S&P 500 and other major indices close at record high
Wall Street soared to record highs on Friday, thanks to robust trading in telecommunication shares as well as bouncing back of technology shares after a couple of days of declines. The Dow Jones Industrial Average jumped 65 points to end yesterday’s trading at a record high of 22, 686. The biggest contributions to the gains were made by stocks in Boeing, 3M and Apple. The index’s intraday high was recorded at 22,275.
The S&P 500 also hit record highs by jumping 0.2 per cent to end trading at 2,500.23. Friday marked the first time for the index to soar above 2,500. IT and financials emerged as the best-performing sectors.
The Nasdaq closed 0.3 percent higher at 6,448.47. The index’s intraday record was recorded at 6,464.27.
BTIG chief technical strategist Katie Stockton said, “The market has been digesting its gains in a consolidation phase following Monday's gap up. The breakouts that have developed suggest overbought conditions will be absorbed without a significant pullback.”
Stocks in tech companies kicked off the session as the worst performers but they turned around in late-morning trading. Stocks in Apple and Facebook posted notable gains.
IBM is using blockchain for improving speed and security for cross-border transactions. The solution offered by IBM is focused on banking sector.
Tesla Motors has fired hundreds of employees after annual performance review. The company confirmed the move but the management hasn’t mentioned the exact number of employees fired during the current performance review.
Tesla Motors has announced recall of 11,000 Model X vehicles to fix a seat cable issue. The voluntary recall involves Model X SUVs manufactured between October 28, 2016 and August 16, 2017.
Norway is planning to add additional tax burden on consumers planning to buy electric cars.
German government has raised the growth outlook for 2017 to two percent from earlier estimate of 1.5 percent. The growth outlook for 2018 has been raised to1.9 percent from earlier estimate of 1.6 percent.
The International Monetary Fund (IMF) has raised growth outlook for global economy considering stronger growth and signs of recovery in many key markets. However, the IMF forecast has raised doubts over growth in India and the United Kingdom.