Stocks Retreat After Dow Crosses 26000 Milestone

Iconix Brand Group, Inc. (NASDAQ:ICON) – Do Investors Feel Confident About Stock's Future Direction?

Stocks Retreat After Dow Crosses 26000 Milestone

Stocks traded higher on Wednesday following the release of stronger-than-expected quarterly results from some of the biggest US companies.

The Dow also hit an all-time high in intraday trading. The Dow Jones raced past the 26-thousand mark for the first time less than a fortnight after the index closed above 25-thousand.

The S&P 500 posted 105 new 52-week highs and nine new lows; the Nasdaq Composite recorded 171 new highs and 30 new lows.

While some investors continue to harbor concerns about whether valuations are stretched, several say they have been hard pressed to find signs the long-running rally is reaching its end.

The new record comes in the early days of earnings season for the last quarter of 2017. However, Brad McMillan of the Commonwealth Financial Network warned that the market was showing too much exuberance and that this could be unsafe.

"I have not seen such enthusiasm on Wall Street since Ronald Reagan", said Peter Cardillo of First Standard Financial, who has seen nine United States presidents come and go since 1971, when he started working at the heart of global finance. "At that point, the market starts to incorporate it as "Yes, this is actually happening" as opposed to "Well, this might happen".

The Dow Jones industrial average closed above 26,000 points for the first time on Wednesday.

Boeing (BA.N) jumped 4.7 percent after the company announced a joint venture with auto seating leader Adient (ADNT.N) to make aircraft seats.

Trump travel ban: Supreme Court to rule on legality
Opponents say it is unconstitutional and discriminatory and that in making it Mr Trump has exceeded his legal authority. District Judge William Alsup, who ruled that DACA must remain in place while the litigation is resolved.

The price of crude oil increased Wednesday, by about a quarter of a percent.

Traders work on the floor of the New York Stock Exchange shortly after the opening bell in New York April 12, 2016. Earnings forecasts boosted According to Bespoke Investment Group analysts are boosting their forecasts of U.S. company earnings at the fastest pace in the last decade.

Goldman Sachs Group Inc. The S&P 500 advanced 26 points, or 0.9%, to 2,803.

Industrial stocks rose after the Federal Reserve said US industrial production increased 0.9 percent in December.

- The Dow, a price-weighted index, is up 4.2 percent since the January 4 close, and up 5.6 percent since December 31.

Ford (F.N) tumbled 7.0 percent after the automaker reported full-year profit below estimates and provided a downbeat forecast.

General Electric shares shed 55 cents, or 2.9%, to 18.21 after the industrial conglomerate disclosed a $6.2 billion charge related to its insurance business.

Declining issues outnumbered advancers on the NYSE by 1,849 to 787.

Latest News