. In other words, a 5.5 cent move in any one of the price-weighted Dow’s components would have tipped it over the edge, based on the Dow divisor of 0.14602128, Market Watch reported.
A shooting at a Fort Lauderdale airport that left several dead may have been partially to blame in eroding the market’s momentum.
On Friday, Goldman Sachs GS, +1.48% was the biggest contributor to the Dow’s agonizing struggle into the stratosphere, adding about 30 points on the session. The stock rise in the prominent investment bank has provided the lion’s share of the Dow’s 1,000-point ascent since Nov. 22, when the Dow reached 19,000. But, the drag from retail giant Wal-Mart Stores Inc. WMT, -1.37% and telecommunications company Verizon Communications Inc. VZ, -1.48% was sufficient to keep 20K just out of reach.
A postelection stock rally has been supported by expectations that president-elect Donald Trump will unleash a raft of pro-business policies, including a rollback of regulations, tax cuts and fiscal spending.
Bulls, however, can take solace in Friday’s narrow miss. After all, the Dow still notched a new all-time intraday high, while the Nasdaq Composite Index COMP, +0.60% and the S&P 500 SPX, +0.35% posted record finishes. In the end, the Dow finished at 19,963.80, the S&P 500 notched a record close of 2,276.98, marking a 0.4% rise, and the Nasdaq logged its own record of 5,521.06, up 0.6%.
But, lately all eyes have been trained on the 130-year old Wall Street stock gauge.


Short URL : https://goo.gl/EkRJQy
  1. https://goo.gl/HNDKkW
  • https://goo.gl/DHM8py
  • https://goo.gl/EE4h3f
  • https://goo.gl/KjSmnl
  • https://goo.gl/4KNRDB

You can also read ...

Bithumb Hacked, $32m in Cryptocurrency Stolen
Cryptocurrencies dropped after the second South Korean...
South Africa GDP Shrinks
South African gross domestic product shrank 2.2% in the first...
Washington in March imposed tariffs of 25% on steel and 10% on aluminum, in a move mainly aimed at curbing imports from China.
Russia said on Tuesday it would impose import duties on US...
Saudi Arabia, which employs about two-thirds of its citizens, is chipping away at a budget deficit that ballooned to almost 16% of GDP after the oil shock of 2014, while FDI slumped more than 80% last year.
Show up, swipe in. The routine is familiar to office workers...
Taxes in Italy Drive Economy Underground
Italy grew rapidly over the 20th century, and its black market...
European businesses say it has become harder to do  business in China over the past year.
European companies complain they still face a tough business...
Australian Telecom Co. to Axe 8,000 Jobs
Australia’s dominant telecommunications company Telstra...
South Korea to Grow 3 Percent
The Organization for Economic Cooperation and Development has...

Add new comment

Read our comment policy before posting your viewpoints