Dow ascends to record high: 21963

Chelsea West
August 3, 2017

The wider S&P 500 index was essentially flat at 2,476.93.

The closely followed index is trading up 0.3% on Wednesday, running its year-to-date gain to about 11.5% as traders have shrugged off the inability of President Donald Trump to pass any major pieces of legislation and have instead focused on earnings growth.

'It's an accomplishment, given that all of this has happened with the backdrop of no progress in Washington on anything'. Producers of raw materials, which were early winners on expectations that they would benefit from a big infrastructure program, are no longer leading the market.

"Stock Market could hit all-time high (again) 22,000 today. Mainstream media seldom mentions!".

He also touted the economic success in a speech he gave to small business leaders as part of American Dream Week on Tuesday afternoon. Remember I was saying, "We're going try and hit three per cent sometime over the next period of two years"?'

British aircraft-engine maker Rolls-Royce Holdings PLC also reported positive earnings after posting a first-half net profit, sending its shares 9.4% higher.

U.S. economic data were mixed, however.

The 30-stock index received a bump from a surging Apple stock, which had posted quarterly results that "blew expectations out of the water", according to CNBC.

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What would worry Quinlan, however, would be if investors on Wall Street and Main Street get overly excited and start to pile into the market and quickly push the Dow up another 3,000 points. Investors are paying $18 for every $1 in expected S&P 500 earnings over the next 12 months, near the highest since 2004 and above the long-term price-to-earnings average multiple of 15.

The move comes five months after the Dow passed the 21,000 level, having previously crossed 20,000 in January.

The broad-based S&P 500 was up 0.1 percent to 2,473.86, while the tech-rich Nasdaq Composite Index won 0.2 percent to 6,358.55. (NYSE: V) added 1.3% and JPMorgan Chase & Co (NYSE: JPM) rose by a similar amount.

Under Armour slumped 10.4 per cent as it slashed its sales forecast due to weaker activity in North America.

Energy giant BP PLC rose 2.9% after the company returned to profitability in the second quarter on recovering oil prices.

The milestone comes in a year of strong corporate profits, which have driven the Dow up 11 percent this year.

Elsewhere in commodities, the December gold contract fell $1.90 United States to $1,273.40 U.S. an ounce, the September copper contract climbed about 1.7 cents to $2.89 USA a pound and the September natural gas contract lost 14.7 cents to $2.79 U.S. per mmBTU.

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