US Stocks Rise; Dow Extends Record High

15 July, 2017, 09:34 | Author: Leticia Walters
  • Futures point north on dovish Yellen

USA stocks gained on Thursday, with the Dow Jones closing at a record for the 24th time in 2017, led by financials ahead of a roster of corporate results from the US's biggest banks.

The blue-chip index rose 0.1% to close at 21,553.09, its second consecutive record high.

"There has been very much a hawkish theme throughout the course of this year and the much anticipated change in direction of interest rates upwards.is perhaps giving the Federal Reserve reason to contemplate, to hold rates where they are for a little bit longer".

Yellen noted that there remains uncertainty about the outlook for inflation and said the Fed will be monitoring inflation developments closely in the months ahead.

"This is not a complete surprise, however, since it is still too early for the Fed to tip its hand on what it will do at September's FOMC meeting", Ashworth said.

Later in the day, the Fed released its Beige Book, which said economic activity expanded across all twelve Fed districts in June, with the pace of growth ranging from slight to moderate.

New Zealand's benchmark S&P/NZX 50 index rose 0.4 percent, or 29.27 points, to 7,615.29 assisted by a surge in financial and industrial stocks. The index reached its best closing level in nearly sixteen years.

Stocks in Asia surged overnight, with the region-wide MSCI Asia ex-Japan index rising 1.2% to its highest level in almost two months.

But when the ASX opens for business, the local bourse is on track to rebound from yesterday's weak performance, when it fell nearly 1 percent. That was the Dow's second straight record-setting close.

Japan's Nikkei 225 gained 0.19%.

Meanwhile, the major European markets moved sharply higher on the day.

On the stocks, Delta shares were down 1.3 percent in premarket trading, after the No.2 US airline's quarterly profit missed analysts' expectations.

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