MercoPress. South Atlantic News Agency
Wall Street breaks the 22.000 mark for the first time
Analysts said despite the euphoria from the Dow’s fresh record, investors were still watching the US Federal Reserve’s plan to unload its balance sheet Asian markets paused for breath Thursday after Wall Street smashed through 22,000 for the first time, with regional traders focused on fresh clues on the health of the US economy. Strong Apple earnings propelled the Dow above the barrier to mark its sixth straight record close — but the tech-heavy Nasdaq closed marginally lower.
Tokyo ended a two-day rally to sit 0.4% lower by the break, with several tech companies falling following drops in US peers. Profit-taking also hit many of Apple’s Japanese suppliers which rose the previous day on the US iPhone maker’s strong earnings.
Hong Kong shares ended a strong rally which saw prices record the biggest monthly advance in July since January, while Shanghai moved further off its 2017 high achieved Tuesday.
Analysts said despite the euphoria from the Dow’s fresh record, investors were still watching the US Federal Reserve’s plan to unload its balance sheet following its vast quantitative easing program.
US stocks have risen to a succession of records as second-quarter earnings have broadly exceeded expectations, but equity markets in Europe disappointed, with Paris and Frankfurt down while London pulled back ahead of Thursday’s Bank of England interest rate decision.
European bourses also were pressured by the rising value of the euro against the dollar. The single currency moved above US$1.19 for the first time since January 2015 before retreating to trade at around US$1.1840 in Tokyo Thursday.
A trigger for further losses in the greenback could come as soon as Friday if the US jobs report for July disappoints and is seen lessening the odds of additional Fed rate hikes.
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Read all commentsThat's toppy, not long to a crash now. Buying opportunity!
Aug 03rd, 2017 - 06:45 pm 0So why is the US stock market doing so well, when everyone is telling us that this new president fellow has completely destroyed the economy, the judicial system, the sparrow population, and Saturday morning cartoons?
Aug 03rd, 2017 - 06:59 pm 0Financial speculation and economic activity is not necessarily one and the same. When you have Wall Street ingrained all over the inexperienced government who is in charge, telling people behind closed doors that a massive tax cut for the rich and businesses are coming. Don;t think that this is Trump. The US economy doesn't turn on a dime. It's been trudging along in the direction for some time.
Aug 03rd, 2017 - 08:07 pm 0Both parties forced Trumps hand on Russia and he is still btiching about it. I actually wished it sat on his desk and became law by default. Now both parties are working a bill so Trump cannot fire Mueller. A lot of confidence from “his” party. Trump has the support now of 76% of Republicans, a 10 point drop from last month and that passed the 80% threshold in the GOP along......33% overall. How low can he go?
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