The Dow ended above 18,000 for the first time since April on Wednesday as declines in the dollar lifted some commodity-related shares and boosted the outlook for multinationals. The Nasdaq Composite Index ticked up 1.15 points, or 0.02 percent, to 4,962.90.
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While equities fell last Friday after a disappointing jobs report, support this week has come from Federal Reserve Chair Janet Yellen’s remarks that the US economy is making progress and indications that policy makers won’t rush to raise interest rates.
The Kiwi has been the outperforming currency in early Asian trade, rallying by more than 1.7% to a one-year high against the US dollar after the RNBZ remained unmoved on monetary policy.
The Dow Jones industrial average gained 53 points, or 0.3 percent, at 17,992. Despite surprisingly weak monthly jobs data last Friday, Fed Chair Janet Yellen boosted sentiment Monday by painting a mostly upbeat picture of the economy.
In support of Yellen’s belief that the economy will continue to improve, a report today showed first-time jobless claims unexpectedly fell last week and the number of Americans already receiving benefits tumbled to an nearly 16-year low, consistent with a healthy labor market.
The Nasdaq Composite Index COMP, -0.14% on Tuesday shed 0.1%, weighed on by biotech shares.
The S&P 500 retreated 0.2 per cent to 2115.55 at 4pm in NY, after losing as much as 0.5 per cent.
The Dow is up 178.13 points, or 1 per cent. Copper added 1 cent to $2.06 a pound.
At the closing bell, American benchmark West Texas Intermediate traded at $50.56 per barrel – a 1.4 percent decrease and, worldwide benchmark Brent crude fell to $51.97 a barrel – a 1.2 percent decline.
West Texas was as high as $51.67 a barrel – its highest level since last July while Brent crude was as high as $52.84 per barrel – its highest since October. Freeport McMoRan rose 4 per cent. Anadarko Petroleum rose 2.5 per cent and Marathon Oil added 3 per cent.
VeriFone Systems, which makes terminals used for electronic payments, slashed its annual forecast after it reported disappointing quarterly results. Natural gas was unchanged at $2.47 per 1,000 cubic feet.
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In futures trade, the local market is set to slip, with the ASX SPI 200 down 0.3 per cent or 18 points to 5,360. In London, the FTSE 100 added 0.2 per cent or 11 points to 6,285, helped by investors buying into oil stocks. Tokyo’s Nikkei 225 gained 0.9 percent and Seoul’s Kospi advanced 0.8 percent.
