Published: Sun, September 17, 2017
Money | By Armando Alvarado

Dow Closes At Record High

Dow Closes At Record High

OIL: Benchmark U.S. crude oil rose 71 cents, or 1.4 percent, to $50.01 a barrel, the first time in a month it traded above $50. The Dow Jones industrial average rose 64.86 points, or 0.3 percent, to 22,268.34, its fourth record close in a row.

America's dominant stock market index, the Standard & Poor's 500, has passed the threshold of 2,500 for the first time in its 60-year history. Dental supply company Henry Schein gave up $3.25, or 1.9 percent, to $165.63 and drugmaker Gilead Sciences lost $1.40, or 1.7 percent, to $81.76. Health-care and tech stocks have led the S&P 500 in its latest 100-point trip up, jumping at least 6 percent.

US stocks advanced Friday, with the Dow extending its record-breaking streak to four days, as tech shares led the market higher.

The unexpected decrease in retail sales largely reflected a sharp drop in sales by motor vehicle and parts dealers, which plunged by 1.6 percent in August after coming in unchanged in July.

FED WATCH: Investors were also digesting the first of a batch of USA economic data as they await the Fed's next move on interest rates. Japan's Nikkei 225 Index advanced by 0.5 percent, while China's Shanghai Composite Index fell by 0.5 percent.

The market expectation for retail sales was an increase of 0.1 percent. "The market can go a lot higher", Morris said.

Wall Street largely shrugged off reports showing an unexpected drop in US retail sales last month and the first drop in industrial output since January, both in part due to the impact of Hurricane Harvey.

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Gold fell 0.6 percent to $1,321.69 an ounce.West Texas Intermediaterose 0.1 percent to $49.93 a barrel.

The Fed said Hurricane Harvey is estimated to have reduced the rate of change in total output by roughly three-quarters of a percentage point.

The pound surged to $1.3571 from $1.3398, its highest since mid-2016. Rival TransUnion lost $1.47, or 3.4 percent, to $41.61 and Experian fell 0.9 percent in London. Brent crude, used to price worldwide oils, gained 46 cents to $55.62 a barrel in London.

Benchmark 10-year U.S. Treasury notes fell 1/32 in price to yield 2.2023 percent.

CURRENCIES: The dollar dipped to 110.61 yen from 110.66 yen.

MSCI's gauge of stocks across the globe gained 0.11 percent to set a new high for an index that tracks the performance of more than 2,400 stocks in 47 countries. The euro weakened to $1.1906 from $1.1919.

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