SPDR Dow Jones REIT ETF (RWR) Rises 0.79% for Jan 16
- Author: Zachary Reyes Jan 18, 2018,
Jan 18, 2018, 22:17
Laszlo Birinyi, longtime strategist and founder of Birinyi Associates, said earlier Tuesday that he sees clear signs the market is going into a period of consolidation, and he is now not setting a target for the S&P 500, after it crossed his last one at 2,760.
Oil prices pulled back from 2014 highs on Tuesday, with Brent crude dipping 1.38 percent to $69.3 per barrel and US crude trading slightly below $64 per barrel.
Understand that the Dow and other key stock indices aren't going higher because the USA economy is showing stellar performance.
Copper lost 1.37 percent to $7,111.50 a tonne, touching a 3-1/2 week low following strong gains late past year and as worries lingered over fading demand in China.
The Dow is up more than 5 percent after only 16 days in 2018.
European shares ended little changed as losses among commodity stocks more than offset initial gains due to a series of well-received trading updates. The Dow, S&P 500 and Nasdaq are all up at least 4.8 percent for 2018, adding to last year's strong gains.
The Nasdaq Composite added 45.95 points, or 0.63 percent, to 7,307.01. As a company has 1.90B shares outstanding and its current share price is $132.36, the market cap is $251.81B. It's been a great year for the index, seen in the chart below, as we were only looking at Dow 20K this time last year.
"As yesterday's pullback suggests, investors and traders will come back into a market in which they still see an upside", said Quincy Krosby, chief market strategist at Prudential Financial. Shares are down 2.5 percent.
Maris Ogg of Tower Bridge Associates told AFP the sustained NY rally was boosted by a "confluence of good news", including strong company earnings, slashed corporate tax rates, higher worker compensation and new investment. The stock declined $4.81, or 1.9 percent, to $253.65. Based on a recent bid, its distance from 20 days simple moving average is -8.27%, and its distance from 50 days simple moving average is -0.54% while it has a distance of 17.86% from the 200 days simple moving average. The cost of a barrel finished the day at $63.90. Futures on gold with delivery in February dropped by 0.07% to 1,336.20 United States dollars per ounce.
JPMorgan and Wells Fargo kicked off the fourth-quarter earnings season on Friday.
Bond prices fell. The yield on the 10-year Treasury note rose to 2.56 percent.
Excluding auto sales, retail sales still rose by 0.4 percent in December after jumping by 1.3 percent in November.
The Dow vaulted past 26,000 points, led by gains in shares of Merck and those of UnitedHealth Group, recently up 6.9 percent and 2.4 percent respectively.